Aeon, one of the most prolific affordable-housing providers in the Twin Cities, is getting a big infusion of cash.
The group is receiving $550,000 in flexible grants from the Neighborhood Reinvestment Corporation, also known as NeighborWorks America. That money will be used to bolster Aeon's focus on creating quality affordable rental housing
In a statement, U.S. Rep. Keith Ellison, D-Minneapolis, said the grant will serve as an important step toward providing more stability for families.
"It is undeniable that we have a crisis in affordable housing in this country, and that is why I am so glad Aeon is receiving this grant," he said.
Aeon joined the NeighborWorks network in 2010 and has received assistance in the past. The latest grant will be used to continue to preserve existing homes and build affordable new ones.
Alan Arthur, president and CEO of Aeon said support from NeighborWorks has helped Aeon add more than 2,000 affordable apartments to the Twin Cities region since 2010.
"We thank NeighborWorks for the funding to make our work possible so that our residents can find the stability of home," he said.
NeighborWorks America has recently announced $65 million in grants that will be distributed to more than 240 nonprofit organizations around the country. Those recipients will use the grants to develop and manage affordable homes, help consumers set and reach their goals through financial coaching, offer homeownership education and counseling and revitalize and strengthen communities.
