The NOAH Impact Fund is a social impact fund to preserve the affordability of unsubsidized affordable housing in opportunity areas in the Twin Cities metro area where affordability is at risk.

Impact investing allows mission-motivated investors to move their dollars beyond charitable giving and grantmaking, to consider both financial return and social good.

The NOAH Impact Fund works with socially motivated institutional investors to make real estate investment commitments to stabilize the lives of low-income households and communities through the preservation of naturally occurring affordable housing, with a competitive double-bottom-line return on funds invested.

The NOAH Impact Fund currently seeks $25 to $30 million in a combination of private and public capital to capitalize Fund II. These investments will leverage $100 million+ in acquisitions and enable the fund to acquire 750+ rental homes within 2+ years. Affordability in these units will be preserved for at least 15 years for low-income families, individuals, and seniors.

Acquisitions will be in concert with high-performing nonprofit and socially motivated for-profit operating partners. Good stewardship is critical to preserve long-term rent affordability.

The NOAH Impact Fund targets CRA-qualified affordable housing investments, and investments which qualify as endowment-funded Mission or Program Related Investments (MRIs or PRIs) for foundations. Socially motivated investors are encouraged to contact the Fund to learn more.

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