2023 Annual Report

Committed. Community. Collaborators.

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Investing in the power of
underserved communities

Our investments and programs will help create and sustain:

Healthy, equitable communities where people, businesses, and organizations can thrive.

A racially equitable and inclusive construction industry and community development sector.

An innovative affordable housing and community development ecosystem that effectively responds to evolving community needs.

35
Projects Financed in 2023
$193.3 Million
Financed in 2023
995
homes preserved or created at a range of incomes.
35
Projects Financed in 2023
$193.3 Million
Financed in 2023
995
homes preserved or created at a range of incomes.

Reflections from
the Chair and President

If MHIC were to have a theme for this past year, it would be best captured as a year of "transformative organizational growth." This past December, our Board Chair, Guilliaem "Rusty" Aertsen, retired after years of dedicated service. We welcomed new board leadership as Elizabeth Gruber, a long-time board member and Vice Chair, became our new Board Chair. Additionally, our long-serving board member, Dan Cruz, stepped into the role of Vice Chair. We welcomed several new board members with deep private and public sector expertise and a geographic focus in New England. New staff members who joined the team over the past year brought fresh ideas, new perspectives, and significant experience in community development and finance. Finally, we concluded our strategic planning process, which will guide us through the next three years.

Read Letter
Elizabeth Gruber
Board Chair
Moddie Turay
President & CEO

Strategic clarity to ensure

impactful investments

Racial Equity & Inclusion

Breaking down institutional barriers and increasing opportunity for minority business enterprises (MBEs) and workers of color.

Affordable Housing

Financing affordable housing creation and preservation.

Healthy Communities

Financing community development and neighborhood revitalization.

MHIC 2023
Featured Projects

Championing Racial Equity & Inclusion: MHIC is committed to supporting MBEs and ensuring the benefits of financing flow to communities of color. For each property MHIC finances, we collaborate with sponsors to establish ambitious yet achievable goals for both utilization of MBEs and employment of people of color.

Creating and Preserving Affordable Housing: MHIC invests in developments that offer long-term affordability for residents of all incomes and that promote neighborhood stability and more equitable communities.

Building Healthy Communities: MHIC is committed to supporting vibrant local economies; improved environmental conditions and quality of life; greater health equity; and an increased consumer and employment base in communities.

See All Projects
Healthy Communities

500 Talbot Avenue

Boston, MA

500 Talbot Avenue is a new transit-oriented development. This project will create 42 units of mixed-income housing and two ground floor retail spaces.

IMpact
Affordable Housing Creation: 15 new Workforce Housing Units; Implementing Community Vision
Affordable Housing

Amethyst Brook Apartments

Pelham, MA

The Amethyst Brook Apartments project includes the creation of 34 units of low-income rental housing for families and individuals through the new construction of two buildings.

IMpact
Affordable Housing Creation: new construction of 34 units of affordable housing.
Affordable Housing

Anchor Point II

Beverly, MA

Anchor Point II is the new construction of a 39-unit building. It is the second phase of the larger Anchor Point project that also includes the 38-unit Phase 1 rental building and an adjacent Community & Wellness Center.

IMpact
Affordable housing creation: 39 new family units
Healthy Communities

Community MusicWorks Center

Providence, RI

The Community MusicWorks Center is a new 24,000 square foot facility that will host Community MusicWorks’ award-winning free after-school music programming.

IMpact
Community Services and Enhanced Education Outcomes; Neighborhood Revitalization & Community Engagement
Affordable Housing

Fitchburg Arts Community

Fitchburg, MA

The Fitchburg Arts Community project involves the creation of 68 units of mixed-income rental housing for families and individuals with a preference for artists, plus community gallery space and artist studio space. The development involves the adaptive reuse of three historic buildings adjacent to the Fitchburg Arts Museum and will create an arts-focused campus.

IMpact
Affordable Housing Creation: 68 new mixed-income housing units; Implementing Community Vision and Neighborhood Revitalization: Fitchburg Artists Community is part of a larger downtown revitalization plan driven by a partnership of residents, businesses, and public officials called ReImagine North of Main.
Healthy Communities

NorthStar Learning Center

New Bedford, MA

NorthStar Learning Center is a 17,500 square foot state-of-the-art early education and community center. The Center is designed to serve young children with a range of developmental needs. The new building will eliminate two outdated, cramped facilities, and nearly double current enrollment capacity.

IMpact
Economic Opportunity: 93% increase in infant, toddler, and preschool child-care spaces for low-income families who need this resource to continue working, to find work, and/or to increase job skills; Community Service or Facilities: The project provides a new, state-of-the-art early education and care center that incorporates community spaces and programming for entrepreneurs, artists, gardeners, teachers, children and families.
Affordable Housing

Fitchburg Arts Community

Fitchburg, MA

The Fitchburg Arts Community project involves the creation of 68 units of mixed-income rental housing for families and individuals with a preference for artists, plus community gallery space and artist studio space. The development involves the adaptive reuse of three historic buildings adjacent to the Fitchburg Arts Museum and will create an arts-focused campus.

IMpact
Affordable Housing Creation: 68 new mixed-income housing units; Implementing Community Vision and Neighborhood Revitalization: Fitchburg Artists Community is part of a larger downtown revitalization plan driven by a partnership of residents, businesses, and public officials called ReImagine North of Main.

MHIC 2023
Investors

We especially thank our investment partners who supported our mission in 2023 with over $150 million in new equity investments and over $28 million in lending power.

Our mission-driven investors have collectively committed over $2.15 billion to finance affordable housing and community development.

MHIC
Staff

MHIC is an organization comprised of an experienced team of professionals who strive each day to ensure that not only do we achieve our goals, but so too do our partners.

See All Staff

Board

of Directors

MHIC's Board of Directors is comprised of leaders in affordable housing and community development with incredible experience in finance, state and municipal government, and both non-profit and for-profit real estate development.

See All Board Members
See All Board Committees

MHIC's

Cumulative Impact

Unmatched REI Investments

$3.5 billion
in financing

Committed Collaborators

$1.34 billion
of assets under management across our product portfolio

Solution Oriented Financing Leaders

707
projects

Factoid 1

27,632
home created or preserved

Factoid 2

7.5 million
of Community and Commercial Space

About
MHIC

Massachusetts Housing Investment Corporation (MHIC) is a private, non-profit financier of affordable housing and community development throughout New England, providing financing that would not otherwise be available to neighborhoods most in need. For over 31 years, MHIC has invested more than $3.2 billion to help create and sustain healthy, equitable communities where people, businesses, and organizations can thrive.

Mission

Our mission at MHIC is to be an innovative private financier of affordable housing and community development, providing financing that would not otherwise be available, and extending the impact of that financing to ensure the broadest possible benefit.