Naturally Occurring Affordable Housing Preservation Fund

Our fund helps housing providers and emerging real estate developers acquire unsubsidized housing to preserve affordability and prevent displacement.

Applications are typically accepted on a pipeline basis. Our application process is currently closed. Sign up for the NOAH Preservation Fund email list to receive a notice about the next application window.

NOAH fund image

 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.

Loan terms

  • 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.
  • Proposed updates to the NOAH Preservation Fund guidelines

Application process - currently closed

  • Sign up to receive email updates about the next application window
    Follow the link and check the NOAH Preservation Fund box under “Housing & Development.”
  • Eligible borrowers include all types of for-profit and non-profit entities with sufficient experience in real estate ownership, operations or development serving BIPOC (Black, Indigenous and People of Color) renters.

Resources for prospective borrowers

Request accessible format

If you need help with this information, please email 311, or call 311 or 612-673-3000.

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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

Naturally Occurring Affordable Housing Preservation Fund (NOAH)

Community Planning & Economic Development

Address

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