Author: resi

The Minneapolis City Council recently passed the “Affordable Housing Right of First Refusal” ordinance, aimed at preserving affordable rental housing and preventing displacement by giving select organizations the first opportunity to purchase properties before they are sold to private investors. The goal is to ensure that affordable housing stays under local ownership and remains affordable for renters.

While some, including Council Member Jeremiah Ellison who introduced the ordinance, believe it will help counteract the growing trend of out-of-state investors buying up affordable properties, the ordinance has faced significant opposition. Groups like the Twin Cities Housing Alliance (TCHA) have raised concerns that the policy could destabilize the housing market, further reduce property values, and strain city resources.

Eric Anthony Johnson, President & CEO of Aeon, has expressed support for the concept of a right of first refusal but cautioned that the ordinance, as written, may miss the mark. Johnson highlighted the challenges facing affordable housing providers, such as rising operational costs and a lack of financial resources to support organizations purchasing properties under the ordinance. He called for additional funding mechanisms or government-backed support to help organizations successfully purchase properties.

Mayor Jacob Frey has expressed concerns about the ordinance’s potential unintended consequences on the local market and is currently deliberating whether to sign or veto it. His decision is expected soon.

Read the full article here.

The Huntington Place article in the Star Tribune reflects the battle to preserve affordable housing. It also exemplifies the resilience, strength and commitment affordable housing providers need to have in today’s industry.

Aeon stepped up to preserve Huntington Place’s 834 homes as affordable when they were at risk of displacing residents through a sale in 2020. Managing the displacement of low-income community members was what created Aeon as a nonprofit organization back in 1986.

We retain our commitment to the preservation of Huntington and have worked hard to find an owner who is similarly committed to retaining Huntington’s affordability covenants, which extend to 2050.

We’re proud of our teamwork with the residents, as well as the city, county, state, and lenders to get to the point where Huntington’s homes could be preserved by an owner with more capital to bring these homes to the next level. We at Aeon respect today’s residents of Huntington and we want the very best for them.

Read the full article here.

This week, Linda Stage joins Aeon’s Board of Directors as its newest member. Linda is a proud grandma and great-grandma and an Aeon resident of nearly 10 years. Linda has lived experience of homelessness and draws on that experience to fuel her passion for change and compassion for others.

“I am honored to join Aeon’s board, and I think I’ll bring a different perspective. There are things I see from a resident’s perspective that others might not think about,” explained Linda. “If I heard there were residents on the board when I was a new resident here, it would make me feel like Aeon cared about how things affected me — like I had a friend on the board.”

Linda is a former nurse and nursing instructor at the University of Minnesota. She dedicated her career to taking care of others and educating future caretakers in her community. Since moving into her Aeon home, she has become an experienced advocate and has testified on numerous occasions at the State Capitol in support of affordable housing and homeless services.

“Linda, through her actions, has shown the true value of having residents engaged in the work we do at Aeon,” said Dr. Eric Anthony Johnson, Aeon President and CEO. “I am excited to have her join the board.”

Linda is also passionate about increasing representation through voting rights and the census. Her first board meeting will be Wednesday, August 28.

Shaw-Lundquist Construction is a key partner in our Goldenrod Glen project, which will provide 74 affordable homes for seniors in Big Lake, MN. Now over halfway completed, Goldenrod Glen will create a welcoming environment for Minnesota’s seniors, addressing a critical need for affordable housing.

As a leading Minority-Owned Business Enterprise (MBE), Shaw-Lundquist is known for its exceptional service and strong community ties. Their commitment to Diversity, Equity, and Inclusion (DEI) aligns with Aeon’s mission to build inclusive communities. We extend special thanks to Hoyt Hsiao, CEO, and John Jensvold, Vice President, for their vital roles in this partnership.

In addition to the Goldenrod Glen project, Shaw-Lundquist Construction has also generously sponsored our Beyond Bricks & Mortar breakfast.

Shaw-Lundquist’s support greatly advances our efforts to improve the quality of life for Minnesota’s residents and seniors. We are deeply grateful for their contributions.

Naturally Occurring Affordable Housing (NOAH) is a term for multifamily rental properties that offer low rents without public subsidy to low-income households. These properties are typically large, old, outdated and amenity-poor. Owners often defer upkeep to sustain returns while keeping rents low.

In 2016, the importance of preserving NOAH gained national attention when a large property in Richfield, Minnesota was sold. This property, home to multiple generations of families, was promptly upscaled by its new owner. Its 2,230 low-income residents were given a short time frame to manage higher rents and new screening criteria. Nearly all residents were displaced from their homes.

The following year, when it was rumored that another Richfield complex was up for sale, City Council members called Aeon. Overnight, Aeon ensured that the property, Seasons Park, would remain affordable. Like the previous Richfield property, Seasons Park housed mostly working class families, including approximately 200 preschool-age and 250 school-age children. Many of these residents had previously struggled to find a safe and affordable place to live – making the prospective sale of Seasons Park even more concerning.

In the past seven years, Aeon has invested in physical improvements to the property, and more are still needed. Resident Floribel explains, “Before, I lived in a few places, none of which I could afford. They all charged too much, and I had to keep moving. Here, it’s more calm. I am more stable here. It is very important and beneficial for the residents to preserve and maintain the property – to maintain the community. I want to stay here.”

Floribel lives in one of Seasons Park’s 422 apartments – a place she intends to stay. When asked about her dreams for the future, she focuses on her son: “I want him to continue in school and eventually go to college. This is a good area, with good schools. He can do it.”

Aeon is proud to support thousands of residents like Floribel, whose NOAH homes provide a stable and affordable place from which to grow.

Aeon would like to extend our gratitude to M.A. Mortenson Company, a top 25 builder and developer nationally with its roots in the Twin Cities.

Mortenson recently awarded Aeon our first grant from Mortenson Construction Foundation.This comes in addition to recent sponsorship of our Beyond Bricks and Mortar event and volunteer leadership of Mortenson Senior Vice President, Greg Werner on Aeon’s Board. Together, these commitments are helping strengthen Aeon as an organization, while providing direct support to enhance Aeon’s Resident Service Programs and resident leadership development.

Aeon Resident Services supports residents in accessing basic needs; partners and refers residents for more intensive onsite services, like mental health case management; and provides personal growth and leadership development programming.

We extend our heartfelt gratitude to Mortenson for their unwavering support and look forward to continuing our collaboration to make a lasting, positive impact in our communities.