Blooming Meadows South and Blooming Meadows North is a development that preserved 306 units of Naturally Occurring Affordable Housing (NOAH) while building an additional 172 affordable homes within a 2-block walk of the job-centric and transit-rich Mall of America.

The City of Bloomington has both a shortage of affordable housing and is at risk of losing the affordable housing it already has. The metropolitan region is losing nearly 5,000 units of NOAH per year. With a market vacancy of less than 3%, this loss of affordable units means that families are being displaced into an effectively full market. This has had a ripple effect on schools, as families lose their housing, and the local workforce, as employees are forced to scatter. When the owner of a large NOAH property put its property on the market, Aeon acted quickly to acquire and preserve these affordable units.

Aeon acquired the property in under 90 days, knowing that keeping homes affordable was paramount. Built in the 1960s – an era of oversupply surface parking and freestanding garages – the site offered an opportunity to better utilize the excess land to serve the community. The ability to preserve and add housing at this site was especially important given its proximity to Mall of America.

Aeon worked closely with the City to meet the 90-day timeline set by the NOAH property seller. The City acted quickly to approve and provide funds to help close the funding gap. Aeon acquired the property in mid-December 2019 and, just a few weeks later, applied for – and was awarded – tax credits to build 172 new units on the site, including 17 homes serving people who have experienced homelessness.

Although the NOAH and new development are owned by separate entities, they share amenities, including the pool, volleyball court, picnic area, and playground, creating a seamless neighborhood for the residents. There are electric vehicle charging stations in the surface parking lot that are available to residents of both properties. Bike racks are available in the underground garages. In the new buildings, larger units have amenities like added closet space and dual bathroom sinks that are tailored to families. Windows are nearly floor-to-ceiling, filling units with natural light.

Location: Bloomington, Minnesota
Developer: Aeon