Naturally Occurring Affordable Housing Preservation

The City preserves affordable housing with incentives for owners of Naturally Occurring Affordable Housing (NOAH).

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.

NOAH image

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

 

Contact us

Dean Porter-Nelson

Community Planning & Economic Development

Phone

612-673-5237

Address

Public Service Building
505 Fourth Ave. S., Room 320
Minneapolis, MN 55415

Community Planning & Economic Development (CPED)

Address

Public Service Building
505 Fourth Ave. S., Room 320
Minneapolis, MN 55415