Aeon
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Aeon is nonprofit owner, developer and manager of quality affordable homes in the Twin Cities. Aeon's vision is that every person has a home.
07/13/2026
One question we often hear is: "If affordable housing is needed so badly, why does it take so long to build?"
The answer is that affordable housing developments are some of the most complex projects in the real estate industry.
Unlike market-rate housing, affordable housing often relies on multiple funding sources, including tax credits, public financing, grants, private investment, and local partnerships. Each source has its own application process, requirements, and timelines.
Developers must also secure land, complete environmental reviews, engage community stakeholders, obtain local approvals, and coordinate construction financing before a project can move forward.
From concept to completion, an affordable housing development can take several years to bring to life.
While the process can be lengthy, the result is housing that remains affordable for decades—creating long-term benefits for residents and communities alike.
When people hear "housing crisis," they often assume the issue only affects the lowest-income households.
The reality is more complex.
Many households earn too much to qualify for deeply subsidized housing but too little to comfortably afford market-rate rents.
This group - often called the "missing middle" - includes nurses, nonprofit employees, municipal workers, recent graduates, service industry professionals, and many others.
As housing costs rise faster than wages, more households find themselves spending well over 30% of their income on housing, leaving less for savings, healthcare, childcare, transportation, and retirement.
Affordable housing isn't just a safety net. It's a critical part of creating communities where people across income levels can live, work, and thrive.
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Telephone
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Address
901 N 3rd Street, Ste 150
Minneapolis, MN
55401
Opening Hours
| Monday | 8am - 5pm |
| Tuesday | 8am - 5pm |
| Wednesday | 8am - 5pm |
| Thursday | 8am - 5pm |
| Friday | 8am - 5pm |