NOAH Preservation Fund

The purpose of this fund is to make sure residents can continue to live in their affordable rental homes.

Applications

NOAH application period will reopen on Wednesday, Aug. 19, 2026. Please sign up to receive updates/notices.
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About NOAH

Naturally Occurring Affordable Housing (NOAH) is a housing policy term. It refers to existing homes that:

  • Are multifamily with at least 4 housing units
  • Are affordable to rent if you have a low income
  • Do not receive any government assistance to cover the cost of rent

The City wants to keep and maintain 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
Three story multi-family building at 515 5th Street SE

Index and resources

Index

Resources

How it works

Borrower requirements

Find income and rent limits for Multifamily Tax Subsidy Projects (MTSP) on Minnesota Housing’s website, look for Table R.

Visit Minnesota Housing’s  website

 

NOAH affordability requirements

  • At least 20% of the affordable units must be for households earning at or below 60% of the area median income (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 affordable unit
  • 0-1% interest
  • 10-40 year terms are available
  • Borrowers must pay back the loan in full at the end of the term.
  • At least 20% of the units must be affordable to households with incomes at or below the AMI as shown below:
Affordable unit type/size AMI level required
Studio/Efficiency 50% AMI
One Bedroom 50% AMI
Two Bedroom units and larger 60% AMI

How to apply

Get started

  • During the application period, schedule a meeting to present your project to our team.
  • If your project meets our guidelines, we'll email you the application link to apply.
  • Apply early - Submit your complete application as soon as you can - this program is competitive.

You should know

We give priority to applications for loans to preserve buildings:

  • With a high number of affordable units that are two bedrooms or larger
  • With affordable units below 50% AMI
  • For more than 10 years
  • Being bought by emerging developers connected to the neighborhood

NOAH Preservation Fund email list

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Contact us

Naturally Occurring Affordable Housing Preservation Fund (NOAH)

Community Planning & Economic Development

Email NOAH Preservation Fund

Address

Public Service Building
505 Fourth Ave. S., Room 320
Minneapolis, MN 55415