Fountain Terrace: NOAH Impact Fund’s first pilot project

NOAH Impact Fund executes pilot projects to demonstrate the viability of the investment program.

Fountain Terrace is the first pilot project financed by the NOAH Impact Fund.

The Fund builds on the best practices nationally of affordable housing developers that have acquired and manage new portfolios of existing unsubsidized affordable housing.

In August 2015, the Fund financed the equity portion of a $6.8 million acquisition, rehabilitation and preservation of a 72-unit, affordable multifamily rental property in New Brighton, Minnesota in partnership with Real Estate Equities (REE), a socially motivated, for-profit owner-operator of affordable and market-rate housing.

QUICK FACTS

Fountain Terrace, New Brighton, MN

Financed by NOAH Impact Fund in August 2015

$6.8 million total cost for aquisition/rehab

GMHF invested $2.3 million

72 units of multifamily rental homes

Download NOAH Brochure

For more background about the NOAH Impact Fund, please download the NOAH Impact Fund Brochure (PDF).

Colorful banner image featuring the skyline that you might typically see in a small city or town in Greater Minnesota.

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
rrobinson@gmhf.com
651.221.1997 x114

Warren W. Hanson
President & CEO, GMHF, MEF & NOAH
whanson@gmhf.com
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