Massachusetts Housing Investment Corp
- Assets
- $65.5m
- Revenue
- $16.1m
- Investments
- $324.8k
- Employees
- 33
- Location
- Boston, MA
- Founding
- 02/1993
- Data as of
- 12/2022
- EIN
- 04-3094550
Organization Overview
Massachusetts Housing Investment Corp is located in Boston, MA. The organization was established in 1993. According to its NTEE Classification (L12) the organization is classified as: Fund Raising & Fund Distribution, under the broad grouping of Housing & Shelter and related organizations. As of 12/2022, Massachusetts Housing Investment Corp employed 33 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Massachusetts Housing Investment Corp is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2022, Massachusetts Housing Investment Corp generated $16.1m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 5.8% each year. All expenses for the organization totaled $13.5m during the year ending 12/2022. While expenses have increased by 5.5% per year over the past 8 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Massachusetts Housing Investment Corp has awarded 71 individual grants totaling $860,792. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
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.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MANAGED A PROGRAM THAT PROVIDES FINANCING TO COMMERCIAL REAL ESTATE PROPERTIES AND BUSINESSES IN LOW-INCOME COMMUNITIES, THEREBY STIMULATING ECONOMIC DEVELOPMENT AND JOB CREATION.
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.
MANAGED A PROGRAM THAT PROVIDES FINANCING FOR EQUITY INVESTMENT IN LOW-INCOME HOUSING DEVELOPMENTS THAT QUALIFY FOR TAX CREDITS.
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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joseph L Flatley President & CEO | OfficerTrustee | 40 | $374,246 |
Guilliaem Aertsen Chair | OfficerTrustee | 1 | $0 |
Elizabeth Gruber Vice Chair | OfficerTrustee | 1 | $0 |
Reza Aghamirzadeh Director | Trustee | 1 | $0 |
Howard Cohen Director | Trustee | 1 | $0 |
Daniel Cruz Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Nolan Sheehan Patten Llp Legal | 12/30/22 | $965,984 |
Shalini Konduri It Consulting | 12/30/22 | $145,437 |
Daniel Dennis & Company Accounting | 12/30/22 | $116,648 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $2,288,184 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,512,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,800,184 |
| Total Program Service Revenue | $12,180,733 |
| Investment income | $80,866 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $16,061,783 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $136,945 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,694,851 |
| Compensation of current officers, directors, key employees. | $218,636 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $5,531,220 |
| Pension plan accruals and contributions | $379,689 |
| Other employee benefits | $544,649 |
| Payroll taxes | $357,153 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,209,468 |
| Fees for services: Accounting | $144,148 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $395,832 |
| Advertising and promotion | $0 |
| Office expenses | $434,796 |
| Information technology | $53,414 |
| Royalties | $0 |
| Occupancy | $532,308 |
| Travel | $41,732 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $153,684 |
| Interest | $249,028 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $63,386 |
| Insurance | $80,364 |
| All other expenses | $1,500,000 |
| Total functional expenses | $13,502,667 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $27,252,715 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $7,399,605 |
| Loans from Officers, Directors, or Controlling Persons | $42,234 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $23,702,984 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $93,502 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $324,831 |
| Investments—program-related | $5,081,428 |
| Intangible assets | $0 |
| Other assets | $1,580,007 |
| Total assets | $65,477,306 |
| Accounts payable and accrued expenses | $2,862,631 |
| Grants payable | $0 |
| Deferred revenue | $6,038,944 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $26,380,165 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,554,648 |
| Total liabilities | $36,836,388 |
| Net assets without donor restrictions | $25,885,918 |
| Net assets with donor restrictions | $2,755,000 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $65,477,306 |
Grants Awarded
Over the last fiscal year, Massachusetts Housing Investment Corp has awarded $102,167 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
NATIONAL ASSOCIATION OF STATE AND LOCAL EQUITY FUNDS PURPOSE: CHARITABLE CONTRIBUTION FOR GENERAL FUNDING | $42,167 |
MASSACHUSETTS ASSOCIATION OF COMMUNITY DEVELOPMENT CORP PURPOSE: CHARITABLE CONTRIBUTION FOR GENERAL FUNDING | $20,000 |
NAAHL PURPOSE: CHARITABLE CONTRIBUTION FOR GENERAL FUNDING | $15,000 |
CITIZENS HOUSING AND PLANNING ASSOCIATION PURPOSE: CHARITABLE CONTRIBUTION FOR GENERAL FUNDING | $25,000 |