ABOUT THE MINNESOTA EQUITY FUND
The Minnesota Equity Fund (MEF) is a new social enterprise designed to raise equity capital from Minnesota corporations and banks to invest in well designed, high quality, sustainable affordable housing developments throughout Minnesota. MEF is a subsidiary of the Greater Minnesota Housing Fund, a non-profit Community Development Financial Institution (CDFI) which has raised over $128 million in charitable grant funds and has financed over 10,000 units of affordable housing in its 15 year history. MEF Fund I is a strategic partnership between GMHF and Great Lakes Capital Fund (GLCF), a nationally recognized syndicator of low income housing tax credits (LITHC) tax credits which has raised over $1.5 billion in equity.
The mission of the Minnesota Equity Fund is to enable socially motivated corporations and financial institutions make sound economic investments in well designed, high quality affordable housing developments in communities throughout Minnesota.
GMHF’s partner in the Minnesota Equity Fund enterprise is Great Lakes Capital Fund, a regional syndicator of tax credits that brings 20 years of experience, knowledge and expertise. GMHF will perform the functions of investor and developer relations, project technical assistance and providing complementary development financing and gap funding. GLCF will provide expert syndication experience, technical underwriting, asset management, tax reporting and state of the art systems and infrastructure.