NOAH Impact Fund invests in pilot project

Fountain Terrace is the first naturally affordable development financed by the NOAH Impact Fund.

NOAH Impact Fund executes pilot projects to demonstrate the viability of the investment program.

The Fund builds on the best practices nationally of affordable housing developers that have acquired and manage new portfolios of existing unsubsidized affordable housing.

In August 2015, the Fund financed the equity portion of a $6.8 million acquisition, rehabilitation and preservation of a 72-unit, affordable multifamily rental property in New Brighton, Minnesota in partnership with Real Estate Equities (REE), a socially motivated, for-profit owner-operator of affordable and market-rate housing.

For more information about how GMHF preserves naturally affordable housing, please visit NOAH Impact Fund.

QUICK FACTS

Fountain Terrace, New Brighton, MN

Financed by NOAH Impact Fund in August 2015

$6.8 million total cost for aquisition/rehab

GMHF invested $2.3 million

72 units of multifamily rental homes

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Greater Minnesota Housing Fund
332 Minnesota Street
Suite 1201-East
Saint Paul, MN 55101

Main 651.221.1997
800.277.2258
Fax 651.221.1904
info@gmhf.com

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