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 1,500 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 1,500 units of affordable housing. NOAH is a social impact, 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.

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About NOAH Impact Fund

NOAH Impact Fund is a subsidiary of Greater Minnesota Housing Fund.  
This program was established to enable the preservation of existing  
affordable housing for Minnesotans.  


Learn More


Greater Minnesota Housing Fund

GMHF is AERIS rated and a member of the  
Federal Home Loan Bank of Des Moines.


Staff Contacts

John Errigo
Director of Investing & Fund Manager

General Contact Info

NOAH Impact Fund
c/o Greater Minnesota Housing Fund
332 Minnesota Street
Suite 1650-West
Saint Paul, MN 55101