How MEF Works

The Minnesota Equity Fund (MEF) is a new type of social enterprise. Connecting investors to developers, together we ensure communities have the affordable housing needed to succeed.

The Minnesota Equity Fund (MEF) is designed to help socially motivated corporations and banks invest in affordable housing and community development in Minnesota and beyond.

MEF raises capital from corporations and financial institutions and invests these resources into real estate development partnerships, with the goal of providing investors with a sound investment that will produce positive social and economic outcomes for families and communities throughout Minnesota.

The Goals of the Minnesota Equity Fund

  • Improve access to equity for developers, improve pricing, and conserve public and charitable subsidies
  • Create a more robust tax credit investor market
  • Build on past relationships with funders, agencies, corporations and lenders, and leverage GMHF financial strength to secure private equity investments
  • Offer Minnesota corporations the opportunity to invest in local community development
  • Provide competitive economic returns plus the social return of housing working families in well designed, green, energy-efficient and healthy housing
  • Better address local affordable housing production and preservation goals

Projected Market Share

The Minnesota Equity Fund seeks to serve a modest portion of the total Low-Income Housing Tax Credit investor market in Minnesota.

Each year, over $125 million in tax credit equity is syndicated.

Additional details on the market include:

  • Market share anticipated to raise up to $25 million in equity every 18-24 months
  • Estimated niche for the Minnesota Equity Fund is 10-15% of the total annual tax credits awarded in Minnesota
  • Equity is pledged to developments over two annual state funding cycles
  • Investments will be made in 5-10 developments of 24-60 units each cycle

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

GMHF is AERIS rated and a member of the  
Federal Home Loan Bank of Des Moines.  

Staff Contact

John Errigo
Director of Investing & Fund Manager

General Contact

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