There’s a $3M deal to keep housing affordable in the Twin Cities

A $3 million deal will help keep housing prices low for Minnesotans.

The Hennepin County Board made the deal after a low-income housing group argued that affordable housing is disappearing in the Twin Cities area.

Companies are snatching the cheaper units, fixing them up and renting out the renovated units for a higher price.

That makes for some beautiful new apartments; however, the price hikes sometimes drive out residents because they can’t afford it anymore.

In fact, Warren Hanson called it a “crisis” while meeting with Hennepin County leaders.

Hanson is the president of the Greater Minnesota Housing Fund (GMHF) – a nonprofit affordable housing lender.

The group has a $25 million initiative specific to the Twin Cities metro. It’s called the NOAH Impact Fund, and it aims to save “naturally occurring affordable housing.”

Read the full story at bringmethenews.com.

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