Greater Minnesota Housing Fund

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/

There's still room to join this Proforma training from our Emerging Developers of Color program. Sign up or share this opportunity!

Congratulations JADT Development on your recent loan closing for an upcoming project at 34th & Nicollet in Minneapolis. GMHF is providing a predevelopment loan for this project. Predevelopment loans help cover costs to determine what’s needed to make a project successful, before construction begins. The 79-unit senior living development will have 6 stories with units that are family friendly and full of amenities. JADT is working with the Blaisdell YMCA to explore services for residents who will eventually live in the building. 32 units will be available for seniors at 30% AMI (area median income), 18 units for those at 50% AMI and 29 units at 60% AMI. In early 2024 GMHF also provided an acquisition loan for the purchase of the lot needed to develop the new construction project. Learn more about JADT Development, their team, and developments here: https://lnkd.in/guH6sfyr

Congratulations Real Estate Equities on your recent loan closing with GMHF for Decatur Landing II in Brooklyn Park! GMHF is providing a construction/bridge loan for this project. This upcoming new construction is the second phase of their Decatur Landing project with Decatur Landing I set to begin leasing in 2025. GMHF also provided similar financing for phase one. When complete these two phases will offer 350 units for Minnesotans in the northwest metro to call home. Apartments will be a mix of 1-, 2-, and 3-bedroom units affordable to households earning between 30% - 70% AMI (area median income). Learn more about Real Estate Equities here: https://lnkd.in/gsi5junx?

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

#OpenOpportunity: Loan Officer (open until filled). We’re looking for a Loan Officer with experience originating multifamily loans, reviewing proformas, and sizing mortgages for building new and preserving existing properties. This role will report to our Chief Underwriter and Sr. Loan Officer and is open until filled! Candidates who have interest or experience in decarbonization and “green” lending or “green” multifamily development will also find this role to be a good fit. Find the position description, including salary details and how to submit here: https://lnkd.in/eq5Zzeg3 Do you know someone who’d be a great fit? Help us reach more talented candidates by sharing this post.

Congratulations LS Black Development on your recent loan closing for The Meadows at Prairie Ridge in Woodbury. GMHF is providing a predevelopment loan for the upcoming park side project in Woodbury. Predevelopment loans cover costs that help get a project moving towards construction and eventually to welcome new residents! The 237-unit new construction project will feature a mix of 1-, 2-, and 3-bedroom units renting to households earning less than 60% AMI (area median income). This project will be on the northeast corner of Prairie Ridge Park and near an industrial job center in the area. LS Black is looking forward to the project closing on its construction and permanent financing in 2025. Congratulations again LS Black Development! Learn more about their work here: https://lnkd.in/gxWDXqvX

#SignalBoost for this new video from Minnesota Homeownership Center about the new First Generation Down Payment Assistance Fund from Midwest Minnesota Community Development Corporation. This fund gives homebuyers up to $32,000 for towards the purchase of their home. Watch and share the short video & learn more with these links: About the program, subscribe for updates and apply when the app re-opens: https://lnkd.in/g2wGEMzn Find a homebuyer education program: https://lnkd.in/g6ES-jMy

“There’s no, ‘NO’ in NOAH,” a fitting quote from a key partner who helped get NOAH Impact Fund Pool II over the finish line! Pool I closed and opened for projects in 2017. With all the many ways the world has shifted since that initial launch --– it took longer to get the conditions right for launching Pool II. We are happy to report that Pool II closed at the end of May. In July we held a small commemoration for Pool II with partners, colleagues, and friends of our social impact fund. Our celebration featured short remarks from Andrea Brennan, our President & CEO, Rudy Guglielmo Jr., Grantmaking Officer at Bush Foundation, and John Errigo, Managing Director of Equity Investments and NOAH Fund Manager here at GMHF. “NOAH Impact Fund is a great example of leveraging partnerships to do more than any of us can do as individual organizations to serve people in our communities,” said Andrea of how NIF is a shining example of cross-sector partnerships that move the needle on housing preservation. Pool II will deploy investment funds over 30 months (now through 2026) to keep naturally occurring affordable housing (NOAH) units affordable in the Twin Cities metro area. Preservation of these units that are typically unsubsidized by federal programs helps keep families in their homes. Thank you to our partners: Bridgewater Bank, Bush Foundation, Hennepin County, Highland Bank, Metropolitan Council of the Twin Cities, Minnesota Housing, Minnwest Bank, Ramsey County and Sunrise Banks. Congratulations to the staff and consulting partners who worked hard to get the fund fully capitalized and ready for new projects to preserve NOAH units in MN. We did it! And a special shout out to The Lexington's event staff, servers, and bartenders who made sure our celebration was just right!

Thank you to Frogtown Community Center for hosting our All Staff meeting! GMHF has grown and this is the first all staff meeting with nearly all of our now 31 staff members. We only snapped a few quick photos because we were busy balancing the challenging tasks of eating lunch AND doing a "Get to Know You" icebreaker* (important stuff). We also had presentations from colleagues about the work we're doing to create and preserve affordable housing for our neighbors! Frogtown Community Center was bustling with summer programming participants and other community members holding meetings of their own. Their large multipurpose room was well equipped for our meeting! It felt good to get out into community as we spent some time connecting as a staff. We're feeling energized about building momentum together on all the things we covered at this gathering. Shout out to our Admin staff for their work getting everything coordinated as well! *no introverts were harmed in the making of our meeting agenda