Massachusetts Housing Investment Corporation (MHIC) has closed its fourth proprietary fund with Eastern Bank, investing over $50 million in the creation of permanent affordable housing across eastern Massachusetts. These investments have resulted in five impactful projects located in Lawrence, Brookline, Mashpee, Haverhill and New Bedford that will provide more than 270 quality homes for families, seniors and individuals with disabilities.
The fund also prioritizes increased participation of minority business enterprises (MBEs) and workers of color in the construction process by directing approximately $16.9 million worth of contracts to MBEs as well as 30% of construction hours to workers from these communities.
Christopher Scoville – Senior Vice President at Community Development Lending for Eastern Bank – commented on this initiative: “Providing access to safe and affordable housing is essential when it comes to addressing systemic inequities; it increases economic vitality while providing social mobility within local communities – ultimately helping break the cycle poverty while allowing generational wealth building.”
