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aeon <br />home changes everything <br />Memorandum <br />offices. The City of Ramsey also has a land use plan that proposes a future park - The <br />Waterfront - to the west of the project site, a community center and many more <br />commercial/retail options, increasing the number of jobs in the area and the walkability <br />of the site over time. <br />In addition, adjacent to The COR, many of Ramsey's large manufacturers have <br />completed expansion projects amounting to nearly 100,000 SF of new industrial space <br />within the last couple of years. These expansions have added numerous jobs to the <br />market, many of which fall within low- to moderate -income ranges. This growth further <br />emphasizes the need for affordable housing options within the community. <br />Greenway Terrace Phase 2 will be a 55-unit building with units available to households <br />at or below 50% ($51,700 for a family of 4) and 60% AMI ($62,040 for a family of 4). <br />Some of the units have been designated for high priority homeless families. These <br />units will be affordable at 30% AMI and will be supported by an onsite case manager. <br />Greenway Terrace Phase 2 is important in that it will provide quality, affordable homes <br />for large families in a growing and prosperous community. Phase 1 is already home to <br />approximately 150 school aged children, and we expect Phase 2 to be home to another <br />150 children. Stable housing is a catalyst for educational achievement. The State of <br />Minnesota is currently looking to expand the Homework starts with Home initiative, <br />aiming to end student homelessness. Homelessness and housing instability impose <br />huge challenges on students: <br />• Homeless and highly mobile students are more likely to be chronically absent, <br />missing more than 10 percent of school days. Chronic absenteeism jeopardizes <br />educational success. In fact, a student's attendance through sixth grade predicts <br />future educational attainment and the likelihood of graduation. <br />• Only one in four homeless third graders demonstrate reading proficiency, a <br />rate that is 37 percent lower than their low-income but housed peers. Low <br />reading proficiency in third grade correlates with significantly lower academic <br />success in the future. <br />Greenway Terrace Phase 2 will help provide stability to approximately 150 children, so <br />they have the opportunity to thrive in the classroom. <br />901 No 3rd Street, #150, Minneapolis, MN 55401 612-341-3148 Main www.aeon.org <br />