Family Housing Fund 2023 Annual Report

Illuminating solutions. Sparking change.

At the Family Housing Fund, we believe every family deserves a place to call home. Working together, we can build a strong, equitable, and resilient housing system that supports access and choice to quality, affordable homes for everyone.

Our 2023 annual report features highlights of our work to expand opportunities to decent, affordable homes; increase the affordable housing supply; and activate more housing champions.

Expanding Opportunities

Valuing Homes in Black Communities

In the Twin Cities, white households own their homes at nearly three-times the rate as African American households, and homes in Black communities are systematically financially undervalued – creating atrocious racial wealth disparities. Addressing this gap is a priority for Family Housing Fund (FHFund) and many partners in the region. Throughout 2023, we worked to develop new strategies for supporting Black homeownership and wealth – a growing body of work called “Valuing Homes in Black Communities.”

We conducted a learning and engagement process to pressure-test ideas and co-design strategies with a large group of stakeholders, including current and aspiring Black homeowners, nonprofit partners, realtors, and lenders. Through a series of focus groups, interviews, and workshops, we explored what interventions are needed to transform the full spectrum of the homeownership journey – from early-stage preparation before purchase to sustaining and growing the home value after purchase – to ensure Black communities have equitable access to the benefits of homeownership. From this work, three foundational recommendations emerged:

  1. Amplify and invest in Black-led and culturally-rooted support during early pre-purchase preparation.
  2. Strengthen coordination of support for Black homebuyers to improve the transaction process.
  3. Grow an ecosystem of post-purchase supports to ensure long-term success and equitable wealth building opportunities for Black homeowners.

Strengthening the Safety Net for Housing Stability

When families fall behind on housing payments in Minnesota, their best chance of staying safely and stably housed is to apply for help from what we consider public “safety net” programs – county- and state-run emergency financial assistance. These programs can be confusing and time-consuming to navigate, often failing to provide timely support to stabilize housing.

FHFund led a collaborative process throughout 2023 to engage and convene housing partners, community-based organizations, public sector stakeholders, and people with lived experience of housing instability through a series of listening sessions, surveys, interviews, and workshops. Our goal was to develop a shared vision for transforming this system and recommendations for change. We published two reports summarizing our learnings: a report exploring the insights from our broad community engagement phase, and a report detailing recommendations and ideas generated through the co-design workshops.* Our process and recommendations aligned with and informed the state Workgroup on Expediting Rental Assistance (WERA), which delivered its own draft legislation to the legislature in 2024.

Corporate Investors and Single-Family Rentals

Housing in the Twin Cities is increasingly owned by corporate investors based outside of Minnesota, and research shows these investors disproportionately purchase distressed single-family homes in BIPOC communities. In 2023, FHFund partnered with the Center for Urban and Regional Affairs (CURA) to survey tenants of single-family rentals to learn about about the conditions of units, past maintenance, management responsiveness, voucher acceptance, and more. We published a report of findings from the first pilot phase of this research, focusing on North Minneapolis, and we launched the second phase of research late in 2023, taking a closer look at Minneapolis as well as Saint Paul and Bloomington. Our work will inform local and state policy and regulatory efforts to protect renters, preserve the housing stock, and recapture properties as homeownership opportunities for local communities.

Building Equity in Small Multifamily Ownership

2023 marked the third and final year of our collaborative Building Equity pilot initiative, which helped BIPOC homebuyers purchase small multifamily (2-4 unit) properties and build wealth as owner-occupant landlords. Over the three years, the initiative served a total of 478 households across the Twin Cities region. 108 households purchased 2-4 unit properties with support from the initiative, and hundreds more received homeownership education or preparation support specifically focused on 2-4 unit ownership. Learnings from this initiative are shaping next steps for homeownership and wealth building strategies for FHFund and our partners.

Increasing Supply

Supporting Deeply Affordable Rental Housing

In 2023, FHFund provided staffing to support a cross-sector collaboration of partners around expanding deeply affordable housing opportunities in Minneapolis. This collaboration aligned a variety of government and civic leaders around a shared vision for developing deeply affordable housing. We continue to convene this working group in 2024 to advance innovative development strategies.

Analyzing Accessory Dwelling Unit Trends

Increasingly, cities throughout the metro are passing zoning policies to allow for Accessory Dwelling Units. To better understand the uptake of ADUs and the opportunities they present, FHFund analyzed recent ADU trends and mapped where and how ADUs have benefitted local communities in recent years. We found that while ADUs have been built in neighborhoods with ranging racial and economic demographics, ADU development remains slow.

Activating Housing Champions

Supporting Nonprofit Providers of Affordable Rental Housing

In recent years, the costs to provide adequate rental housing have risen enormously. Nearly all of Minnesota's nonprofit affordable housing providers have faced challenges and have financially struggled against a backdrop of dramatic increases in operating costs and revenue reductions.

In 2023, FHFund began working with a group of housing partners in the region to coalesce around strategies to support nonprofit housing providers and the thousands of renters who depend on these organizations for safe, quality, affordable homes. As a convener and the fiscal sponsor for our group of partners, we laid the groundwork for coalition-building, identifying solutions, and increasing public attention to the issue in 2024.

Amplifying Awareness of New Tenant Protections

In response to a host of new tenant protections created by the legislature in 2023, FHFund provided support to HOME Line, ensuring system capacity to address increased call volume while also educating renters and property owners about the new laws over the next two years.

2023 Financials

Thank You to the Family Housing Fund Supporters

BMO Harris, Bush Foundation, F.R. Bigelow Foundation, Funders for Housing and Opportunity, JPMorgan Chase, Louis and Mary Kay Smith Family Foundation, McKnight Foundation, Minneapolis Foundation, Anthony Morley, Mortenson Family Foundation, Patrick and Aimee Butler Family Foundation, Pohlad Foundation, Robert Wood Johnson Foundation, Saint Paul & Minnesota Foundation, Target Foundation, The Margaret A. Cargill Foundation Fund at the Saint Paul & Minnesota Foundation, US Bank Foundation, Wells Fargo Foundation

2023 Board of Directors


  • Chair Alene Tchourumoff, Federal Reserve Bank of Minneapolis
  • Vice President & Treasurer John Quincy, John M. Quincy Strategic Consulting
  • Vice President D'Angelos Svenkeson, NEOO Partners, Inc.
  • Vice President Danielle Grant, AchieveMpls
  • Vice President Andrea Brennan, Community Planning and Economic Development, City of Minneapolis


  • Travis Bistodeau, Planning and Economic Development, City of Saint Paul
  • Aarica Coleman, Housing and Redevelopment Authority, City of Bloomington
  • Nichol Dehmer, YardHomesMN
  • Kizzy Downie, Model Cities
  • William Droste, Mayor of Rosemount
  • Elena Gaarder, Metropolitan Consortium of Community Developers
  • Lisa Goodman, Minneapolis City Council
  • Mitra Jalali, Saint Paul City Council
  • Kasey Kier, Bell Bank Mortgage
  • Craig Klausing, Former Mayor, City of Roseville
  • Blanca Martinez Gaviña, Citizens League
  • Amy McCulloch, Twin Cities Local Initiatives Support Corporation
  • Anisha Murphy, Community Reinvestment Fund
  • Jamal Osman, Minneapolis City Council
  • Amy Stetzel, Corporation for Supportive Housing
  • Jonathan Weinhagen, Minneapolis Regional Chamber of Commerce

* This report was produced and written by Family Housing Fund and informed, in part, by insights surfaced from a partnership with, and design workshops developed and facilitated by, Imagine Deliver. The report exclusively represents the interpretation, recommendations, and analysis of Family Housing Fund.