NOAH Impact Fund

NOAH Impact Fund

Status: Established and active; Fund I raised $32.5 million with $25 million deployed; Fund II being developed with $33.5 million goal

Overview:
The NOAH (Naturally Occurring Affordable Housing) Impact Fund is a social impact capital structured fund designed to acquire and preserve unsubsidized, affordable rental housing in the Minneapolis-Saint Paul metropolitan area and greater Minnesota. The fund aims to prevent displacement of low-income tenants by acquiring naturally occurring affordable properties and maintaining affordable rents for 15 years.

Geographic Scope:

Primary focus: 7-county Minneapolis-Saint Paul metropolitan area

Expansion potential to additional Minnesota counties

Focus Areas:

Preservation of naturally occurring affordable housing (NOAH)

Prevention of displacement of low-income families and individuals

Acquisition of Class B and Class C unsubsidized rental housing

Maintenance of affordability for 15-year terms

Target Population:

Low-income renters

Families earning under $50,000 annually

At-risk populations facing housing displacement

Eligibility:

Public, private, and nonprofit developers

Buyers must agree to maintain affordable rents and serve low-income populations for 15 years

Properties must be naturally occurring affordable housing (unsubsidized, private rental housing)

Key Accomplishments:

Goal to acquire 1,000 units of rental housing

Recognized with 2019 Secretary's Award for Public-Philanthropic Partnerships by HUD and Council on Foundations

Partnerships include acquisitions with Aeon (118 units in Little Canada)

Fund Partners (Fund I):

Hennepin County (lead investor, $3 million initial investment)

McKnight Foundation

Minnesota Housing Finance Agency

Freddie Mac (up to $100 million in debt financing available)

Bremer Bank

Sunrise Banks

Western Bank, A Division of American National Bank

Otto Bremer Trust

Contact Information:
Greater Minnesota Housing Fund
2550 University Ave W Suite 201-S
Saint Paul, MN 55114
Main: 651-221-1997
800-277-2258
Fax: 651-221-1904
info@gmhf.com

Website: gmhf.com