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Minneapolis fund raises $32 million to preserve affordable housing

The NOAH Impact Fund will acquire affordable housing in Hennepin County, which includes Minneapolis (but not St. Paul).

The fund was launched last year by the Greater Minnesota Housing Fund, a non-profit housing lender with the goal of acquiring and preserving 1,000 existing affordable housing units that would otherwise be converted to market rate and high-end housing.

The fund raised $7 million more than its $25 million target, led by $3 million from the county itself. The McKnight Foundation added $1 million.

Hennepin County contains 30 percent of all rental units in the state and 50 percent of the Twin Cities affordable housing stock.

The county’s low-cost housing supply has shrunk as existing units are bought up and converted.

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