NOAH Fund application window opens June 17

Starting June 17, 2024, the City is accepting applications for Naturally Occurring Affordable Rental Housing (NOAH) Preservation Fund loans. The NOAH Preservation Fund helps housing providers and emerging real estate developers acquire unsubsidized housing to preserve affordability and prevent displacement.

Learn more about NOAH Preservation Fund loans.

The application window will be open for six weeks and close at 4 p.m. on July 29, 2024.

During the application window:

• If we receive fewer than four qualified applications, we will extend the application window for another month.
• If we receive more than four qualified applications, we will evaluate and select a total of four projects that closely align with our program criteria.

• Should any of the four selected projects not proceed, staff may evaluate whether any non-selected, qualified projects from the same application round can feasibly proceed to closing.

We are prioritizing applications with:

• Greater numbers of more deeply affordable units at or below 50% of the area median income (AMI).
• A longer affordability term exceeding the minimum 10-year term.
• Smaller scale and emerging developers with ties to the neighborhood where the project is located.

Program benefits

• Assists eligible buyers in the acquisition and preservation of NOAH rental property in Minneapolis at risk of increased rents.
• Protects low-income renters at risk of involuntary displacement.

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Eligibility

All borrowers, including for-profit and non-profit entities, can apply for funds. We strongly encourage emerging developers and non-profit developers to apply.

NOAH portfolios must contain:

• 75% or more units that are affordable to households making less than 80% of the Area Median Income (AMI).
  • At least 20% of these units must be affordable to households making less than 60% of AMI.

We will focus on applications with a higher percentage of units at or below 60% AMI. We will also give priority to applications with at least some units below 50% AMI.

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Application and loan approval process

 

All applicants must meet with City staff before applying. Please set up a pre-application meeting with NOAH Program staff by sending an email to noahpreservation@minneapolismn.gov. Staff are available to meet with prospective applicants starting immediately. Pre-application meetings will be scheduled up until July 25. All applications must be submitted prior to the deadline on July 29.

When setting up the pre-application meeting, please be sure to include the address(es) of the property you plan to acquire. Before the pre-application meeting, please make sure to review these resources and complete a financial proforma to review at the meeting: 

• NOAH Program process diagram
• NOAH Fund closing checklist (under "Resources for prospective borrowers" section)
• Must include the address(es) for the property(ies) that will be acquired

After the pre-application meeting, we will share copies of the NOAH Preservation Fund application with all applicants.

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For reasonable accommodations or alternative formats please contact Jenni Undis in Community Planning and Economic Development at 612-673-5107 or jennifer.undis@minneapolismn.gov. People who are deaf or hard of hearing can use a relay service to call 311 at 612-673-3000. TTY users call 612-263-6850. Para asistencia, llame al 311. Rau kev pab 311. Hadii aad Caawimaad u baahantahay 311.