Boston Metro Region

Mass. Housing Investment Corp. New Market Fund

Boston    2004

Massachusetts Housing Investment Corporation (MHIC) was founded in 1990 by a consortium of banks and other corporate investors to fill a critical gap in meeting the credit needs of affordable housing developers and owners. MHIC, now in its fourteenth year, has invested and committed over $700 million to finance the development and preservation of more than 10,500 housing units in over 200 projects.

MHIC recognized that its mission extends beyond housing to include community development, particularly with respect to commercial real estate. This is a logical extension as community development complements and strengthens housing investment by providing economic sustainability.

Created by Congress at the end of 2000, the New Markets Tax Credit Program provided an investment vehicle for MHIC to support economic development projects. MHIC was allocated New Market Tax Credits in the first allocation round. PCI has invested in the related loan fund to support several commercial enterprises in Boston.

PCI Loan Amount: $3,000,000

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