NOAH Impact Fund makes initial investment

NOAH Impact Fund and its investors participate in their first preservation investment since the Fund launched in June.

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 key partners in the project include Bellwether Enterprise Real Estate Capital, LLC, BMO Harris Bank, the Bloomington Housing and Redevelopment Authority and the St. Paul Housing and Redevelopment Authority. This acquisition will preserve all 768 homes as affordable for Minnesota families.

Follow this link to read the complete news release about this acquisition.


NOAH Impact Fund and the Aeon transaction

In June 2017, Greater Minnesota Housing Fund launched the NOAH Impact Fund to finance the acquisition and preservation of naturally affordable rental housing to preserve affordability for the long term. Today’s acquisition represents the first transaction completed by the NOAH Impact Fund.

Since 2000, the number of Minnesotans considered cost-burdened by housing—paying more than 30 percent of their income for housing—has increased 69 percent. Nationally, nearly one-third of all households are cost-burdened. This situation forces lower- and middle-income residents to choose between rent or groceries, medical bills and child care expenses.

Affordable housing organizations have looked to preservation of NOAH properties to stem the tide of rising rents. NOAH—naturally occurring affordable housing—can play a crucial role in relieving cost burdens for families and individuals across the state.

Investing partners in the NOAH Impact Fund

The NOAH Impact Fund is a public-private partnership involving the following investors: Bremer BankSunrise BanksWestern Bank – A Division of American National BankMinnesota Housing Finance AgencyHennepin CountyThe McKnight Foundation, and Otto Bremer Trust, each of which made impact investments to support the fund.

Freddie Mac (OTCQB: FMCC) is making up to $100 million in debt available in first mortgage financing as a complement to the equity financing to be provided by the NOAH Impact Fund. Freddie Mac Multifamily is one of the nation’s largest investors in affordable rental housing.


The NOAH Impact Fund is one of many participating funders in Aeon’s $77 million transaction, the nonprofit developer’s largest acquisition to date.

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