Kyle Larsen

Greater Minnesota Housing Fund

Greater Minnesota Housing Fund supports the creation of strong communities and affordable homes by making strategic investments and forming effective partnerships. GMHF is a Minnesota nonprofit organization and certified Community Development Finance Institution (CDFI) that provides affordable housing financing (short-and long term lending products), offers technical assistance to local communities and developers, researches and implements new housing strategies, provides statewide policy leadership, and provides grants to affordable housing organizations. As the largest affordable housing CDFI in Minnesota with a Four Star, AA+, Policy Plus rating from Aeris, GMHF secures charitable contributions and investments from banks, philanthropies, corporations, and individuals and directs these resources to construct and preserve single-family and multifamily rental housing that is affordable to low- and moderate-income households in rural areas, small towns, and cities across Minnesota. GMHF operates a nonprofit subsidiary called the Minnesota Equity Fund (MEF), a social enterprise designed to raise equity capital from Minnesota corporations and banks to invest in well designed, high quality, sustainable affordable housing developments throughout Minnesota, including in the Twin Cities metro and in neighboring states. MEF provides approximately $25 million in equity capital to finance affordable housing developments each year. GMHF also manages a new fund to preserve naturally occurring affordable housing (NOAH), called the NOAH Impact Fund. The fund is deploying $25 million in its first phase to acquire and preserve the affordability of up to 1000 units of unsubsidized affordable housing. GMHF is a member of the Federal Home Loan Bank of Des Moines. GMHF provides $20 million to $30 million annually in development loans for predevelopment, construction, bridge, and mini-permanent financing for affordable housing and community facilities.