Greater Minnesota Housing Fund

Affordable Housing lending: please see schedule o for the description of affordable Housing lending.greater Minnesota Housing Fund (gmhf) operates a revolving loan Fund and annually provides between $80 million and $100 million in a variety of loans to assist affordable Housing development organizations create or preserve approximately 1,000 permanently affordable multifamily and single-family homes. Gmhf provides low-cost loans for planning and predevelopment, site acquisition, construction, rehabilitation, tax increment and equity-bridge financing, first mortgage loans, and working capital enterprise level loans for qualified affordable Housing development organizations. These loans ensure affordable Housing developers have the capital necessary to undertake high-priority multifamily and single-family affordable Housing real estate developments in communities throughout Minnesota.

Affordable Housing investing activities: please see schedule o for the description of noah impact Fund llc (nif) and Minnesota equity Fund (mef).noah impact Fund llc (nif), a wholly owned Minnesota not for profit limited liability company, was organized on june 1, 2017 with the mission of preserving existing unsubsidized class b and c older affordable rental Housing at risk of lost affordability due to upscaling by investors. Nif's activities are designed to further the charitable purposes of its parent affiliate, gmhf, by preserving the affordability of unsubsidized rental Housing stock, ensuring property owners accept section 8 and other rental assistance vouchers, and preventing the displacement of current residents. Nif raised $32.5 million in social impact capital for noah pool i llc (np1), closed on june 1, 2017, with investments from social impact funders including financial institutions, local and state government agencies, and philanthropy. Np1 deployed $30.6 million to preserve the affordability of 701 rental units at risk of being upscaled which would have resulted in significant rent increases and displacement of low-income tenants. Nif's activities were paused from 2020 to 2023 due to the covid-19 pandemic and related economic disruptions. Nif raised $33.5 million from a similar mix of social impact funders to capitalize noah pool ii llc (np2). Np2 closed on may 31,2024 and is expected to preserve the affordability of 500+ rental units.minnesota equity Fund, a non-profit subsidiary of gmhf, was created in 2011 to assemble private equity capital for the development and preservation of affordable rental Housing through the syndication of federal low-income Housing tax credits (lihtcs) and, occasionally, federal historic tax credits and energy-related tax credits . Through the end of 2023, mef has facilitated the investment of over $285 million of gross equity in 50 projects with 2,726 new and preserved units in Minnesota and other states through multi-investor and single investor funds. In addition to financing affordable workforce Housing for families and individuals and affordable Housing for seniors, mef has funded permanent supportive Housing which combines Housing and services for formerly homeless people who suffer from chronic health problems including mental illness, substance use disorders, and may otherwise be hard to house.

Affordable Housing programs, planning and technical assistance: please see schedule o for the description of gmhf's affordable Housing programs, planning and technical assistance.more than just a lender, Greater Minnesota Housing Fund is known for its innovation and creative approaches to Minnesota's affordable Housing challenges:grantmaking: gmhf awards grants to a variety of individuals and organizations across the state that advance the gmhf programs described below and for strategic and specialized opportunities such as affordable Housing advocacy, legal services, tenant organizing, homebuyer and developer training, Housing research, community-based planning, cross-sector collaboration, local planning, technical assistance, and other activities to advance the affordable Housing agenda in minnesota.programs and initiatives: gmhf implements a series of programs to promote best practices in the affordable Housing field, including:(a)emerging developers of color program supports bipoc individuals and bipoc-led organizations in their growth as affordable Housing developers with grant funding, technical assistance, and training;(b)housing & health equity initiative links healthcare partners with the Housing community to create investment and innovative Housing solutions;(c)rural and tribal capacity building works to serve Housing development in Greater mn with technical assistance, grant funding, resource matching, and policy and programmatic advocacy;(d)green lending initiative supports the electrification and decarbonization of existing and new affordable Housing with pilot projects, technical assistance, resource matching, grant funding, financing, and policy and programmatic advocacy;(e)small noah program supports small, emerging landlords in acquiring and preserving naturally occurring affordable units throughout Minnesota's rural and urban areas, with an emphasis on assisting emerging black, indigenous, and people of color with their participation in the preservation of affordable housing.gmhf serves as fiscal sponsor for the heading home Minnesota funders collaborative whose purpose is to engage philanthropy in supporting state and local plans to end and prevent homelessness and Greater production of permanent supportive Housing with services.research and development: gmhf conducts research on best practices and strategies in affordable Housing and develops demonstration projects, as well as pilot programs and initiatives that can be adopted and implemented statewide.