MHIC, a leading investment corporation in Massachusetts, has successfully closed its inaugural Social Impact Fund. The fund raised an impressive $63.7 million in equity and was used to finance nine developments that will provide 342 affordable housing units across the state.
According to Sean Beirne, deputy director of capital development at MHIC, this achievement is a reflection of the shared vision between investors and the organization for creating inclusive communities. He also highlighted how their commitment goes beyond just providing capital but also focuses on promoting equitable development that can have a lasting impact on families and neighborhoods.
Since its establishment in 1990, MHIC has directed over $845 million towards investments in local businesses belonging to socially and economically disadvantaged individuals. Their main goal is to increase opportunities for underrepresented entrepreneurs by supporting projects that stimulate local economies, aid small businesses and create pathways towards economic mobility.
With this new Social Impact Fund initiative, MHIC continues its dedication towards these goals by financing projects that align with their mission statement. In fact since it was founded more than three decades ago,MHIC has invested over $3.5 billion into 707 developments throughout New England region alone.
