Supporting an Ecosystem of HOUSING IMPACT

GMHF supports the creation of STRONG COMMUNITIES and AFFORDABLE HOMES through strategic investments and effective partnerships.

GMHF supports the creation of STRONG COMMUNITIES and AFFORDABLE HOMES through strategic investments and effective partnerships.

Letter from the President and Board Chair

Let’s begin with a big win for Minnesotans: in 2023, we partnered with organizations throughout Minnesota to successfully advocate for a record $2 billion in new State housing investments. We’re currently leading efforts to help the state effectively deploy those resources to partners and communities statewide to create new and preserve existing affordable housing.

Greater Minnesota Housing Fund provided extensive technical assistance to loan applicants and borrowers, emerging developers of color, and healthcare organizations seeking to invest in housing. Our Emerging Developers of Color (EDOC) Program entered its third year and continues to expand its impact in technical assistance, training, direct lending and investment, and supporting a stronger ecosystem for emerging developers. Our Housing and Health Equity (H&HE) Initiative saw the “graduation” of its first cohort of health system fellows and the creation of a new advocacy group, Healthcare for Housing Minnesota. In 2023 we launched a new Rural Tribal Capacity Building Program to support rural and Tribal communities in achieving their housing goals.

GMHF and Minnesota Equity Fund (MEF) investment in affordable housing continues to grow. In 2023, GMHF and MEF financed a combined 1,519 affordable housing units through lending and syndication. GMHF closed $107.1 million in loans and awarded $118.5 million in loans to new projects. MEF deployed $21.6 million in syndications with

$13.5 million committed for additional investment in housing. We invite you to learn more about our work and impact across funds, programs, initiatives, and partnerships in this report.

In 2023, GMHF welcomed Andrea Brennan as our second President & CEO. GMHF’s Board was pleased to hire a strong, experienced, and equity-focused leader, celebrate the success of the last 27 years, and oversee a smooth leadership transition. Thank you to our board and staff for their dedicated work and to all partners who work alongside GMHF to help meet housing needs for all Minnesotans.

While we are immensely proud of the work we’ve done, there remains significant unmet housing needs across our state. This includes the severe shortage of affordable rental homes, a growing need to stabilize existing affordable rental units, and persistent racial disparity gaps in access to affordable and sustainable homeownership. GMHF will continue to develop and grow strategic partnerships to advance our mission of supporting the creation of affordable homes and sustainable communities for individuals and families in Minnesota.

Andrea Brennan President & CEO and Nancy Vyskocil Board Chair

$107.1M

of Loans Closed

1,519

Affordable Housing Units Financed

$476.3M

Total Development Costs*

*Total Development Costs (or capital mobilized) refers to all other loans and investments received for a development, over and above GMHF’s investment.

EVERYTHING begins at HOME.

EVERYTHING begins at HOME.

Minnesotans need quality affordable housing options to create lives they envision for themselves. Grounded in our strategic plan, we used our strengths as an experienced lender and policy-shaping partner to rally solutions to address unmet housing needs. 2023 was a year of learning, partnership, and advocacy. We’re using what we learned to build momentum in 2024.

2023 Affordable Housing Impact

2023 Economic Development Impact

1,519 Affordable Homes Created
Units by Area Median Income (AMI)

3,800

Residents Housed

$118.5M

Low-Cost Loans Awarded1

$21.6M

Equity Capital Mobilized2

$10.9M Househeld Rent Savings in 2023 & 13,600 jobs created directly and indirectly through construction

1 This number represents only GMHF’s Revolving Loan Fund.
2 Through Minnesota Equity Fund Low-Income Housing Tax Credits.
3 Across 1,519 units created in 2023 tenants average a rent savings of $600 per household per month or $7.2K per year.
4 This is an industry standard, Community Development Finance Institution (CDFI) Fund calculation. Based on total development costs of all lending and investing, which was about $476.3M in 2023, divided by $35,000, approximately 13,600 jobs were created directly and indirectly from development projects.

2023 Affordable Housing Impact

1,519 Affordable Homes Created
Units by Area Median Income (AMI)

3,800

Residents Housed

$118.5M

Low-Cost Loans Awarded1

$21.6M

Equity Capital Mobilized2

2023 Economic Development Impact

$10.9M Househeld Rent Savings in 2023 & 13,600 jobs created directly and indirectly through construction

Household Rent Savings
in 20233

$10.9M Househeld Rent Savings in 2023 & 13,600 jobs created directly and indirectly through construction

Created Directly and Indirectly through Construction4

1 This number represents only GMHF’s Revolving Loan Fund.
2 Through Minnesota Equity Fund Low-Income Housing Tax Credits.
3 Across 1,519 units created in 2023 tenants average a rent savings of $600 per household per month or $7.2K per year.
4 This is an industry standard, Community Development Finance Institution (CDFI) Fund calculation. Based on total development costs of all lending and investing, which was about $476.3M in 2023, divided by $35,000, approximately 13,600 jobs were created directly and indirectly from development projects.

Housing Solutions in KEY IMPACT AREAS

We’ve identified key impact areas to address stable housing needs on the continuum of income and experiences in Minnesota communities. GMHF supported projects and policy with impact in these three areas.

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STABLE HOMES

We produce and preserve homes because they are the foundation for child development, school achievement, career success, and healthy families.

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TARGETED COMMUNITY INVESTMENT

We partner with local communities to invest in housing that revitalizes neighborhoods, spurs reinvestment, supports economic development, and meets the unique needs of each community.

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EQUITABLE COMMUNITIES & WEALTH BUILDING

We work with local and regional housing and community partners to create strong and more equitable communities and build generational wealth through homeownership and real estate development.

ANNIE'S HOUSE OF REFUGE

DULUTH

Annie's House of refuge and restoration Home living room

PHOTO COURTESY OF DIVINE KONNECTIONS

Annie’s House of Refuge & Restoration is a 5-unit single-room occupancy (SRO) supportive housing project. Owned and operated by Divine Konnections, a local nonprofit, this property provides housing and wraparound services to young BIPOC mothers experiencing homelessness. With culturally specific coaching and mentoring, Divine Konnections supports residents by providing stability and helping them on the journey from homelessness to homeownership. All units serve households at or below 30% AMI with built-in Housing Support rental assistance.

Founded by Deyona Kirk, Divine Konnections is a Black woman led organization receiving an Emerging Developers of Color Program predevelopment grant from GMHF. This project also received a Community Development Block Grant from the City of Duluth.

GMHF LENDING

Amortizing First Mortgage     $399K

Mezzanine Loan                           $42K

Total Cost                                  $563K

LAGOON AVENUE ESTATES

MINNEAPOLIS

Lagoon Avenue Estates

PHOTO COURTESY OF JAMES CRUMBLE

Lagoon Avenue Estates from emerging developer James Crumble is a two building, 17-unit property with a mix of 1- and 2-bedroom units. Located in the heart of Uptown, the property is within walking distance of shopping, restaurants, and recreation. All 17 units are rent and income- restricted, affordable to households with incomes at or below 50% AMI. This project also received Naturally Occurring Affordable Housing (NOAH) Preservation Funds from the City of Minneapolis.

GMHF LENDING

Amortizing First Mortgage       $1.8M

Mezzanine Loan                          $189K

Total Cost                                   $2.6M

MIDWELL APARTMENTS

MINNEAPOLIS

Midwell Apartments

PHOTO COURTESY OF RUETER WALTON DEVELOPMENT

Midwell Apartments is an 86-unit new construction development in the Phillips Neighborhood of South Minneapolis. Developed by Rueter Walton, this project features 1-, 2-, and 3-bedroom units, with 11 units reserved for formerly homeless Minnesotans. All units rent at or below 60% AMI. Allina Health was a key partner on this project — part of our Housing & Health Equity Initiative — and invested $3M as part of their community impact strategy to improve social determinants of health through housing investments.

GMHF LENDING

Construction/Bridge Loan       $6.8M

MEF Investment                        $10.2M

Total Cost                                    $27M

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POLICY & SYSTEMS CHANGE

We work to advance housing policies and systems change to improve access and opportunity, while enhancing effectiveness of public and private sector institutions leveraging new capital resources to address housing needs.

Policy Partner for

$2B

in Housing Support

In 2023, the Minnesota legislature approved nearly $2 billion in housing investments to support the creation and preservation of affordable housing and increased homeownership opportunities. GMHF, with lobbying support from Fredrickson & Byron, played a critical role as an advocate for these resources and is currently advancing deployment of funds to communities across the state. Key investments include:

COMMUNITY STABILIZATION PROGRAM

New legislation for a $90M program which preserves naturally occurring affordable housing (NOAH) properties. Thanks to the leadership of Representative Mike Howard and support from the Senate Housing Chair Port and Governor Walz, the State provided support for statewide NOAH preservation. GMHF had been advocating for this funding since 2019. The program allows Minnesota Housing to grant funds to a statewide intermediary/CDFI to preserve naturally occurring affordable housing through acquisition and rehabilitation.

HOMEOWNERSHIP INVESTMENT GRANTS

Creation of a new Homeownership Investment Grant Program along with a $40M appropriation was part of 2023 legislation. Minnesota Housing can allocate funds to establish revolving loan accounts at CDFIs who can offer resources to developers and homebuyers directly. GMHF and Minnesota Habitat for Humanity have provided recommendations for use of the funds and look forward to the eventual rollout.

NEW INVESTMENTS IN GREATER MINNESOTA

GMHF supported establishing several new programs serving the needs of Greater Minnesota communities, including the $8M Greater Minnesota Housing Infrastructure Program. This program recognizes the high cost of infrastructure required in rural communities to support new housing development.

STATE TAX CREDIT CONTRIBUTIONS FUND

GMHF advocated for the establishment and funding of a state tax credit to support housing development and preservation. Authorized a few years ago, this state tax credit was available for the first time in the Fall of 2023. The program provides around $10M per year in credits from 2023–2028 for individual and corporate taxpayers that make contributions to support affordable housing. GMHF moved quickly to commit funding to Minnesota Housing Partnership and contract with Mary Tingerthal to coordinate efforts to raise awareness about the tax credit program with developers, identify eligible projects, and promote the program to potential contributors. As a result, nearly $7M in contributions were received by the December 2023 deadline.

Housing Production, Investment & Grantmaking Since Inception

Grantmaking

$998.6K

in total grantmaking, including

$569K

for strategic initiatives and

$429.6K

for emerging developers of color across Minnesota.

More than just a lender we work to support innovative housing solutions all over Minnesota. Grantmaking is one tool for supporting an ecosystem of impact for developers and grantee- partners statewide. In 2023, GMHF provided grants that advanced program areas and for strategic initiatives directly responding to urgent housing needs. Grant awards included:

HOUSING INSTITUTE 8

MINNESOTA HOUSING PARTNERSHIP

This initiative works to close the gap between affordable units available and people who need them in rural communities. Housing leaders and stakeholders share experiences, learn best practices, and develop creative solutions together over an 18-month period. Using a team-based model, the institute creates lasting connections to support vibrant rural communities and regions.

TENANT HOTLINE

HOME LINE

This confidential hotline provides free and low- cost legal support, renter education, and tenant advocacy services so tenants can address issues for themselves. The service is available in English, Spanish, Somali, and Hmong. HOME Line works to improve statewide policy supporting tenant rights and empowerment in the process.

EVERGREEN HOUSE PILOT PROJECT

GREEN NEW DEAL HOUSING

This pilot project supported the construction of the Evergreen House, a one-story, 1500ft2, 3-bedroom home in Duluth. The high-performance design uses less energy, has a roof-mounted solar array, and will likely include an EV charging station. Working to address generational inequities in homeownership, this well-designed sustainable home was made for buyers at or below 115% AMI.

MINNESOTA HOMELESS STUDY

WILDER RESEARCH

This study is designed to elicit better understanding of circumstances for Minnesotans experiencing homelessness. From initial counts, 10,522 people experienced homelessness at least one night in 2023. The point-in-time study provides information needed to help address system-wide causes and improve programs and policies with the goal of eliminating homelessness.

EMERGING DEVELOPER OF COLOR GRANTS

In addition to organizational grants, we continued grantmaking through our EDOC Program supporting predevelopment, training, and education for developers creating community-aware solutions for all Minnesotans. With 22 grants awarded in the Twin Cities Metro and Greater Minnesota, as well as technical assistance, these newer developers got the boost they needed to begin or continue their development journey.

GRANTMAKING 2023

STRATEGIC INITIATIVES

Clay County Housing
& Redevelopment Authority (HRA)                            $50K

Green New Deal Housin                                                 $10K

HOME Line                                                                      $100K

HousingLINK                                                                    $25K

Minnesota Homeownership Center                           $50K

Minnesota Housing                                                        $50K

Minnesota Housing Partnership                                  $41K

Minnesota Housing Partnership                               $150K

Neighborhood HealthSource                                       $28K

Northcountry Cooperative Foundation                     $25K

Wilder Research                                                              $40K

Total Strategic Initiatives Grantmaking   $569K

EMERGING DEVELOPERS OF COLOR

Training & Education

Jackie Funk                                                                          $1K

Alisha Gehlert                                                                     $1K

Libin Hashi                                                                       $0.8K

Wendy Jourdain                                                                  $1K

Youa Vang                                                                        $0.8K

Total Training & Education                            $4.6K

Predevelopment

1075 Properties                                                               $20K

Ashley DuBose Entertainment                                   $20K

Atlas Real Estate Development                                  $25K

BLUU Northside Cooperative Housing                     $25K

Build Wealth MN                                                              $50K

CURA Foundation                                                            $10K

Develecor                                                                           $10K

Divine Konnections                                                        $50K

Face to Face                                                                     $50K

Hazaelee Sellers                                                              $10K

Jamar Smith                                                                     $10K

Magnolia Flats                                                                 $40K

Magnolia Homes                                                              $10K

Phenomenal Women, LLC                                            $50K

Reinvesting in Communities and Housing (RICH)  $10K

Richard White Investments                                           $10K

Wenrich Property & Development LLC                     $25K

Total Predevelopment                                  $425K

Total EDOC Grantmaking                         $429.6K

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Regional Map of Minnesota

CREATING AND PRESERVING AFFORDABLE HOUSING IN MINNESOTA'S 87 COUNTIES

GMHF has invested

$1.1B

in 200+ communities, creating

21,707

homes for families, children, and individuals in low-income, cost-burdened households, with an estimated

$3.74B

total capital impact from GMHF's lending and investing across all funds since 1996.

Regional map of minnesota

GMHF PROGRAMS and INITIATIVES

Creating informed, responsive housing solutions with a focus on addressing social and racial inequities.

GMHF PROGRAMS and INITIATIVES

Creating informed, responsive housing solutions with a focus on addressing social and racial inequities.

Emerging Developers of Color Program

Disrupting systemic race-based barriers to real estate investment, financing, and development.

700+ hours

of technical assistance provided

$49.2M

in financing

$429.6K

in predevelopment, training, and education grants

BUILDING CAPACITY, RELATIONSHIPS, AND EQUITY

Our commitment to providing substantial technical assistance (TA) to developers is a core strength of the EDOC program establishing us as a trusted resource for emerging developers of color statewide. We provided 60+ hours of technical assistance every month: From support navigating RFPs and feedback on proformas, to letters of interest for financing, time spent on TA supports developers on their journey of creating community impact. 

Building relationships with developers of color and with institutional partners helps bridge the gap historic inequities have caused. In 2023, EDOC worked closely with staff at the City of Saint Paul and City of Minneapolis, connecting developers of color to Saint Paul Inspiring Communities, Minneapolis Homes Financing, and each city’s respective NOAH Preservation Fund programs. We cultivated new relationships with Minnesota Housing Partnership, Urban Land Institute, LISC Twin Cities, Minnesota Multi-Housing Association (MHA) and the City of Bloomington for new programming in 2024.

SAINT PAUL INSPIRING COMMUNITIES DEVELOPMENT PROJECTS

GMHF partnered with the City of Saint Paul to support their Inspiring Communities program by providing technical support and construction lending to these developers. The program provides focused investment in neighborhoods most impacted by foreclosure and vacancy by constructing new housing on vacant lots owned by the Saint Paul Housing and Redevelopment Authority (HRA). The City of Saint Paul provided value gap and affordability gap funds to the projects.

All homes built through the program must be sold to homebuyers with household incomes at or below 80% AMI. Support for future homebuyers is offered by partners like Neighborhood Development Alliance, CLUES, Model Cities of Saint Paul, NeighborWorks Home Partners, and LSS Financial Counseling.

1195 Bush Avenue House

1195 BUSH AVENUE

SAINT PAUL

Dayton's Bluff Neighborhood

Kali Terry of New Verticals Development acquired the vacant lot to construct a duplex with 3 bedrooms and 1 bathroom in each unit. The project expects to break ground in April 2024. 

GMHF LENDING

Construction Loan           $367K

695 Cook Avenue house

PHOTO COURTESY OF MEGAN SAUNDERS

695 COOK AVENUE

SAINT PAUL

Payne-Phalen Neighborhood

Dalton Outlaw of Outlaw Development acquired the city-owned lot to build a duplex with 3 bedrooms and 1.5 bathrooms in each unit. The project closed and began construction in December 2023.

GMHF LENDING

Construction Loan           $395K

965 Marion street house

965 MARION STREET

SAINT PAUL

Payne-Phalen Neighborhood

The second of two duplexes from Black-owned development company, Outlaw Development. Transforming a once-vacant lot, this duplex will feature 3 bedrooms and 1.5 bathrooms in each unit.

GMHF LENDING

Construction Loan           $383K

GMHF fosters relationships to positively TRANSFORM HEALTH OUTCOMES through stable, affordable housing.

GMHF fosters relationships to positively TRANSFORM HEALTH OUTCOMES through stable, affordable housing.

Housing & Health Equity Initiative

ADVANCING AFFORDABLE HOUSING DEVELOPMENT AND IMPACT INVESTMENT FOR HEALTH EQUITY.

2023’s Housing and Health Equity (H&HE) work was centered on our H&HE Fellows Program. This fellowship focused on building transformational relationships with healthcare leaders statewide. In partnership with the Center for Community Investment and Minnesota Housing, we convened 30 Fellows from six of the top ten healthcare systems in Minnesota. Fellows expanded their understanding of roles for their institutions and new avenues to advance affordable housing, bringing fresh perspectives back to their respective organizations.

Thank you to these innovative partners working to improve outcomes in housing and health equity: Allina Health, Blue Cross Blue Shield Minnesota, CentraCare, Children’s Minnesota, Essentia Health, and M Health Fairview.

Healthcare for Housing Minnesota

HOUSING & HEALTH EQUITY FELLOWS TO CONTINUE THEIR WORK IN A NEW WAY.

In 2023, Fellows were encouraged to create transformational work plans building on strengths and opportunities they identified in their organizations. In total, plans in discussion and seeking approval for action in the coming few years offer nearly $60M in potential projects and innovative ideas. To continue building this pipeline, fellows requested that GMHF continues to convene the group in 2024, forming a new coalition called Healthcare for Housing Minnesota.

In Minnesota over 50% of renters are paying more than they can afford for their housing. To address the needs of cost-burdened communities, Healthcare for Housing will work to “convene healthcare institutions to advance housing stability as the most critical social determinant of health to achieve health equity.” Healthcare for Housing’s agenda includes:

Healthcare for housing minnesota, Policy & systems work, Shared investment & programs, Promoting learning
  • Policy & Systems Work: servicing as champions and a collective voice on housing and community investment in social determinants of health.
  • Shared Investment & Programs: connecting healthcare and housing partnership for advancing an affordable housing pipeline of projects.
  • Promoting Learning: continue efforts to learn together and educate others on the critical role housing has on community health.

Transformational change takes time, but early signs show the impact of H&HE's field-building work with the following actions occurring in 2023:

  • Allina Health made a $3M investment in GMHF’s Revolving Loan Fund, part of a $30M commitment toward community impact investing.
  • Essentia Health donated land for a mixed-use project that will provide affordable senior housing with a childcare center in Duluth. This adds to their grantmaking and low-interest loans which advance other development projects near the downtown hospital Essentia completed in 2023.
  • CentraCare has taken on a convening and leadership role in the St. Cloud region pulling together a housing summit with counties, cities, and housing industry leaders to increase affordable housing production in that region.

Others are in various stages of exploring roles that include: using their credible influence, expanding their role as anchor institutions, growing capacity as advocates, and looking for powerful ways to use assets to create healthier and more equitable communities.

GMHF LENDING and EQUITY

Leveraging experience and capital to support affordable housing development and preservation in Minnesota.

GMHF LENDING and EQUITY

Leveraging experience and capital to support affordable housing development and preservation in Minnesota.

Greater Minnesota Housing Fund

Revolving Loan Fund

In 2023, GMHF awarded $118.5M in development loans to create or preserve affordable homes across Minnesota. Developments are in areas that need workforce housing to support economic growth as well as smaller rural communities where housing stock is in lower supply.

In 2023, GMHF awarded $118.5M to create or preserve 1,817 affordabl homes 1,720 rental units built 97 rental units preserved
Loans dispersed by year

* GMHF and MEF resources are sometimes used to finance the same developments so there may be some overlapping of unit counts.

1ST & 3RD APARTMENTS

AUSTIN

1st & 3rd Apartment complex

1st & 3rd Apartments is a three-story 40-unit new development in southern Minnesota from Three Rivers Community Action Partnership. This project features 3- and 4- bedroom units (28% of the total units) to respond to a community identified need for larger units in the area. With 9 units reserved for permanent supportive housing, Minnesotans experiencing homelessness and Minnesotans with disabilities in these units will pay no more than 30% of their income towards rent. All units will serve households between 30% and 60% AMI.

Partners invested in the success of this project include Hormel Foundation, Mower County, and the City of Austin.

GMHF LENDING

Construction/Bridge Loan         $10M

Amortizing First Mortgage       $1.2M

Total Cost                                 $16.6M

PLYMOUTH AVENUE APARTMENTS

MINNEAPOLIS

Plymouth Avenue Apartment complex

Plymouth Avenue Apartments is a new construction, two building, 63-unit development with a mix of studio, 1- and 2-bedroom units. 14 units are reserved as permanent supportive housing for Minnesotans likely to experience homelessness and Minnesotans with disabilities. These units are subsidized with Housing Support so renters will pay no more than 30% of their income towards rent. The remaining units will serve households at or below 50% AMI.

This project received funding from the City of Minneapolis, Hennepin County, and the Metropolitan Council. This is the first tax credit project for James Archer of Matrix Development a BIPOC owned, Minneapolis-based development company.

GMHF LENDING

Tax-Exempt
Construction/Bridge Loan       $10.2M

Amortizing First Mortgage        $4.8M

Total Cost                                  $20.3M

Both developments include subsidized permanent supportive units reserved for Minnesotans experiencing homelessness and Minnesotans with disabilities.

Minnesota Equity Fund

Minnesota Equity Fund

In 2023, MEF assembled $21.6M in socially motivated equity capital to finance 81 rental homes, including 56 new units and 25 preserved units with federal Section 8 Rental Assistance through the U.S. Department of Housing & Urban Development (HUD).

MEF makes significant Low Income Housing Tax Credit (LIHTC) equity investments in affordable housing in Minnesota and beyond with support from UnitedHealth Group (UHG) and Cinnaire’s multi-investor funds.

In 2023, MEF deployed $21.6M in socially motivated capital to create or preserve 81 rental homes, 56 new units financed, and 25 rental units preserved

Since 2012, MEF has operated through a highly successful partnership between GMHF and Cinnaire, a non-profit LIHTC syndicator.

since 2012, MEF invested $249.8M of LIHTC equity in 49 affordable housing developments, 2,628 units

* GMHF and MEF resources are sometimes used to finance the same developments so there may be some overlapping of unit counts.

Preserving Deeply Affordable Workforce Housing

HORIZON HEIGHTS TOWNHOMES

BURNSVILLE

Horizon Heights Townhomes is an existing 25-unit development from CM Cooper & Associates with 3- and 4-bedroom units in Burnsville. Originally constructed in 1980, all units are subsidized with a Project-Based Section 8 Housing Assistance Program (HAP) that will be renewed and extended for 20 years. With this housing assistance program in place, families living there pay no more than 30% of their income for rent. All 25 units serve families at or below 50% AMI, which is currently $62,100 for a family of 4 in Dakota County.

This development needed high-quality stewardship and an infusion of capital to address substantial deferred maintenance and repairs that threatened to close the property. Christopher and Tom Cooper, principals at CM Cooper & Associates, brought their experience in affordable housing development, management and operation of properties with rental restrictions, and projectbased rental assistance to the table. They stepped up to tackle this project with partners Kaas Wilson Architects and Flannery construction to preserve these hard-to-find units and rental community.

In addition to the $3.1M investment by MEF, Minnesota Housing and Dakota County provided significant funding including a HUD Risk-Share first mortgage of $2.5M and deferred gap loans totaling $5.0M.

Horizon Heights Townhomes

PHOTO COURTESY OF CM COOPER & ASSOCIATES

MEF INVESTMENT

Project Equity                                   $3.1M

With the housing assistance program, townhome residents pay no more than 30% of their income for rent.

Noah Impact Fund

NOAH Impact Fund

Since 2017, NOAH Impact Fund has mobilized $23.5M and preserved 701 units of market rate, unsubsidized housing with Pool I investments. In 2023, GMHF actively worked to capitalize Pool II which is set to launch and open to developers in May 2024.

Naturally occurring affordable housing (NOAH) refers to residential rental properties that offer affordability but are not subsidized by federal programs. Most existing affordable housing falls under this category. Preservation of these units is a tool for curbing displacement of families and communities as these properties age.

CREATING OPPORTUNITY

NOAH Impact Fund creates opportunity for socially motivated investors and rental property owner-operators in key areas:

  • Maintaining Affordability: Creating long-term affordability options for properties more likely to lose affordability if acquired by profit-seeking investors.
  • Supporting Opportunity: Preserving properties near schools, jobs, transit and other opportunities for low-income, costburdened households.
  • Preventing Displacement: Ensuring people can stay in their homes and afford to live there, supporting stable communities long-term.
  • Stabilizing Properties: Supporting necessary renovations and management changes so residents have quality affordable housing.
Since 2017, NOAH impact fund pool I has mobilized $23.5M and preserved 701 units of market rate, unsubsized housing

THANK YOU TO NOAH IMPACT FUND POOL I INVESTORS

Logos: Bremer Bank, Otto Bremer Trust, Hennepin, Mcknight foundation, MN Housing, Sunrise Banks, Western Bank

Staff and Board of Directors

2023 STAFF

Andrea Brennan
President & CEO

Rhiannon Caffee
Loan Closer

John Errigo
Managing Director of Equity Investing & NOAH Fund Manager

Jeremiah Grafsgaard
Housing Justice Communications Coordinator

John Kieser
Senior Accountant

Jenna Hebert
Investment Officer

Kayla Hemmerle Administrative Assistant

Warren Hanson
Founding President & CEO (retired mid-year)

Matt Holland
Controller

Wes Johnson
Chief Underwriter & Senior Loan Officer

Kate Knowles
Financial Analysis Manager, Banking & Compliance

Joshua Kolb
Senior Asset Manager

Holly Krachmer
Closing Manager

Alexis Lancaster
Executive Assistant

Kyle Larsen
Chief Financial Officer

Andrew Lutz
Senior Strategic Analyst, Loan
Portfolio & Data
Systems

Paul Marzynski
Investment Officer

Catherine McCarthy
Director of Capital Development

Ben Miles
Loan Officer

Nikki Mohs
Senior Loan Officer

Eric Muschler
Director of Housing & Health Equity

John Rocker
Managing Director of Lending

Irene Ruiz-Briseño
Emerging Developer Program Manager

Megan Sanders
Loan Officer

Barb Sporlein
Chief Operating Officer

Tyler Thompson
Senior Financial Analyst, Asset Management

Becky Tollefson
Lending & Programs Coordinator

Evan Uribe
Loan Officer

Genesia Williams
Director of Communications & Engagement

Mai Yia Yang
Senior Accountant

2023 BOARD OF DIRECTORS

Jane Barrett
Red Lake
Executive Director, Red Lake Reservation Housing Authority

Mitchell Berg
Crookston
Associate Director, Veden Center for Rural Engagement & Economic Development

Kim Bretheim
Minneapolis
Housing Studio Leader, LHB Architects, FAIA

Stephanie Cummings
Duluth
SVP Chief Retail Officer, National Bank of Commerce

Joseph Errigo
Saint Paul
Retired, President & CEO, CommonBond

Rosymar Hjermstad
Park Rapids
School of Graduate Studies and International Program Center, Bemidji State University

Natalie Jones
Rochester
Vice President Principal, Banker West Bank, Rochester

Cheryl Key
Lake City
Wabasha County Commissioner

Stephanie Klinzing
Elk River
Retired, Director State Housing Agency

Angela Larson
Marshall
Family Services Director, United Community Action Partnership

Emily Larson
Duluth
Mayor of Duluth

Jennifer Mendoza
Wilmar
Career Development Navigator and Community Liaison, Comunidades Latinas Unidas En Servicio 

Todd Prafke
St. Peter
City Administrator City of Saint Peter

Char Roberts
Red Lake
Finance Manager, Red Lake Band of Chippewa

Dale Roemmich
Sioux Falls, ND
Retired, President, First Farmers & Merchants National Bank

Nancy Vyskocil
Dent
Retired, President, Northwest Minnesota Foundation

STATEMENT OF ACTIVITY 2023

Contributions                        $13,314,955

Program Service Revenues   $5,151,011

Amortization of Present Value Discount                                     $1,487,181

Interest and Dividends, Net                                                                          $2,160,531

Unrealized Gain (Loss) on Investments                             $1,309,798

Realized Gain (Loss) on Investments                                                        $(443,794)

Total Revenue                  $22,979,682

Program Services                  $7,518,640

Management & General        $2,201,101

Total Expense                                          $9,719,741

Change in Net Assets                             $ 13,259,941

Net Assets, Beginning of Year            $115,039,993

Net Assets, End of Year                   $128,299,934

BALANCE SHEET 2023

Management & General                             $2,201,101

Restricted Cash                                           $5,391,319

Interest Receivable on Investments        $226,208

Investments, Current                               $27,413,847

Other Receivables                                          $272,157

Contributions Receivable, Current       $2,335,000

Right to Use Asset, Current                          $88,235

Loans & Interest Receivable, Current                                                                                            $23,540,863

Total Current Assets                          $68,398,230

Allowance for Credit Losses                      $81,018

Total Current Assets                          $68,398,230

Right to Use Asset, Net of Current        $1,942,803

Investments, Net of Current                   $17,412,678

Investment in NOAH Impact Fund LLC $(944,276)

Investment in MN Housing Finance Agency        $1,041,231

Long-Term Loans Receivable                                  $148,570,510

Total Long-Term Assets                                        $ 168,137,494

Total Assets                                                            $236,535,724

Accounts Payable & Accrued Expenses             $ 1,690,656

Unfunded Commitment Liability                            $421,573

Unearned Revenue                                                    $4,623,097

Grants Payable                                                            $225,373

Notes Payable, Current                                              $7,723,017

Lease Liability, Current                                              $88,235

Total Current Liabilities                                        $ 14,771,951

Notes Payable, Long-Term               $87,430,309

Community Investment Advance                            $6,000,000

Lease Liability, Net of Current                                $33,530

Total Long-Term Liabilities                                  $ 93,463,839

Total Liabilities                               $108,235,790

Net Assets Without Donor Restriction                  $ 119,484,223

Net Assets With Donor Restriction                          $8,815,711

Total Net Assets                                                    $ 128,299,934

Total Liabilities and Net Assets                         $ 236,535,724

2023 Financial Statements

2023 GMHF Funders

Allina Health
Bank of the West
Blandin Foundation
BlueCross BlueShield of Minnesota
Buuck Family Foundation
CDFI Capital Magnet Fund
CDFI FA 2022 Round
CNOTE
CommonSpirit Health
Equitable Recovery Program
FR Bigelow Foundation
Frey Foundation
McKnight Foundation
Noa and Ted Staryk
Otto Bremer Trust
Saint Paul & Minnesota Foundation
USBank
Wells Fargo

2023 Financial Statements

STATEMENT OF ACTIVITY                              2023

Contributions                                                         $13,314,955

Program Service Revenues                                $5,151,011

Amortization of Present Value Discount         $1,487,181

Interest and Dividends, Net                                $2,160,531

Unrealized Gain (Loss) on Investments           $1,309,798

Realized Gain (Loss) on Investments               $(443,794)

Total Revenue                                                    $22,979,682

Program Services                                                  $7,518,640

Management & General                                       $2,201,101

Total Expense                                                    $9,719,741

Change in Net Assets                                           $13,259,941

Net Assets, Beginning of Year                            $115,039,993

Net Assets, End of Year                                    $128,299,934

BALANCE SHEET                                                2023

Cash                                                                           $9,139,601

Restricted Cash                                                       $5,391,319

Interest Receivable on Investments                  $226,208

Investments, Current                                            $27,413,847

Other Receivables                                                 $272,157

Contributions Receivable, Current                    $2,335,000

Right to Use Asset, Current                                 $88,235

Loans & Interest Receivable, Current               $23,540,863

Total Current Assets                                          $68,398,230

Allowance for Credit Losses                                $81,018

Property and Equipment                                      $33,530

Right to Use Asset, Net of Current                    $1,942,803

Investments, Net of Current                               $17,412,678

Investment in NOAH Impact Fund LLC            $(944,276)

Investment in MN Housing Finance Agency   $1,041,231

Long-Term Loans Receivable                             $148,570,510

Total Long-Term Assets                                   $168,137,494

Total Assets                                                        $236,535,724

Accounts Payable & Accrued Expenses          $1,690,656

Unfunded Commitment Liability                       $421,573

Unearned Revenue                                               $4,623,097

Grants Payable                                                       $225,373

Notes Payable, Current                                        $7,723,017

Lease Liability, Current                                        $88,235

Total Current Liabilities                                  $14,771,951

Notes Payable, Long-Term                                 $87,430,309

Community Investment Advance                     $6,000,000

Lease Liability, Net of Current                          $33,530

Total Long-Term Liabilities                            $93,463,839

Total Liabilities                                                 $108,235,790

Net Assets Without Donor Restriction            $119,484,223

Net Assets With Donor Restriction                   $8,815,711

Total Net Assets                                               $128,299,934

Total Liabilities and Net Assets                    $236,535,724

2023 GMHF Funders

Allina Health
Bank of the West
Blandin Foundation
BlueCross BlueShield of Minnesota
Buuck Family Foundation
CDFI Capital Magnet Fund
CDFI FA 2022 Round
CNOTE
CommonSpirit Health
Equitable Recovery Program
FR Bigelow Foundation
Frey Foundation
McKnight Foundation
Noa and Ted Staryk
Otto Bremer Trust
Saint Paul & Minnesota Foundation
U.S. Bank
Wells Fargo

Greater Minnesota Housing Fund
Aeris Rated AA Policy Plus

GMHF.com
332 Minnesota Street Suite 1650-West
Saint Paul, MN 55101

651.221.1997 main
800.277.2258 toll-free
651.221.1904 fax

Greater Minnesota Housing Fund

GMHF.com
332 Minnesota Street
Suite 1650-West
Saint Paul, MN 55101

651.221.1997 main
800.277.2258 toll-free
651.221.1904 fax

Aeris Rated AA Policy Plus
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