Greater Minnesota Housing Fund

SUPPORTING THE CREATION AND PRESERVATION OF AFFORDABLE HOUSING IN GREATER MINNESOTA.

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 LOSS DUE TO AGE OR CONVERSION TO LUXURY HOUSING. PRESERVATION ACTIVITIES OF NOAH IMPACT FUND LLC ARE DESIGNATED 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 AVOID DISPLACEMENT OF CURRENT RESIDENTS. NOAH IMPACT FUND RAISED $32.5 MILLION IN SOCIAL IMPACT CAPITAL FOR NOAH POOL I LLC, ORGANIZED JUNE 1, 2017, WITH INVESTMENTS FROM SOCIAL IMPACT FUNDERS INCLUDING FINANCIAL INSTITUTIONS, LOCAL AND STATE GOVERNMENT AGENCIES, AND PHILANTHROPY. NOAH POOL I HAS INVESTED $23.4 MILLION TO PRESERVE THE AFFORDABILITY OF BETWEEN 600 AND 650 RENTAL UNITS AT RISK OF BEING UPSCALED WHICH WOULD HAVE RESULTED IN SIGNIFICANT RENT INCREASES AND DISPLACEMENT OF LOW-INCOME TENANTS.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 (LIHTC). THROUGH THE END OF 2022, MEF HAS FACILITATED THE INVESTMENT OF OVER $250 MILLION IN LIHTC EQUITY CAPITAL FOR PROJECTS IN MINNESOTA AND OTHER STATES THROUGH MULTI-INVESTOR AND SINGLE INVESTOR FUNDS. AS OF THE END OF 2022, MEF HAS FACILITATED LIHTC EQUITY INVESTMENTS IN MORE THAN 2,350 NEW AND PRESERVED UNITS OF AFFORDABLE MULTIFAMILY HOUSING. IN ADDITION TO CREATING AFFORDABLE HOUSING FOR WORKFORCE FAMILIES AND INDIVIDUALS, MEF FUNDED AFFORDABLE HOUSING DEVELOPMENTS INCLUDE PERMANENT SUPPORTIVE HOUSING (PSH) FOR HOMELESS INDIVIDUALS 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.IN ADDITION TO LENDING, GREATER MINNESOTA HOUSING FUND DELIVERS A VARIETY OF TECHNICAL ASSISTANCE AND GRANTMAKING ACTIVITIES AND WORKS IN CONJUNCTION WITH NONPROFIT ORGANIZATIONS AND GOVERNMENT AGENCIES TO ADVANCE THE DEVELOPMENT OF AFFORDABLE HOUSING SPECIAL HOUSING PROGRAMS AND INITIATIVES, CONDUCT RESEARCH AND DEVELOPMENT OF HOUSING MODELS, BUILD THE CAPACITY OF EMERGING DEVELOPERS OF COLOR, PILOT DEMONSTRATION PROJECTS, AND PROMOTE PUBLIC AND PRIVATE INVESTMENT IN AFFORDABLE HOUSING. GRANTMAKING: GMHF PROVIDES CAPACITY-BUILDING AND OPERATING GRANTS TO NONPROFIT HOUSING ORGANIZATIONS IN MINNESOTA WHO CONDUCT SPECIALIZED ACTIVITIES IN THE AREAS OF HOUSING ADVOCACY, LEGAL SERVICES, TENANT ORGANIZING, HOMEBUYER TRAINING, HOUSING RESEARCH, COMMUNITY-BASED PLANNING, CROSS-SECTOR COLLABORATION, LEGAL SERVICES, LOCAL PLANNING AND TECHNICAL ASSISTANCE, AND OTHER ACTIVITIES COMPLEMENTARY TO GMHF TO ADVANCE THE AFFORDABLE HOUSING AGENDA IN MINNESOTA.PROGRAMS: GMHF PROVIDES A SERIES OF PROGRAMS TO PROMOTE BEST PRACTICES IN THE FIELD OF AFFORDABLE HOUSING, INCLUDING (A) THE MINNESOTA HOUSING & HEALTH EQUITY INITIATIVE TO SUPPORT COLLABORATION AND INVESTMENT FOR UPSTREAM SOLUTIONS TO COMMUNITY HEALTH; (B) THE EMERGING DEVELOPERS OF COLOR INITIATIVE TO INCREASE PARTICIPATION OF BLACK, INDIGENOUS AND PEOPLE OF COLOR (BIPOC) DEVELOPERS IN THE AFFORDABLE HOUSING SPACE; (C) THE SMALL NOAH PROGRAM, WHICH 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; (D) REBUILDING BETTER NEIGHBORHOODS TO PROVIDE CASE STUDIES OF MODEL PROJECTS TO INSPIRE COMMUNITIES TO DEVELOP APPROPRIATE AFFORDABLE HOUSING; (E) EMPLOYER ASSISTED HOUSING AND TECHNICAL ASSISTANCE. GMHF ALSO 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. TECHNICAL ASSISTANCE: GMHF PROVIDES DIRECT PLANNING AND TECHNICAL ASSISTANCE TO SUPPORT THE DEVELOPMENT OF AFFORDABLE HOUSING DEVELOPMENTS THAT MEET THE NEEDS OF LOW-INCOME POPULATIONS IN RURAL AND URBAN COMMUNITIES THROUGHOUT MINNESOTA. RESEARCH AND DEVELOPMENT (R&D): 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.