Thanks to a generous $635,000 program-related investment (PRI) from the Graves Foundation, GMHF was able to support a local developer with the acquisition, upgrades, and preservation of 29 family-sized apartments in Minneapolis, 70% of which are three-bedroom units — a rarity in naturally occurring affordable housing (NOAH).
When units become available, families connected to Stable Homes Stable Schools are given first priority, with Minneapolis Public Schools serving as the primary referral source.
Stable Homes Stable Schools is a long-standing partnership between the City of Minneapolis and Minneapolis Public Schools that prevents student homelessness by ensuring families pay no more than 30% of their income toward rent. By stabilizing housing, the program helps students remain in the same schools — supporting academic continuity, well-being, and long-term success.
This marks GMHF’s fourth Naturally Occurring Affordable Housing (NOAH) acquisition in Minneapolis with local developer James Crumble. We provided a $3,916,000 permanent first mortgage and the Graves Foundation PRI supported a $635,000 mezzanine loan.
“This project would not have been possible without the leadership and due diligence of Greater Minnesota Housing Fund,” said Bill Graves, president of the Graves Foundation. “GMHF identified the opportunity, underwrote and structured the primary financing, and brought together partners to make the deal work — ultimately enabling a mezzanine loan structure that created meaningful incentives for the developer while preserving affordability and prioritizing families.”
With the support from the Graves Foundation, this investment helps remove housing barriers so students can remain stably housed and engaged in their learning.
“This is exactly the kind of creative partnership that helps preserve affordability and expand options for families who have historically had too few choices,” said John Rocker, GMHF’s Managing Director of Lending.
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