On Sept. 21, State Housing Commissioner Mary Tingerthal announced that Seasons Park residents, including approximately 200 preschool children and 250 school-age students, will no longer face potential displacement from their homes following the $36 million purchase of the property by Minneapolis-based nonprofit Aeon and The Community Development Trust (CDT).
“Today is a great day for Minnesota and for the city of Richfield as we are all well-aware of the critical need for affordable housing in the Twin Cities,” Tingerthal said during a news conference at the Seasons Park community room to celebrate the acquisition. The approximately $40 million total transaction, which includes an estimated $4 million in planned renovations, marks the largest acquisition in the 31-year history of Aeon, a nonprofit developer, owner and manager of affordable housing in the Twin Cities. The purchase also represents the second-largest investment in the 18-year history of CDT, a national investor in affordable housing.
“Since 2000, the number of Minnesotans considered cost-burdened by housing has increased 69 percent, forcing people to choose between paying rent or paying grocery, medical and child care bills,” noted Arthur.
“That’s why Aeon aggressively pursued Seasons Park Apartments,” Arthur said. “Our goal was to stem the tide of affordable housing properties being gobbled up and converted into high-rent apartments out of reach for the average family. This purchase with The Community Development Trust serves as a model for how other communities in Minnesota and across the country can work together to make housing more affordable.”
In addition to Aeon and CDT’s participation, the City of Richfield Housing and Redevelopment Authority allocated $150,000 to help finalize the purchase. Officials with Hennepin County, Minnesota Housing Finance Agency and the Federal Home Loan Bank of Des Moines are also considering requests to provide further funding related to the acquisition.
About Aeon
Aeon is a responsive nonprofit developer, owner and manager of high-quality affordable apartments and townhomes that serve 6,000 people in the Twin Cities area each year. For more than 30 years, Aeon has been committed to helping people create a home where they feel safe and connected to the community around them. Aeon believes that Home changes everything. For more information, visit aeonmn.org or follow Aeon on Twitter and Facebook.
