NOAH Impact Fund for Investors

Investing in multifamily rental housing ensures long-term affordability and reduces the displacement of low-income residents, allowing mission-motivated investors to move their dollars beyond charitable giving and grant making to consider both financial return, and social good. All investments target rental properties at risk of conversion to higher rents and the threat of displacement of low- and moderate-income residents.

Though the NOAH Impact Fund is fully subscribed, we invite you to connect with our staff to learn more about GMHF’s approach to preservation of NOAH units through social impact investment.

NOAH Impact Fund blends private capital, patient capital, and public agency capital with equity to produce a blended, very low-cost source of equity for at-risk, naturally occurring affordable housing for low- and moderate-income families and individuals, including seniors.

Impact investing allows mission-motivated investors to move their dollars beyond charitable giving and grant making to consider both financial return and social good. Greater Minnesota Housing Fund officially launched NOAH Impact Fund in June 2017, to preserve NOAH properties in the Twin Cities Metro area. 

NOAH Pool I deployed $32.5M and preserved 701 NOAH units. NOAH Pool II, which closed in 2024, is deploying $33.5M to preserve another 550 NOAH units. 

Read more stories about NOAH preservation through NOAH Impact Fund.

Thank You, Pool I Investors

Bremer Bank, Sunrise Banks, Minnesota Housing Finance Agency, Hennepin County, The McKnight Foundation, Western Bank, a Division of American National Bank, and Greater Minnesota Housing Fund.

Thank You, Pool II Investors

Bridgewater Bank, Bush Foundation, Hennepin County, Highland Bank, The Metropolitan Council, Minnesota Housing, Minnwest Bank, Ramsey County, Sunrise Banks, and Greater Minnesota Housing Fund.

Thank You to Our Partners

To date the fund has partnered with Aeon, Hempel Companies, and Real Estate Equities to preserve NOAH properties.

NOAH Impact Fund blends private, patient, and public agency capital to produce a blended, very low-cost source of equity. This blended structured fund maximizes over 50% participation by private, regulated bank capital and is replicable both in the Twin Cities Metro Area and in any region in the country.

NOAH Impact Fund provides 90% of the equity required to acquire the property, and the operating partner co-invests 10% of the equity. The balance of the acquisition and rehabilitation financing is provided by conventional debt, generally through Freddie Mac.

NOAH Impact Fund targets CRA-qualified affordable housing investments, and investments that qualify as endowment-funded program related investments for foundations.

NOAH Impact Fund is backed by Greater Minnesota Housing Fund in our capacity as a CDFI and statewide housing intermediary. Here are the benefits of GMHF as an intermediary for investors.

• Proven track record: GMHF is Minnesota’s largest statewide non-profit housing intermediary with nearly 30 years of impact lending and investment expertise.
• Strong fund management: GMHF is a certified CDFI with an Aeris rating of ★ ★ ★ ★ AA+ Policy Plus, with strong operating systems, sound corporate governance, actively managed loan loss reserves, and best in class underwriting, along with superior fund-, asset-, and risk-management.
• Systems change and innovation: GMHF responds to market needs quickly and effectively with technical assistance, community of practice convenings, and development of low-cost financing products like HIF.
• Diverse investor partners: GMHF has a strong base of financial partners including banks, governmental agencies, and foundations to provide structure and manage risk.
• Long-term developer relationships: GMHF partners with for-profit and non-profit developers to create and preserve affordable housing throughout Minnesota.