Our application process is currently closed. However, you'll have the chance to apply when we reopen the process. The application period will last for six weeks, starting from March 13, 2024, until 4 pm on April 24, 2024.
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
During the application window:
- If we receive fewer than 4 qualified applications, we will extend the application window for another month.
- If we receive more than 4 qualified applications, we will evaluate and select a total of 4 projects that closely align with our program criteria.
- Should any of the 4 selected projects not proceed, staff may check whether any non-selected, qualified projects from the same application round can proceed to closing.
We are prioritizing applications with:
- Greater numbers of more deeply affordable units at or below 50% of the Area Median Income (AMI).
- A longer affordability term exceeding the minimum 10-year term.
- Smaller scale and emerging developers with ties to the neighborhood where the project is located.
Resources for prospective borrowers
- 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