EIN 04-3094550

Massachusetts Housing Investment Corporation (MHIC)

IRS 501(c) type
501(c)(3)
Num. employees
32
City
Year formed
1990
Most recent tax filings
2021-12-01
Description
To be an innovative private financier of affordable housing and community development throughout New England, providing financing that would not otherwise be available, and extending the impact of that financing to ensure the broadest possible benefit.
Total revenues
$18,783,706
2021
Total expenses
$16,764,177
2021
Total assets
$51,753,115
2021
Num. employees
32
2021

Program areas at MHIC

Managed a program that provides financing to commercial real estate properties and businesses in low-income communities, thereby stimulating economic development and job creation.
Managed a program that provides loans to finance low-income Housing or to bridge investor capital of affiliated programs. Funding for this program includes grants or other assistance from the u.s. department of the treasury community development financial institutions fund and other state and local municipalities in addition to debt financing from the federal home loan bank of boston and other various lenders.
Managed a program that provides financing for equity Investment in low-income Housing developments that qualify for tax credits.
Managed a program that provides equity investments and loans to finance transit-oriented, mixed-income Housing that produce positive health outcomes.

Grants made by MHIC

GranteeGrant descriptionAmount
Massachusetts Association of Community Development CorporationCharitable Contribution for General Funding$30,000
Citizens' Housing and Planning AssociationCharitable Contribution for General Funding$25,000
National Association of State and Local Equity FundsCharitable Contribution for General Funding$20,500
...and 1 more grant made

Who funds Massachusetts Housing Investment Corporation (MHIC)

Grants from foundations and other nonprofits
GrantmakerDescriptionAmount
Mass General Brigham Incorporated and Affiliates Group ReturnCommunity Benefit Program$10,000
Federal funding details
Federal agencyProgram nameAmount
Department of the TreasuryCAPITAL MAGNET FUND$1,800,000
Small Business AdministrationDISASTER ASSISTANCE LOANS$150,000
Department of the TreasuryCOMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS PROGRAM$123,213

Personnel at MHIC

NameTitleCompensation
Moddie TurayPresident and Chief Executive Officer
William ThompsonChief Financial Officer$324,567
Deborah FavreauChief Development Officer$249,588
Kathy McGilvrayDirector of Investment
Charles EdwardsDirector of Accounting and Administration$244,295
...and 12 more key personnel

Financials for MHIC

RevenuesFYE 12/2021
Total grants, contributions, etc.$9,449,891
Program services$9,318,596
Investment income and dividends$15,219
Tax-exempt bond proceeds$0
Royalty revenue$0
Net rental income$0
Net gain from sale of non-inventory assets$0
Net income from fundraising events$0
Net income from gaming activities$0
Net income from sales of inventory$0
Miscellaneous revenues$0
Total revenues$18,783,706

Form 990s for MHIC

Fiscal year endingDate received by IRSFormPDF link
2020-122021-11-15990View PDF
2019-122021-02-22990View PDF
2018-122019-12-06990View PDF
2017-122019-02-21990View PDF
2016-122017-10-13990View PDF
...and 7 more Form 990s
Data update history
June 29, 2023
Posted financials
Added Form 990 for fiscal year 2020
May 15, 2023
Received grants
Identified 1 new grant, including a grant for $10,000 from Mass General Brigham Incorporated and Affiliates Group Return
October 21, 2022
Used new vendors
Identified 1 new vendor, including
October 13, 2022
Updated personnel
Identified 2 new personnel
July 15, 2022
Updated personnel
Identified 6 new personnel
Nonprofit Types
Grantmaking organizationsHousing and shelter organizationsCommunity Development Financial InstitutionsCharities
Issues
Human servicesCommunity improvementHousing
Characteristics
State / local levelReceives government fundingTax deductible donations
General information
Address
21 Custom House St 8th Floor
Boston, MA 02110
Metro area
Boston-Cambridge-Newton, MA-NH
County
Suffolk County, MA
Website URL
mhic.com// 
Phone
(617) 850-1000
IRS details
EIN
04-3094550
Fiscal year end
December
Taxreturn type
Form 990
Year formed
1990
Eligible to receive tax-deductible contributions (Pub 78)
Yes
Categorization
NTEE code, primary
L12: Housing and Shelter Fund Raising and Fund Distribution
NAICS code, primary
522120: Savings Institutions
Parent/child status
Independent
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