Letter from President & Board Chair (2023)

GMHF Annual Report 2023

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.

Data points for letter in visual form

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.

Photo of GMHF President & CEO Andrea Brennan and GMHF Board Chair Nancy Vyskocil with their signatures included

This post is part of the Greater Minnesota Housing Fund 2023 Digital Annual Report. To see the full report, visit: gmhf.com/2023AR

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