- New mixed-income apartments built without subsidy
Real Estate Equities, Greater Minnesota Housing Fund, and Merchants Capital have teamed up to create Technology Park, a 164-unit housing complex in Rochester, Minnesota. The apartments will provide naturally affordable rental housing to Rochester’s workforce without subsidy.
Technology Park, to be renamed upon the building’s opening, will help ease Rochester’s affordable housing crisis. Rochester was recently ranked one ...
- UHG invests in new rental homes in Madison
Developer Royal Capital Group has opened Harmony @Grandview Commons, a 94-unit affordable housing property in Madison, Wis.
Funded through a public-private partnership that includes $11 million from the Wisconsin Housing & Economic Development Authority and $5.4 million from UnitedHealthcare placed by Minnesota Equity Fund, the new development is dedicated to working families in the Madison region.
- Experts Forum features housing solutions
A state task force on affordable housing released a report last year that contained some sobering findings. Not least of those was that more than 554,000 Minnesota households struggle to afford quality housing, a 58 percent increase since 2000.
Minnesota has an affordable housing crisis, and families looking for a home they can afford are only ...
- New year, new suite in 1st National Bank building
New year, new suite. Greater Minnesota Housing Fund has moved.
Please make note that GMHF has moved to the West tower of the 1st National Bank Building.
If you are planning to visit our offices, follow directions to our longstanding address of 332 Minnesota Street in downtown Saint Paul and park in our building. Garage entrance is ...
- Housing and Health: A vital Minnesota bridge
In divided government, parties can find common ground on housing, health care
Campaign proposals from Minnesota’s gubernatorial candidates could pave the way to bipartisan cooperation.
By Mary Brainerd and Warren Hanson | November 21, 2018 | StarTribune
Minnesota heads into the 2019 legislative session with a divided government.
Democrats control the governor’s office and the House of Representatives while ...
- Minnesota Housing Announces $87.5M for Affordable Housing
Minnesota Housing Commissioner Mary Tingerthal joined community leaders today to announce funding to create and preserve more than 1,700 affordable homes throughout the state, including rental units and single family houses.
The announcement outlined funding for 55 developments that support more than 3,600 jobs and will leverage additional private and local resources for more than $364 ...
- 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 ...