News

Articles and Press by and about Greater Minnesota Housing Fund

  • Latest way local governments are trying to combat the Twin Cities’ affordable housing crisisLatest way local governments are trying to combat the Twin Cities' affordable housing crisis
    Two apartment complexes in Richfield tell the story of one way local governments are trying to maintain the region’s supply of privately owned affordable housing. One of those complexes, Crossroads — which is now called the Concierge — has been undergoing a significant renovation since being purchased in 2015 by new owners. Many tenants, along with ...
  • Gateway renovations get high marksGateway renovations get high marks
    The early reviews are rolling in on the what’s-old-is-new-again Gateway Tower apartments on West Superior Street in downtown Duluth, and tenants say the renovations are a hit. “It couldn’t look better,” said 62-year-old Jan Nash, an 11-year resident of the 14-story tower. “New cabinets, new toilet and shower, new floors.” “Huge bathroom,” said Pam Blommer, 55, who ...
  • UnitedHealthcare Invests $18.3 Million to Help Build New Affordable-Housing Communities in MichiganUnitedHealthcare Invests $18.3 Million to Help Build New Affordable-Housing Communities in Michigan
    UnitedHealthcare is investing $18.3 million to help build two new affordable-housing communities in Hart and Oak Park, Michigan. The announcement was made at a groundbreaking ceremony for Jefferson Oaks in Oak Park, where community leaders and investment partners celebrated the start of construction for the 60-unit mixed-income community. UnitedHealthcare is investing $14.6 million in the Oak ...
  • Oak Park targeted for affordable housing projectOak Park targeted for affordable housing project
    On Tuesday, officials with UnitedHealthcare will announce their investment to build Jefferson Oaks, a 60-unit mixed-income project in Oak Park at the site of a vacant school near Nine Mile and Rosewood Street. The project developer, Community Housing Network, will transform the former school into 20 apartments and build eight townhome buildings on the school campus, ...
  • Affordable housing community to be built on former school campus in Oak ParkAffordable housing community to be built on former school campus in Oak Park
    The new community will be built on the site of the vacant Thomas Jefferson School building and campus. It will include 20 apartments and eight townhome-style buildings with 40 homes. Dennis Mouras, CEO of UnitedHealthcare Community Plan of Michigan, announced in a press release, that UnitedHealthcare is investing $14.6 million in the Oak Park development. This ...
  • Editorial: Another way to keep housing affordableEditorial: Another way to keep housing affordable
    From a June 22, 2017 editorial in the Pioneer Press. Not all affordable housing is government-supported or subsidized. Across the nation and in the Twin Cities, there’s also so-called “naturally occurring” affordable housing — by acronym, NOAH. Much of it includes modest but good-quality apartment complexes built between the World War II era and the 1980s. We see such ...
  • 10 years in, Duluth’s San Marco Apartments considered a model10 years in, Duluth's San Marco Apartments considered a model
    If not for the San Marco Apartments, Lisa Ronnquist, 60, said she’d probably have died homeless on the streets of Duluth by now. “This place saved my life,” she said. Ronnquist was a chronic alcoholic when she came to the newly constructed San Marco 10 years ago as one of its first residents. “Before we had this place, ...
  • Rochester and SE Minnesota feel housing pinch, discuss optionsRochester and SE Minnesota feel housing pinch, discuss options
    The Rochester Area Foundation, regional chambers of commerce, and other Southeast Minnesota regional initiatives hosted a workforce housing summit in Rochester in May 2017. Television station KTTC produced a short video featuring interviews with local workers struggling to make rent and stay in their homes to help set the stage for the discussion and show what’s ...
  • Sold Out: documentary shares tenant stories, lifts up solutions to loss of affordable housingSold Out: documentary shares tenant stories, lifts up solutions to loss of affordable housing
    Produced by Twin Cities PBS, in partnership with local advocates and funders, “Sold Out: Affordable Housing at Risk” reveals the price we all pay when families are pushed out of our communities as modestly priced units are replaced with upscale developments. In 2015, an ultimatum was given to hundreds of tenants at the Crossroads at Penn: ...
  • New documentary captures human cost of Twin Cities’ affordable housing problemNew documentary captures human cost of Twin Cities' affordable housing problem
    Peter Callaghan of MinnPost covered the “Sold Out” screening and panel discussion with displaced tenants, organizers, nonprofit developer, and GMHF’s Warren Hanson. “Crossroads” was the name of a large, almost-50-year-old apartment complex in Richfield that, in 2015, was purchased, renamed and “upscaled” to bring in higher rents in a tight market. Because of that transformation, which displaced ...
  • Making a home in MarshallMaking a home in Marshall
    United Community Action Partnership helps provide a long list of needed services in southwest Minnesota, including services related to housing. But, Jeff Gladis said, this was something different for the organization: actually building new houses. On Wednesday, Gladis, the housing director at UCAP, came together with other representatives from UCAP, the city of Marshall, Turkey Valley Farms, ...
  • NOAH in the Twin Cities gets financing boost from Freddie Mac
    Here’s an acronym to get behind: NOAH, for naturally occurring affordable housing. Freddie Mac, the federal mortgage agency, is offering $100 million to finance first-time mortgages as part of a larger effort to preserve affordable housing in and around Minneapolis. The NOAH Impact Fund, an equity fund launched last year by the non-profit Greater Minnesota Housing Fund, ...
  • Millions of affordable housing units are flying under the radarMillions of affordable housing units are flying under the radar
    Oscar Perry Abello reported this story for Next City on June 7, 2017. In times like the Great Recession, when the economy grinds to a halt, entrepreneurs like Michael Altheimer can’t help but start thinking: What if? “Before the crash, we were doing mostly for-sale housing, but during the crash, we started learning about underwriting rental housing,” Altheimer ...
  • Bremer, Western, and Sunrise Banks join $25 million affordable housing fundBremer, Western, and Sunrise Banks join $25 million affordable housing fund
    Jim Buchta of the Star Tribune reported on June 6, 2017 that GMHF announced the identities of seven public and private investors that have raised more than $25 million to acquire and preserve 1,000 unsubsidized, affordable rental units in the Twin Cities over the next couple years. The formation of the NOAH Impact Fund, which was announced ...
  • NEWS RELEASE: New $25M Fund officially launched, investors namedNEWS RELEASE: New $25M Fund officially launched, investors named
    Warren Hanson, president & CEO of the Greater Minnesota Housing Fund, announced today that it has officially launched the $25 million NOAH Impact Fund, 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 C unsubsidized, private rental housing serves more ...
  • NOAH Impact Fund to officially launch on June 6NOAH 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 CitiesGroups 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 MinnesotaAddressing the Need for Affordable Housing in Southeast Minnesota
    From KAAL-TV: 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 neighborhoodLIHTCs 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 CitiesFund 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 ...

 

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