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, and we will begin accepting applications again in late 2022.

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.
  • A preference is given to projects with the highest numbers of affordable units.

Loan terms

  • Deferred loans of up to $35,000 per unit with 0% interest with 10-30 year term are available to assist with acquisition financing of NOAH properties. Funding awards are tied to the number of 60% AMI units. Preference is given to projects that preserve affordability for longer than 10 years.
  • View the NOAH Preservation Fund Guidelines

Application process - currently closed, will re-open in late 2022

  • Eligible borrowers are non-profit housing owner operators, or limited partnerships or limited liability companies in which the managing general partner or managing member is a non-profit corporation, or public agency, with a mission to provide long term affordable housing opportunities and demonstrated experience and capacity in owning and operating high quality and well managed affordable housing; the Land Bank Twin Cities, Inc; or for-profit housing owner/operators with demonstrated experience in real estate ownership, operations or development serving BIPOC (Black, Indigenous and People of Color) renters.
  • Applications for NOAH funds are on a rolling basis.


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Contact us

Dean Porter-Nelson

Community Planning & Economic Development




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