A Catalyst for Housing

Sparking Housing Solutions
for a Thriving Community

The Northland Housing Partners (NHP) is a non-profit employer-led growth initiative for the region. 

Founded in 2023 by regional business leaders, NHP is focused on helping employers attract and retain a stable workforce by increasing the amount of market-rate housing available for employees.

NHP offers employers an opportunity to help solve the housing shortage by participating in loans to housing developers.

Case Study

Major employers in the region report the lack of adequate employee housing is a significant barrier to recruiting and retaining key employees.

In the last year alone, 33 candidates declined job offers because they couldn’t find housing to fit their needs.

10 candidates with salaries greater than $100,000 declined offers

23 candidates with salaries greater than $60,000 declined offers

Vision

To be a catalyst for increasing housing, the NHP will make loans to developers while targeting a return for participants.

NHP secures financial commitments from employers that understand the critical role housing plays in attracting and retaining key talent.

Interior of house

NHP’s initial goal is to raise $50M in total commitments.

Goals

NHP secures commitments to participate in loans to developers from private institutions and foundations that understand the critical role housing plays in attracting and retaining key talent and organizations in the region.

NHP
Founders

David Gaddie

Bell Bank, Director of Community Development, NHP Board Chair

Phil Rolle

PDR Consulting LLC

George Goldfarb

Board Director/Advisor, Retired President & CEO of maurices

David C. Herman, MD

CEO of Essentia Health

Alan Hodnik

Retired Chairman President & CEO of ALLETE

Rachel Johnson

President & CEO of APEX, NHP CEO, Non-Voting

Abbot Apter

CEO of SolPacific Investment, NHP CFO, Non-Voting

Region

The program is designed to cover the highlighted region. We will develop and improve communities where the governmental incentives align with our objective and there is a demand for housing.

Counties in the region include:

  • Minnesota: St. Louis, Lake, Itasca, Aitkin, Carlton, Koochiching, Cook
  • Wisconsin: Douglas, Bayfield, Ashland

Program
Strategy

sol pac logo

Program
Strategy

NHP recognizes a multi-pronged approach is needed to accelerate the availability of housing in the region.


The NHP Board of Directors will review projects including:

Apartments

Single-Family

Townhomes

FAQs

Why is now the best time to be a catalyst for market-rate housing in the region? +

Major employers have identified the lack of adequate housing as a barrier to attracting and retaining key employees. High interest rates and stricter lending requirements have created a gap in developer financing. NHP aims to close this gap and spark development, giving the region a competitive edge in the employee marketplace.

Is $50 million enough to make a significant impact? +

Yes. Money raised will be loaned to developers as part of their project financing plan. $50M allows NHP to contribute to multiple projects at once.

What can participants expect? +

NHP will originate a loan to a developer. It is expected that the interest earnings for a participant will be between 4 – 6%.

How long do you anticipate this partnership continuing in the region? +

NHP aims to be a catalyst for regional developers, ensuring the Northland has a stable stock of single-family and multi-family housing to satisfy the needs of employers and employees for the foreseeable future.

Where is NHP investing? +

NHP is focusing on northeast Minnesota and northwest Wisconsin.

Is there a developer equity requirement? +

Yes, the Board of Directors will set the developer equity requirement on a case-by-case basis.

Be Part of the Solution

Now is your chance to join regional employers in being part of the solution.

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