Fountain Terrace: NOAH Impact Fund’s first pilot project

NOAH Impact Fund executes pilot projects to demonstrate the viability of the investment program.

Fountain Terrace is the first pilot project financed by the NOAH Impact Fund.

The Fund builds on the best practices nationally of affordable housing developers that have acquired and manage new portfolios of existing unsubsidized affordable housing.

In August 2015, the Fund financed the equity portion of a $6.8 million acquisition, rehabilitation and preservation of a 72-unit, affordable multifamily rental property in New Brighton, Minnesota in partnership with Real Estate Equities (REE), a socially motivated, for-profit owner-operator of affordable and market-rate housing.


Fountain Terrace, New Brighton, MN

Financed by NOAH Impact Fund in August 2015

$6.8 million total cost for aquisition/rehab

GMHF invested $2.3 million

72 units of multifamily rental homes

Download NOAH Brochure

For more background about the NOAH Impact Fund, please download the NOAH Impact Fund Brochure (PDF).

Colorful banner image featuring the skyline that you might typically see in a small city or town in Greater Minnesota.

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