affordable-housing | April 11, 2017

Minneapolis fund raises $32 million to preserve affordable housing

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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.