Efficient techniques using a multi-port shared non-volatile memory are described that reduce latency in memory accesses from dedicated function specific processors, such as a modem control processor. The modem processor preempts a host processor that is accessing data from a multi-port shared non-volatile memory flash device allowing the modem processor to quickly access data in the flash device. The preemption process uses a doorbell interrupt initiated by a processor that seeks access and interrupts the processor being preempted. After preemption, the host processor may resume or restart the data access. Access control by the processors utilizes a hardware semaphore atomic control mechanism. Power control of the shared non-volatile memory modules includes at least one inactivity timer to indicate when a supply voltage to the shared non-volatile memory modules can be safely reduced or turned off. Power may be restarted by any of the processors sharing the memory, allowing fast access to the data.