Partners Minnesota Housing

Editorial: Another way to keep housing affordable

From a June 22, 2017 editorial in the Pioneer Press. Not all affordable housing is government-supported or subsidized. Across the nation and in the Twin Cities, there’s also so-called “naturally occurring” affordable housing — by acronym, NOAH. Much of it includes modest but good-quality apartment complexes built between the World War II era and the 1980s… Read more

NOAH in the Twin Cities gets financing boost from Freddie Mac

Here’s an acronym to get behind: NOAH, for naturally occurring affordable housing. Freddie Mac, the federal mortgage agency, is offering $100 million to finance first-time mortgages as part of a larger effort to preserve affordable housing in and around Minneapolis. The NOAH Impact Fund, an equity fund launched last year by the non-profit Greater Minnesota… Read more

Millions of affordable housing units are flying under the radar

Oscar Perry Abello reported this story for Next City on June 7, 2017. In times like the Great Recession, when the economy grinds to a halt, entrepreneurs like Michael Altheimer can’t help but start thinking: What if? “Before the crash, we were doing mostly for-sale housing, but during the crash, we started learning about underwriting rental… Read more

Bremer, Western, and Sunrise Banks join $25 million affordable housing fund

Jim Buchta of the Star Tribune reported on June 6, 2017 that GMHF announced the identities of seven public and private investors that have raised more than $25 million to acquire and preserve 1,000 unsubsidized, affordable rental units in the Twin Cities over the next couple years. The formation of the NOAH Impact Fund, which was… Read more

NEWS RELEASE: New $25M Fund officially launched, investors named

Warren Hanson, president & CEO of the Greater Minnesota Housing Fund, announced today that it has officially launched the $25 million NOAH Impact Fund, a new impact investment fund designed to acquire 1,000 units of rental housing and maintain affordable rents for 15 years. Older Class B and Class C unsubsidized, private rental housing serves… Read more