What is Naturally Occurring Affordable Housing?

Naturally Occurring Affordable Housing refers to residential rental properties that maintain low rents without federal subsidy. It is the most common affordable housing in the U.S.

High Need in the Twin Cities Metro Area

The Twin Cities region is losing affordable housing faster than new housing can be developed. Many naturally affordable rental developments are being converted to higher-market rents.

Big Opportunity for Social Impact Investment

NOAH Impact Fund partners with socially motivated investors and rental property owner-operators to preserve the long-term affordability of units in opportunity areas.

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Move Swiftly

You will appreciate the agile and efficient way we work to make our goal of purchasing 1,000 affordable housing units possible.

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Finance Wisely

Commit to competitively priced equity capital from NOAH, and find expert guidance from us.


Partner with Us

Work directly with our responsive leadership team at our small and nimble organization.

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Support Social Good

Together we will preserve over 1,000 units of affordable housing. NOAH is a sound double bottom line investment.

Together We’re Doing Good Work

Behind each investment dollar and development plan, there are real individuals and families who are accessing the affordable housing they need thanks to our collaboration. Below are just a few of our projects and partners.

Millions of affordable housing units are flying under the radar

Oscar Perry Abello reported this story for Next City on June 7, 2017. In times like the Great Recession, when the economy grinds to a halt, entrepreneurs like Michael Altheimer can’t help but start thinking: What if? “Before the crash, we were doing mostly for-sale housing, but during the crash, we started learning about underwriting rental [...]

Rachel Robinson and Warren Hanson

Bremer, Western, and Sunrise Banks join $25 million affordable housing fund

Jim Buchta of the Star Tribune reported on June 6, 2017 that GMHF announced the identities of seven public and private investors that have raised more than $25 million to acquire and preserve 1,000 unsubsidized, affordable rental units in the Twin Cities over the next couple years. The formation of the NOAH Impact Fund, which was [...]

NEWS RELEASE: New $25M Fund officially launched, investors named

Warren Hanson, president & CEO of the Greater Minnesota Housing Fund, announced today that it has officially launched the $25 million NOAH Impact Fund, a new impact investment fund designed to acquire 1,000 units of rental housing and maintain affordable rents for 15 years. Older Class B and Class C unsubsidized, private rental housing serves [...]

NOAH Impact Fund to officially launch on June 6

On June 6 the Greater Minnesota Housing Fund will announce that it has officially launched the $25 million NOAH Impact Fund and will name the participating investors. The NOAH Impact Fund is a new impact investment fund designed to acquire 1,000 units of rental housing and maintain affordable rents for 15 years. Older Class B [...]

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About the NOAH Impact Fund

The NOAH Impact Fund is a subsidiary of the Greater Minnesota Housing Fund. This program was established to enable the preservation of existing affordable housing for Minnesotans.

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Greater Minnesota Housing Fund

AERIS Rating 2+FHLB Des MoinesGMHF is AERIS rated and a member of The Federal Home Loan Bank of Des Moines.


Staff Contacts

Rachel Robinson
NOAH Impact Fund Manager
651.221.1997 x114

Warren W. Hanson
President & CEO, GMHF, MEF & NOAH
651.221.1997 x107

General Contact Info

NOAH Impact Fund
c/o Greater Minnesota Housing Fund
332 Minnesota Street
Suite 1201-East
Saint Paul, MN 55101