December 5 — Yesterday Aeon, a nonprofit developer, owner and manager of affordable apartment homes, celebrated the grand opening of its newly renovated and expanded property, Balsam Hill Apartments & Townhomes in Mound.
The City of Mound Housing and Redevelopment Authority (HRA) selected Aeon to purchase Balsam Hill Apartments & Townhomes. Aeon’s purchase of Balsam Hill was completed through the Rental Assistance Demonstration (RAD) program, a program that allows public housing to be purchased by a private owner who commits to keeping the units affordable. The RAD program allows the public housing subsidy to continue to flow to the units, and it also provides options for private owners to access capital, such as Low-Income Housing Tax Credits, to make improvements to properties.
Aeon closed on Balsam Hill Apartments & Townhomes in December of 2016 and shortly after began construction. The property’s 50 existing apartment homes were renovated, and the building was expanded to include six new apartments. Ten townhomes were also constructed to offer more affordable homes for families. Seven of the townhomes are designated for families coming out of long-term homelessness.
“More and more families find it increasingly difficult to find safe, affordable homes,” shared Aeon President & CEO Alan Arthur during the grand opening. “Today we get to celebrate the partners that came together to preserve and grow the supply of affordable homes in our community, which are so desperately needed.”
Mound City Manager, Eric Hoversten, also spoke at the event. “When the city decided to transfer ownership of the property, it was important to the City of Mound and the Mound Housing and Redevelopment Authority to keep the apartment homes at Balsam Hill affordable. Aeon not only kept these homes affordable, but they also expanded the property to serve even more people.”
Funding was provided by the City of Mound, Hennepin County, the Metropolitan Council, Minnesota Housing Finance Agency and Wells Fargo. Frerichs Construction and Cermak Rhoades Architects were also partners on this development. The grand opening event was sponsored by Wells Fargo and Cermak Rhoades Architects.
Commissioner Wes Butler; Aeon President & CEO, Alan Arthur; Mound City Manager Eric Hoversten; and Aeon resident, Angela spoke at the Balsam Hill Grand Opening
Aeon is a responsive nonprofit developer, owner and manager of high-quality affordable apartments and townhomes which serve almost 8,000 people annually in the Twin Cities area. Since 1986, Aeon has been committed to helping people create homes where they feel safe and connected to the community around them. We believe that Home changes everything. For more information, visit aeonmn.org or follow us on Twitter and Facebook.