Twin Cities Group Creates $25M Fund to Preserve Affordable Housing

From a Star Tribune news story by Emma Nelson.

After years of watching the Twin Cities’ affordable housing market grow increasingly tight, a group of affordable housing advocates, nonprofits and private companies has decided to take the problem into its own hands.

The Greater Minnesota Housing Fund, a nonprofit affordable housing lender, is developing the nation’s first regional pool of money to help buyers who want to preserve affordable housing buy apartment complexes when they come up for sale.

It’s an effort to counter a national issue that housing advocates say has reached a crisis point: a booming rental market in which buildings that have served low-income tenants for decades are being sold and upgraded, with rent increases that push tenants out.

Read the full story online.

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“What you do is you leave the orange Formica countertops, and you make repairs,” he said. “It’s not going to be a remarkable transformation of any property, but it will keep people housed.”

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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 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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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