More than 1 in 4 households in Minnesota pay more than they can afford for housing, according to Minnesota Housing Partnership’s 2019 State of the State Report. This means that nearly 600,000 households often face the choice between other necessities, such as food or healthcare or paying their rent. And the threat of homelessness for these families is real. One illness, one day without work, one family emergency, could leave them without anywhere to go.
While nonprofits like Aeon are growing their impact, stemming the tide of homelessness in the Twin Cities area will require work of many.
That’s why Aeon is incredibly grateful to have partners like Dominium to help us make a difference. Dominium is one of the largest developers and managers of affordable housing in the nation, serving over 50,000 people in more than 33,000 apartment homes across 22 states. With this breadth of experience, Dominium has been able to streamline and speed up the process of development, expanding the number of available homes for families, seniors, and individuals with physical disabilities. Increasing supply of affordable housing is a critical part of the overall solution to the nation’s and Minnesota’s housing crisis.
We are losing affordable homes faster than we can build them. That’s why Dominium partnered with Aeon to help maintain the affordability of existing buildings. In the summer of 2018, Dominium sought to find a buyer for their property, The Provinces. Unlike a typical sale, Dominium made it their goal to sell the development to a buyer who would work to keep the property affordable. Thanks to this, Aeon was able to purchase the property with support from the NOAH Impact Fund of Greater Minnesota Housing Fund. This meant the affordability of all 118 homes at The Provinces was preserved.
Dominium’s support doesn’t stop there. A company committed to helping shape the future of the Twin Cities, Dominium has generously sponsored Aeon’s Beyond Bricks & Mortar fundraising breakfast for two years running. We genuinely appreciate our partners who go above and beyond to support this work and do everything they can to increase the availability of affordable homes in this community.