NOAH Impact Fund

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

Application Process

Specific application procedures not detailed in provided materials. For application information, contact:

Greater Minnesota Housing Fund

How the Fund Works

1. Identification: Developers identify naturally occurring affordable housing properties for acquisition
2. Financing: GMHF provides equity financing from the Impact Fund
3. Complementary Financing: Freddie Mac provides first mortgage financing
4. Affordability Agreement: Buyers commit to maintaining affordable rents for 15 years
5. Acquisition & Preservation: Properties are acquired and preserved as affordable housing

Required Information

• Property details and acquisition plans
• Affordability commitment (15-year term minimum)
• Financial projections and viability
• Developer/buyer qualifications and experience