Jobs & Internships

The following position is currently open at Greater Minnesota Housing Fund: 

NOAH Fund Manager

Naturally Occurring Affordable Housing (NOAH) Preservation Impact Investment Fund Manager

Responsible for leading the operations of the NOAH Impact Investment Fund, including real estate acquisitions and asset management assistance

The goals of the NOAH Impact Investment Fund include:

  • In partnership with qualified nonprofit and for-profit owner-operators, deploy the Fund’s capital as equity investments in appropriately structured NOAH properties where, in the absence of the Fund’s involvement, rent affordability would be at risk of loss.
  • Structure financing and partnerships to successfully preserve the affordability of the acquired NOAH properties over an expected period of 15 years.
  • Grow the Fund through effectively achieving economic and social impact goals, raising new rounds of social impact capital, and managing the Fund’s assets in a manner that supports the acquisition and preservation of additional NOAH properties.
  • Capitalize and close the NOAH Fund Pool II with $25 million, including institutional impact capital and mission-related investments (MRI).
  • Acquire 900 – 1,000 units of at-risk unsubsidized affordable rental housing in an estimated 10-15 properties over 18-24 months with NOAH Impact Fund resources.

Position Responsibilities

The position will work directly with outside professionals, including legal counsel, developers, owner-operators, lenders, local and state governments, and representatives of other intermediary organizations to assess project viability and bring funded projects to closing. The position is heavily weighted towards financial analysis, deal structuring, and resolving legal and technical issues that require knowledge and direct experience with private sector multifamily real estate development, acquisition, construction, rehabilitation, and property management issues.  The position will conduct the following activities:

General Areas of Responsibility

  • General leadership and oversight of the Fund’s operations and activities; and work in partnership with the CEO and other members of management team.
  • Secure $25 million in investment commitments per biennium, including a blend of social impact capital and institutional investor capital.
  • Identify prospective acquisitions, secure owner-operator, and conduct underwriting.
  • Leadership of owner-operator recruitment and NOAH project identification.
  • Secure necessary programmatic and economic commitments from owner-operators.
  • Prepare transaction summaries, underwriting reports, and recommendations for internal investment committee and board.
  • Obtain equity financing approvals from board, committees, and investors as needed.
  • Ensure that social impact goals and compliance requirements are agreed to and fully met.
  • Underwrite related project loans if quick strike acquisition or bridge financing is required.
  • Work directly with attorneys and accountants to resolve legal and technical issues.
  • Coordinate closing and required closing documents with legal counsel.
  • Monitor rehabilitation work and budget and approve draws.
  • Identify investor prospects including corporate, insurance, bank, and philanthropic investors.
  • Manage investor relations, conduct presentations, and close investor commitments.
  • Maintain communication and manage reporting with all investors in the Fund.
  • Conduct project management and ensure all administrative functions are performed.
  • Serve as point person for inquiries by owners, investors, and funders.
  • Other duties and responsibilities as assigned.


  • Prepare and review multifamily real estate proformas.
  • Conduct in-depth multifamily real estate project analysis.
  • Supervise and work with staff underwriters to perform complete underwriting.
  • Review key documents including title insurance, surveys, appraisals, rent rolls, scopes of work, building condition needs assessments, environmental assessments, market information, and other reports.

Asset Management

  • Supervise asset management staff in monitoring, reporting, site visits, and risk ratings.
  • Develop asset management improvement plans to meet management objectives.
  • Maintain project files according to structure in an accessible and organized manner.
  • Ensure financial and project reporting to investors, including quarterly and annual reports, annual K-1 forms, and annual audits.
  • Support portfolio management and reporting on investment portfolio(s).
  • Supervise and assist asset management staff with underperforming properties and workouts.
  • Ensure the cash and tax benefits are determined accurately and timely delivered to the Fund and investors.

Ideal Candidate Profile

This position is an integral part of GMHF’s management team and will play a key role in the corporation’s continued success. The ideal candidate:

  • Is a seasoned leader with a passion for social investing, community development, and public finance with a minimum of 10 years progressive business experience as a senior development professional in the field of multifamily real estate development, underwriting and/or public finance and private sector multifamily housing.
  • Possesses proven skills in multifamily real estate finance and developer/investor relations. The position requires strong interpersonal and organizational skills, and the ability to work in a fast-paced environment with multiple priorities while meeting firm deadlines.
  • Is extremely well-organized and self-directed, able to work in a high energy team environment with extensive interactions, and able to work independently.
  • Is able to plan, schedule, and prioritize responsibilities, and work productively under strict time constraints, and organize and schedule tasks in support of multiple projects with a wide range of production and monitoring requirements.
  • Is able to deal effectively with other dynamic internal staff, and external parties, including developers, owner-operators, investors, funders, government agencies, and the general public.

Additional qualifications include:

  • Thorough understanding ofpartnership structures and partnership issues.
  • Knowledge of multifamily real estate credit analysis, unsecured lending to nonprofit and for-profit organizations, and ability to underwrite multifamily real estate properties.
  • Experience negotiating partnerships and closing multifamily transactions with investors.
  • Proven track record of guiding multifamily real estate from predevelopment through closing, build-out, and lease-up.
  • Excellent verbal communication skills, writing and publication skills.
  • High tolerance for ambiguity and able to navigate uncertain situations.
  • Ability to work on a variety of programs and projects simultaneously.
  • Strong computer skills required in MS Office, high proficiency in Excel and Word.
  • Master’s degree in business, finance, multifamily real estate development, planning or equivalent employment experience.

Position Salary, Benefits, and Reporting

Availability: Immediate

Salary: GMHF offers a competitive salary and benefit package.

Benefits: Family medical and dental insurance, employee life insurance, short- and long-term disability insurance, employer contribution to 401k retirement plan, paid time off, negotiated flex time hours.

Reporting: Reports to the President & CEO

To Apply: Submit resume and cover letter to Rebecca Martin at

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Greater Minnesota Housing Fund
332 Minnesota Street
Suite 1650 West*
Saint Paul, MN 55101

Main 651.221.1997
Fax 651.221.1904

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