Form 990 for tax year 2025
Filed by MASSACHUSETTS HOUSING INVESTMENT CORP.
Totals
- Total revenue
- $20,217,610
- Total expenses
- $12,513,933
- Contributions and grants received
- $7,374,499
- Grants paid
- $128,787
- Program service revenue
- $11,552,640
- Investment income
- $1,290,471
- Other revenue
- $0
- Total assets, end of year
- $99,860,034
- Total liabilities, end of year
- $51,691,578
- Net assets or fund balances, end of year
- $48,168,456
- Program services expenses (Part IX)
- $11,085,043
- Management and general expenses
- $1,428,890
- Fundraising expenses
- $0
- Program service expenses (Part III)
- $11,085,043
Program services were 88.6% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.
Line items
Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.
Revenue
Part VIII, the statement of revenue.
-
1e · Government grants (contributions)
$2,274,499
-
1f · All other contributions, gifts and grants
$5,100,000
-
2a · Program service revenue: LOAN AND MANAGEMENT FEE REVENUE
total $4,327,690 · related or exempt $4,327,690
-
2b · Program service revenue: LIHTC PROGRAM FEES
total $3,248,218 · related or exempt $3,248,218
-
2c · Program service revenue: NMTC PROGRAM FEES
total $3,240,582 · related or exempt $3,240,582
-
2d · Program service revenue: HNEF PROGRAM FEES
total $736,150 · related or exempt $736,150
-
3 · Investment income
total $1,290,471 · excluded $1,290,471
Functional expenses
Part IX, the statement of functional expenses.
-
1 · Grants to domestic organizations and governments
total $128,787 · program services $128,787
-
5 · Compensation of officers, directors and key employees
total $938,783 · program services $817,837 · management and general $120,946
-
7 · Other salaries and wages
total $5,614,314 · program services $4,891,279 · management and general $723,035
-
8 · Pension plan contributions
total $378,521 · program services $329,680 · management and general $48,841
-
9 · Other employee benefits
total $526,618 · program services $458,667 · management and general $67,951
-
10 · Payroll taxes
total $467,818 · program services $407,454 · management and general $60,364
-
11b · Fees: legal
total $732,433 · program services $658,710 · management and general $73,723
-
11c · Fees: accounting
total $146,935 · program services $146,935
-
11g · Fees: other
total $708,331 · program services $677,966 · management and general $30,365
-
12 · Advertising and promotion
total $40,533 · program services $40,533
-
13 · Office expenses
total $126,004 · program services $109,745 · management and general $16,259
-
14 · Information technology
total $183,586 · program services $159,897 · management and general $23,689
-
16 · Occupancy
total $635,426 · program services $553,436 · management and general $81,990
-
17 · Travel
total $126,333 · program services $113,617 · management and general $12,716
-
19 · Conferences, conventions and meetings
total $103,661 · program services $93,227 · management and general $10,434
-
20 · Interest
total $505,229 · program services $505,229
-
22 · Depreciation, depletion and amortization
total $72,018 · program services $62,725 · management and general $9,293
-
24a · Other expenses: RESERVE FOR CREDIT LOSS
total $101,016 · program services $101,016
-
24e · All other expenses
total $977,587 · program services $828,303 · management and general $149,284
Balance sheet
Part X, book values.
-
2 · Savings and temporary cash investments
beginning of year $37,061,396 · end of year $33,759,064
-
4 · Accounts receivable
beginning of year $10,956,315 · end of year $6,240,678
-
7 · Other notes and loans receivable
beginning of year $27,137,081 · end of year $43,886,118
-
10a · Land, buildings and equipment: cost or other basis
$934,826
-
10b · Land, buildings and equipment: accumulated depreciation
$734,955
-
10c · Land, buildings and equipment, net
beginning of year $122,423 · end of year $199,871
-
11 · Investments: publicly traded securities
end of year $7,720,570
-
12 · Investments: other securities
beginning of year $388,400 · end of year $663,700
-
13 · Investments: program-related
beginning of year $14,836,746 · end of year $5,725,266
-
15 · Other assets
beginning of year $2,298,772 · end of year $1,664,767
-
17 · Accounts payable and accrued expenses
beginning of year $2,959,158 · end of year $1,828,194
-
19 · Deferred revenue
beginning of year $4,569,023 · end of year $2,781,800
-
23 · Secured mortgages and notes payable
beginning of year $33,415,802 · end of year $40,967,980
-
25 · Other liabilities
beginning of year $10,944,011 · end of year $6,113,604
-
27 · Net assets without donor restrictions
beginning of year $35,913,139 · end of year $38,068,456
-
28 · Net assets with donor restrictions
beginning of year $5,000,000 · end of year $10,100,000
Mission and programs · 2025
Mission
MHIC'S MISSION IS TO BE AN INNOVATIVE PRIVATE FINANCIER OF AFFORABLE 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.
-
MANAGED A PROGRAM THAT PROVIDES FINANCING TO COMMERCIAL REAL ESTATE PROPERTIES AND BUSINESSES IN LOW-INCOME COMMUNITIES, THEREBY STIMULATING ECONOMIC DEVELOPMENT AND JOB CREATION.
Expenses $1,676,608 · Revenue $3,240,582
-
MANAGED A PROGRAM THAT PROVIDES FINANCING FOR EQUITY INVESTMENT IN LOW-INCOME HOUSING DEVELOPMENTS THAT QUALIFY FOR TAX CREDITS.
Expenses $1,676,608 · Revenue $3,248,218
-
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.
Expenses $6,847,794 · Grants $128,787 · Revenue $4,327,690
-
MANAGED A PROGRAM THAT PROVIDES FINANCING TO INVESTS IN, MAKES LOANS TO, AND MANAGES PRIVATE EQUITY FUNDS THAT HOLD TRANSIT ORIENTED AND WORK FORCE HOUSING TO THE BENEFIT OF RESIDENTS BETWEEN 60 AND 130% AMI.
Expenses $884,033 · Revenue $736,150
As filed on the 2025 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
Daniel Cruz JrDANIEL CRUZ JR
VICE CHAIR
- Total calculated
- $0
- Hours/week
- 1
-
Elizabeth GruberELIZABETH GRUBER
CHAIR
- Total calculated
- $0
- Hours/week
- 1
-
Patricia MarinilliPATRICIA MARINILLI
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Sheila DillonSHEILA DILLON
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Keith FaireyKEITH FAIREY
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Evelyn FriedmanEVELYN FRIEDMAN
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Tom GleasonTOM GLEASON
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Jennifer MaddoxJENNIFER MADDOX
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Keith NisbetKEITH NISBET
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Diane SmithDIANE SMITH
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Amy SchectmanAMY SCHECTMAN
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Moddie TurayMODDIE TURAY
PRESIDENT & CEO
- Total calculated
- $644,610
- From this org
- $577,686
- From related orgs
- $0
- Other
- $66,924
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $460,000
- Bonus
- $117,686
- Other
- $0
- Deferred
- $36,448
- Nontaxable benefits
- $30,476
- Filer's total
- $644,610
-
Carol VenturaCAROL VENTURA
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Karen KentKAREN KENT
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Mimi LiMIMI LI
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Yongmei ChenYONGMEI CHEN
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
William ThompsonWILLIAM THOMPSON
CHIEF FINANCIAL OFFICER
- Total calculated
- $408,889
- From this org
- $361,098
- From related orgs
- $0
- Other
- $47,791
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $305,441
- Bonus
- $55,657
- Other
- $0
- Deferred
- $24,435
- Nontaxable benefits
- $23,356
- Filer's total
- $408,889
-
Charles EdwardsCHARLES EDWARDS
DIRECTOR OF FINANCE
- Total calculated
- $328,390
- From this org
- $291,545
- From related orgs
- $0
- Other
- $36,845
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $243,682
- Bonus
- $43,997
- Other
- $3,866
- Deferred
- $19,495
- Nontaxable benefits
- $17,350
- Filer's total
- $328,390
-
K Beth O'DonnellK BETH O'DONNELL
DIRECTOR OF COMMUNITY INVESTMENT
- Total calculated
- $313,734
- From this org
- $273,980
- From related orgs
- $0
- Other
- $39,754
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $232,089
- Bonus
- $41,741
- Other
- $150
- Deferred
- $18,567
- Nontaxable benefits
- $21,187
- Filer's total
- $313,734
-
Sean BeirneSEAN BEIRNE
DIRECTOR OF CAPITAL DEVELOPMENT
- Total calculated
- $335,208
- From this org
- $284,083
- From related orgs
- $0
- Other
- $51,125
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $242,759
- Bonus
- $41,324
- Other
- $0
- Deferred
- $19,421
- Nontaxable benefits
- $31,704
- Filer's total
- $335,208
-
Leslie ReidLESLIE REID
CHIEF OF INVESTMENT PROGRAMS
- Total calculated
- $309,811
- From this org
- $272,544
- From related orgs
- $0
- Other
- $37,267
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $256,275
- Bonus
- $16,269
- Other
- $0
- Deferred
- $20,537
- Nontaxable benefits
- $16,730
- Filer's total
- $309,811
-
Travis WatsonTRAVIS WATSON
DIRECTOR OF COMMUNITY IMPACT
- Total calculated
- $301,292
- From this org
- $256,296
- From related orgs
- $0
- Other
- $44,996
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $217,514
- Bonus
- $38,782
- Other
- $0
- Deferred
- $17,401
- Nontaxable benefits
- $27,595
- Filer's total
- $301,292
Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.
Schedule J
Answered yes
- 3 · Compensation committee
- 3 · Independent compensation consultant
- 3 · Approval by the board or compensation committee
Answered no
- 4a · Severance or change-of-control payment
- 4b · Supplemental nonqualified retirement plan
- 4c · Equity-based compensation arrangement
- 5a · Pay contingent on this organization's revenues
- 5b · Pay contingent on a related organization's revenues
- 6a · Pay contingent on this organization's net earnings
- 6b · Pay contingent on a related organization's net earnings
- 7 · Other non-fixed payments
- 8 · Paid under the initial-contract exception
Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.
Grants on this return
-
CHARITABLE CONTRIBUTION FOR GENERAL FUNDING
-
CHARITABLE CONTRIBUTION FOR GENERAL FUNDING
-
CHARITABLE CONTRIBUTION FOR GENERAL FUNDING
-
ISABELLA STEWART GARDNER MUSEUM
$10,000
CHARITABLE CONTRIBUTION FOR GENERAL FUNDING
Taxable family on this return
Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.
Disregarded entities
Part I: entities that legally are the filer and file no return of their own.
-
NEIGHBORHOOD STABILIZATION LOAN FUND LLC
TO ADDRESS FORECLOSURE PROBLEMS IN DISTRESSED URBAN AREAS LOCATED IN MA. · MA · income $0 · assets $5,159
Directly controlled by MHIC
-
MHIC NEW MARKETS MANAGER LLC
COMMUNITY DEVELOPMENT · MA · income $0 · assets $0
Directly controlled by MHIC
-
MHIC HNEF MANAGER LLC
COMMUNITY DEVELOPMENT · MA · income $0 · assets $0
Directly controlled by MHIC
-
MHIC HNEF CLASS B INVESTOR LLC
COMMUNITY DEVELOPMENT · MA · income $65,610 · assets $3,346,097
Directly controlled by MHIC
-
MHIC NEW MARKETS INVESTOR LLC
COMMUNITY DEVELOPMENT · MA · income $0 · assets $0
Directly controlled by MHIC
-
MHIC HNEF INVESTOR LLC
COMMUNITY DEVELOPMENT · MA · income $0 · assets $2,000,000
Directly controlled by MHIC
-
MHIC HNEF II MANAGER LLC
COMMUNITY DEVELOPMENT · MA · income -$612,354 · assets $341,723
-
NOAH ACQUISITION LOAN FUND
TO PROVIDE LOANS TO AFFORDABLE RENTAL HOUSING DEVELOPMENTS IN MA · MA · income $167,879 · assets $6,867,879
Directly controlled by MHIC
-
MHIC BOSTON ACQUISITION FUND LLC
COMMUNITY DEVELOPMENT · MA · income $90,218 · assets $8,990,218
Directly controlled by MHIC
Related partnerships
Part III: related organizations taxable as a partnership, with the filer's share.
-
MHIC LLC
AFFORDABLE HOUSING · MA · general or managing partner
-
MEETING STREET INVESTMENT FUND
AFFORDABLE HOUSING · MA · general or managing partner
-
MHEF 481 CORP FUND I LLC
COMMUNITY DEVELOPMENT · MA
-
MHEF BOA FUND I LIMITED PARTNERSHIP
AFFORDABLE HOUSING · MA
-
MHEF XIV LLC
AFFORDABLE HOUSING · MA · general or managing partner
-
MHEF XVI LLC
AFFORDABLE HOUSING · MA · general or managing partner
-
MHEF XVII LLC
AFFORDABLE HOUSING · MA · general or managing partner
-
MHEF XVIII LLC
AFFORDABLE HOUSING · MA · general or managing partner
-
MHEF XIX LLC
AFFORDABLE HOUSING · MA · general or managing partner
-
MHEF XX LLC
AFFORDABLE HOUSING · MA · general or managing partner
-
MHEF 481 CORP FUND II LLC
AFFORDABLE HOUSING · MA · general or managing partner
-
MHEF 481 CORP FUND III LLC
AFFORDABLE HOUSING · MA · general or managing partner
-
MHEF HOLDINGS LLC
COMMUNITY DEVELOPMENT · MA · general or managing partner
-
MHEF SOCIAL IMPACT FUND I
COMMUNITY DEVELOPMENT · MA · general or managing partner
-
MHEF RBS CITIZENS EQUITY FUND LLC
AFFORDABLE HOUSING · MA · general or managing partner
-
MHEF XXI LLC
AFFORDABLE HOUSING · MA · general or managing partner
-
MHEF XXII LLC
AFFORDABLE HOUSING · MA · general or managing partner
-
CITIZENS-MHEF HIGHLAND GLEN INVESTOR LLC
AFFORDABLE HOUSING · MA · general or managing partner
-
MHEF XXIV LLC
AFFORDABLE HOUSING · MA · general or managing partner
-
MHEF-PUB FUND I LLC
AFFORDABLE HOUSING · MA · general or managing partner
-
MHEF 30 LIMITED PARTNERSHIP
COMMUNITY DEVELOPMENT · MA · general or managing partner
-
MHIC RBS CITIZENS NMTC FUND LLC
COMMUNITY DEVELOPMENT · MA · general or managing partner
-
HEALTHY NEIGHBORHOODS EQUITY FUND I LP
AFFORDABLE HOUSING · MA · general or managing partner
-
MHEF XXIII LLC
AFFORDABLE HOUSING · MA · general or managing partner
-
MHEF EASTERN FUND I
AFFORDABLE HOUSING · MA · general or managing partner
-
MHIC NE CDE II SUBSIDIARY 59 LLC
COMMUNITY DEVELOPMENT · MA · general or managing partner
-
MHEF EAST BOSTON SAVINGS BANK FUND
AFFORDABLE HOUSING · MA · general or managing partner
-
MHIC 481 CORP NMTC INVESTMENT FUND II LLC
COMMUNITY DEVELOPMENT · MA · general or managing partner
-
MHIC NE CDE II SUBSIDIARY 54 LLC
COMMUNITY DEVELOPMENT · MA · general or managing partner
-
MHIC NE CDE II SUBSIDIARY 60 LLC
COMMUNITY DEVELOPMENT · MA · general or managing partner
-
MHIC-PB FUND I LLC
AFFORDABLE HOUSING · MA · general or managing partner
-
MHEF XXV LLC
AFFORDABLE HOUSING · MA · general or managing partner
-
MHIC NE CDE II SUBSIDIARY 61 LLC
COMMUNITY DEVELOPMENT · MA · general or managing partner
-
MHIC NE CDE II SUBSIDIARY 48 LLC
COMMUNITY DEVELOPMENT · MA · general or managing partner
-
MHIC NE CDE II SUBSIDIARY 51 LLC
COMMUNITY DEVELOPMENT · MA · general or managing partner
-
MHIC NE CDE II SUBSIDIARY 53 LLC
COMMUNITY DEVELOPMENT · MA · general or managing partner
-
MHIC NE CDE II SUBSIDIARY 56 LLC
COMMUNITY DEVELOPMENT · MA · general or managing partner
-
MHIC NE CDE II SUBSIDIARY 57 LLC
COMMUNITY DEVELOPMENT · MA · general or managing partner
-
MHIC NE CDE II SUBSIDIARY 58 LLC
COMMUNITY DEVELOPMENT · MA · general or managing partner
-
MHIC NE CDE II SUBSIDIARY 62 LLC
COMMUNITY DEVELOPMENT · MA · general or managing partner
-
MHIC NE CDE II SUBSIDIARY 63 LLC
COMMUNITY DEVELOPMENT · MA · general or managing partner
-
MHEF XXVI LLC
AFFORDABLE HOUSING · MA · general or managing partner
-
MHEF EASTERN FUND II LLC
AFFORDABLE HOUSING · MA
-
MHEF EASTERN FUND III LLC
AFFORDABLE HOUSING · MA
-
MHIC-WF II LLC
AFFORDABLE HOUSING · MA
-
MHEF BOSTON PRIVATE FUND I LLC
AFFORDABLE HOUSING · MA
-
MHEF BOSTON PRIVATE FUND II LLC
AFFORDABLE HOUSING · MA
-
HEALTHY NEIGHBORHOODS EQUITY FUND II LP
AFFORDABLE HOUSING · MA
-
ROCKLAND MHEF FUND LLC
AFFORDABLE HOUSING · MA
-
MHEF ROCKLAND FUND II LLC
AFFORDABLE HOUSING · MA
-
MHIC NAHT KENMORE ABBEY
AFFORDABLE HOUSING · MA
-
MHIC-WF I LLC
AFFORDABLE HOUSING · MA
-
MHEF EASTERN FUND IV
AFFORDABLE HOUSING · MA
-
MHEF SVB FUND I LLC
AFFORDABLE HOUSING · MA
-
MHIC LEVERAGE LENDER LLC
COMMUNITY DEVELOPMENT · MA
-
MHEF XXVII LLC
AFFORDABLE HOUSING · MA
-
MHIC NE CDE II SUBSIDIARY 64 LLC
COMMUNITY DEVELOPMENT · MA
-
CITIZENS-MHEF EQUITY FUND II LLC
AFFORDABLE HOUSING · MA
-
MHEF 29 LIMITED PARTNERSHIP
AFFORDABLE HOUSING · MA
-
MHEF EASTERN SVB FUND I
AFFORDABLE HOUSING · MA
-
MHEF XXVIII LLC
AFFORDABLE HOUSING · MA
-
MHIC NE CDE II SUBSIDIARY 65 LLC
COMMUNITY DEVELOPMENT · MA
-
MHIC NE CDE II SUBSIDIARY 66 LLC
COMMUNITY DEVELOPMENT · MA
-
MHIC NE CDE II SUBSIDIARY 67 LLC
COMMUNITY DEVELOPMENT · MA
-
MHIC NE CDE II SUBSIDIARY 69 LLC
COMMUNITY DEVELOPMENT · MA
-
MHIC NE CDE II SUBSIDIARY 68 LLC
COMMUNITY DEVELOPMENT · MA
-
MHIC NE CDE II SUBSIDIARY 70 LLC
COMMUNITY DEVELOPMENT · MA
-
MHIC NE CDE II SUBSIDIARY 71 LLC
COMMUNITY DEVELOPMENT · MA
-
MHIC NE CDE II SUBSIDIARY 72 LLC
COMMUNITY DEVELOPMENT · MA
-
MHIC NE CDE II SUBSIDIARY 73 LLC
COMMUNITY DEVELOPMENT · MA
-
MHIC NE CDE II SUBSIDIARY 74 LLC
COMMUNITY DEVELOPMENT · MA
-
MHIC NE NEW MARKETS CDE II LLC
COMMUNITY DEVELOPMENT · MA
-
MHIC-PB INC
COMMUNITY DEVELOPMENT · MA
-
COMMUNITY DEVELOPMENT · MA
-
MHIC NE CDE II SUBSIDIARY 75 LLC
COMMUNITY DEVELOPMENT · MA
-
MHIC NE CDE II SUBSIDIARY 76 LLC
COMMUNITY DEVELOPMENT · MA
-
MHIC NE CDE II SUBSIDIARY 77 LLC
COMMUNITY DEVELOPMENT · MA
Related corporations and trusts
Part IV: related organizations taxable as a corporation or trust.
-
MHEF INC
C · INVEST IN LOW INCOME, MULTI-FAMILY HOUSING · MA · 100% owned · controlled entity
Directly controlled by MHIC
-
COMMUNITY HOUSING INVESTMENT MANAGEMENT PARTNERSHIP
C · REAL ESTATE FINANCE · MA · 100% owned · controlled entity
Directly controlled by MHIC
-
MHIC-GM INC
C · REAL ESTATE FINANCE · MA · 100% owned · controlled entity
Directly controlled by MHIC
Provenance
- Return type
- form_990
- Tax year
- 2025
- Filed
- 16 September 2026
- IRS schema version
- 2025v4.2
- Source object
- 202612609349301421
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