- NOAH Impact Fund to officially launch on June 6
On June 6 the Greater Minnesota Housing Fund will announce that it has officially launched the $25 million NOAH Impact Fund and will name the participating investors.
The NOAH Impact Fund is a new impact investment fund designed to acquire 1,000 units of rental housing and maintain affordable rents for 15 years.
Older Class B and Class ...
- Groups hope $25M fund will preserve lower-priced rentals in Twin Cities
Neal St. Anthony reported in his Sunday column in the Star Tribune that the NOAH Impact Fund will officially launch on Tuesday, June 6.
The Greater Minnesota Housing Fund, which helps finance affordable housing for the swelling ranks of the working poor, will announce Tuesday a $25 million fund that is expected to acquire up to ...
- Addressing the Need for Affordable Housing in Southeast Minnesota
Affordable housing is a topic on the minds of many local leaders, and as Rochester and Southeast Minnesota continues to grow that topic is a top priority.“Workforce development is a huge issue for our entire economic region,” said Steve Borchardt with the Rochester Area Foundation.
Concerned members of the public, city leaders and businesses all ...
- LIHTCs bring affordable youth housing to affluent MN neighborhood
As reported in the Feb. 2017 Novogradac Journal of Tax Credits by senior writer Mark O’Meara.
In Minnesota, children and adults 24 and younger are the most likely population to be homeless, according to the 2015 Minnesota Housing Study, a statewide study on homelessness. This includes children with their parents (35 percent) and minors and young adults ...
- Fund aims to curb rising rents in Twin Cities
Article by Hank Long in Finance & Commerce.
Last July when CommonBond Communities paid $16.3 million for the 112-unit Boulder Ridge apartments in Apple Valley, it marked the nonprofit housing provider’s entry into the market-rate multifamily category.
The St. Paul-based organization — which owns and operates more than 100 properties offering affordable housing in Minnesota, Wisconsin and ...
- Minnesota Partnership Helps Preserve Rural Housing
Former GMHF director of lending and programs Robyn Bipes published this article in the March 2017 issue of Community Development Investments.
By Robyn Bipes, Vice President of Loan Fund and Mortgage Lending, Twin Cities Habitat for Humanity
Some housing crises grab national headlines: sub-prime lending, the collapse of the housing market, or the urgent need to create ...
- Minneapolis explores city loans for nonprofits to preserve affordable housing
As reported By Emma Nelson in the Star Tribune on 3/28/2017.
When an affordable housing complex comes up for sale in Minneapolis, buyers who want to keep rents low could soon have access to loans from the city.
The 2017 city budget includes $1.5 million to preserve “naturally occurring affordable housing,” and pending City Council approval, that money ...
- Impactful Mission
As reported in the Spring 2017 issue of Affordable Housing News.
For the first time, real estate buyers who wish to preserve affordable housing properties in the Twin Cities metropolitan area will have access to a $25 million fund to help them do so.
The NOAH Impact Fund is the result of a partnership between Greater Minnesota ...
- Off the floor and into dignified digs – Higher Ground St Paul delivers
GMHF staff had the opportunity to tour one of the latest achievements in affordable housing and serving homeless individuals: Higher Ground Saint Paul, the new shelter and supportive housing development in downtown Saint Paul developed by Catholic Charities, under the leadership of Tim Marx, CEO.
Higher Ground is an incredibly inspiring development in its scale of ...
- New Realities for Minnesota’s Tax Exempt Bonding Authority for Housing
On March 2, 2017 the Family Housing Fund and Greater Minnesota Housing Fund hosted a forum with leaders of the affordable housing network.
The forum covered the new realities that impact availability of federally authorized tax-exempt bonds in Minnesota. The discussion centered on a new proposal from Housing Advocates for Vitality and Equity Now (HAVEN) and ...
- Student success starts with stable housing
Too many Minnesota students are struggling with homelessness. Housing instability keeps students from attending school consistently and diminishes their likelihood of achieving key measures like reading proficiency, a predictor of future success.
With approximately 10,000 Minnesota children struggling with homelessness, Lt. Governor Tina Smith, state legislators, and education and child advocates highlighted the importance of the ...
- Low-income housing developers scramble for financing amid uncertainty about tax reform
Star Tribune reporter Emma Nelson reports that the election of Donald Trump has introduced great uncertainty as to the future of the critical low income housing tax credit program, a keystone in how affordable housing is financed today.
Financing for low-income housing across Minnesota has dried up in recent months, leaving developers scrambling to fill gaps or ...
- Otto Bremer Trust has record year of giving
As reported by Shannon Prather in the Star Tribune in January 2017, the Otto Bremer Trust, the charitable foundation that owns 92 percent of Bremer Bank, gave away a record $47.3 million in 2016 — the largest annual amount since bank founder Otto Bremer created the trust in 1944.
The funding, in the form of grants and program-related ...
- Duluth’s Gateway Tower to receive $18.5M redo with MEF equity
They’re already planning to return in about a year to celebrate the end of a project so extensive it will replace virtually everything but the property’s concrete shell – and even that will be covered by a new contemporary metal skin.
“We’re really happy to make an intervention to protect the building,” said Jeff Corey, executive ...
- GMHF creates $25M fund to preserve unsubsidized affordable housing
After years of watching the Twin Cities’ affordable housing market grow increasingly tight, a group of affordable housing advocates, nonprofits and private companies has decided to take the problem into its own hands.
The Greater Minnesota Housing Fund, a nonprofit affordable housing lender, is developing the nation’s first regional pool of money to help buyers who ...
- Dayton announces $80M in affordable housing investments from MN Housing, GMHF & co-Funders
Joined by Minnesota Housing Commissioner Mary Tingerthal and community leaders, Governor Mark Dayton today announced $80 million in funding to create and preserve 1,831 affordable housing units throughout the state.
These investments will leverage private and local resources to support $300 million in total development costs and support more than 2,800 jobs.
“This funding will stimulate jobs and ...
- Beacon Hill supportive housing community opens in Grand Rapids
The idea for the 48 new homes and supportive services for low-income individual and families, as well as formerly homeless and disabled individuals came out of the 18-month Housing Institute co-hosted by GMHF and the Minnesota Housing Partnership.
Itasca County HRA worked closely with a close-knit group of project partners which included the Minnesota Department of ...
- Star Tribune editorial features GMHF’s new fund to help preserve affordable housing stock
The midrange and luxury rental housing markets are hot in the Twin Cities — largely driven by demand from those earning $50,000 or more a year.
They have the means to live in the new and renovated, amenity-filled buildings that are quickly rising across the metro area.
Yet as more upscale rental buildings open, fewer affordable units ...
- Editorial: Busting myths about affordable housing and the people who live there
It’s a scenario that plays out again and again, in every corner of The Corridor: a developer announces plans to create affordable housing units outside “those” neighborhoods where such units already are relatively plentiful, and neighbors start complaining.
The torpedoing last month of a 45-unit, mixed-income housing complex along Edgewood Road in Cedar Rapids was only ...
- How luxury apartments in Uptown affect low-income tenants in Frogtown
Crossroads at Penn in Richfield and Meadowbrook Manor in St. Louis Park were middle-aged apartment complexes that offered a large supply of what has become known as naturally occurring affordable housing, NOAH for short.
They aren’t public and they aren’t subsidized, but their owners did accept state and federal housing vouchers that helped low-income tenants pay ...