We are elated to share that GMHF recently received a gift from MacKenzie Scott’s philanthropic organization, Yield Giving! GMHF was selected through the foundation’s ‘quiet research’ process, a testament to the incredible talent and dedication of GMHF staff and board. This gift comes at a pivotal time of planning for our organization. Thank you, Yield Giving! Read our update here: https://lnkd.in/ejtJNRtg
Greater Minnesota Housing Fund
Financial Services
Saint Paul, Minnesota 2,498 followers
Affordable Homes. Sustainable Communities.
About us
Creating and preserving affordable housing since 1996 GMHF was launched as a joint effort of The McKnight Foundation and Blandin Foundation to address the urgent need for quality affordable housing in Greater Minnesota. Today we work in all 87 counties. We’re committed to addressing the housing needs of Minnesotans in under-served areas including cities, towns, rural areas, and Tribal nations. We are certified by the Department of Treasury as a Community Development Financial Institution (CDFI) and a 501(c)(3) nonprofit organization. GMHF is rated Four-Star, AA Policy Plus by Aeris and is a member of the Federal Home Loan Bank of Des Moines. We provide affordable housing financing (short-, mid-, and long-term lending products) and offer technical assistance to local communities and developers. As a statewide housing intermediary we provide policy leadership and advocacy for creation and implementation of new housing strategies. We provide grants to emerging developers and affordable housing organizations in our shared ecosystem of impact. Our subsidiaries Minnesota Equity Fund (MEF) and NOAH Impact Fund offer more dynamic housing solutions for developers and communities. MEF is a tax credit syndicator and joint venture with Cinnaire. This social enterprise is designed to raise equity capital and invest it in well-designed, high quality, sustainable developments throughout Minnesota and neighboring states. MEF has invested nearly $300M in 50+ developments with 2,700+ affordable units since it's inception. NOAH Impact Fund preserves naturally occurring affordable housing (NOAH) properties. NOAH Impact Fund creates opportunity for socially motivated investors and owner-operators to create and sustain long-term affordability options. Since 2017, this fund has mobilized $23.5M and preserved 701 units of market rate, unsubsidized housing investment.
- Website
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http://www.gmhf.com
External link for Greater Minnesota Housing Fund
- Industry
- Financial Services
- Company size
- 11-50 employees
- Headquarters
- Saint Paul, Minnesota
- Type
- Nonprofit
- Founded
- 1996
- Specialties
- Affordable Housing Finance, Housing Tax Credit Syndications, Sustainable Development, Health Equity, Community Development, Emerging Developers, Diverse Developers, Large Projects, Loans, Grants, and Technical Assistance
Locations
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Primary
Get directions
332 Minnesota Street
Suite 1650 West
Saint Paul, Minnesota 55101, US
Employees at Greater Minnesota Housing Fund
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John Rocker
Director of Lending at Greater Minnesota Housing Fund
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Genesia Williams
Director of Communication & Engagement, Greater Minnesota Housing Fund Owner + Principal, Genesia Doing Things
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Nate Dorr
Housing Capacity Building Program Manager
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Angie Johnson
Fundraising and non-profit leader
Updates
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We are delighted to have received our 4th Bond Guarantee Program (BGP) award from CDFI Fund through OFN! These long-term, low-cost bonds enhance our lending capacity for affordable housing projects throughout Minnesota. This $25M award will allow GMHF to provide permanent loans to our borrowers – a critical tool in our mission to fund the creation and preservation of affordable housing. Thank you, CDFI Fund and OFN!
OFN has been allocated its seventh Bond Guarantee Program (BGP) issuance for $173 million from the Community Development Financial Institutions Fund (CDFI Fund) - the largest in the organization's history and part of the record-breaking $498 million issued this program round. “When CDFIs have access to affordable and long-term capital, so do the communities they serve,” said Harold Pettigrew, Jr.. “With access to more long-term capital, CDFIs can leverage economies of scale, and reach deeper into communities to create more jobs, build more affordable housing units, and support more small businesses." We're excited to partner with Greater Minnesota Housing Fund, New Jersey Community Capital, Florida Community Loan Fund, Nonprofit Finance Fund, Community First Fund, Renaissance Community Loan Fund, and Homewise Inc. to finance opportunity in in low-income and disadvantaged communities across the United States. https://bit.ly/486ky1j
Opportunity Finance Network Issues $173 Million Bond Guarantee, Largest in Organization's History
https://www.ofn.org
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#Signalboost for this upcoming forum in the Brainerd Lakes Area! We can't wait to present and connect with everyone who'll be in attendance. Be sure to register and share: https://lnkd.in/gx683z-2
Do you live in the Brainerd Lakes Area? 🌲 Registration closes on October 14 for our upcoming regional summit. 🏡🏡🏡 Learn how to meet the housing needs of your community through panels, case studies and other resources. Brainerd Lakes Area Housing Summit 🍂 Wednesday, October 23, 9 a.m. to 4 p.m. The Lodge at Brainerd Lakes https://lnkd.in/gx683z-2 Shoutout to our partners! ❣️ Minnesota Housing Partnership Greater Minnesota Housing Fund USDA Rural Development
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Earlier this fall, Healthcare for Housing Minnesota partners met in Duluth for a special tour of the Essentia Health campus in downtown Duluth. Essentia is investing in 3 different housing developments, including considering land use and proposed development opportunities on multiple parcels of vacant land owned by the company. Community partners like One Roof Community Housing, the City of Duluth, and the Reimagining Downtown Project presented throughout the day to provide Healthcare for Housing partners inspiration in pursuing affordable housing solutions to address social determinants of health. Healthcare for Housing participants included Essentia Health, U of M Fairview Health Services, Blue Cross and Blue Shield of Minnesota, CentraCare, Sanford Health, Allina Health, Children's Minnesota, and UCare, among other greater Minnesota affiliated partners. Healthcare for Housing Minnesota will meet again in November. Thank you to everyone who attended we look forward to convening again soon! … About HFHMN: Healthcare for Housing is a coalition that convenes healthcare institutions to advance housing stability as the most critical social determinant of health to achieve health equity. Healthcare for Housing does this through policy and systems work, shared investment and programs, and promoting shared learning to create innovative housing solutions. Learn more: https://lnkd.in/eyCcghv9
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Thank you to The Preservation Compact and to all the panelists and moderators we shared the stage with! While GMHF supports the creation of new affordable housing developments through our lending, equity, and programs, supporting NOAH preservation is a huge part of our work and mission. Preservation of NOAH (naturally occurring affordable housing) units supports stable communities by keeping affordable homes affordable.
Thanks so much to everyone who attended The Preservation Compact's NOAH preservation conference this week! It takes a lot of hard work by great people to make a day like Wednesday possible and I am so grateful. Thank you to all our panelists and moderators for their energy and expertise-- Steve Thomas, Rafael Leon, Stacie Young, Erika Poethig, Brian Allan Jackson, Andrea Brennan, Ruby Harris and National Housing Trust's Moha Thakur. And special thanks to Ruby B. for setting the tone for the day with her opening keynote! It's a pleasure to work with Cassidy Kraimer and Emily Bloom-Carlin who were steadfast in making sure Tuesday went smoothly. And Geoff Smith, Reagan Pratt and Kathleen O'Hare are wonderful partners! Thank you, thanks to Institute for Housing Studies (IHS) at DePaul University, The Real Estate Center at DePaul University and especially to Chan Zuckerberg Initiative for their support of our project.
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Congratulations One Roof Community Housing on your recent loan closing with GMHF for Birchwood Apartments in Grand Marais. GMHF is providing a predevelopment loan for this project. Birchwood Apartments is an existing 24-unit USDA Rural Development (RD) property in northern Minnesota. Residents of the apartment building have been facing massive issues with livability as the building has fallen into disrepair. Rather than tear down the building, potentially displacing residents, One Roof will work to get the existing building back to a livable condition for the Minnesotans who live there. One Roof will work with Frerichs Construction to complete the rehab, and construction is expected to start later in 2024. Predevelopment loans cover costs to find out what will help get an important project like this one to completion. RD properties offer deep affordability for individuals and families under 30% AMI (area median income), with 100% of Birchwood’s units currently receiving some form rental assistance. Making sure these homes are in good condition is a priority of this project and One Roof’s mission! Congratulations One Roof Community Housing, on this loan closing and the future success of this ‘occupied rehab’ project for the Minnesotans who call Birchwood Apartments their home! Learn more about this project (via WTIP North Shore Community Radio): https://lnkd.in/gX9s74TG Learn more about One Roof: https://1roofhousing.org/
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#SignalBoost for this upcoming event in NE MN with Minnesota Housing Partnership! We look forward to connecting with attendees and supporting this capstone event from the Emerging Developers Institute cohort at MHP! Learn more and register here: https://lnkd.in/gZ-vZc8a
Please join us on October 22nd, 2024, for MHP’s Northeast Housing Opportunity Workshop. This event will bring together local officials, community leaders, experienced and emerging developers, funders, lenders, industry professionals, and other stakeholders to address the region's challenges and opportunities. https://lnkd.in/gcVgkmxH Attendees can expect to: Gain insights from presentations and guest speakers on innovative solutions and successful projects Network with professionals and organizations in the field Access valuable information on funding opportunities, resources, and tools Learn about emerging trends and policies shaping the future of housing and community development Collaborate and build partnerships to advance community development efforts Additionally, this event will serve as the capstone to MHP’s 2024 Emerging Developer Initiative (EDI). The EDI cohort has received training, networking, and peer to peer learning over the summer. Topics have included project feasibility & design, site assembly & acquisition, development management, and project funding. This is an opportunity to meet the current and next generation of community development leaders, learn about their project ideas, and explore potential collaboration opportunities. MHP (Minnesota Housing Partnership) convenes, guides, and supports those working to improve the conditions of home and community. Building on decades of experience, we expand housing and community development opportunity for those most impacted by economic and racial disparities by leading collaborative work to promote system change and grow equitable development capacity across the country. In partnership, we help transform aspirations into action. MHP is an equal opportunity provider and employer. Generously supported by the U.S. Department of Housing and Urban Development (HUD)
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Check out our digital annual report to learn how GMHF supports an ecosystem of housing impact: https://lnkd.in/gyhA2fa2 We’re proud to have contributed to the work of developers like Divine Konnections in Duluth and James Crumble in Minneapolis with loan products from our Revolving Loan Fund. We were a policy partner in getting historic investment for housing passed at the Minnesota Legislature. We welcomed new leadership with the retiring of Warren Hanson and the onboarding of our second president and CEO, Andrea Brennan. Grantmaking in 2023 supported green housing in Duluth from Green New Deal Housing, better understanding of housing needs for unhoused neighbors with a study from Wilder Research, bringing housing leaders and community members together in greater Minnesota to create solutions with Minnesota Housing Partnership, and emerging developers of color statewide! Our EDOC program provided over 700 hours of technical assistance for projects like City of Saint Paul Inspiring Communities developments from Dalton Outlaw (Outlaw Development) and Kali Terry (New Verticals Development). Our HHE Fellows formed a new coalition, Healthcare for Housing, to continue cultivating innovative housing and healthy equity solutions from partners like Essentia Health, Allina Health, and CentraCare. We continued to create and preserve affordable housing with our Revolving Loan Fund, Minnesota Equity Fund, and NOAH Impact Fund. All of which set the stage for a productive 2024! A special shout out to Lisa Haines of Juju, llc for the design of our printed annual report and Courtney White from AnthroFocus Digital Marketing for bringing this digital version to life.
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Congratulations One Roof Community Housing on your recent loan closing for the Brae View project in Duluth. GMHF is providing a predevelopment loan for this project. This 72-unit senior apartment project will also use tax credits and other funding to keep apartments affordable. Construction is expected to begin in Spring 2025. There’s also a connection to where housing and health equity meet with Essentia Health providing a land donation for this project! This project, the largest in a slate of developments by the Duluth area housing organization, will also feature a childcare center for families in the area. The majority of the units will be affordable for seniors at or below 50% AMI (area median income) with 15 of the units using a project-based rental assistance program for those at or below 30% AMI. Projects like this help with the creation of new affordable housing in Greater Minnesota. There’s lots of economic growth and changing communities so new housing is a necessity. Congratulations again to One Roof Community Housing on creating a new place for Minnesota seniors to call home! Learn more about One Roof and everything they’re doing in their neck of the woods: https://1roofhousing.org/
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This workshop has reached capacity. ... There's still room to join this Proforma training from our Emerging Developers of Color program. Sign up or share this opportunity!
GMHF’s Emerging Developers of Color program is hosting an in-person proforma training in September for emerging developers of color interested in acquiring small NOAH properties. Registration is open now! Friday, September 20, 2024 12-3pm The Wellstone Center 179 Robie St E, Saint Paul, MN 55107 Learn how to complete and analyze a proforma for Small NOAH acquisition or rehab projects. Staff from GMHF will lead attendees through the basics of understanding this important tool for securing funding for your projects! Whether you’re just starting out or have done a proforma before, this training is for you. Registration is required. Register or share using this link: https://lnkd.in/eZm--5Hp
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