Greater Minnesota Housing Fund is launching the NOAH Impact Fund to finance the acquisition and preservation of naturally affordable rental housing to preserve affordability for the long term.

Nationwide, affordable rental housing is at risk.

An increasing number of naturally affordable rental developments are being converted to higher-market rents or are simply operated under poor management and in disrepair. These conditions threaten the stability of families and communities.

All investments by the NOAH Impact Fund  target rental properties at risk of conversion to higher rents and the threat of displacement of low- and moderate-income residents.

Social Impact Investors and Developers Sought

The Fund seeks Minnesota charitable institutions, financial institutions, corporations, and wealth management advisors interested in making socially motivated impact to capitalize Fund II. The Fund also seeks qualified developers and owner-operators interested in a double bottom line to pursue a joint venture relationship to preserve affordable rental housing in the Twin Cities metro.

Support for the NOAH Impact Fund

Special thanks to the McKnight Foundation for sponsoring the original research and development of the NOAH Impact Fund to preserve Naturally Occurring Affordable Housing (NOAH) in the Twin Cities.

Participating Impact Investors

NOAH Impact Fund I is a public-private partnership involving the following investors: Bremer Bank, Sunrise Banks, Western Bank – A Division of American National Bank, Minnesota Housing Finance Agency, Hennepin County, The McKnight Foundation, and Otto Bremer Trust, each of which made impact investments to support the Fund I.



Complementary first mortgage financing

Freddie MacFreddie 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.







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