Aeon

Real estate notebook: Star Tribune covers Aeon’s deal to preserve lower-cost apartments

A shortage of apartments and rising rents in the Twin Cities metro have made area apartment buildings a hot commodity among national investors who are often able to improve the buildings and increase rents. That is a threat to the already tight supply of rentals that are affordable to the lowest-wage families. And that is… More

Aff. Housing Finance: 768 Homes to Remain Affordable in the Twin Cities

Aeon has acquired 10 properties to preserve the affordability of 768 apartments in the Twin Cities region. The $77 million transaction marks the largest acquisition in the 31-year history of the nonprofit developer, owner, and manager of affordable homes. The purchase also represents the first project funded by Greater Minnesota Housing Fund’s (GMHF’s) recently formed… More

Nonprofit Aeon lands $77M apartment portfolio

Clare Kennedy reported on Aeon’s purchase of 10 older apartment buildings in Finance & Commerce’s Nov. 1, 2017 issue. In one $77 million mega-deal, nonprofit housing developer Aeon has purchased a portfolio of 10 older apartment buildings comprising 768 units. The Minneapolis-based affordable housing developer and owner closed Tuesday on the transaction. Six of the properties… More

Sold Out: New documentary shares tenant stories, lifts up solutions to loss of affordable housing

Produced by Twin Cities PBS, in partnership with local advocates and funders, “Sold Out: Affordable Housing at Risk” reveals the price we all pay when families are pushed out of our communities as modestly priced units are replaced with upscale developments. In 2015, an ultimatum was given to hundreds of tenants at the Crossroads at… More

Sold Out screening

New documentary captures human cost of Twin Cities’ affordable housing problem

Peter Callaghan of MinnPost covered the “Sold Out” screening and panel discussion with displaced tenants, organizers, nonprofit developer, and GMHF’s Warren Hanson. “Crossroads” was the name of a large, almost-50-year-old apartment complex in Richfield that, in 2015, was purchased, renamed and “upscaled” to bring in higher rents in a tight market. Because of that transformation… More

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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