2022 to 2025 Strategic Plan
GMHF’s 2022 to 2025 Strategic Plan reaffirms the organization’s mission, core purpose, and operating principles. Strategic impact areas focus on: Stable Homes, Targeted Community Investment, Equitable Communities & Wealth Building, and Policy & Systems Change. The 4-year plan sets targeted goals for mobilizing $1B in impact capital to create and preserve 5,000 affordable homes across Minnesota. GMHF retained Michael Anderson Consulting to facilitate a strategic planning process in 2021, which culminated in the 2022-2025 Strategic Plan.
2018 to 2021 Strategic Plan
GMHF retained FUND Consulting to facilitate a strategic planning process in 2017 for years 2018-2021. The plan reaffirms the organization’s mission, core purpose, and operating principles. In it GMHF identified three strategic goals: Provide Leadership & Expertise to Solve Housing Challenges; Align Programming with Current and Evolving Priorities; and Ensure Organizational Effectiveness & Sustainability.
2014 to 2017 Strategic Plan
GMHF worked with Consulting for Change to develop a Strategic Plan for years 2014-2017. The plan reaffirms the organization’s mission statement, core purpose, and values. It establishes GMHF’s operating principles and organizational priorities. The 2014-2017 Strategic Plan also identifies four strategic goals: leadership, knowledge, capital, and capacity.
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GMHF adapted to explore new housing development models, strategies and partnerships. The organization maintained its focus on addressing the housing needs of Minnesotans in greater Minnesota and the Twin Cities metro. 2020 was a year of disruption, resilience and change. Amid uncertainty, families, individuals and organizations across Minnesota were forced to adapt. All-at-once, homes became full-time places for school, work, play, healthcare and more; while social encounters declined and created isolation. All of this exacerbated an already taxed housing system, making it more difficult than ever for people to find an affordable home during an unprecedented housing shortage.
GMHF focused extra attention on the linkage between stable housing and improved health outcomes, and established the Minnesota Health & Housing Initiative. Cross-sector collaboration fostered more intentional partnerships between health care institutions and affordable housing organizations. In the Tech Park development in Rochester, MN, GMHF worked on a ‘no subsidy’ model for affordable housing development. GMHF partnered with Real Estate Equities to design and build a new 164-unit rental development at roughly 50% of normal development costs, making affordable homes available to Rochester’s workforce, without relying on government aid to achieve affordability.
GMHF launched the NOAH Impact Fund and deployed over $10 million in its first six months of operation, preserving the affordability of 311 rental units. In total GMHF created and preserved 865 affordable homes. GMHF helped launch the Statewide Task Force on Housing in late 2017.
GMHF assembled capital from private investors to preserve naturally occurring affordable housing (NOAH) through the NOAH Impact Fund. GMHF provided over $17 million in loans and grants to help housing organizations create or preserve 512 affordable homes for low-income families and individuals. Minnesota Equity Fund assembled $42 million in socially motivated capital to finance 520 affordable homes.
GMHF conducted extensive research and development in the area of naturally occurring affordable housing (NOAH), building the groundwork for the NOAH Impact Fund. GMHF provided nearly $25 million in loans and grants to help housing organizations create or preserve 821 affordable homes for low-income families and individuals. Minnesota Equity Fund assembled $21.7 million in socially motivated capital to finance 307 affordable homes.
GMHF became a member of the Federal Home Loan Bank of Des Moines and provided over $32.1 million in loans and grants to help housing organizations create or preserve 811 affordable homes for low-income families and individuals. Minnesota Equity Fund assembled and invested an additional $20.3 million in socially motivated capital.
GMHF provided over $22.7 million in loans and grants to help housing organizations create or preserve 524 affordable homes for low-income families and individuals. In the same year GMHF’s subsidiary, the Minnesota Equity Fund, assembled and invested an additional $30 million in private equity capital, supporting the creation of over 160 affordable rental homes.
GMHF earned an outstanding AAA+2 CARS rating and raised $50 million in private capital for the Minnesota Equity Fund.
GMHF provided $17.9 million in strategic grant, gap and interim financing for affordable housing, making GMHF one of the largest affordable housing intermediaries nationwide that serves rural markets.
Since inception in 1996, GMHF has supported developments in more than 150 cities to produce 9,500 affordable single-family and multifamily homes.
GMHF awarded funding to support the creation and preservation of 613 affordable homes in 31 developments in 16 different cities and all 6 regions of Greater Minnesota.
1996-2002 PROGRESS REPORT
This multi-year Progress Report celebrates the achievements of affordable housing development organizations throughout Greater Minnesota and the support provided by GMHF funding and technical assistance programs. Several examples and case studies are drawn from GMHF funded projects.