The Opportunity

Naturally occurring affordable housing (NOAH) is essential to the economic vitality of Twin Cities communities and enables employees to live near work and school while supporting employers to retain a stable workforce.

Nationwide, affordable rental housing is at risk. National investors are rapidly acquiring NOAH properties and aggressively raising rents by 10 to 15 percent in the first year, and continuing to increase rents in subsequent years.

The Twin Cities region, like metropolitan regions across the U.S., is losing affordable housing faster than new housing can be developed.

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.

The need to preserve naturally occurring affordable rental housing is great as these properties are now being acquired at record pace by national investors who view the Twin Cities metropolitan market as a prime investment opportunity.

Prices for the sale of these properties are rising dramatically, as are rents. These conditions are causing the loss of affordable housing and the displacement of low-income families and individuals.

The Opportunity

NOAH Venn diagramThe NOAH Impact Fund partners with socially motivated investors and rental property owner-operators to preserve the long-term affordability of units in opportunity areas, where rental housing is in close proximity to education, services, employment, and public transportation.

The Fund will support the stability of low- and moderate-income households by relieving financial pressures, preventing displacement, and enabling families to thrive at work, school, and in the community.

Through strategic investments the Fund aims to preserve 1,000 homes over the next two and a half years. The Fund has raised $25 million in capital from public and private investors for Phase One.

Read about the NOAH Impact Fund investors.

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