The first Social Impact Fund by Massachusetts Housing Investment Corporation (MHIC) has successfully closed, raising a total of $63.7 million in equity. This funding was used to support nine developments, resulting in 342 affordable units being built across the state.
Deputy Director of Capital Development Sean Beirne expressed gratitude for the investors who shared MHIC’s vision for creating economically inclusive communities. He also noted that their commitment goes beyond just providing capital; they truly believe in the power of equitable development and its lasting impact on families and neighborhoods.
Since its establishment in 1990, MHIC has directed $845 million towards local businesses that are socially and economically disadvantaged. Their focus is on increasing opportunities for underrepresented entrepreneurs. The Social Impact Fund continues this mission by financing projects that stimulate local economies, support small businesses, and provide pathways to economic mobility.
Overall, MHIC has invested over $3.5 billion across 707 developments throughout New England since its inception.
