News

Articles and Press by and about Greater Minnesota Housing Fund

  • Displaced tenants receive settlement, direct portion to NOAH Impact FundDisplaced 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 housingDayton 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 returnsImpact 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 RiskGreater 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. According ...
  • 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 CitiesAff. 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 CommonsConstruction 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 portfolioNonprofit 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 themselvesPerham 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 PartnershipMore 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 homeA 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 housingGroup 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 HomelessnessNew 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 ...
  • GMHF receives $10M in eight-party, $145MM bond issueGMHF receives $10M in eight-party, $145MM bond issue
    For the second time, small to midsized lenders, with total assets as low as $28 million, are participating in the U.S. Treasury Department’s CDFI Bond Guarantee Program, an innovative financing program that provides long-term, fixed rate loan capital to lenders serving underserved areas of the country. Opportunity Finance Network’s (OFN) $145 million bond issue involving eight ...
  • In making a play for Amazon, would we be selling our souls?In making a play for Amazon, would we be selling our souls?
    The seduction of the brogrammers has begun. Across the Twin Cities, from Arden Hills to Shakopee, city planners are huddling with developers and Mad Men to put together the biggest “welcome basket’’ the state has ever seen. The basket will include “incentives to offset initial capital outlay and ongoing operational costs,” or as a favorite Minnesota Viking, ...
  • Addressing Medford’s housing shortageAddressing Medford's housing shortage
    Three Rivers has been invited to investigate a solution to address the Medford housing shortage, reports Annie Harman in the Owatonna People’s Press. Sandwiched in between two large, workforce cities, the City of Medford is for many workers an appealing option in which to settle down. But, despite the quiet neighborhoods and stress-free commute, the city ...
  • Albert Lea offers tax abatement program to spur housing developmentAlbert Lea offers tax abatement program to spur housing development
    Market-rate housing is needed in Albert Lea, so the city has committed to provide incentives for construction of new owner-occupied and rental residential housing units within the City of Albert Lea. There is a shortage of housing options available for current residents and those being recruited to come to Albert Lea. Under the new program, any person who ...
  • Beacon Hill named a “Top Project of 2016”Beacon Hill named a "Top Project of 2016"
    Beacon Hill grew from a partnership between Itasca County Health and Human Services, Itasca County Housing and Redevelopment Authority, GRACE House shelter, Northland Counseling Center Inc., the Minnesota Department of Corrections, Itasca County Probation and KOOTASCA Community Action. With 20 apartments and 28 townhouses, Beacon Hill serves a diverse mix of more than 120 tenants in ...

 

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