The city is committed to working with property owners to promote the preservation of affordable housing in the community. To create new affordable housing and to preserve the loss of existing, at-risk affordable housing, the city has created a legacy program to:

• Provide you with connections to private, philanthropic and public investors in affordable housing, as well as for-profit and nonprofit developers creating and preserving affordable homes in Minnesota communities
• Connect you with local organizations that provide equity investments to support the preservation of existing affordable rental housing in the seven-county metro area.

Why is the program necessary

Affordable housing is in short supply

Investors are buying naturally occurring affordable housing (NOAH) apartment properties across the Twin Cities, often renovating the properties then increasing the rent noticeably.

The city would like to encourage multifamily NOAH property owners in our community who are thinking about selling their property to consider connecting with a socially driven investor who will preserve the affordability of their development.

Affordable housing matters

Affordable housing reduces the housing cost burden for families, allowing them to afford basic needs like quality food and basic health care. Affordable housing makes it possible for families to achieve mobility and greater economic opportunity. As a result, families thrive, individuals are healthier and children achieve better educational outcomes.

Program benefits

Property owners may see the following benefits from participating in the legacy program:

• A preservation buyer maintains the seller's legacy
• Current residents have the chance to remain in their homes
• Positive social return of preserving an affordable housing resource
• Streamlined sales process
• No broker fees and limited tours/walk-throughs by multiple parties as is typical by brokered sales
• Potential tax benefits available, if sold to a nonprofit buyer
• Property is reinvested in for the long term

If those benefits speak to you, we want to hear from you! 

Contact

Marney Olson
Housing supervisor
952.924.2196
molson@stlouisparkmn.gov

What is naturally occurring affordable housing (NOAH)?

Naturally occurring affordable housing (NOAH) describes residential rental properties that are affordable, but unsubsidized by any federal program.

• NOAH properties are typically Class B and Class C rental buildings, built between 1940 and 1990. Rent is typically between $550 and $1,300 per month, and affordable to low- and moderate-income households.
• NOAH units are the most common affordable housing in the United States. In fact, three-quarters (over 167,000 units) of all affordable housing units in the Minneapolis-St. Paul metro area are unsubsidized.
• NOAH units are also the housing at greatest risk of being lost due to market speculation and renovations, resulting in higher rent and lost affordability. When rent increases, low-income families often lose access to this housing.
• NOAH properties can be found throughout St. Louis Park and are located near well-paying jobs, good schools and recreational amenities like parks and trails. This makes these properties ideal workforce housing and a high priority for preservation of long-term affordability.