Author: resi

Shawn Power

Aeon’s Board of Directors welcomed Northmarq Chief Financial Officer, Shawn Power, as its newest member on January 11. The organization is setting a new strategic plan that will guide their work over the next 10 years. The addition of Power will offer new perspectives and experience during this important time as Minnesota continues to address the affordable housing crisis. Aeon, a nonprofit developer, owner and manager of almost 6,000 affordable homes in the Twin Cities area, is responding by growing its impact.

“I’m inspired by Aeon’s vision for the future and look forward to contributing to their effort to ensure more families have safe, quality housing options in the Twin Cities area,” said Power.

Power manages the finance, accounting, treasury, insurance and licensing functions at Northmarq, an industry-leading capital markets resource for commercial real estate investors headquartered in Minneapolis. Prior to stepping into his current role this year, Power served as Senior Vice President/Managing Director of Finance and Accounting (2019-22), and Vice President of Treasury Management and Financial Reporting (2014-19).

Power spent eight years in public accounting with RSM before joining Northmarq. He earned his Bachelor of Accountancy degree from North Dakota State University and is a Certified Public Accountant.

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 nearly 17,000 people in the Twin Cities each year. For more information, visit aeon.org or follow us on Twitter, Facebook and LinkedIn.

About Northmarq

Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales and loan servicing. They combine industry-leading capabilities with a flexible structure, enabling their national team of experienced professionals to create innovative solutions for clients. Their solid foundation and entrepreneurial approach have built an annual transaction volume of more than $37 billion and a loan servicing portfolio of nearly $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq introduces clients to expanded opportunities across all major asset classes. For more information, visit www.Northmarq.com.

As you may know, there is an historic budget surplus in Minnesota. Aeon, along with many others, wants housing to be a top priority for our policy makers. You can join us in advocating for these issues:

• Property tax relief for affordable housing. Changing the 4d tax policy would lower taxes on affordable housing. This would put tens of millions of dollars back into creating more housing.
• Naturally Occurring Affordable Housing (NOAH) Funding. We need the first-ever allocation to buy and rehab NOAH housing. We need to save the affordable housing we have!
• More subsidies for low-income families. Only one in four households in Minnesota who qualify for a housing subsidy actually get one. We need more funds to ensure every family who qualifies for a subsidy gets one.

Dr. Eric Anthony Johnson, Aeon’s President & CEO, recognized by Twin Cities Business

Aeon is pleased to announce that Dr. Eric Anthony Johnson, Aeon’s President & CEO, has been named one of Twin Cities Business’ 100 People to Know in 2023.

The list recognizes trailblazing and innovative leaders in the Twin Cities. Dr. Johnson’s inclusion on the list demonstrates the impact he has already had on Aeon, and his exciting vision for the future of affordable housing. In 2023 Aeon will be revealing a 10-year strategic plan—a plan that has been guided by Dr. Johnson’s passion and wealth of experience.

Dr. Johnson joined Aeon as President & CEO in February 2022, bringing with him extensive academic and professional experience. He holds a PhD in Urban Affairs and Public Policy from the University of Delaware. He is an alumnus of the Harvard University Advanced Management Development Program in Real Estate. He also holds an MBA from the University of Tennessee. Most recently, he was Chief of Economic Development, Housing and Neighborhood Services at the City of Dallas, Texas. There he led efforts to create a $100 million fund for affordable housing. He was instrumental in adopting the City’s comprehensive economic development policy.

Johnson was born and raised in New Orleans but is not new to Minnesota. He earned a Master of Public Administration from Minnesota State University, Mankato in 1996. From 2018 -2020, he was Community Development Director at the City of Bloomington. There he led the creation of the City’s opportunity housing ordinance and a $15 million affordable housing trust fund. The fund’s first investment was a property Aeon acquired to preserve 306 affordable homes.

Bob Timperley

Bob Timperley has been re-elected as a member of Aeon’s Board of Directors. The organization is setting a new strategic plan that will guide its work over the next 10 years. Timperley’s re-election will offer renewed leadership in this important time. Minnesota is facing an affordable housing crisis. Aeon, a nonprofit developer, owner and manager of almost 6,000 affordable homes in the Twin Cities area, is responding by growing its impact.

Bob Timperley is a semi-retired veteran of the construction and real estate development industry. His 56-year career has included development partnerships and owning a general contracting business. Most recently, he is walking alongside Tri-Construction, a black-owned general contractor in North Minneapolis. In this work, he hopes to help them grow their business and extend the opportunity for other black-owned businesses in the construction industry.

Beyond Timperley’s professional work, he is also an active volunteer. His previous board experience includes the Northwest YMCA New Hope, Midwest Commercial Exteriors/Minnesota Exteriors and Emma B. Howe YMCA. He participated in mission work with Healing Haiti, and he has a lengthy history as a fundraising volunteer with Aeon. He first served on Aeon’s Board of Directors from 2016 to 2019. “My first Aeon learning experience was at a Beyond Bricks & Mortar fundraising breakfast 15 years back,” says Timperley. “It was a life-changing experience for me and launched me on my ongoing quest to become more human, and to care more about my sisters and brothers than I do about myself.”

Greg Werner

Aeon’s Board of Directors welcomed a new member at its meeting on October 26, 2022: Greg Werner. The organization is currently in the process of setting a new strategic plan that will guide their work over the next 10 years, and the addition of Werner will offer new perspectives and experience during this important time. Minnesota is facing an affordable housing crisis. Aeon, a nonprofit developer, owner and manager of almost 6,000 affordable homes in the Twin Cities area, is responding by growing its impact.

Greg Werner is Senior Vice President at Mortenson, a Minneapolis-headquartered, top-20 developer, builder and engineering services provider. In this role, he is responsible for overseeing Mortenson’s operations and serving as a member of its senior leadership team. At the core, his position consists of leading real estate development and construction.

In addition to bringing 32 years of construction industry leadership experience to Aeon, Werner has been active in several volunteer roles as well. He was the chair of Board Membership on the Harper College Foundation Board of Directors in Chicago, a council member with City of Hope hospitals and is a member of the YPO-WPO business organization.

“I am thrilled to join the Aeon Board of Directors,” says Werner. “Quality, affordable housing is so important to the Twin Cities community and the well-being of the families who live here.”

Werner holds a Bachelor of Science in Construction Administration from the University of Wisconsin – Madison.

An update on Huntington Place

Recently, our property in Brooklyn Park, Huntington Place, has been in the news regarding resident conditions. Aeon acquired Huntington, the second-largest apartment complex in the state, in January 2020. Our short-term vision was to keep 2,500+ residents in their homes and keep rents affordable. Our long-term vision was to turn Huntington into a place residents are proud to call home.

Huntington was built in the 1960s. For decades, it has been known as a problem property. Both physical and social conditions needed a lot of attention to overcome 40 years of neglect and underinvestment. We took on the challenge to save 834 homes from being lost as affordable.

The pandemic brought new challenges in achieving our long-term vision. Residents lost their jobs and the community was in crisis. We shifted our focus from property updates to helping residents access $3.4 million in rent assistance, organizing food drives, and supporting remote learning.

Today, we still have a lot of work to do. We are taking residents’ concerns very seriously. We’re in conversation with our financing partners, the City and others about what a long-term path forward at Huntington looks like. We knew from the start that transforming Huntington would need to be a community effort and would take time. We are continuing to look for the resources that can support the transformation of a property this large with so many needs and decades of issues. And the needs at Huntington only grew during the pandemic in a way we couldn’t have anticipated.

Residents with maintenance needs can submit a ticket through the resident portal or by contacting the property office. For any other concerns, residents can use MyHome, our resident feedback system, to reach leaders at Aeon. They can go to aeon.org/myhome, or call or text 612-326-3855. We have a staff member at Huntington dedicated to tracking and resolving residents’ concerns. Residents can also use MyHome to share anonymous feedback.

We’ve made a lot of progress so far. Of the 834 homes at Huntington Place, more than 400 have been updated to move-in ready. Our staff have completed more than 17,000 maintenance requests. They continue to address aging infrastructure at the property. We upgraded security and restored peace when crime in the city dramatically increased.

And it’s still not enough.

We have a lot of work to do at Huntington. The team and I are seeking ways and significant resources to do that work faster and better. We have new, resident-focused staff on site and are updating our maintenance order processes. We are also working to do more to ensure residents have the voice in our operations that they deserve.

Huntington is a property with so much challenge, but also so much potential to be a wonderful home. I want to thank the incredibly hard-working team at Huntington, who show up each day to provide decent homes. We are fighting to make that a reality for every resident.

We are excited to announce that two Aeon projects were awarded funding from Minnesota Housing. You can read the official announcement here. These two properties will create 162 new affordable homes. You made this possible! Thank you for supporting affordable homes at a time when our community needs them most. Learn more about these future homes below.

BIG LAKE, MINNESOTA

A new construction project will create 74 affordable homes for seniors in Big Lake, Minnesota. The property will be located across the street from the Northstar Line’s Big Lake Station. It will have a mix of one- and two-bedroom homes, a community room and outdoor space. Ten of the homes will serve seniors leaving homeless and earning $31,470 or less each year. The other 64 homes will serve households earning $52,950 or less each year. Construction will begin in fall 2022. This property is highlighted in this video from Minnesota Housing.

ST. PAUL, MINNESOTA

Aeon is renovating a historic building in downtown St. Paul, formerly known as Mary Hall. The renovation will create 88 new affordable homes. The property offers easy access to the light rail, growing bikeway system, and other amenities and services. The homes will serve residents with extremely low incomes and who have experienced homelessness. Half of the homes will serve people leaving homelessness. These residents will receive supportive services from Touchstone Mental Health. All the homes will be deeply affordable, serving households earning $22,050 or less each year. Construction will begin in fall 2022.

MINNEAPOLIS – Today Aeon announced that Dr. Eric Anthony Johnson will be the organization’s next President & CEO. Aeon is a nonprofit developer, owner, and manager of affordable housing in the Twin Cities. Johnson will step into his new role on February 8.

“I am thrilled to return to the Twin Cities community to join Aeon’s team,” Johnson said. “The organization has more than 35 years of history providing homes to families. And there is still so much to do. I’m eager to lead this strong team to make a difference for so many Minnesotan families.”

Johnson brings extensive academic and professional experience to Aeon. He holds a PhD in Urban Affairs and Public Policy from the University of Delaware. He is an alumnus of the Harvard University Advanced Management Development Program in Real Estate. He also holds an MBA from the University of Tennessee. Most recently, he was Chief of Economic Development, Housing and Neighborhood Services at the City of Dallas, Texas. There he led efforts to create a $100 million fund for affordable housing. He was instrumental in adopting the City’s comprehensive economic development policy.

Johnson was born and raised in New Orleans but is not new to Minnesota. He earned a Master of Public Administration from Minnesota State University, Mankato in 1996. From 2018 -2020, he was Community Development Director at the City of Bloomington. There he led the creation of the City’s opportunity housing ordinance and a $15 million affordable housing trust fund. The fund’s first investment was a property Aeon acquired to preserve 306 affordable homes.

Johnson will take the reins from Aeon’s president and CEO of 33 years, Alan Arthur. Arthur will overlap with Johnson for a short time to aid in the transition.

Arthur has served as president and CEO since 1988. He assumed the leadership position two years after Aeon’s founding. In recent years, Aeon secured $100 million in new and innovative funding to create and save more than 3,000 affordable homes. Today the organization serves more than 16,000 people each year at more than 5,800 Aeon apartment homes.

“Leading the amazing team at Aeon has been the privilege of my life. As we finalize our next strategic plan, this is a timely moment to pass the torch to Eric,” said Arthur. “I am confident in Eric’s immense talent as a national leader. I am excited to have him help carry Aeon’s vision and mission forward. Aeon will continue to be a bold voice in the fight for affordable homes in Minnesota.” Martha Swanson, Board Chair of Aeon, said: “I am thrilled to have Dr. Johnson as Aeon’s next leader. Eric brings the drive, passion, creativity and experience to continue moving Aeon forward in its next chapter. It’s an honor to Alan’s legacy. Eric deeply understands the urgent need for preservation and creation of affordable housing. I’m confident he will work tirelessly toward fulfilling Aeon’s mission.” Swanson is Director of Enrollment for Minneapolis Public Schools.