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Upper Post Veterans Community | Fort Snelling, MN
CommonBond Communities
58 units of supportive housing for veterans and their families
Steve O’Neil Apartments | Duluth, MN
One Roof Community Housing/Center City Housing Corporation
44 units of supportive housing for homeless persons
Prestwick Village | Holt, MI
Gryphon Group, LLC
66 units, including 20 of supportive housing for vets and homeless
MEF invests in new construction, acquisition/rehabilitation, and
adaptive reuse of historic buildings to create affordable housing.
MEF offers two strategies for placing investor equity: multi-
investor funds and proprietary funds. Funds are managed by
MEF’s joint venture partner, Cinnaire. Current investors include
Fortune 500 companies, financial institutions, and insurance
companies.
MEF syndicates two kinds of tax credits: Low-Income Housing
Tax Credits (LIHTC) and state and federal Historic Tax Credits.
Typical investor benefits include the following:
Investors receive a dollar-for-dollar reduction in their federal
income tax liability.
Investors have the opportunity to benefit from tax losses
generated by affordable housing real estate developments.
Bank investors can receive positive consideration toward
their rating under the Community Reinvestment Act (CRA).
LIHTC assets have been consistently stable and high per-
forming among peer real estate classes.
MEF is a joint venture with Cinnaire, a community development
financial partner with a proven track record of investment man-
agement, underwriting, asset management, and SEC, HUD, and
IRS compliance.
MEF and Cinnaire seek to invest in
affordable housing in Minnesota,
Wisconsin, Illinois, Indiana, Michi-
gan, New York, Pennsylvania, Dela-
ware, Maryland, and Mississippi.
Minnesota Equity Fund (MEF) is a social enterprise designed to
raise equity capital from corporations and banks to invest in well
designed, high quality, sustainable affordable housing develop-
ments throughout Minnesota and in other target markets.
Improve access to equity for developers
and conserve public and charitable subsidies
Foster a robust tax credit investor market
Offer Minnesota corporations the opportunity
to invest in local community development
Address local affordable housing production
and preservation goals
Be a solutions-oriented, responsive organiza-
tion to facilitate closings in an organized and
timely manner
Upper Post Vet Community
Fort Snelling
Gateway Tower
Duluth
Prairiewood
Faribault
Beacon Hill
Grand Rapids
Tamarack Place
Roseau
MEF
has invested
$110 million
in
21 developments, creating
1,050 affordable homes
Workforce Housing
Low-Income Senior Housing
Historic Preservation
Rural Development
Preservation
Mixed-Use and Mixed-Income
Supportive Housing for Disabled
Persons, Veterans and their
Families, Homeless Youth, Fami-
lies with Children, and Long-
Term Homeless
The Commons at Penn | Minneapolis, MN
Building Blocks, Inc.
47 units of affordable workforce rental housing
About Cinnaire
Cinnaire is a full-service community develop-
ment financial partner with equity funds in ten
states. Cinnaire has invested over $2.5 billion
in housing and community developments and
has financed over 500 developments and
25,000 housing units. Cinnaire supports com-
munity stabilization and economic develop-
ment by developing and nurturing partnerships
with investors and mission-focused organiza-
tions. Cinnaire provides creative loans, invest-
ments, and best-in-class services to partners.
Find more information at www.cinnaire.com.
About Greater Minnesota Housing Fund
Greater Minnesota Housing Fund (GMHF) is Minnesota’s leading nonprofit
affordable housing lender, having awarded over $250 million in its 20-year
history, financing over 13,200 units of affordable housing and leveraging
more than $1 billion in additional capital investments. GMHF established
its tax credit investment subsidiary, Minnesota Equity Fund (MEF), in 2012.
GMHF operates a $42 million development loan fund providing predevel-
opment, acquisition, construction, bridge, and first mortgage financing for
affordable housing throughout Minnesota. GMHF is certified by the Depart-
ment of Treasury as a Community Development Financial Institution (CDFI)
and is a member of the Federal Home Loan Bank of Des Moines. GMHF is
rated AAA+2 by Aeris. Find more information at www.gmhf.com.
MINNESOTA EQUITY FUND — THE JOINT VENTURE TEAM
Minnesota Equity Fund
c/o Greater Minnesota Housing Fund
332 Minnesota Street | Suite 1201-E
Saint Paul, MN 55101
www.mnequityfund.org | 651.221.1997
MINNESOTA EQUITY FUND CONTACTS
Sonja Simonsen, Director of Syndication
[email protected] | 651.221.1997 x120
Warren W. Hanson, President & CEO, GMHF & MEF
[email protected] | 651.221.1997 x107