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.

American Indian CDC

American Indian Community Development Corp. delivers housing on E. Franklin Av.

Gabriel Corbesia works as a security guard and recently graduated from Summit Academy near the top of his carpentry class. Corbesia, a member of the Lac Courte Oreilles Band of Lake Superior Chippewa who grew up in the Phillips neighborhood of Minneapolis, has wrestled with alcoholism and homelessness. Today, he is a thankful, productive citizen [...]


Hot market for buyers is driving loss of affordable rentals in Twin Cities

It seems not a week goes by lately without news about low-income tenants forced to move when their landlord sells their apartment building to investors. A new report offers numbers behind those anecdotes, illustrating a major shift in the local rental market. In “Sold Out,” released this week, the Minnesota Housing Partnership found that sales [...]

Twin Cities Group Creates $25M Fund to Preserve Affordable Housing

After years of watching the Twin Cities' affordable housing market grow increasingly tight, a group of affordable housing advocates, nonprofits and private companies has decided to take the problem into its own hands. The Greater Minnesota Housing Fund, a nonprofit affordable housing lender, is developing the nation's first regional pool of money to help buyers [...]

Portland OR preserved affordable housing

Rescue Mission: Community strategies emerge to preserve affordable housing

Donna Kimura, deputy editor of Affordable Housing Finance magazine, presents efforts from Portland, Oregon to Washington, D.C. to preserve naturally occurring affordable housing (NOAH). She includes a feature on GMHF’s NOAH Impact Fund. By Donna Kimura 9/12/16 The Bronaugh Apartments is one of the oldest rental housing developments in Portland, Ore. It may also be one [...]

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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