Impactful Mission

Minnesota's leading nonprofit affordable housing lender establishes NOAH Impact Fund

As reported in the Spring 2017 issue of Affordable Housing News.

For the first time, real estate buyers who wish to preserve affordable housing properties in the Twin Cities metropolitan area will have access to a $25 million fund to help them do so.

The NOAH Impact Fund is the result of a partnership between Greater Minnesota Housing Fund (GMHF) and local foundations, banks, and state and local governments. The goal of the effort is to purchase up to 20 percent of the affordable rental properties that come up for sale each year in the seven-county metro area in and around Minneapolis and Saint Paul.

“We will be able to preserve the affordability of more than 1,000 units of naturally affordable housing in the Twin Cities metro over the next two years,” says Warren Hanson, President and CEO of GMHF. “This is important to our mission, which is to create and preserve affordable housing throughout the state. The loss of affordable housing is most acute in the Twin Cities metro, which is an increasingly hot rental market.”

For the past 20 years, GMHF has focused its efforts on creating and preserving subsidized housing. It’s now changing that approach.

Read the full story at Affordable Housing News.

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