Overview

MHIC's Regional Naturally Occurring Affordable Housing (NOAH) Fund is a strategic initiative designed to preserve and expand affordable housing by providing capital to nonprofit and socially driven developers. 

By focusing on small multi-family properties, particularly buildings with five to fifty units and two- to three-family homes, the fund aims to prevent displacement and ensure long-term affordability. This initiative intends to level the playing field, allowing mission-driven developers to compete against well-funded private investors.

 

Fenway

Impact

1,500 units acquired by socially-responsible developers over a 3-5 year cycle
Units are restricted in perpetuity for low-moderate income renters
Stabilized housing for over 5,000 Bostonians in 5 years

NOAH plays a crucial role in Massachusetts’ housing landscape but is increasingly at risk. Over the past 15 years, private investor acquisitions of NOAH properties have risen by 44%, with investors now accounting for 23% of home sales in Greater Boston. These acquisitions often result in displacement, as properties are vacated, sold at market rates, and renovated into higher-priced units. Without intervention, NOAH will continue to disappear, disproportionately affecting low-income communities.

 

MHIC has introduced a public-private revolving loan structure offering below-market interest rates, streamlined underwriting, and flexible site control. By minimizing carrying costs and expediting transactions, the fund ensures that affordable housing remains viable in the marketplace. Through targeted financing and strategic partnerships, the fund represents a proactive and sustainable solution to Boston’s housing crisis, protecting affordability, preventing displacement, and fostering stronger communities.

 

Meet Our Experts

MEET OUR EXPERTS

Beth O'Donnell
K. Beth O'Donnell
Director of Community Investment
odonnell@mhic.com
(617) 307-2464

K. Beth O’Donnell joined MHIC in April 2023 and is responsible for managing MHIC's Community Investment team and overseeing the equity investment and lending businesses. Beth brings over 20 years of experience executing complex real estate strategies in the public, private, and nonprofit sectors.