More than half of low-income renter households in Minneapolis live in unsubsidized housing, often referred to as naturally occurring affordable housing (NOAH). Years of low rental vacancy rates have made these properties attractive to investors, leading to increased sales of NOAH property, followed by higher rents and displacement of renters who cannot afford rent increases or are not given opportunities to stay.
31xx - 31xx 22nd Avenue S, SMMF Properties 30xx Pillsbury Avenue S, NOAH Preservation Fund Property
Preservation Programs
The City’s NOAH preservation strategy, launched in 2017, includes property tax and energy efficiency incentives for NOAH owners, as well as acquisition financing for small and larger scale NOAH acquisitions. Click on each program to learn more:
Program |
Type of Incentive |
Property Type |
Partners |
| NOAH Preservation Fund | Deferred loan fund for acquisition | NOAH properties for sale in Minneapolis; typically larger portfolios in good condition | Preservation buyers, community development financial institutions, private market sellers |
| Small & Medium Multifamily Loan Program | Loan fund for acquisition | NOAH properties in small to medium sized buildings (2 – 49 units) for sale in Minneapolis | Twin Cities LISC, Land Bank Twin Cities (acquisition partner), private market sellers |
| 4d Affordable Housing Incentive Program | Property tax rate reductions, energy efficiency and solar energy incentives | NOAH properties with owners willing to make long term affordability commitments | Private market owners |