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Press Release
04.03.2023

Nonprofit Aeon planning for the future of Huntington Place Apartments

Aeon, a Minnesota nonprofit leading the fight to preserve existing affordable housing, is exploring new funding options to transform Huntington Place Apartments. The 834-apartment property in Brooklyn Park is the second-largest multi-family property in Minnesota. Aeon is exploring a variety of options for the future of the project, including financial restructuring, bringing on additional partners, or new ownership.  

Aeon’s top priority is to ensure the homes are affordable, keep our residents in their homes and community they know, identify funding to make needed repairs, maintain valued relationships that the Aeon community has forged, and create a sustainable operation in the face of new economic pressures.

Aeon acquired Huntington Place in January of 2020 to preserve much-needed affordable homes for the 2,500 residents living there. The property faced well-known challenges for decades. Aeon, the City of Brooklyn Park, and Hennepin County stepped in because affordable housing in the region is being lost to market buyers faster than it can be replaced, worsening the affordable housing crisis. 

Aeon took on Huntington Place knowing it would need significant support from the local, state, and federal levels to address long-standing issues at the property. Just six weeks after purchasing the property, the pandemic changed everything for residents, community funders, and Aeon.  

“Even before the world shifted, this was hard work,” said Aeon President & CEO Dr Eric. Anthony Johnson. “We knew if we didn’t take this risk, 2,500 people would be displaced into a housing market with precious few affordable options. We expected to dig in to find resources to make needed improvements right after purchase. Instead, we and the residents were consumed by pandemic-related stabilization efforts.” 

The incredible, dedicated staff on site helped Huntington Place families access more than $3.5 million in rent relief and brought more supportive services to the property. Aeon has invested $1.8 million in improvements to the physical space, completed 24,000 work orders, and reduced crime below pre-pandemic levels.  

Aeon raised an additional $14 million from government agencies to make more physical improvements at Huntington Place, which are in progress. The organization raised another half million to support increased resident services and build community. But these resources are not nearly enough. Aeon is exploring options to bring significantly more resources to the property and build on the path we started several years ago.   

Aeon remains committed to creating and saving affordable homes. Its portfolio of 60 properties provides homes to more than 17,000 people each year and includes more than 3,000 homes Aeon acquired to preserve as affordable. The need in our community is greater than ever. Aeon has worked on innovative financing models to increase affordable housing acquisitions and development. Current funding from the public and private sector is not adequate to meet the housing needs in our communities. Aeon continues to advocate for the resources to meet the critical need for affordable homes in Minnesota.