News

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, ...

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, ...

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 ...

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 ...

Warren Hanson, Greater Minnesota Housing Fund’s (GMHF’s) Founding president & CEO, announced on June 6, 2017, that GMHF 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 ...

On June 6, Greater Minnesota Housing Fund will announce the official launch of its $25 million NOAH Impact Fund and will name 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 C unsubsidized, private ...

Neal St. Anthony reported in his Sunday column in the Star Tribune that the NOAH Impact Fund will officially launch on Tuesday, June 6. 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 1,000 ...

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 ...

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 ...

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 ...

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 ...

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 ...

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 ...

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 ...

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 ...

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 ...

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 ...

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 ...

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. Greater Minnesota Housing Fund, a nonprofit affordable housing lender, is developing the nation’s first regional pool of money to help buyers who want ...

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 ...