Minnesota Equity Fund (MEF) provides investors a competitive economic return and the social impact of helping create and preserve safe, high-quality, energy efficient, affordable housing.
Investment Details
Strategies for Investor Equity
MEF offers two strategies for placing investor equity: proprietary funds and multi-investor funds.
Funds are managed by GMHF’s joint venture partner, Cinnaire. Investors include financial institutions, insurance companies, and other C-corporations (including Fortune 500 companies).
Typical investor benefits include:
- Investors receive a dollar-for-dollar reduction in their federal income tax liability.
- Banks have the opportunity to benefit from tax losses generated by affordable housing developments.
- Bank investors can receive positive consideration toward their rating under the Community Reinvestment Act (CRA).
- LIHTC assets have been consistently stable and high performing among peer real estate classes.
Both GMHF and Cinnaire are Community Development Financial Institutions (CDFIs) with proven track records of investment management, underwriting, asset management, and SEC, HUD, and IRS compliance.
GMHF and Cinnaire seek to invest in affordable housing in Minnesota, Wisconsin, Illinois, Indiana, Michigan, New Jersey, Pennsylvania, Delaware, and Maryland.
Our Joint Venture Team
Greater Minnesota Housing Fund
GMHF is Minnesota’s leading nonprofit funder of affordable housing, having invested over $1.2 billion in 200+ communities, leveraging $4.3 billion and creating nearly 24,000 homes for low-income, cost-burdened Minnesota households.
GMHF operates a $220 million Revolving Loan Fund providing predevelopment, acquisition, construction, bridge, mezzanine, and first mortgage financing for affordable housing throughout Minnesota.
GMHF is certified by the Department of Treasury as a CDFI, is a member of the Federal Home Loan Bank of Des Moines, and is rated 4-Star AA+ Policy Plus by Aeris.
Cinnaire
Cinnaire is a full-service CDFI that has invested $5.7 billion in LIHTC capital to produce or preserve over 1,000 affordable housing developments with nearly 64,000 homes since 1993. They currently manage 76 affordable housing equity funds and $519 million in New Market Tax Credits.
Cinnaire supports community stabilization and economic development by developing and nurturing partnerships with investors and mission-focused organizations. They provide creative loans, investments, and best-in-class services to partners.
Types of Housing Investments
MEF invests in the following types of affordable housing:
- Supportive housing for disabled persons, veterans and their families, homeless youth, families with children, and long-term homeless
- Workforce housing
- Senior housing
- Historic preservation
- Mixed-use and mixed-income housing
- Rural development preservation, new construction, acquisition/rehabilitation, and historic adaptive reuse
Reach Out to Learn More
John Errigo
John Errigo
Managing Director of Equity Investing & NOAH Fund Manager
John directs the work of our subsidiaries — the Minnesota Equity Fund and NOAH Impact Fund.
Angie Johnson
Angie is our Director of Capital Development & Investor Relations, bringing nearly 20 years of fundraising experience, including 8 years in affordable housing to the role.
Most recently before joining our team, she was VP of Development Operations for CommonBond Communities. Angie has also worked in various roles with Lutheran Social Service of Minnesota and The College of St. Scholastica.
She holds a Bachelor’s in English and Communications and a Master’s in Management, both from The College of St. Scholastica.
Angie Johnson
Director of Capital Development & Investor Relations
Angie works with public and private funders and investors to amplify our investments.
Interested in Other Investment Opportunities?
We connect socially driven investors with innovative developers. When you work with GMHF to put your money into affordable housing, families thrive, individuals are healthier, and children achieve better educational outcomes.