Request for Proposals for Saint Paul Naturally Occurring Affordable Housing (NOAH) Preservation Fund
The Housing and Redevelopment Authority (HRA) of the City of Saint Paul is now accepting proposals for 0% interest deferred loans to support acquisitions of unsubsidized rental properties through the new Naturally Occurring Affordable Housing (NOAH) Preservation Fund.
Completed applications must be emailed to danielle.sindelar@stpaul.gov by 4:30 p.m. Central Time on Monday, April 29, 2024.
Details on the application processes and eligibility requirements are available on the City of Saint Paul website.
Additional details
This is a competitive application process that is guided by project feasibility, financial feasibility, and alignment with HRA preservation priorities as outlined in the program guidelines. Eligible properties must have at least 3 rental units and be located within Saint Paul.
The loans are intended to serve as a secondary, subordinate mortgages in addition to a first mortgage. In return, borrowers hold at least 80% of their units affordable with rent and income limits for the duration of the Saint Paul NOAH loan term (20, 25, or 30 years). All projects must restrict at least 60% of units at 60% AMI and at least 20% of units at 50% AMI. 20% or fewer units can be unrestricted.
The NOAH Preservation Fund is funded by $3,000,000 from the HRA Housing Trust Fund. If there are enough competitive proposals submitted through this RFP, staff are prepared to award the full $3 million balance across a mix of projects. If funds remain after this RFP, or additional funds are identified, another round will tentatively open later in 2024.
Contact the NOAH team
Please reach out to Danielle Sindelar, NOAH Preservation Fund Project Manager, with any questions.