Minnesota Equity Fund (MEF) provides investors a competitive economic return and the social return of helping create safe, decent, and energy efficient affordable housing.

MEF invests in new construction, acquisition/rehabilitation, and adaptive reuse of historic buildings to create affordable housing.

MEF offers two strategies for placing investor equity: multi-investor funds and proprietary funds. Funds are managed by MEF’s joint venture partner, Cinnaire. Current investors include Fortune 500 companies, financial institutions, and insurance companies.

The fund syndicates two kinds of tax credits: Low-Income Housing Tax Credits (LIHTC) and state and federal Historic Tax Credits. Typical investor benefits include the following:

  • Investors receive a dollar-for-dollar reduction in their federal income tax liability.
  • Investors have the opportunity to benefit from tax losses generated by affordable housing real estate developments.
  • Bank investors can receive positive consideration toward their rating under the Community Reinvestment Act (CRA).
  • LIHTC assets have been consistently stable and high performing among peer real estate classes.

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

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