Impact Investors see social impact returns

The McKnight Foundation has made two impact investments with GMHF totaling $10 million to create and preserve affordable housing.

The McKnight Foundation is one of many foundations that have decided to use their endowments to further their mission.

McKnight makes low-cost loans to entities like Greater Minnesota Housing Fund to contribute to a thriving, sustainable region and state. As a Community Development Financial Institution (CDFI), GMHF is able to invest the capital to create new affordable housing and preserve existing apartments and other affordable homes.

See how the McKnight Foundation highlights their impact investments with GMHF:

  • GMHF’s Revolving Loan Fund: Initial investment of $5 million in GMHF’s revolving loan fund has led to $15.5 million in loans so far and created or preserved nearly 500 homes since 2009.
  • NOAH Impact Fund: McKnight was one of the founding investors of GMHF’s fund to preserve “naturally occurring affordable housing” (NOAH), launched in 2017.

GMHF operates a $55 million affordable housing loan fund with impact investments from philanthropic entities like McKnight as well as federal government grants through the US Treasury’s CDFI Fund and USDA Rural Development.


The McKnight Foundation investments with GMHF:

  • RLF: $5 million 10-year loan at 2%; originated in 2009
  • NOAH: $5 million for a 12-year term at 2%; originated in 2017
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Greater Minnesota Housing Fund
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