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 developments throughout Minnesota and in other target markets.

MEF is a joint venture of the Greater Minnesota Housing Fund with Cinnaire, a community development financial partner with a proven track record of investment management, underwriting, asset management, and SEC, HUD, and IRS compliance.

MEF provides equity investments for a full range of affordable housing development in Minnesota and beyond. MEF and Cinnaire seek to invest in affordable housing in Minnesota, Wisconsin, Illinois, Indiana, Michigan, New York, Pennsylvania, Delaware, Maryland, and Mississippi.

MEF invests in the following types of housing:

  • 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, Families with Children, and Long-Term Homeless

MEF strives to:

  • 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 organization to facilitate closings in an organized and timely manner

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 predevelopment, acquisition, construction, bridge, and first mortgage financing for affordable housing throughout Minnesota. GMHF is certified by the Department 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.

About Cinnaire

Cinnaire is a full-service community development 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 community stabilization and economic development by developing and nurturing partnerships with investors and mission-focused organizations. Cinnaire provides creative loans, investments, and best-in-class services to partners. Find more information.

Equipped to advise you

Whether you're ready to investigate financing options, or are in the early planning stages, Greater Minnesota Housing Fund can provide the technical assistance needed to get your idea off the ground. Learn more.



What is LIHTC and what are the benefits?

Not sure if LIHTC is a good possible financing or investment opportunity for you? You can learn more basic information about it here. Feel free to reach out to us to learn more.

General Contact

Minnesota Equity Fund
c/o Greater Minnesota Housing Fund
332 Minnesota Street
Suite 1650-West
Saint Paul, MN 55101

Download MEF Brochure

For more background about the Minnesota Equity Fund, please download the MEF Brochure (PDF).



Colorful banner image featuring the skyline that you might typically see in a small city or town in Greater Minnesota.

About Minnesota Equity Fund

Minnesota Equity Fund (MEF) is a subsidiary of Greater Minnesota Housing Fund (GMHF). MEF and Cinnaire are joint venture partners collaborating to achieve our common mission to create more high quality affordable housing.

Learn More

Our Joint Venture Team

Greater Minnesota Housing Fund

AERIS RATED AAA +2FHLB Des MoinesGMHF is AERIS-rated and a member of the Federal Home Loan Bank of Des Moines.

Staff Contact

John Errigo
Director of Investing & Fund Manager

Warren W. Hanson
President & CEO, GMHF, MEF & NOAH Impact Fund

General Contact

Minnesota Equity Fund
c/o Greater Minnesota Housing Fund
332 Minnesota Street
Suite 1650-West
Saint Paul, MN 55101