Minneapolis file 2026-01069, before the Minneapolis City Council. Passed as of 2026-10-03.
Latest action: Published
140 affordable units stay protected long-term Villa Nova residents keep below-market rents because Aeon agreed to tenant protections in exchange for the city releasing its $4.5 million loan.
City gets $100K now, future sale money later Minneapolis receives immediate $100,000 payment plus a share of any profits when Aeon sells the property, recovering part of its affordable housing investment.
Long-term affordability depends on Aeon's commitments Tenant protections and affordable rent levels rest on Aeon's promises rather than a new deed restriction, so future owners may have less legal obligation to maintain those terms.
Approving therelease of City mortgage and declaration of restrictive covenants related to aNaturally Occurring Affordable Housing Preservation Fund loan, in the amount of $4,500,000, for Aeon's Villa Nova project, in exchange for a partialpayment of $100,000, receipt of excess proceeds after the first mortgage lender is paid in full, and tenant protection commitments.
Read the official record for 2026-01069
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