There’s a $3M deal to keep housing affordable in the Twin Cities

A $3 million deal will help keep housing prices low for Minnesotans.

The Hennepin County Board made the deal after a low-income housing group argued that affordable housing is disappearing in the Twin Cities area.

Companies are snatching the cheaper units, fixing them up and renting out the renovated units for a higher price.

That makes for some beautiful new apartments; however, the price hikes sometimes drive out residents because they can’t afford it anymore.

In fact, Warren Hanson called it a “crisis” while meeting with Hennepin County leaders.

Hanson is the president of the Greater Minnesota Housing Fund (GMHF) – a nonprofit affordable housing lender.

The group has a $25 million initiative specific to the Twin Cities metro. It’s called the NOAH Impact Fund, and it aims to save “naturally occurring affordable housing.”

Read the full story at bringmethenews.com.

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.  

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Learn More

 

Greater Minnesota Housing Fund

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

 
AERIS RATED AAA +2 FHLB Des Moines

Staff Contacts

John Errigo
Director of Investing & Fund Manager
jerrigo@gmhf.com
651-350-7224

General Contact Info

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