Applications are typically accepted on a pipeline basis. Our application process is currently closed, and we will begin accepting applications again later this year.
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31xx Pillsbury Avenue S 30xx Pillsbury Avenue S
The properties above are part of larger portfolio purchased by Aeon in 2019 using the Minneapolis NOAH Preservation Fund.
Rent and income restrictions
- NOAH portfolios must contain 75% or more units that are affordable to households making less than 80% of the Area Median Income (AMI); and 20% of those units must be affordable to households making less than 60% of AMI.
- Borrowers are required to commit to a fixed number of affordable units for a fixed time frame when applying for NOAH Preservation Fund loans.
- Deferred loans of up to $35,000 per unit at or below 60% AMI with 0% interest for a 10-30 year term are available to assist with acquisition financing of NOAH properties. Borrowers are encouraged to include more deeply affordable units, and the City may award up to $40,000 for each unit at or below 50% AMI. Priority is given to acquisitions that have higher numbers of deeply affordable units, and that preserve affordability for longer than 10 years.
- NOAH Preservation Fund guidelines
Application process and resources
- Sign up to receive email updates about the next application window
Follow the link and check the NOAH Preservation Fund box under “Housing & Development.”
- Diagram: understanding the loan application and closing process
- Financial proforma template for prospective borrowers
- Closing checklist for borrowers
- Pre-application requirement: all borrowers must complete a pre-application meeting with NOAH program staff. To schedule a meeting, email the Naturally Occurring Affordable Housing Preservation Fund team
- Include the address of the property you plan to acquire when requesting a meeting.
- Plan on completing a financial proforma for the proposed acquisition prior to the pre-application meeting.