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 who want to preserve affordable housing buy apartment complexes when they come up for sale.

It’s an effort to counter a national issue that housing advocates say has reached a crisis point: a booming rental market in which buildings that have served low-income tenants for decades are being sold and upgraded, with rent increases that push tenants out.

Read the full story online.

QUICK FACTS

“What you do is you leave the orange Formica countertops, and you make repairs,” he said. “It’s not going to be a remarkable transformation of any property, but it will keep people housed.”

Archives

Categories

Download NOAH Brochure

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

NOAH brochure cover

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 Greater Minnesota Housing Corporation. This program was established to enable the preservation of existing affordable housing for Minnesotans.

Learn More

logo_teal_notofficialcontactforofficial

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