Greater Minnesota Housing Fund (GMHF) aims to improve the quality and increase the supply and affordability of housing in Minnesota by investing in affordable housing and sustainable development solutions that strengthen communities across Greater Minnesota. These solutions come in the form of programs, lending, grantmaking, and research & development, all of which aim to advance social and economic mobility for low-income Minnesotans.
GMHF is Minnesota’s leading nonprofit affordable housing lender and has conducted direct financing of over $253 million and leveraged more than $1 billion in capital investments, resulting in the financing of over 13,200 homes in its 20-year history. GMHF operates a revolving development loan fund for affordable housing pre-development, acquisition, construction, bridge and longer-term amortizing permanent loans for tax increment financing and first mortgage financing.
Currently GMHF is working with socially motivated investors and owner-operators to launch a new fund to preserve naturally occurring affordable housing (NOAH) that is at risk of being upgraded to expensive apartments that displace low-income families.
GMHF also operates the Minnesota Equity Fund (MEF), an equity investment vehicle for socially motivated investors to finance affordable housing which has provided over $60 million in social equity. GMHF is certified by the Department of Treasury as a Community Development Financial Institution (CDFI), and is a 501(c)(3) nonprofit organization founded in 1996 to address the affordable housing needs of Minnesota’s under-served areas including cities, towns, rural areas, and tribal nations. GMHF is also a member of the Federal Home Loan Bank of Des Moines.