Author: resi

A nonprofit trying to save nearly 100 homes at St. Anthony’s Lowry Grove mobile home park from redevelopment, by buying the property itself, has had its offer rebuffed by the park’s owners

Aeon renovates 10 of its downtown Minneapolis apartment buildings

Affordable apartments in 10 buildings receive major renovations

When you think of “affordable housing,” what’s the image that comes to mind? For lots of people, including many of those most in need of it, the picture is not a pretty one: it’s a scene of dreary, deteriorating high-rises or shabby, poorly constructed “garden” apartments with no garden in sight. Moreover, the projects come with lots of safety concerns, placed in “the wrong part of town.” Environmentally, they may be plagued with poor air quality, peeling paint, energy inefficiency, unkempt grounds, and litter.

An affordable-housing apartment complex near St. Paul’s Como Lake will stay affordable after its sale to a nonprofit housing developer.

Community concerns over the fate of an affordable apartment complex near St. Paul’s Como Lake have been put to rest by a new owner.

Several dozen residents of a low-income St. Paul apartment complex near Lake Como are celebrating after their fears of moving were finally put to rest this month.

Minnesotans respond to housing crisis with outpouring of support at Aeon’s Beyond Bricks & Mortar Event

Aeon’s annual Beyond Bricks & Mortar gathering was attended by 450 individuals and raised more than $300K to date

“I’m calling on you to be part of the solution to the crisis we’re seeing in affordable housing,” said Dr. Eric Anthony Johnson, Aeon President and CEO

MINNEAPOLIS (May 28, 2024) – Nearly 450 Minnesotans gathered Thursday, May 23, 2024, to support affordable housing nonprofit Aeon at its annual Beyond Bricks & Mortar fundraising breakfast.

Aeon is a developer, owner, and manager of affordable homes serving more than 17,300 Minnesotans across 2,000 homes, 60 properties, and 15 Twin Cities communities.

Dr. Eric Anthony Johnson, Aeon President and CEO, called on participants to be part of the solution to the housing inequities and crises we see throughout our communities and state. Speaking to the tremendous challenges housing nonprofits experience as they respond to the growing need for affordable housing amidst a period of profound social and economic disruption, Johnson was clear that the need is urgent and the moment is critical:

“Aeon keeps people housed and invests in fixing what’s broken. In a time of rising need and rising costs, it’s never been more important that anyone who cares about the accessibility, availability, and abundance of affordable housing steps up to help. Whether as an individual, an elected official, an organization, or a governmental entity, now is the time for action.”

Aeon is committed to providing desperately needed affordable homes through partnerships with city and state governments, relationships with industry and nonprofit sectors, and with the support of thousands of generous donors and investors.

At the event last week, an Aeon resident, John, spoke about how a stable home – an affordable apartment in an Aeon property for homeless teens – helped turn his life around: “Those first few nights in my home, I felt something new: comfort. Aeon made me feel safe.” Now, 20 years later and still living at Aeon, John reminded attendees that there are many others who need a chance like the one he got. “Every day, Minnesotans find themselves with nowhere to go and with no other choice than the path that they’re dealt. They need your support.”
Twenty-two sponsors supported the event, including presenting sponsor Dominium, a private affordable housing development and management company.

Vitrual and in-person attendees included individuals, Aeon residents, for- and non-profit organizations, and elected officials from state and local government. More than $300,000 was raised to date through gifts and sponsorships, funds Aeon will use to increase the production and preservation of affordable homes and deliver services that help residents thrive.

About Aeon

Aeon believes that home is at the center of everything. With a home, people succeed, families thrive and our region remains strong. At Aeon, we act boldly to create and preserve quality, affordable homes for those who need them most. We develop and manage affordable homes that serve more than 17,300 people in the Twin Cities each year. For more information, visit aeon.org or follow us on Facebook and LinkedIn.

Aeon, a Minnesota nonprofit leading the fight to preserve existing affordable housing, is exploring new funding options to transform Huntington Place Apartments. The 834-apartment property in Brooklyn Park is the second-largest multi-family property in Minnesota. Aeon is exploring a variety of options for the future of the project, including financial restructuring, bringing on additional partners, or new ownership.

Aeon’s top priority is to ensure the homes are affordable, keep our residents in their homes and community they know, identify funding to make needed repairs, maintain valued relationships that the Aeon community has forged, and create a sustainable operation in the face of new economic pressures.

Aeon acquired Huntington Place in January of 2020 to preserve much-needed affordable homes for the 2,500 residents living there. The property faced well-known challenges for decades. Aeon, the City of Brooklyn Park, and Hennepin County stepped in because affordable housing in the region is being lost to market buyers faster than it can be replaced, worsening the affordable housing crisis.

Aeon took on Huntington Place knowing it would need significant support from the local, state, and federal levels to address long-standing issues at the property. Just six weeks after purchasing the property, the pandemic changed everything for residents, community funders, and Aeon.

“Even before the world shifted, this was hard work,” said Aeon President & CEO Dr Eric. Anthony Johnson. “We knew if we didn’t take this risk, 2,500 people would be displaced into a housing market with precious few affordable options. We expected to dig in to find resources to make needed improvements right after purchase. Instead, we and the residents were consumed by pandemic-related stabilization efforts.”

The incredible, dedicated staff on site helped Huntington Place families access more than $3.5 million in rent relief and brought more supportive services to the property. Aeon has invested $1.8 million in improvements to the physical space, completed 24,000 work orders, and reduced crime below pre-pandemic levels.

Aeon raised an additional $14 million from government agencies to make more physical improvements at Huntington Place, which are in progress. The organization raised another half million to support increased resident services and build community. But these resources are not nearly enough. Aeon is exploring options to bring significantly more resources to the property and build on the path we started several years ago.

Aeon remains committed to creating and saving affordable homes. Its portfolio of 60 properties provides homes to more than 17,000 people each year and includes more than 3,000 homes Aeon acquired to preserve as affordable. The need in our community is greater than ever. Aeon has worked on innovative financing models to increase affordable housing acquisitions and development. Current funding from the public and private sector is not adequate to meet the housing needs in our communities. Aeon continues to advocate for the resources to meet the critical need for affordable homes in Minnesota.