Quick Stats
- Annual Lending: $80-100 million
- Success Rate: Not publicly disclosed
- Decision Time: Applications accepted year-round; timeline varies by product
- Grant Range: Predevelopment grants up to $150,000; permanent loans and gap financing vary
- Geographic Focus: Minnesota statewide
Contact Details
Address: 2550 University Avenue W, Suite 201-S, St. Paul, Minnesota 55114
Phone: 651-221-1997 or 800-277-2258 (toll-free)
Fax: 651-221-1904
Email: info@gmhf.com
Website: gmhf.com
Overview
Founded in 1996, Greater Minnesota Housing Fund (GMHF) is a 501(c)(3) nonprofit organization and certified Community Development Financial Institution (CDFI) since 2004. GMHF is Minnesota's largest nonprofit affordable housing lender, annually providing between $80 million and $100 million in various loans to assist affordable housing development organizations create or preserve approximately 1,000 permanently affordable homes. Since inception, GMHF has provided more than $270 million in financing to affordable housing projects statewide, creating or preserving more than 18,000 affordable homes for 26,000+ Minnesotans. The organization owns two subsidiaries: Minnesota Equity Fund (MEF), which syndicates Low-Income Housing Tax Credits in partnership with Cinnaire, and the NOAH Impact Fund, which preserves naturally occurring affordable housing. Charity Navigator awarded GMHF a Four-Star rating with a 100% score.
Funding Priorities
Loan and Grant Programs
Interim/Short-Term Loans: GMHF operates a $60+ million affordable housing development loan fund for predevelopment (up to $150,000 unsecured for RFP projects), acquisition, construction/rehabilitation, tax-credit bridge, tax increment financing, and other lending needs. Applications accepted year-round with flexible terms and competitive pricing.
Permanent Loans: Limited permanent loans available for preservation of federally subsidized (HUD, Rural Development, LIHTC) multifamily projects, supportive housing, and strategically-located new construction workforce housing projects. Applications accepted year-round; early inquiries encouraged as funding is limited.
Gap Loans: 0-1%, 30-year, deferred second mortgages aimed at lowering project costs and increasing affordability of multifamily affordable rental housing. Gap funding awarded through Minnesota Housing's annual Super RFP.
Predevelopment Grants (Emerging Developers Program): Direct financial assistance to emerging and diverse developers to enhance their capacity. In 2024, GMHF awarded 15 predevelopment grants helping developers create and preserve 121 units of affordable housing in 11 Minnesota counties. The program also provides technical assistance and education/training, including the New Property Owner Seminar and Small NOAH Proforma Training.
Minnesota Equity Fund (MEF): Provides approximately $25 million annually in equity capital through syndication of Low-Income Housing Tax Credits, Historic Tax Credits, and Energy-Related Tax Credits. In 2024, GMHF and MEF financed a combined 2,240 affordable housing units through lending and syndication, over a 50% increase from 2023.
NOAH Impact Fund: Provides equity investments to preserve naturally occurring affordable housing (NOAH) in well-connected Minnesota areas. NOAH Pool I preserved 701 housing units; NOAH Pool II (launched 2024) is expected to preserve another 550 units. The original fund was a $25 million impact investment fund designed to acquire rental housing and maintain affordable rents for 15 years. Targets Class B and C rental buildings or complexes with 50+ units built between 1940 and 1990.
Energy Lending Initiative: Launched in 2024 to drive efficiency, independence, and affordability in housing throughout Minnesota.
Priority Areas
- Preservation of federally-assisted and locally-assisted housing, with priority for projects with rental assistance at risk of losing federal subsidies
- Creation and stabilization of permanent supportive housing in all regions of the state
- Creation of new affordable housing that adds to the diversity of housing options and enhances economic opportunities for underserved markets
- Workforce housing in strategically-located areas convenient to well-paying jobs, good schools, and healthy recreational amenities
- Capacity building for emerging and diverse developers
What They Don't Fund
Specific exclusions are not publicly detailed, but GMHF focuses exclusively on affordable housing development, preservation, and related capacity building within Minnesota.
Governance and Leadership
President and CEO
Andrea Brennan became GMHF's second President & CEO in 2023, succeeding founder Warren Hanson. A St. Cloud native, Brennan brings more than 20 years of experience in housing policy and development in urban, suburban, and rural communities. She previously served as Director of Community Planning and Economic Development for the City of Minneapolis (since 2015) and held roles at Dakota County Community Development Agency. She has served on the Heading Home Hennepin Executive Committee, Family Housing Fund, and Minnesota Housing Partnership boards.
Quote from Andrea Brennan: "It's very much—and it should be—driven by locally-identified needs and locally-identified solutions. Local communities know what their needs are, and they know what the solutions are."
On housing challenges: "Part of this stems from the recession following the foreclosure crisis in the late 2000s when housing production came to almost a standstill in parts of the state."
Founding CEO
Warren Hanson founded GMHF and retired in June 2023 after 27 years as the organization's leader. Previously, he was director of Riverfront and Neighborhood Development for the City of Saint Paul, economic development director of West Bank Community Development Corporation, and co-founder of Community Reinvestment Fund USA (CRF-USA).
Quote from Warren Hanson: "We are willing to be there from the very beginning until the very end providing technical assistance and money."
Board of Directors
The Board represents every region of Minnesota and includes elected officials, community advocates, architects, bankers, and housing finance experts.
Greater Minnesota Housing Corporation Board:
- Stephanie Cummings (Chair)
- Todd Prafke (Vice Chair)
- Cheryl Key (Secretary/Treasurer)
- Stephanie Klinzing
- Angela Larson
- Jennifer Mendoza
- Mitch Berg
- Mayor Jorge Prince
- Kim Bretheim
- Char Roberts
- Joseph Errigo
- Dale Roemmich
- Rosymar Hjermstad
- Nancy Vyskocil (also Board Chair during leadership transition)
- Natalie Jones
Finance Committee: Todd Prafke (Chair), Stephanie Klinzing (Vice Chair), Char Roberts, Dale Roemmich, Nancy Vyskocil
Application Process & Timeline
How to Apply
For Interim and Permanent Loans: Applications are accepted year-round. Early inquiries are strongly encouraged. To discuss GMHF's financing products, fill out the Finance Inquiry form on the GMHF website or contact the lending team directly at info@gmhf.com or 651-221-1997.
For Gap Loans: Gap funding is awarded through Minnesota Housing's annual Super RFP process. GMHF is a funding partner in this competitive application.
For Emerging Developers Program Grants: Contact GMHF directly to inquire about predevelopment grant opportunities and capacity-building support.
For NOAH Impact Fund: Contact GMHF to discuss equity investment opportunities for naturally occurring affordable housing preservation projects.
For Minnesota Equity Fund (Tax Credit Syndication): Contact MEF to discuss LIHTC syndication opportunities.
Decision Timeline
Decision timelines vary by product and project complexity. Applications are processed year-round for most loan products. Applicants are encouraged to make early inquiries, especially for permanent loans and gap funding where resources are limited. Specific turnaround times are not publicly disclosed; contact GMHF directly for timeline expectations.
Success Rates
Success rates and application statistics are not publicly disclosed. GMHF encourages early inquiries to discuss project feasibility before formal application submission.
Reapplication Policy
No specific reapplication policy is publicly documented. Given that most loan products accept applications year-round, applicants can reapply or revise applications in consultation with GMHF staff.
Application Success Factors
Alignment with GMHF Priorities
Successful applications align with GMHF's stated priorities: preservation of federally-assisted housing (especially projects at risk of losing subsidies), supportive housing, workforce housing in strategic locations, and projects that add housing diversity in underserved markets.
Early Engagement
GMHF consistently emphasizes that "early inquiries are encouraged" across all their loan products. Engaging with GMHF staff before formal application allows for project evaluation and guidance on which financing products best fit your needs.
Predevelopment Support
GMHF provides predevelopment loans up to $150,000 unsecured for RFP projects, recognizing the importance of supporting projects through planning phases before construction financing.
Comprehensive Support Model
As Warren Hanson stated, GMHF is "willing to be there from the very beginning until the very end providing technical assistance and money." Successful applicants leverage GMHF's full suite of services including technical assistance, research, and policy leadership—not just financing.
Local Solutions
Andrea Brennan emphasizes that GMHF values "locally-identified needs and locally-identified solutions." Applications that demonstrate understanding of specific community needs and how the project addresses those needs are valued.
Capacity Building for Emerging Developers
Through the Emerging Developers Program (established late 2021), GMHF actively supports emerging and diverse developers with grants, technical assistance, and education. Projects from developers who engage with this program demonstrate GMHF's commitment to building capacity across the sector.
Partnership Approach
GMHF operates in partnership with Minnesota Housing (Super RFP, Impact Fund), Cinnaire (MEF), and numerous public and private investors (NOAH Impact Fund partners include Bremer Bank, Sunrise Banks, McKnight Foundation, Otto Bremer Trust, Hennepin County, and Minnesota Housing Finance Agency). Applications that demonstrate awareness of and alignment with these partnership structures are better positioned.
Key Takeaways for Grant Writers
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Contact GMHF early: Early inquiries are consistently encouraged across all programs. GMHF staff can help determine which financing products best fit your project before formal application.
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Year-round applications for most products: Unlike many funders with fixed deadlines, GMHF accepts applications year-round for interim and permanent loans, providing flexibility for project planning.
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Preservation projects are prioritized: Projects preserving federally-subsidized housing at risk of losing affordability receive priority consideration, especially those with rental assistance at risk.
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Comprehensive support model: GMHF offers more than money—technical assistance, research, training, and policy leadership are available. Successful applicants leverage the full range of support.
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Emerging developers actively supported: If you're an emerging or diverse developer, engage with the Emerging Developers Program for predevelopment grants, technical assistance, and training opportunities.
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Consider multiple GMHF products: Projects may benefit from combining multiple GMHF products (interim loans, gap financing, MEF tax credit syndication, NOAH Impact Fund equity) or partnering through Minnesota Housing's Super RFP.
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Local solutions valued: Andrea Brennan's emphasis on "locally-identified needs and solutions" means applications should clearly articulate how the project addresses specific community needs identified by local stakeholders.
References
- Greater Minnesota Housing Fund website (gmhf.com), accessed January 2026
- ProPublica Nonprofit Explorer - Greater Minnesota Housing Fund (EIN 41-1836919), accessed January 2026
- GuideStar Profile - Greater Minnesota Housing Fund, accessed January 2026
- Charity Navigator - Rating for Greater Minnesota Housing Fund, accessed January 2026
- Minnesota Housing Finance Agency - Greater Minnesota Housing Fund Program Guide, accessed January 2026
- "GMHF names Andrea Brennan as president and CEO" (May 2023), gmhf.com
- "Greater Minnesota Housing Fund CEO: Now is a 'Time of Great Opportunity'" - League of Minnesota Cities, accessed January 2026
- "2024 Annual Report | Greater Minnesota Housing Fund" (gmhf.com/impact/report/), accessed January 2026
- NOAH Impact Fund website (noahimpactfund.com), accessed January 2026
- Minnesota Equity Fund website (mnequityfund.org), accessed January 2026
- LinkedIn - Warren Hanson profile, accessed January 2026
- LinkedIn - Andrea Brennan profile, accessed January 2026
- Housing Partnership Network - Greater Minnesota Housing Fund member profile, accessed January 2026