What is Naturally Occurring Affordable Housing?

Naturally Occurring Affordable Housing refers to residential rental properties that maintain low rents without federal subsidy. It is the most common affordable housing in the U.S.

High Need in the Twin Cities Metro Area

The Twin Cities region is losing affordable housing faster than new housing can be developed. Many naturally affordable rental developments are being converted to higher-market rents.

Big Opportunity for Social Impact Investment

NOAH Impact Fund partners with socially motivated investors and rental property owner-operators to preserve the long-term affordability of units in opportunity areas.

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Move Swiftly

You will appreciate the agile and efficient way we work to make our goal of purchasing 1,000 affordable housing units possible.

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Finance Wisely

Commit to competitively priced equity capital from NOAH, and find expert guidance from us.


Partner with Us

Work directly with our responsive leadership team at our small and nimble organization.

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Support Social Good

Together we will preserve over 1,000 units of affordable housing. NOAH is a sound double bottom line investment.

Together We’re Doing Good Work

Behind each investment dollar and development plan, there are real individuals and families who are accessing the affordable housing they need thanks to our collaboration. Below are just a few of our projects and partners.

NOAH Impact Fund makes initial investment

The NOAH Impact Fund thanks its investors for making this initial investment possible. Today – Oct. 31, 2017 – Aeon, the NOAH Impact Fund of Greater Minnesota Housing Fund (GMHF), and Enterprise Community Investment, Inc. completed the purchase of 768 apartment homes across 10 properties in Bloomington, Brooklyn Center, New Hope, and St. Paul. Other [...]

Seasons Park in Richfield

Latest way local governments are trying to combat the Twin Cities’ affordable housing crisis

Two apartment complexes in Richfield tell the story of one way local governments are trying to maintain the region’s supply of privately owned affordable housing. One of those complexes, Crossroads — which is now called the Concierge — has been undergoing a significant renovation since being purchased in 2015 by new owners. Many tenants, along [...]

NOAH Apartment by Greg Gjerdingen

Editorial: Another way to keep housing affordable

From a June 22, 2017 editorial in the Pioneer Press. Not all affordable housing is government-supported or subsidized. Across the nation and in the Twin Cities, there’s also so-called “naturally occurring” affordable housing — by acronym, NOAH. Much of it includes modest but good-quality apartment complexes built between the World War II era and the 1980s. [...]

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 [...]

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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
651.221.1997 x114

Warren W. Hanson
President & CEO, GMHF, MEF & NOAH
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