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.
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.
- 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
- 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.