NOAH Preservation Fund
The purpose of this fund is to make sure residents can continue to live in their affordable rental homes.
About NOAH
Naturally Occurring Affordable Housing (NOAH) is a housing policy term. It refers to existing homes that:
- Are affordable to rent if you have a very low income
- Do not receive any government assistance to cover the cost of rent
The City wants to keep and maintain this housing so that:
- Residents will continue to have a safe and affordable place to live
- We prevent an increase in homelessness
NOAH Preservation Fund loans
Affordable housing providers and developers can apply for a loan from the fund.
The money must be used to:
- Buy buildings with affordable rental units
- Make sure the people living in the building keep their homes
Index and resources
How it works
Borrower requirements
NOAH affordability requirements
-
At least 75% of units must be affordable for households earning under 80% of AMI.
-
At least 20% of the affordable units must be for households earning under 60% of AMI.
Process requirements
Loan applicants must:
- Meet with our team before you submit a loan application.
- Commit to a fixed number of affordable units for a fixed time frame.
Loan terms
Terms
- Up to $35,000 per housing unit at or below 60% AMI
- Up to $40,000 per housing unit at or below 50% AMI
- 0% interest
- 10-30 year terms are available
Borrowers must pay back the loan in full at the end of the term.
How to apply
Get started
- Sign up to be on the NOAH Preservation Fund email list.
- We will email a month before our application window opens.
- When you receive the email, contact us to set up a meeting to present your pro forma.
- If your project meets our guidelines, we'll email you an application link.
You should know
We give priority to applications for loans to preserve buildings:
- With a high number of affordable units at or below 50% AMI
- For more than 10 years
- Being bought by emerging developers connected to the neighborhood
NOAH Preservation Fund email list
Sign up for news updates about the NOAH Preservation Fund.
Contact us
Naturally Occurring Affordable Housing Preservation Fund (NOAH)
Community Planning & Economic Development
Address
Public Service Building
505 Fourth Ave. S., Room 320
Minneapolis, MN 55415