Aeon

What Aeon does

Aeon is a 501(c)(3) nonprofit affordable housing organization headquartered in Minneapolis, Minnesota, founded in 1986 to replace homes lost to the Minneapolis Convention Center construction. It develops, owns, operates, and renovates affordable rental housing serving low-income households earning 60% of Area Median Income or less, with specialized programs for individuals and families experiencing homelessness, seniors aged 62+, and individuals with disabilities. The portfolio comprises over 5,885 affordable apartments and townhomes across 58 properties in Minnesota, including communities such as Cobblestone Court, Blooming Meadows South, 1822 Park, The Wellstone, The Sound on 76th, Sienna Green I & II, Seasons Park, and Goldenrod Glen. Aeon's housing operates under multiple federal and state programs including Project-Based Section 8, 811 PRAC, 202 PRAC, Section 42 Housing Tax Credit, HOME, and the Minnesota State Housing Tax Credit, with rents typically set at 30% of household gross income for income-restricted programs.

Core operations are supported by a Resident Portal built on the Fortress Tech property management platform for online rent payments, maintenance requests, and housing applications, complemented by on-site property management teams across each community. Beyond housing, Aeon delivers a Resident Connections program providing case management, $3.6 million in emergency rental assistance distributed in 2024, food support, and referrals to a network of 16+ social service partners including Avivo, RS Eden, Touchstone Mental Health, People Incorporated, YMCA, and Simpson Housing Services. The organization also runs the Equitable Housing Leadership Program (ELP), a resident-led advocacy initiative launched in 2021 with 33 resident advocates in 2023 and a pipeline of 130 residents. In 2024, 2,103 households across 25 properties received Resident Connections support, and 64% of Permanent Supportive Housing residents remained housed two years after move-in.

Revenue and funding derive from a combination of rental income from regulated housing programs, approximately $4.5 million in annual donations and grants, corporate sponsorship packages ranging from $1,500 to $75,000 across six tiers (Champion, Community Builder, Partner, Supporter, Promoter, Contributor), and the Minnesota State Housing Tax Credit program offering 85% state tax credits for contributions of $1,000 to $2 million. Aeon's board comprises senior representatives from Lake Street Capital Markets, Mortenson, Ameriprise Financial, Northmarq, Choice Bank, and the Minnesota Department of Human Services. The organization is led by CEO Rachel Robinson (appointed 2026, formerly deputy commissioner of Minnesota Housing) following a 2025 leadership transition in which CFO Caroline Horton served as interim CEO and Martha Nevanen was named Board Chair.

Name

Aeon

Legal name

Aeon

Website

https://aeon.org

Company type

Private

Founded year

1986

Operating status

Operating

Headcount range

101–250 employees

Short description

Aeon is a Minneapolis-based 501(c)(3) nonprofit founded in 1986 that develops, owns, and operates over 5,885 affordable rental homes across 58 properties in Minnesota, serving low-income households, seniors, individuals with disabilities, and people experiencing homelessness through subsidized housing, supportive services, and resident advocacy programs.

Ownership category

akta.pro rank

Product category

Affordable Housing

NAICS

Residential Property Managers (531311), Real Estate Property Managers (53131)

SIC

Operators Of Apartment Buildings (6513), Real Estate Agents & Managers (For Others) (6531)

akta.pro primary industry

Affordable & Subsidized Housing Property Management (LIHTC, Section 8) (BPAJAFAD)

akta.pro secondary industry

Senior & Assisted Living Residential Property Management (BPAJAFAE)

Keywords

• Affordable housing
• Supportive housing services
• Property management
• Resident services
• Nonprofit housing development

Headquarters

HQ city

Minneapolis

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Marketing or Sales, Others

Revenue model

1. Donations and Grants: Annual donations of approximately $4.5 million in grants and gifts from supporters to fund new housing development, improve resident homes and communities, and strengthen resident service programs
2. State Housing Tax Credit Program: Minnesota taxpayers can contribute between $1,000 and $2 million to qualified developments and receive an 85% state tax credit through Minnesota Housing
3. Corporate Sponsorship: Annual sponsorship packages ranging from $1,500 to $75,000 across multiple tiers including Champion, Community Builder, Partner, Supporter, Promoter, and Contributor levels

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels6 records

Core offering

Aeon develops, manages, and renovates affordable rental housing across 58 properties and more than 5,885 apartments and townhomes in Minnesota, serving households earning 60% of Area Median Income or less. Residents are supported through the Resident Connections Program, an online Resident Portal, and the Equitable Housing Leadership Program that combines stable housing with case management, emergency rental assistance, and resident advocacy.\n

Product overview

Aeon is a nonprofit affordable housing organization that operates as a single unified service offering: managing and providing affordable housing communities across Minnesota. The portfolio includes over 5,885 affordable apartments and townhomes across 58 properties, supported by Resident Connections services, an online Resident Portal, and corporate sponsorship programs. The housing communities range from fixed-rent units to supportive housing for homeless individuals, with programs including Section 8, 811 PRAC, 202 PRAC, Tax Credit, and HOME. Additional services include the Equitable Housing Leadership Program for resident advocacy and the State Housing Tax Credit Program for donations.

Differentiator

Problem solved

Functional benefit

Products and services

• Affordable Housing Communities Rental apartments and townhomes offered at affordable rates to households earning 60% of Area Median Income or less across 58 properties in Minnesota. Properties include Fixed Rent, Supportive Housing, Project-Based Section 8, 811 PRAC, 202 PRAC, Housing Tax Credit (Section 42), and HOME Program units.
• Permanent Supportive Housing Permanent housing paired with case management and on-site services for individuals and families experiencing homelessness or with significant support needs, including mental or physical disability or substance use disorder. Access is via Coordinated Entry System referrals rather than open waiting lists. Rent is based on 30% of household gross income.
• Resident Connections Program Wraparound support services for Aeon residents covering housing stability, emergency rental assistance, food support, case management referrals, and connections to childcare, employment, and education resources.
• Equitable Housing Leadership Program (ELP) Staff-supported, resident-led advocacy and leadership program that trains residents to influence housing policy and equity through civic engagement and direct legislative outreach.
• Corporate Sponsorship Program Corporate partnership opportunities providing funding, volunteer engagement, and in-kind donations to support affordable housing development and resident services, with recognition across events and platforms.
• State Housing Tax Credit Program Minnesota-based donation channel allowing individual and corporate taxpayers to fund qualified Aeon housing developments in exchange for an 85% state tax credit on contributions between $1,000 and $2 million.

Quantifiable outcome

• Over 5,885 affordable homes provided across Twin Cities region
• +7 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

17 partnerships are on record, tiered core and minor.

• AvivocoreStrategic or Co-development PartnerSocial service partner providing support services to Aeon residents
• Carver CountycoreStrategic or Co-development PartnerCounty partner for housing and social services
• Haven HousingcoreStrategic or Co-development PartnerPartner offering housing services including Ascension Place, St. Anne's Place, and Next Step Housing
• HOPE CommunitycoreStrategic or Co-development PartnerCommunity development partner providing supportive housing services
• Mental Health ResourcescoreStrategic or Co-development PartnerMental health services partner for Aeon residents
• Oak Grove Care CenterminorStrategic or Co-development PartnerCare services partner
• People IncorporatedcoreStrategic or Co-development PartnerMental health services partner; referrals for Sienna Green II Long-Term Homeless units
• Radias HealthcoreStrategic or Co-development PartnerHealth services partner for Aeon residents
• RS EdencoreStrategic or Co-development PartnerSocial service partner providing support services
• Simpson Housing ServicescoreStrategic or Co-development PartnerHousing services partner for residents
• YMCAcoreStrategic or Co-development PartnerCommunity services partner providing programming for Aeon residents
• Cabrini PartnershipcoreStrategic or Co-development PartnerReferrals for Wellstone Long-Term Homeless units
• Touchstone Mental HealthcoreStrategic or Co-development PartnerMental health services partner for Aeon residents
• ResCareminorStrategic or Co-development PartnerCare services partner
• Solid GroundcoreStrategic or Co-development PartnerSocial services partner providing support to residents
• Minnesota Department of Human ServicescoreStrategic or Co-development Partner811 PRA program partner; Saroeun Earm serves on Aeon's board representing DHS
• Start Today HennepincoreStrategic or Co-development PartnerReferral partner for The Sound on 76th Long-Term Homeless units

Scale indicators10 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• CommonBond Communities: Minnesota-based nonprofit affordable housing provider operating multifamily and supportive housing across the Twin Cities and greater Midwest. Direct peer — overlapping service area, same funding stack (LIHTC, Section 8, HOME), and overlapping resident segments (Rachel Robinson previously held housing development roles at CommonBond).
• Project for Pride in Living (PPL): Twin Cities-based nonprofit that develops and manages affordable rental housing and provides supportive services for low-income families and individuals. Direct peer — same Minneapolis geography, same LIHTC/affordable housing model, and similar wraparound services overlay.
• Beacon Interfaith Housing Collaborative: Minneapolis-based nonprofit collaborative providing supportive housing and shelter services for families experiencing homelessness. Direct peer — overlapping PSH and family homelessness segments in the Twin Cities market.
• Simpson Housing Services: Minneapolis-based nonprofit providing shelter, transitional housing, and permanent supportive housing. Direct peer — listed as an Aeon service partner and serves overlapping homeless and low-income populations in the Twin Cities.
• Catholic Charities of the Archdiocese of St. Paul and Minneapolis: Regional nonprofit operating affordable housing, supportive housing, and homelessness services across the Twin Cities. Direct peer — overlapping affordable and supportive housing programs in the same Minnesota market.
• Habitat for Humanity Minnesota: Minnesota statewide affiliate of Habitat for Humanity, providing affordable homeownership and rental housing for low-income households. Direct peer — same state geography and affordable housing mission for households at the bottom of the income distribution.
• Haven Housing: Minnesota-based nonprofit housing provider operating Ascension Place, St. Anne's Place, and Next Step Housing. Direct peer — listed as a current Aeon partner and serves overlapping supportive housing populations in Minnesota.
• Hope Community: Twin Cities-based nonprofit community developer providing affordable housing and supportive services. Direct peer — listed as an Aeon social service partner and operates overlapping affordable housing and resident services in Minneapolis.

Broad incumbents

• Mercy Housing: One of the largest U.S. nonprofit affordable housing developers and operators, with a national portfolio exceeding 50,000 units. Broad incumbent — same LIHTC/Section 8 operating model and supportive services overlay as Aeon, but at much greater scale and geographic breadth.
• National Church Residences: National nonprofit operating affordable senior housing, supportive housing, and healthcare services across 25+ states. Broad incumbent — overlapping senior housing (202 PRAC) and supportive housing programs, with a broader geographic footprint than Aeon's single-state portfolio.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights8 records

Customer concentration

• Xx.com/AeonMN
• Facebookfacebook.com/AeonMN

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Aeon