Greater Minnesota Housing Fund revolving loan
MnCIFA loan for $4 million with 3-year term. Institutionalize green lending as a standard practice for Greater Minnesota Housing Fund projects to add energy efficiencies and renewable energy rather than as a separate or isolated program.
Geothermal & solar
The first Greater Minnesota Housing Fund (GMHF) project from the revolving loan: Native American Community Clinic and Housing Project, Minneapolis.
New construction for mixed-use building adding geothermal energy system and solar. With those clean energy systems in place, the project will be close to net-zero carbon emissions, with much lower energy costs.
Housing will have 83 units with rents set at "deeply affordable" level for renters at 30-50 percent of average median income. The Native American Community Clinic on the ground floor is expected to serve an additional 3,000 patients each year.
About Greater Minnesota Housing Fund
- Established in 1996, through efforts of the McKnight and Blandin foundations.
- Mission: Support creation of strong communities and affordable housing through strategic investments and effective partnerships.
- 501(c)3 nonprofit and certified Community Development Financial Institution (CDFI).
- Has invested over $1 billion to help create over 21,000 affordable homes throughout Minnesota.
- Works in every Minnesota county.