NOAH in the Twin Cities gets financing boost from Freddie Mac

ImpactAlpha tracks the launch of the NOAH Impact Fund

Here’s an acronym to get behind: NOAH, for naturally occurring affordable housing.

Freddie Mac, the federal mortgage agency, is offering $100 million to finance first-time mortgages as part of a larger effort to preserve affordable housing in and around Minneapolis.

The NOAH Impact Fund, an equity fund launched last year by the non-profit Greater Minnesota Housing Fund, has raised $32.5 million to acquire 1,000 affordable units vulnerable to market-rate and high-end housing conversion. Of that, $25 million will be invested and $7.5 million will enhance credit for the fund’s private investors.

Among the investors: Bremer Bank, Sunrise Banks, Western Bank, the Minnesota Housing Finance Agency, the McKnight Foundation, and Otto Bremer Trust. The NOAH Impact Fund is anchored by Hennepin County, where Minneapolis is based.

See the story online at ImpactAlpha.

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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