- More Real Estate Funds Aim to Preserve Housing
Twin Cities reporter Beth Mattson-Teig reports in National Real Estate Investor on social impact investment funds set up to address the loss of affordable (and unsubsidized) rental housing.
The flurry of value-add apartment investing in recent years has sparked a countermove by public and private entities that are pooling their capital and stepping in to slow the ...
- GMHF partner Rick Klun talks about combatting homelessness
The Star Tribune featured Rick Klun as one of their “Problem Solvers” for his work to prevent and end homelessness in Duluth and across the state in an article by Gail Rosenblum.
Rick Klun wants us to stop focusing on homelessness.
It’s not that he lacks the heart, or stomach, to address this seemingly intractable social problem. ...
- Task Force on Housing Releases Action Plan
Governor Mark Dayton and members of the Governor’s Task Force on Housing today released its final report, recommending 30 action steps aimed at improving access to quality, affordable housing for Minnesotans and building a more vibrant, inclusive economic future for all Minnesotans.
Today’s report follows Governor Dayton’s Executive Order, which convened a nonpartisan group of housing ...
- Ramsey Co, NOAH Impact Fund help Aeon buy/preserve 118 apartments
From the Pioneer Press:
A Minneapolis-based nonprofit has bought 118 apartments in Little Canada in order to keep them affordable.
Aeon announced Friday that it had purchased The Provinces, an apartment complex west of Interstate 35E on Little Canada Road. The buildings, which are home to roughly 300 residents, were previously owned by Dominium.
To finance the acquisition, Aeon ...
- NOAH Impact Fund partners with Aeon to preserve 118 homes
Minneapolis – Today Aeon and the NOAH Impact Fund of Greater Minnesota Housing Fund (GMHF) completed the purchase of The Provinces, a property which includes 118 apartment homes in Little Canada. The building was sold by Dominium. Other key partners in the acquisition include NorthMarq Capital, which provided the mortgage through Freddie Mac’s Affordable ...
- Displaced tenants receive settlement, direct portion to NOAH Impact Fund
Housing Justice Center brought a class action lawsuit against the apartment owners of Crossroads at Penn, now Concierge Apartments in Richfield.
A settlement awarded the displaced Crossroads tenants $650,000, with about $290,000 reserved for the tenants, and over $200,000 designated for the NOAH Impact Fund.
The $200,000 will be used to assist tenants in NOAH Impact Fund ...
- Dayton creates task force to address ‘persistent crisis’ regarding affordable housing
Gov. Mark Dayton announced Thursday the creation of a large task force to examine and make recommendations on affordable housing, calling it a “persistent crisis” for Minnesota families.
The nonpartisan Governor’s Task Force on Housing will make recommendations by July 31 to include specific policy proposals and actions that can be taken by the executive and ...
- Impact Investors see social impact returns
The McKnight Foundation is one of many foundations that have decided to use their endowments to further their mission.
McKnight makes low-cost loans to entities like Greater Minnesota Housing Fund to contribute to a thriving, sustainable region and state. As a Community Development Financial Institution (CDFI), GMHF is able to invest the capital to create new ...
- Greater Minnesota Housing Problem: Too Much Risk
Private developers prefer to build in the Twin Cities and other large communities.
They see higher risks in greater Minnesota, largely because many of the areas short of housing rely on one or two major employers. If one closes to cuts back, it may be hard or impossible to collect enough rent to make a profit.
Nearly all ...
- Minnesota Development Opens for Struggling Veterans
Affordable Housing Finance covered the opening of Brustad Homes (Veterans East) in Minneapolis.
A new affordable housing development for veterans struggling with homelessness has opened this fall in the Twin Cities. Adjacent to the VA Medical Center near Fort Snelling, the 100-unit Richard A. Brustad Homes makes another dent in reducing veteran homelessness in the state.
- Real estate notebook: Star Tribune covers Aeon’s deal to preserve lower-cost apartments
A shortage of apartments and rising rents in the Twin Cities metro have made area apartment buildings a hot commodity among national investors who are often able to improve the buildings and increase rents.
That is a threat to the already tight supply of rentals that are affordable to the lowest-wage families.
And that is why Twin ...
- Aff. Housing Finance: 768 Homes to Remain Affordable in the Twin Cities
Aeon has acquired 10 properties to preserve the affordability of 768 apartments in the Twin Cities region.
The $77 million transaction marks the largest acquisition in the 31-year history of the nonprofit developer, owner, and manager of affordable homes. The purchase also represents the first project funded by Greater Minnesota Housing Fund’s (GMHF’s) recently formed NOAH ...
- Construction Begins for The Flats at Grandview Commons
FOR IMMEDIATE RELEASE
Madison, Wis. (November 3, 2017) – Community leaders, local residents and development partners came together today to celebrate the start of construction for The Flats at Grandview Commons, a new 94-unit affordable housing community designed for working families in the region.
Developed by Royal Capital Group, the new community is being built on a ...
- Nonprofit Aeon lands $77M apartment portfolio
Clare Kennedy reported on Aeon’s purchase of 10 older apartment buildings in Finance & Commerce’s Nov. 1, 2017 issue.
In one $77 million mega-deal, nonprofit housing developer Aeon has purchased a portfolio of 10 older apartment buildings comprising 768 units.
The Minneapolis-based affordable housing developer and owner closed Tuesday on the transaction. Six of the properties are in ...
- Perham business leaders tackling local housing needs themselves
In 2007, a group of Perham business owners and corporate executive got together to talk about housing.
They faced similar issues. Each had a desire to grow their businesses by hiring more workers and expanding their reach, but a lack of available housing in and near Perham was holding them back.
The problem was theirs, and they ...
- More than 750 Apartment Homes in Twin Cities to Remain Affordable Thanks to Broad Partnership
FOR IMMEDIATE RELEASE
(MINNEAPOLIS – October 31, 2017) Today Aeon, the NOAH Impact Fund of Greater Minnesota Housing Fund (GMHF), and Enterprise Community Investment, Inc. completed the purchase of 768 apartment homes across 10 properties in Bloomington, Brooklyn Center, New Hope, and St. Paul. Other key partners in the project include Bellwether Enterprise Real Estate Capital, LLC, ...
- A new place to call home
As reported by Matthew Liedke in the Bemidji Pioneer on Oct. 27, 2017.
The atmosphere in downtown Bemidji was charged and optimistic Friday morning, as government officials, organization personnel and business leaders celebrated the opening of Park Place Apartments.
The complex, managed by the Duluth-based Center City Housing Corp., includes 60 units, with 40 dedicated to single-room ...
- Tenants reach settlement, set aside $200K to assist renters in NOAH preservation properties
It’s a record award of its kind in nation, housing advocates say.
Star Tribune reporter Miguel Otárola reported on Oct. 19, 2017 that former tenants of a 698-unit apartment complex in Richfield and their landlords reached what affordable-housing advocates are calling the largest settlement of its kind in the nation.
The settlement resolves a housing discrimination lawsuit ...
- Group seeks Clinic’s help with affordable housing
Randy Petersen reports in the Post-Bulletin that group of 40 to 50 local residents asked Mayo Clinic to lead in an effort to raise $60 million during the next five years to help create affordable housing in Rochester.
In a letter to Dr. John Noseworthy, CURE — Communities United for Rochester Empowerment — also asked for ...
- New Minneapolis Housing Community Provides Hope for Veterans Struggling with Homelessness
An important milestone was reached today in helping end homelessness among military veterans in Minnesota with the opening of Veterans East, a new 100-unit apartment community adjacent to the Veterans Hospital near Fort Snelling.
During a ribbon-cutting ceremony, newly moved-in veterans, many of whom have struggled with homelessness, thanked community leaders and development partners for helping ...