On Wednesday, September 26, we broke ground on our newest development, The Louis. Aeon is building 70 new affordable homes with a special focus on serving single mothers and their children who were formerly homeless. The project is expected to be completed in late summer 2019. A big thank you to all of you who came out to show your support!
Aeon’s board of directors welcomed three new members: Billy Brownlee, Melissa Downey and Sharon Martin. “Our dedicated board serves with the passion and heart needed to have an impact on our community,” says Aeon CEO & President Alan Arthur. “We are excited to have individuals with new perspectives and diverse experiences join us to support Aeon’s mission.”
Billy Brownlee
Aeon resident Billy Brownlee manages and provides leadership for six Jimmy John’s sandwich shops in the Twin Cities. In his spare time, Billy is a motivational speaker and has volunteered to speak at events like Aeon’s fundraising breakfast, Beyond Bricks & Mortar. “My passion and dream is to help make affordable housing possible for all in need,” shares Billy. “I want to reach people on a larger platform to share my story and inspire those continuing to struggle with housing and with opioid addiction.”
Melissa Downey
Melissa is Vice President & Senior Compliance Manager with U.S. Bank, and a 24-year veteran of the financial services industry. She has been a volunteer for Aeon for more than 6 years, serving on Aeon’s fundraising committee. In the past she worked for the American Institute of Architects, where she was introduced to affordable housing problems in our community. She also volunteers for her city neighborhood association, recently coordinating its Neighborhood Night Out events, and previously volunteered for Habitat for Humanity, the Special Olympics and more. Melissa is a graduate of American University in Washington, D.C. and has a Bachelor of Arts in communication/international relations.
Sharon Martin
Sharon is a retired social worker and lives at Aeon’s Alliance Apartments. She is resident council president at The Alliance and leads a women’s group there. In the past she worked part-time at Harrison Park, where she helped tutor kids of all ages in subjects such as math and economics. Sharon is passionate about affordable housing issues and shares “affordable, clean, bug-free, rodent-free housing and safety are big issues with me.”
Minneapolis – Today Aeon and the NOAH Impact Fund of Greater Minnesota Housing Fund (GMHF) completed the purchase of The Provinces, a property which includes 118 apartment homes in Little Canada. The building was sold by Dominium. Other key partners in the acquisition include NorthMarq Capital, which provided the mortgage through Freddie Mac’s Affordable Housing program, and Ramsey County Housing and Redevelopment Authority, which provided grant funding. This acquisition will preserve all 118 homes as affordable for Minnesota families.
Affordable housing organizations have looked to preservation of NOAH properties to stem the tide of rising rents. NOAH—naturally occurring affordable housing—can play a crucial role in relieving cost burdens for families and individuals across the state. Aeon, a nonprofit developer, owner and manager of affordable homes has purchased 1,447 NOAH apartment homes in recent years to preserve their affordability.
“Aeon is grateful for the strong relationships we have with our local multifamily housing partners,” said Blake Hopkins, Vice President of Housing Development at Aeon. “By selecting Aeon as the buyer of The Provinces, Dominium was able to ensure the preservation of long-term affordability for an estimated 300 residents.”
The purchase is Aeon’s second partnership with the NOAH Impact Fund of Greater Minnesota Housing Fund. This is a $25 million equity fund established to preserve NOAH properties in Minnesota.
”As the NOAH Impact Fund continues its push to preserve 1,000 units of NOAH housing by the end of 2018, we are very fortunate to have Aeon as our partner in pursuing and executing on these critical acquisitions of multifamily housing,” said Rachel Robinson, NOAH Impact Fund manager.
The Twin Cities is in the middle of an apartment construction boom, but just 10 percent of new units will be available for low-income renters, according to the 2017 report “State of the State’s Housing Report, Twin Cities Region,” released by the Minnesota Housing Partnership (MHP).
About Aeon
Aeon is a responsive nonprofit developer, owner and manager of high-quality affordable apartments and townhomes that serve approximately 8,000 people in the Twin Cities area each year. Since 1986, Aeon has been committed to helping people create a home where they feel safe and connected to the community around them. Aeon believes that Home changes everything. For more information, visit aeon.org or follow Aeon on Twitter and Facebook.
About Greater Minnesota Housing Fund
Greater Minnesota Housing Fund (GMHF) is Minnesota’s leading nonprofit affordable housing lender, having awarded financing of over $270 million in its 21-year history, leveraging more than $1.2 billion in additional capital investments for affordable housing. Founded in 1996, GMHF has financed over 13,700 units of housing. GMHF operates the newly established $25 million NOAH Impact Fund to preserve 1000 units of ‘naturally occurring affordable housing’ in the Twin Cities metro area in the next two years, along with its nonprofit subsidiary, the Minnesota Equity Fund.