Minnesota faces a critical shortage of affordable housing, and at GMHF, we know that every home counts. For nearly 30 years, we’ve used our lending products and creative, innovative solutions to make a positive impact in communities all across the state.
It All Adds Up
Housing production, investment, and grantmaking since inception:
$1.2B
investments in 200+ communities across the state of Minnesota
23,667
homes for families & individuals in low-income, cost-burdened households
$4.3B
total capital impact from GMHF’s lending and investing across all funds since 1996
$824.4M
project financing through our Revolving Loan Fund, leading to the creation or preservation of 23,677 housing units
$285.5M
socially motivated equity capital assembled by the Minnesota Equity Fund to finance 2,906 units of housing
$23.5M
capital mobilized through NOAH Impact Fund I, leading to the preservation of 701 units of unsubsidized rental housing
Impact in the Present
We’ve identified four impact areas to address stable housing needs on the continuum of income and experiences in Minnesota communities:
- Stable Homes: We finance the production and preservation of homes because they are the foundation for child development, school achievement, career success, and healthy families.
- Targeted Community Investment: We partner with local communities to invest in housing that revitalizes neighborhoods, spurs reinvestment, and supports economic development, meeting the unique needs of each community.
- Equitable Communities and Wealth Building: We work with local and regional housing partners to create stronger, more equitable communities and build generational wealth through homeownership and real estate development.
- Policy and 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.
Impact Over Time
Strength Through Collaboration
Since 1996, we’ve supported an ecosystem of housing impact through collaboration with partners and communities locally and nationally. From city administrations, government organizations, researchers, nonprofits, and foundations to other industry-leading organizations and advocates — we’re creating change together.
Research and Development
We’ve launched several nationally recognized initiatives changing how affordable housing is designed, built, and financed. Our groundbreaking initiatives and grounded programming raise the profile of Minnesota as a center of innovation and collaboration.
Preservation of Existing Affordable Housing
After researching the impact of losing naturally occurring affordable housing (NOAH) in Minnesota, we created our NOAH Impact Fund in 2017 and our Small NOAH financing product in 2018. Through these initiatives, we provide opportunities for developers, owner-operators, and investors to make a meaningful impact on Minnesotans who are struggling with rising rent costs.
Policy and 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.
Innovative Grantmaking and Capacity Building Statewide
We use grantmaking strategically to support the advancement of mission-driven initiatives, like our Emerging Developers Program and Rural and Tribal Capacity Building Program, and to support other partners in the housing ecosystem.
We use grantmaking strategically to support the advancement of mission-driven initiatives, like our Emerging Developers Program and Rural and Tribal Capacity Building Program, and to support other partners in the housing ecosystem.
Policy Work
In 2023, we successfully advocated for $2 billion in housing support through the Minnesota legislature, including the Homeownership Investment Grant program.
During the 2024 and 2025 legislative sessions, we advocated for solutions to issues impacting the long-term sustainability of affordable housing.
We co-convened the Minnesota Housing Sustainability Coalition to highlight pressures to nonprofit housing providers that threaten the stability of residents.
Through this work, the Task Force on Long-Term Sustainability of Affordable Housing was established to support the preservation of housing developed with public financing.
The Coalition also successfully advocated for the creation of a preservation framework for regulated affordable housing and ongoing reporting.
Take a Closer Look
Looking for stories about our work?
Our news page features stories about GMHF’s impact past and present.
Want to learn about the work we’ve accomplished?
Our sortable directory of research and reports highlights industry best practices.
Care to collaborate with us?
Join other mission-oriented foundations, banks, and businesses supporting our work.
See Our Financial Documents
Want to know more about the financial side of our work and how that drives decisions about lending and equity investing, programs and initiatives, policy advancement, and partnerships? Take a deeper dive into our financial documents.