Massachusetts Housing Investment Corporation

What Massachusetts Housing Investment Corporation does

Massachusetts Housing Investment Corporation (MHIC) is a private, nonprofit Community Development Financial Institution (CDFI) founded in 1990 and headquartered in Boston. The organization finances affordable housing and community development projects throughout New England, deploying equity through federal and state tax credit programs (LIHTC, Historic Tax Credits, New Markets Tax Credits, and state tax credits) alongside a direct lending program offering acquisition, predevelopment, construction, permanent, and bridge loans ranging from $500,000 to $10,000,000 at interest rates of 6–9%. Over 35 years, MHIC has invested $3.9 billion, created or preserved more than 29,500 homes, and developed 7.7 million square feet of community and commercial space across nearly 100 New England communities.

MHIC operates a multi-product platform comprising the Housing Tax Credit Program (active since 1990), the New Markets Tax Credit Program (since 2000, with 122 closed projects totaling $997 million in allocation), the Lending Program, the Healthy Neighborhoods Equity Fund (HNEF, launched 2014 with the Conservation Law Foundation), the Regional NOAH Fund, and the Boston Acquisition Fund. The organization manages 42 multi-investor and proprietary funds with no investor capital losses over its history and holds an AERIS CDFI rating continuously since 2005. Mission-driven institutional investors have collectively committed over $2.15 billion to MHIC's fund offerings, and the firm deploys approximately $200 million annually into New England communities.

The business model generates revenue through fund management fees on managed capital, interest income and commitment fees on direct loans, and returns distributed to investors from equity investments. MHIC serves nonprofit and for-profit developers, community development corporations, community land trusts, municipalities, and socially driven sponsors across Massachusetts, Connecticut, Rhode Island, Vermont, New Hampshire, and Maine. The organization was awarded $75 million in New Markets Tax Credit allocation from the U.S. Department of the Treasury CDFI Fund for the 2024–2025 cycle. MHIC employs approximately 40 people and is governed by a Board of Directors with Audit, Credit Review, Investment, Loan, HNEF, and NMTC Advisory committees.

Name

Massachusetts Housing Investment Corporation

Legal name

Massachusetts Housing Investment Corporation

Website

https://mhic.com

Company type

Private

Founded year

1990

Operating status

Operating

Headcount range

11–50 employees

Short description

Massachusetts Housing Investment Corporation (MHIC) is a Boston-based nonprofit CDFI founded in 1990 that deploys tax credit equity, NMTC financing, and direct loans to nonprofit and for-profit developers building affordable housing and community facilities across New England.

Ownership category

akta.pro rank

Product category

Affordable Housing and Community Development Finance

NAICS

Other Financial Vehicles (52599), Community Housing Services (62422)

SIC

Federal & Federally-Sponsored Credit Agencies (6111)

akta.pro primary industry

Impact Investing & Social Finance (Funds, CDFIs, Microfinance) (BPAGALAA)

akta.pro secondary industries

Affordable Housing & Community Development (Housing, Community Land Trusts) (BPAGALAC), National/Regional Development Finance Institutions (DFIs) (FSABAKAB), Construction & Development (C&D) Lending — Commercial/Multifamily (FSALADAH)

Keywords

• Affordable housing financing
• Community development lending
• Tax credit equity
• Community development financial institution
• New Markets Tax Credits

Headquarters

HQ city

Boston

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Tax Credit Equity Investment Management: MHIC manages multi-investor and proprietary funds that provide equity financing through federal and state low-income housing tax credits (LIHTC), historic tax credits, and New Markets Tax Credits. Revenue is generated through fund management fees and investment returns distributed to investors.
2. Lending Program: MHIC provides loans including acquisition, predevelopment, construction, permanent, and bridge financing to developers of affordable housing and community development projects. Interest income and commitment fees generate revenue from loan products ranging from $500,000 to $10,000,000.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Massachusetts Housing Investment Corporation (MHIC) is a private, non-profit Community Development Financial Institution (CDFI) that provides debt and equity financing for affordable housing and community development projects throughout New England. Its offerings include the Housing Tax Credit Program leveraging federal/state LIHTC and historic tax credits, a Lending Program providing acquisition, construction, predevelopment, permanent, and bridge loans ranging from $500,000 to $10,000,000, the New Markets Tax Credit Program, the Healthy Neighborhoods Equity Fund (HNEF), the Regional NOAH Fund, and the Boston Acquisition Fund.

Product overview

MHIC is a private, non-profit community development financial institution (CDFI) that operates as a multi-product platform offering debt and equity financing programs for affordable housing and community development across New England. The core products include the Housing Tax Credit Program (providing LIHTC and historic tax credit equity), a Lending Program (offering construction, acquisition, and bridge loans), the New Markets Tax Credit Program, the Healthy Neighborhoods Equity Fund (HNEF), the Regional NOAH Fund, and the Boston Acquisition Fund. These programs are complemented by an Investor Portal for capital partners. With over 35 years of experience and $3.9 billion in financing deployed, MHIC serves as a one-stop financing source for non-profit and for-profit developers seeking to create and preserve affordable housing and community facilities.

Differentiator

Problem solved

Functional benefit

Products and services

• Housing Tax Credit Program Provides equity financing for affordable housing and community development projects using federal and state low-income housing tax credits (LIHTC), federal and state historic tax credits (HTC), and other associated tax credits. Since 1990, the program has provided over $1.3 billion in financing to create or preserve over 15,000 homes in nearly 100 New England communities.
• Lending Program Provides comprehensive loan products including acquisition, predevelopment, construction, permanent, and bridge financing for multi-family rental, homeownership, or mixed-use projects. Offers flexible, creative deal structures with loan amounts from $500,000 to $10,000,000 at interest rates of 6-9%, with terms up to 20 years and amortization up to 30 years.
• New Markets Tax Credit Program MHIC is a national leader in New Markets Tax Credits, financing high-impact projects in New England's most distressed urban and rural communities since 2000. The program has closed 122 projects totaling $997 million in NMTC allocation funding for over $1 billion in project cost financing.
• Healthy Neighborhoods Equity Fund (HNEF) A $42 million private equity fund dedicated to financing mixed-income, mixed-use, and transit-oriented real estate developments in low-income communities across New England. Launched in 2014 in partnership with the Conservation Law Foundation, HNEF II aims to create over 450 homes while utilizing CLF's HealthScore impact grading tool.
• Regional NOAH Fund A strategic initiative designed to preserve and expand affordable housing by providing capital to nonprofit and socially driven developers. Focuses on small multi-family properties with five to fifty units and two- to three-family homes to prevent displacement and ensure long-term affordability.
• Boston Acquisition Fund Provides low-interest loans to nonprofits, community land trusts, and socially-minded developers to acquire tenanted multi-family properties in Boston. Offers senior debt up to $20M and subordinate debt up to $5M to prevent displacement, preserve affordability, and combat private investor competition.
• Investor Portal Online portal for investors to access their accounts, documents, and investment information. Password-protected access for mission-driven investors who have collectively committed over $2.15 billion to finance affordable housing and community development.

Quantifiable outcome

• Over 29,500 homes created or preserved
• +3 more outcomes

Named customers6 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered core.

• Conservation Law FoundationcoreStrategic or Co-development Partner · 1 January 2014Launched Healthy Neighborhoods Equity Fund (HNEF) in 2014 in partnership with Conservation Law Foundation. HNEF invests in high-impact, mixed-use, mixed-income projects. Working with public health and research partners, HNEF I created a groundbreaking impact scoring system (HealthScore).
• Federal and State Tax Credit ProgramscoreOthersMHIC leverages federal and state tax credit programs including Low-Income Housing Tax Credits (LIHTC), Historic Tax Credits, New Markets Tax Credits, and State Tax Credits to finance affordable housing and community development projects.

Scale indicators14 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Local Initiatives Support Corporation (LISC): One of the largest U.S. CDFIs, LISC provides financing for affordable housing, community development, and economic development projects nationwide — directly comparable to MHIC as a multi-product, federally certified community development financier.
• Enterprise Community Partners: National nonprofit CDFI focused on affordable housing and community development through lending, tax credit equity, and grants — directly overlaps MHIC's LIHTC, lending, and NMTC product lines across a larger geographic footprint.
• Reinvestment Fund: Philadelphia-based CDFI that finances affordable housing, healthcare, education, and community development using LIHTC, NMTC, and lending — comparable multi-product CDFI model with similar reliance on federal tax credit allocations.
• Low Income Investment Fund (LIIF): National CDFI providing financing for affordable housing, child care, and community facilities — directly comparable mission-driven financing model with overlapping LIHTC and lending products.
• Capital Impact Partners: National CDFI focused on equitable economic development through financing for cooperatives, affordable housing, and community-owned enterprises — comparable CDFI structure and mission-driven fund management approach.
• National Equity Fund (NEF): Major LIHTC syndicator and CDFI providing affordable housing equity financing — directly comparable to MHIC's Housing Tax Credit and equity investment programs.
• Boston Financial Investment Management (BFIM): One of the largest LIHTC syndicators in the U.S., providing tax credit equity and asset management — directly comparable equity/asset management functions within MHIC's Housing Tax Credit Program.
• R4 Capital: Affordable housing tax credit syndicator and finance company providing LIHTC equity and debt financing — comparable equity, lending, and asset management services to MHIC's programs.

Regional players

• MassHousing (Massachusetts Housing Finance Agency): Massachusetts state housing finance agency providing affordable housing financing statewide — directly comparable mission and product set to MHIC within the same geographic market, though structured as a public agency rather than nonprofit.
• Massachusetts Housing Partnership: Regional public-purpose CDFI providing affordable housing financing in Massachusetts — directly comparable regional lending focus and CDFI structure within MHIC's primary market.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/mass-housing-investment-corp

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles21 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Massachusetts Housing Investment Corporation