Get practical advice to help you preserve naturally occurring affordable housing (NOAH) in your community, as well as potential resources and support from NOAH Impact Fund for your project.
Find Your Path to NOAH Success
Connecting Owner-Operators to Capital
Interested in acquiring and maintaining affordable rental properties in the Twin Cities Metro?
NOAH Impact Fund can connect experienced, high-performing owner-operators with the capital necessary to acquire and finance the acquisition and preservation of naturally affordable Class B and Class C rental housing with the shared social goal of preserving affordability for the long term.
Contact our team for more information.
Tips for Your NOAH project
If you are interested in preserving naturally occurring affordable housing in your community, review our best practices below, compiled from interviews with organizations active in NOAH-related transactions in multiple metropolitan areas throughout the US and locally in the Twin Cities.
- Securing lower-cost capital will result in lower, more affordable rents for tenants.
- Due to the speed at which speculators and national investors acquire properties, it is essential to have the readily available capital and professional capacity to close deals within 90 days, or NOAH properties will not be secured for preservation.
- NOAH property management requires highly engaged property management complemented with fund-level asset management to oversee budget conformance, leasing, staffing, etc. Robust asset management is key to a successful portfolio.
- Cost-effective scale requires transactions to be at least 50 rental units or more in one or more buildings and/or locations.
- NOAH Impact Fund invests in well-maintained, stable NOAH properties.
- Energy-saving, green improvements may help increase cash flow by lowering operating costs.
- Acquiring properties in opportunity areas near transportation, jobs, and quality schools increases quality of life and outcomes for low- and moderate-income households.
NOAH Best Practice Partners
Our best practices were compiled from interviews across the U.S. with the following organizations active in NOAH preservation:
- Mercy Housing, Chicago, IL
- Eden Housing, Hayward, CA
- National Housing Trust, Washington, D.C.
- Homes for America, Annapolis, MD
- Adobe Housing, Fremont, CA
- Hispanic Housing Development, Chicago, IL
- MidPen Housing, Mountain Valley, CA
- Community Preservation & Development Corporation, Norfolk, VA
Resources
Use these resources to support your journey as an owner-operator with the NOAH Impact Fund. For more GMHF resources, visit our resource library.
NOAH Pool II Equity Term Sheet
Learn about terms and project eligibility for the NOAH Impact Fund
NOAH Pool II Owner-Operator Guidelines
Read the guidelines for NIF projects
NOAH Pool II Pro Forma Template
Use this pro forma to pull together financials needed to apply to the NOAH Impact Fund
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.
Paul Marzynski
Paul is an Investment Officer for GMHF subsidiaries Minnesota Equity Fund and NOAH Impact Fund. In this role, he is responsible for working with developers, owner-operators, strategic partners, state and local agencies, and other organizations to assess project viability while working toward closing on approved, funded projects.
Paul has over 25 years of real estate experience with a focus on financing, development, and asset management of affordable multifamily developments. Previously, he was a Senior Multifamily Underwriter for Minnesota Housing, having also worked for Dougherty Mortgage, Stonebridge Companies, and Dominium.
Paul has a Master’s in real estate and finance from the University of Wisconsin–Madison.
Paul Marzynski
Investment Officer
Paul works with developers, owner-operators, and other parties to assess project viability.
Dusty Reese
Dusty is an Investment Officer for GMHF subsidiaries Minnesota Equity Fund & NOAH Impact Fund. He is responsible for working with developers, owner-operators, strategic partners, state and local agencies, and other organizations to assess project viability and work to close funded projects.
Dusty is experienced in affordable housing lending and investor relations. Prior to joining GMHF, Dusty held various positions with Enterprise Housing Credit Investments and Rocky Mountain Community Reinvestment Corporation.
Dusty has a Bachelor of Science in English from Utah Tech University.
Dusty Reese
Investment Officer
Dusty works with developers, owner-operators, and other parties to assess project viability.
Explore Our Companion Lending Products
Learn how GMHF helps communities and developers promote the creation of well-planned, mixed-income neighborhoods through a range of loan products.