New Fund Seeks to Preserve Affordable Housing in Twin Cities

By Donna Kimura

The Minneapolis-St. Paul area is taking a stand to stem the loss of affordable housing.

In an initiative that’s the first of its kind in the region, officials have launched a fund that seeks to preserve 2,000 unsubsidized affordable rental homes in the Twin Cities.

The Naturally Occurring Affordable Housing (NOAH) Impact Fund hopes to begin acquiring properties by the end of the year. It recently took a big step forward when Hennepin County agreed to invest $3 million in the fund, which seeks to raise $50 million in two phases.

“It’s cheaper to preserve affordable housing than it is to create it,” says county Commissioner Jan Callison. “For our clients who are using county services, housing is fundamental. Unless they have stable housing, it’s very hard to work on some of the other issues they may bring whether that’s chemical dependency or unemployment or a need for other services. We know that we need to have our people stably housed if they’re going to improve the conditions of their lives. It just makes more sense to preserve the housing that’s already in existence.”

Read the full story at Affordable Housing Finance.

Download NOAH Brochure

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

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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
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