Fountain Terrace is the first pilot project financed by the NOAH Impact Fund.
The fund builds on the best practices nationally of affordable housing developers that have acquired and manage new portfolios of existing unsubsidized affordable housing.
In August 2015, the fund financed the equity portion of a $6.8 million acquisition, rehabilitation, and preservation of a 72-unit, affordable multifamily rental property in New Brighton in partnership with Real Estate Equities (REE), a socially motivated, for-profit owner-operator of affordable and market-rate housing.
The project and the NOAH Impact Fund were highlighted in Affordable Housing Finance.
Hennepin County Commits to Preserving ‘Naturally Occurring’ Affordable Housing