The mission of Aeon is to create and sustain quality affordable homes that strengthen lives and communities.
Review Completed: 4/19/2013
901 No. 3rd Street
Minneapolis, MN 55401
|Other Names Used
||Formerly know as Central Community Housing Trust (CCHT)
|Number of Board Members
|Board meetings with quorum
|Average Member Attendance at Board Meetings
|Publicly Available Documents
Most Recent 990
Most Recent Audit
In 2012, Aeon continued to develop quality affordable apartment homes – providing homes for more than 4,000 individuals at 35 properties in Minneapolis, St. Paul, Roseville, Chaska, and Brooklyn Center. Aeon completed Sienna Green II (50 units, Roseville) and acquired the Crest (122 units, Brooklyn Center). We also began the acquisition process for Parkview Villa (146 units, Columbia Heights). Portfolio-wide, 97% of Aeon’s properties had a positive net cash flow in 2012. The organization also completed our third year of collecting and analyzing resident surveys, which showed improvements in Aeon’s ability to create Home with our residents.
Aeon also began a number of projects which will grow our organizational capacity in 2012. Our Housing Development team focused on creatively resolving the challenges of a high demand for decent affordable homes and increasingly scarce resources, adding new strategies and knowledge to the organization. In addition, Aeon launched our first capital campaign in 2012 with a goal of $12 million. Not only will funding enable Aeon to complete critical projects, lessons learned will advance future developments, creating and preserving affordable apartments efficiently and sustainably. Because several staff members, including Aeon’s CEO, will need to build external relationships for this campaign, Aeon created a new Chief Operating Officer position, accountable for the implementation of all operations.
Overall, by creating, managing, and maintaining quality affordable homes, Aeon provided the means for our residents to achieve and sustain health, stability, and success while strengthening our communities.
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).
2. Asset Management: Monitor and manage the financial and physical condition of Aeon properties – including managing compliance and organizational risk – to ensure their long-term value to the organization’s mission and finances.
3. Property Management: Ensure that property management provides excellent customer services and quality housing. 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 relationships.
4. Resident Connections – Support residents in maintaining their housing and achieving a sense of home. Specifically, this includes analyzing housing stability targets (vary by property) and community engagement targets for each of the properties the Resident Connections program serves.
5. Fund Development – Increase unrestricted funding through personal cultivation and a broader source of private funds through increased grant development activities. In addition, establish a cultivation program for multi-year donors.
6. Capital Campaign – Aeon has recently launched a $12 million capital campaign to support several key developments, including South Quarter Phase IV, Minneapolis Portfolio Preservation Project and several developments still being planned (including one for homeless teen parents). Completion of this campaign is predicted in late 2015.
Community or Constituency Served
Homeless adults and homeless youth (ages 16-20); very low-income working persons; very low- and fixed-income persons; very low-income families; and recent African immigrants
Geographic Area Served
11-County Twin Cities Metropolitan Area
Impact and Programs
3 Year Average Expenses
Unrestricted Net Assets
|End of Year:
|Beginning of Year
|Unrestricted Net Assets (End of Year), Current 990
|Based on information provided on 2009 to 2011