MHIC Closes Social Impact Fund Supporting Nine Developments

MHIC Closes Social Impact Fund Supporting Nine Developments

Massachusetts Housing Investment Corporation (MHIC) has closed its first Social Impact Fund. The fund raised $63.7 million in total equity, which funded nine developments totaling 342 affordable units across Massachusetts.

“Our Social Impact Fund’s success is a testament to the investors who share our vision for economically inclusive communities,” said Sean Beirne, deputy director of capital development. “Their commitment goes beyond capital; they believe in the power of equitable development and the lasting impact it has on families and neighborhoods.”

Founded in 1990, MHIC has directed $845 million in investments to local, socially and economically disadvantaged businesses, with a focus on increasing opportunities for underrepresented entrepreneurs. The Social Impact Fund continued this commitment by financing projects that stimulate local economies, support small businesses and expand pathways to economic mobility, according to MHIC. Since its founding, MHIC has invested more than $3.5 billion across 707 developments throughout New England.

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