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.
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.
Breaking down institutional barriers and increasing opportunity for minority business enterprises (MBEs) and workers of color.
Financing affordable housing creation and preservation.
Financing community development and neighborhood revitalization.
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.
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.
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.
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.
The Community MusicWorks Center is a new 24,000 square foot facility that will host Community MusicWorks’ award-winning free after-school music programming.
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.
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.
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.
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.
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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.
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.
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.
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.
