Funding Available to Preserve Naturally Occurring Affordable Housing

Minnesota Housing has $41,750,000 available for multifamily rental housing.

In order to be eligible, properties must be considered Naturally Occurring Affordable Housing (NOAH) and must be multifamily rental housing. To meet the definition of NOAH multifamily rental housing, a property must fulfill each of the following requirements:

• Have four or more rental units
• Be at least 20 years old
• Have rents in a majority of the units that are affordable to households at or below 60% of the greater of state or area median income (AMI) as determined by the United States Department of Housing and Urban Development (HUD)
• Not currently have federal or state financing or tax credits that require income or rent restrictions, except for public housing, as defined in section 9 of the Housing Act of 1937, that is part of a mixed-finance community

Program funds can be used for:

• Rehabilitation: Includes costs related to the purpose of rehabilitation such as:
  • Architecture and design costs, general contractor costs, and permits
  • Environmental reviews and remediation, including lead-based paint, asbestos, and radon mitigation
  • Closing costs, including legal, title, survey, and loan fees
  • Temporary relocation expenses incurred as a result of the rehabilitation
  • Reasonable developer fees in accordance with the applicable underwriting standards; refer to section 4.04 of the NOAH Multifamily Program Guide for more information
  • Capitalizing replacement reserves in accordance with the applicable underwriting standards; refer to section 4.04 of the NOAH Multifamily Program Guide for more information

Application materials are due at noon on Thursday, July 25, 2025. Questions can be directed to noah.mhfa@state.mn.us. 

More details are available at: https://mnhousing.gov/rental-housing/housing-development-and-capital-programs/deferred-loans-and-grant-programs/noah.html

Contact Us!

For questions about HAMA meetings, including agendas and ideas for future meeting topics, contact Anne Marie Buck at 952-548-6407, Revee Needham at 952-548-6343, or Garrett Grniet at 952-548-6454. 

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