The $25 million equity fund, part of the Greater Minnesota Housing Fund, aims to preserve naturally occurring affordable housing (or NOAH) by connecting social impact investors with developers and owners in the Twin Cities.
NOAH invested in the acquisition of a 768-unit affordable housing portfolio, working alongside nonprofit developer Aeon, Enterprise Community Investment, Bellwether Enterprise, BMO Harris Bank, the Bloomington Housing and Redevelopment Authority and the St.
Paul Housing and Redevelopment Authority.
Bellwether contributed $60 million in debt, while Enterprise Community Investment and BMO Harris kicked in $12.7 million in equity.
The NOAH Impact Fund was raised last year with capital from Minnesota foundations and community banks.