PLATINUM2023

Aeon

Home Changes Everything

Minneapolis, MN   |  www.aeon.org

Mission

Since 1986, Aeon has worked to serve the growing number of people in the Twin Cities who struggle to afford housing. With a vision that every person has a home and is interconnected within community, Aeon’s mission is to create and sustain quality, affordable homes that strengthen lives and communities. Strong communities start with the individuals and families who live within them—and we believe that home is at the center of a successful life.

Ruling year info

1986

President & CEO

Dr. Eric Anthony Johnson

Main address

901 N 3rd Street Suite 150

Minneapolis, MN 55401 USA

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Formerly known as

Central Community Housing Trust

EIN

41-1558711

NTEE code info

Housing Development, Construction, Management (L20)

Housing Rehabilitation (L25)

Community, Neighborhood Development, Improvement (S20)

IRS filing requirement

This organization is required to file an IRS Form 990 or 990-EZ.

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Communication

Programs and results

What we aim to solve

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Our programs

SOURCE: Self-reported by organization

What are the organization's current programs, how do they measure success, and who do the programs serve?

Resident Connections

Resident Connections is Aeon’s supportive services program. Through social ties, leadership development, and targeted support services we promote long-term stability for residents with the greatest needs. Resident Connections empowers residents to take ownership of their housing stability and their future.

Population(s) Served
Substance abusers

Aeon’s Housing Development team takes bold action to expand the stock of affordable homes through new construction and acquisition of affordable properties. Our preservation and construction projects knit long-term affordability into vibrant communities, ensuring opportunity and access for all—not just those at the highest levels of income.

Population(s) Served
Economically disadvantaged people

Our Property Management team ensures our properties are quality homes for the long-term while building positive, long-term relationships with residents.

Population(s) Served
Homeless people
Immigrants and migrants

Where we work

Awards

Adaptive Reuse Award for Renaissance Box 2011

Preservation Alliance of Minnesota

Best in Real Estate Award Finalist for Sienna Green 2012

Minneapolis/St. Paul Business Journal

Outstanding/Innovative Resident Service for Connect Share-a-Meal Program 2012

Minnesota Multi-Housing Association

Affordable Housing Design Award for Renaissance Box 2013

AIA Minnesota/McKnight Foundation

Multi-Family Residential Green Building Design for Renaissance Box 2014

Multi-Family Executive Magazine

Impact Award 2016

Preservation Alliance of Minnesota

Local Public Health Hero Award for The Rose 2016

City of Minneapolis Health Department

Nonprofit Mission Award in Innovation for The Rose 2016

Minnesota Council of Nonprofits (MCN)

Energy and Climate Award for The Rose 2016

Environmental Initiative

Jack Kemp Excellence in Affordable and Workforce Housing Awards for South Quarter IV 2016

Urban Land Institute (ULI)

Community Hero Award 2017

Metropolitan Interfaith Council on Affordable Housing (MICAH)

Developer of the Year 2018

Minnesota Real Estate Journal

Outstanding Housing Project Award for The Louis 2019

Metropolitan Consortium of Community Developers (MCCD); Local Initiatives Support Corporation (LISC)

Power 30 - Developer 2021

Finance and Commerce

Terwilliger Center Award for Innovation in Affordable Housing for Blooming Meadows 2022

Urban Land Institute (ULI)

Affiliations & memberships

NeighborWorks America - Member 2020

Our results

SOURCE: Self-reported by organization

How does this organization measure their results? It's a hard question but an important one.

Number of people in the area with access to affordable housing as a result of the nonprofit's efforts

This metric is no longer tracked.
Totals By Year
Population(s) Served

Economically disadvantaged people

Related Program

Housing Development

Type of Metric

Output - describing our activities and reach

Direction of Success

Increasing

Number of units of naturally occurring affordable housing (NOAH) acquired to preserve as affordable

This metric is no longer tracked.
Totals By Year
Population(s) Served

Economically disadvantaged people, Immigrants and migrants

Related Program

Property Management

Type of Metric

Outcome - describing the effects on people or issues

Direction of Success

Holding steady

Context Notes

By the end of 2020, Aeon had preserved a total of 3,003 NOAH homes across the Twin Cities metropolitan region.

Goals & Strategy

SOURCE: Self-reported by organization

Learn about the organization's key goals, strategies, capabilities, and progress.

Charting impact

Four powerful questions that require reflection about what really matters - results.

(1) Create affordable apartment homes – Work with neighborhoods, funders, lenders, and other partners to complete the Landing (54 units, Chaska), begin construction on South Quarter Phase IV (120 units, Minneapolis), acquire and renovate Parkview Villa (146 units, Columbia Heights), and begin work on a large preservation project of 10 Aeon properties (579 units, Minneapolis). Our target for 2013 is to create and preserve at least 200 completed apartment homes.

(2) Asset Management – Monitor and manage the financial and physical condition of Aeon properties – including managing property regulatory compliance and organizational risk – to ensure both their mission and financial value over the long-term.

(3) Property Management – Ensure that property management provides excellent customer services and quality affordable housing. Occupancy expectations have increased based on current needs and market conditions. Property Management will also maintain cost containment initiatives to achieve positive net cash flow, improve data collection and analysis, continue energy retrofits, and strengthen third-party service relationships.

(4) Resident Connections – Support residents in maintaining their housing and achieving a sense of home. Specifically, this includes supporting residents’ housing stability (targets vary by property) and community engagement at each of the properties the Resident Connections program serves. In 2013, a major focus will be on community building through resident leadership, especially in Aeon’s Elliot Park neighborhood properties.

(5) Fund Development – Increase unrestricted funding through personal cultivation and a broader source of private funds (i.e. private and corporate foundations) through increased grant development activities. In addition, we are establishing a specific cultivation program for donors in our multi-year giving society – our goal is to have at least one face-to-face call annually, as well as one personal contact via an Aeon event.

(6) Capital Campaign – Aeon has recently launched a capital campaign to support the completion of several key developments, including South Quarter Phase IV (120 units in Minneapolis with a focus on sustainability), Minneapolis Portfolio Preservation Project (579 units in Minneapolis, preserving Aeon’s portfolio as quality assets), and several developments still being planned (including one for formerly homeless youth). This campaign will be implemented over a multi-year period with completion predicted for mid-2015. In 2013, the focus will be to secure funds for South Quarter Phase IV.

Aeon has a reputation for organizational effectiveness and a history of successfully meeting budget demands. Aeon has, with encouraging success, continued to increase fundraising results annually. Foundation support now includes regional and national foundations, and Aeon has increased the number of individual donors from fewer than 30 in 2001 to more than 1,000 in 2012. Individual contributions comprise about 50% of total funds raised annually. Overall, the Fund Development program has increased contributions from less than $50,000 annually before 2001 to more than $1.4 million today.

Aeon will continue to seek grants designated for the Resident Connections program as a part of our long-term funding plan. Because of the organization’s commitment to this program, we will also provide additional support as needed through general operating support.

Development projects, which can take three to five years from inception to occupancy, have independent budgets generally ranging from $8 to $24 million each. The majority of these funds are secured through various government housing finance programs, private equity, and private mortgages. Fund development also secures additional private funding for development projects through grant writing activities.

Once in operation, each property has a budget managed by Aeon’s asset and property management departments. Every Aeon resident is required to pay rent commensurate with their income. Rents go to property operations and maintenance, and some funding comes back to the organization by way of property management fees. Properties primarily operate through rent revenues and reserves.

Community engagement: Prior to development, Aeon begins a process of community outreach and engagement. An essential aspect of this is the dialogue with area residents about the opportunities and needs of their community, and the project in question. This process can last for 18 months or more and may entail altering perceptions about “affordable housing,” adjusting design specifications, or helping resolve neighborhood concerns. Property management works to maintain positive relationships with neighbors and communities long after construction is complete.

Quality and sustainable properties: When we build, we build for generations to come. Aeon constructs or renovates sites according to smart, livable design and high sustainability standards. We invest in materials and use methods that provide for the long-term sustainability of a building, while maintaining cost effectiveness. In addition, we financially structure developments to ensure sufficient operating revenue and reserves to provide proper building maintenance.

Creating homes: Aeon residents have affordable, stable places to make their homes. We design interiors that are healthy, aesthetically pleasing, efficient, and conductive to resident interaction – places residents are proud to call home. In addition, we provide quality management services and many opportunities for residents to connect with others, engage with the community, and, when needed, access our Resident Connections services for extra support. All aspects of Aeon’s work – including designing, maintaining, improving, and managing our properties – are focused on providing an opportunity for our residents to make home for themselves.

Ending homelessness: Currently, Aeon has 489 apartments reserved for homeless individuals and families. We provide Resident Connections programming to support these residents and partner with social service agencies to offer on-site services. Aeon develops pathways to help people who face life’s most complex, persistent challenges find a home, move out of poverty, and engage in the community. By working with formerly homeless populations to first attain housing stability, we help make other achievements possible.

Partnerships: Aeon does not re-create programs and services, but develops our expertise in affordable housing provision and partners with organizations that are experts in their fields. We work with social service agencies to provide on-site supportive services to our residents, as well as with art organizations, sustainability experts, youth development programs, financial institutions, and many others.

Neighborhood investment: Aeon views our projects as significant, long-term investments in the neighborhoods we serve. In keeping with this view, Aeon has maintained ownership and manages all of our properties directly. It is part of our philosophy to maintain that ownership and fulfill our commitment to our neighborhoods and residents.

By creating, managing, and maintaining quality affordable homes, Aeon provides the means for residents to achieve and sustain health, stability, and success while strengthening our communities.

Providing quality affordable homes gives crucial support to the individuals and families most at-risk in our society. This clear benefit is easy to understand – after all, how can anyone succeed if they do not have a place to call home that is stable, not overcrowded, safe, healthy, and affordable? Quality affordable homes allow individuals and families to reduce their stress levels and improve their overall health; strengthen their connection to community; increase their stability; improve school and career success; and avoid homelessness and other dangerous or unhealthy situations. Aeon believes that access to safe and affordable homes is a basic human right, and by developing and managing these homes we can have a profound positive impact on the lives of our residents.

Not only does affordable housing address a critical need for a large, and growing, segment of the population, it also provides a strong benefit to the communities that surround it. Some of these include:
- Reduced strain on emergency resources such as transitional housing, food shelves, emergency room visits, etc.;
- Revitalization of city centers and communities experiencing blight; and
- Strengthened local economies.

The development of affordable housing also provides significant opportunities. Quality affordable apartment buildings can provide a community with needed green space; improve area energy efficiency; preserve and update historic buildings; improve neighborhood safety by adding eyes on the street and redeveloping vacant lots that can be centers of criminal activity; support connections to public transit; and increase diversity.

Beyond this, when those in poverty are able to achieve stability and success through access to affordable housing, everyone in the community benefits. Affordable housing supports a strong and stable workforce and allows individuals to focus on employment. It also improves children’s school success and educational attainment. Given demographic trends in Minnesota, these benefits will be especially critical to the creation of an educated workforce, increasingly important as the educated Baby Boomer generation retires. In addition, affordable housing promotes healthy communities and improves safety. Finally, affordable housing uses funding more efficiently, investing in long-term solutions rather than stop-gap measures.

How we listen

SOURCE: Self-reported by organization

Seeking feedback from people served makes programs more responsive and effective. Here’s how this organization is listening.

done We shared information about our current feedback practices.
  • How is your organization using feedback from the people you serve?

    To identify and remedy poor client service experiences, To identify bright spots and enhance positive service experiences, To make fundamental changes to our programs and/or operations, To inform the development of new programs/projects, To identify where we are less inclusive or equitable across demographic groups, To strengthen relationships with the people we serve

  • Which of the following feedback practices does your organization routinely carry out?

  • What challenges does the organization face when collecting feedback?

Financials

Aeon
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Operations

The people, governance practices, and partners that make the organization tick.

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Connect with nonprofit leaders

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  • Analyze a variety of pre-calculated financial metrics
  • Access beautifully interactive analysis and comparison tools
  • Compare nonprofit financials to similar organizations

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Aeon

Board of directors
as of 05/22/2023
SOURCE: Self-reported by organization
Board chair

Martha Swanson

Minneapolis School District

Tami Diehm

Winthrop & Weinstine

Scott Anderson

Best Buy Officer, Retired

Melissa Downey

US Bank

Jackie Foster

Be The Match

Tanessa Greene

Hennepin County

Tom Hoffman

Colliers International

Martha Nevanen

NorthMarq Capital

Martha Swanson

Minneapolis Public Schools

Saroeun Earm

Greater Twin Cities United Way

Oz Yanez

Resident of The Roselle Apartments

CJ Simmons-Faye Jones

Resident of Maryland Apartments

Rick Purcell

Resident of Alliance Apartments

Priya Morioka

Global Language Connection

Matt Plec

Great Southern Bank

Dan Reed

Ameriprise Financial

Organizational demographics

SOURCE: Self-reported; last updated 1/9/2023

Who works and leads organizations that serve our diverse communities? Candid partnered with CHANGE Philanthropy on this demographic section.

Leadership

The organization's leader identifies as:

Race & ethnicity
Black/African American
Gender identity
Male

Race & ethnicity

Gender identity

Transgender Identity

Sexual orientation

No data

Disability

No data