Author: resi

Melissa Downey has been selected for the Twin Cities Business 2024 Notable Nonprofit Board Members section in the August/September issue. This recognition highlights her outstanding contributions and dedication to our community. Congratulations, Melissa, on this well-deserved achievement!

View the full list here.

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

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.

Virtual 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.

Over the past several years, housing operators (both affordable and market rate) have seen their share of challenges – and I don’t just mean Covid-19, inflation, and social reckonings. We’ve also seen increased operational costs, like exponentially higher insurance and security costs along with the need to raise money to cover costs like social services. The numbers add up quickly and have made the property operation space daunting for even the most seasoned and nimble among us.

But wait, there’s more. Compounding all of this is the increase in non-payment of rent – which makes it difficult to pay lenders, keep up with maintenance, and budget for emergency repairs – and a higher level of property damage and destruction – which makes it difficult and expensive to efficiently turn over units.

While there are certainly strategies operators are exploring to mitigate these issues, there’s something bigger at play and it’s harder to solve. It appears to me that there is something cracking – even breaking – in the social fabric of our community.

Of course, this isn’t a broad brush meant to paint all residents. Far from it. However, it is something I’m seeing across the entirety of our portfolio, talking about in every room I’m in with peers from the housing operator space, and thinking about nonstop. It makes developing a fundable operating model difficult when rent isn’t dependable, fixed costs are wildly unpredictable, and residents need support that falls far outside the scope of simply providing a home.

At its core, Aeon is a real estate development organization. Navigating this new normal requires a constant focus on rebuilding systems, processes, and tactics to match the reality of the current operating environment.

As the chasm widens between finite financial resources and the constantly increasing needs of properties and the residents, it is growing more and more difficult to make ends meet. We know change is difficult. I get that. However, if we, operators in the affordable housing space are to survive, we are going to have to throw out the old playbooks and become organizations that are nimble and innovative to manage disruption in our quest to provide residents a place they can call home.

Russ, an affordable housing expert who oversees the 60 properties of Aeon, joined the Board of Advisors on March 11

Aeon, a nonprofit developer, owner and manager of almost 6,000 affordable homes across the Twin Cities, announced that its Chief Real Estate Officer, Laura Russ, was appointed to the University of Minnesota’s Heller-Hurwicz Economics Insitute (HHEI) Board of Advisors.

“I’m excited to work with HHEI at the University of MN to connect economics research to practical social and economic questions,” said Russ. “We can all help to bridge academic research with practical implementation to help create better public policies.”

Started in 2010, HHEI seeks to ‘advance Minnesota’s legacy of producing field-shaping research and to build a bridge between its world-class economic research and policy that promotes the public good.’

Russ joined Aeon in February 2023 and oversees housing development, property operations and asset management. Her extensive background in multifamily operations, combined with her expansive knowledge of operations and systems, has made her an essential part of the Aeon leadership team.

“The Heller-Hurwicz Economics Institute is a highly regarded group and Laura is the perfect appointee to its advisory board,” said Dr. Eric Anthony Johnson, Aeon President and CEO. “Given our work at Aeon that constantly has us finding new ways to bridge the gaps between policies and practical outcomes, I’m glad to have someone like Laura bringing her perspective and expertise to this table.”

Finding an affordable home has become a challenge across the country. For previously incarcerated individuals, this search can become nearly impossible. Aeon’s President & CEO, Eric Anthony Johnson, has spent the past few months working with incarcerated women in Minnesota to help them prepare to reenter society.

Read Dr. Johnson’s full op-ed here.

Mary Clem Routhieaux, Vice President, Resource Development

Aeon is proud to welcome Mary Clem Routhieaux to its Leadership Team as the new Vice President of Resource Development. Routhieaux will offer valuable leadership in engaging Aeon supporters during this critical time when the affordable housing crisis is leaving tens of thousands of Minnesotans without a home. Aeon, a nonprofit developer, owner and manager of almost 6,000 affordable homes in the Twin Cities area, is responding by growing its team and impact.

Mary Clem Routhieaux comes to Aeon with an extensive background in affordable housing operations and fundraising leadership. She has devoted her career to applied problem-solving in pursuit of community well-being, with vast experience in building fundraising programs to connect people to a mission.

“I am honored to be joining a dynamic Aeon team and one of Minnesota’s largest nonprofit organizations with a mission devoted to creating and sustaining quality affordable homes to strengthen lives and communities for families throughout the Twin Cities,” said Routhieaux.

Most recently, Routhieaux served as the Executive Director for the Community Housing Fund of Washington County, Oregon, a nonprofit CDFI and revolving loan fund that finances the production of affordable housing. Previously, she was Executive Director and Chief Advancement Officer at Episcopal Homes of Minnesota.

“We are excited for Mary to join the Aeon team,” said Dr. Eric Anthony Johnson, Aeon’s President & CEO. “Her breadth of knowledge and leadership in fundraising and affordable housing will be an excellent asset as we strive to meet the needs of our community.”

Routhieaux holds a master’s degree from the University of Delaware in applied economics and a bachelor’s degree from Grinnell College in economics and English. She also holds a specialization in design thinking and innovation from the University of Virginia Darden School of Business.

Dr. Eric Anthony Johnson, President & CEO of Aeon, a nonprofit developer owner and manager of affordable homes in the Twin Cities area, will serve as an international keynote speaker at the PowerHousing Australia conference taking place in Canberra November 27-29, 2023. PowerHousing Australia is a nonprofit that provides opportunities for peer-to-peer collaboration and engagement among affordable housing professionals. This year’s conference, Solving the Housing Equation, features multiple international speakers with expertise in the affordable housing industry.

As keynote speaker, Dr. Johnson will provide a deep dive into urban development and opportunities for future investment in affordable housing. His remarks will help fuel a conversation about how to best support Australia’s ethnic and indigenous communities, and victims of domestic violence. In addition to his keynote, Dr. Johnson will lead conversations with housing leaders on topics such as people and culture, tenant engagement and compliance.

Dr. Johnson joined Aeon as president & CEO in February 2022. Prior to joining Aeon, Dr. Johnson was the Chief of Economic Development, Housing and Neighborhood Services for the City of Dallas, and the Community Development Director for the City of Bloomington. During his time as CDD, Dr. Johnson drove the development of Bloomington’s $15 million affordable housing trust fund. He holds a PhD in Urban Affairs and Public Policy from the University of Delaware, an MBA from the University of Tennessee, and is an alumnus of the Harvard University Graduate School of Design Advanced Management Development Program in Real Estate.

After more than seven years as a board member, Tami Diehm, Firm President and attorney at Winthrop & Weinstine P.A., has stepped down from Aeon’s Board of Directors. Moving forward, Diehm will now serve as general counsel for Aeon, a nonprofit developer, owner, and manager of almost 6,000 affordable homes in the Twin Cities.

”On behalf of the entire organization, I want to extend our deepest gratitude to Tami for her years of leadership and guidance on our Board of Directors. I am thrilled to continue partnering with her in this new way,” said Dr. Eric Anthony Johnson, Aeon President & CEO.

Diehm’s transition to serving as Aeon’s general counsel allows Aeon to continue to rely on her vast experience in a different capacity. Her strong background in real estate law and track record of working with nonprofit organizations makes her the ideal leader to drive Aeon’s mission forward. In addition, she brings the support and expertise of the entire Winthrop & Weinstine organization. In September 2023, Diehm was recognized as a Top Woman in Law honoree by Minnesota Lawyer for her dedication to public service and nonprofit work. Diehm’s extensive experience in the legal and nonprofit sectors will provide vital guidance in Aeon’s work to create and save affordable homes for Minnesota communities.

“I am excited to be transitioning to this new role with Aeon, and I look forward to helping the organization continue its incredible work in the affordable housing space,” said Diehm. “Our community benefits from the incredibly important work being done by Aeon and Winthrop & Weinstine is fortunate to be a part of it.”

Diehm received her J.D. from Mitchell Hamline School of Law, and her B.A. in Political Science and Metro Urban Studies from Augsburg University. Diehm served for 12 years as an elected city council member and chair of a housing and redevelopment authority. Diem currently serves on the board of directors for the Children’s Theater Company and has served as a past board member and president of LegalCORPS, an organization that provides pro bono services to Minnesota entrepreneurs and nonprofits.