Massachusetts Housing Investment Corp
88% goes to programs $0 to raise $100 Strong reserves Growing revenue
Massachusetts Housing Investment Corp is a 501(c)(3) organization based in Boston, Massachusetts, registered in 1993, with $22,569,310 in FY2024 revenue. CharityIndex grades it A+, and it directs about 88% of spending to programs.
21 Custom House St 8th F, Boston, MA, 02110 EIN 04-3094550 Since 1993
Revenue (FY2024)
$22.6M
▼ 69.3% vs prior year
Housing median: $408K
Expenses (FY2024)
$11.8M
Net assets
$40.9M
Employees
39
CharityIndex rating
One independent A+ to F grade from four published criteria, each scored separately from IRS filings and combined by weight.
A+
A+Program efficiency40% of the rating88% to programs · $0 to raise $100
Measures how much of every dollar spent actually reaches programs, plus what it costs to raise $100 of donations. The worse of the two measures sets the letter (85%+ to programs is an A; under $15 to raise $100 is an A), averaged over the three most recent filings. For Massachusetts Housing Investment Corp: 88% to programs · $0 to raise $100 earns a A+ on this criterion. See the exact thresholds →
AFinancial health25% of the rating42 mo reserves · +48% margin
Measures whether the organization is built to last: how many months its reserves would cover expenses (3+ months earns an A-range score, but hoarding 5+ years of budget is capped) and whether it runs a surplus or a deficit. For Massachusetts Housing Investment Corp: 42 mo reserves · +48% margin earns a A on this criterion. See the exact thresholds →
A+Governance25% of the rating6 of 6 checks met
Checks how the organization is run, from its own Form 990: an independent board majority, a board of five or more, conflict-of-interest, whistleblower and document-retention policies, and independently audited financials. The share of disclosed checks that pass sets the letter. For Massachusetts Housing Investment Corp: 6 of 6 checks met earns a A+ on this criterion. See the exact thresholds →
A+Transparency10% of the rating5 of 5 disclosure signals
Counts five disclosure signals: a recent filing, a mission statement, program descriptions, a listed website, and the full expense breakdown. More disclosure, better letter. For Massachusetts Housing Investment Corp: 5 of 5 disclosure signals earns a A+ on this criterion. See the exact thresholds →
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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.
What they do
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.
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.
Contact & location
- Address
- 21 Custom House St 8th F, Boston, MA, 02110
- City
- Boston
- State
- Massachusetts
- Category
- Housing & Shelter
- Subcategory
- Support Foundations & Fundraising
- Phone
- …
- Website
- …
Financial trends
Revenue grew from $15.9M (FY2013) to $22.6M (FY2024) across 12 reported years.
Financial snapshot
Financial health & position (FY2024)
Liabilities $51.9MNet assets $40.9M
Operating margin
47.9%
Revenue exceeded expenses in the latest fiscal year.
Total assets
$92.8M
Total liabilities
$51.9M
Net assets
$40.9M
Salaries & benefits
$8.0M
68% of expenses
Board members
18
17 independent
Financials by year
| Fiscal year | Revenue | Expenses | Net assets | Total assets | Form |
|---|---|---|---|---|---|
| 2024 | $22,569,310▼69.3% | $11,762,667▼83.6% | $40,913,139▲34.8% | $92,801,133▲34.3% | 990 |
| 2023 | $73,602,541▲358% | $71,806,719▲432% | $30,358,380▲6.0% | $69,106,179▲5.5% | 990 |
| 2022 | $16,061,783▼14.5% | $13,502,667▼19.5% | $28,640,918▲24.9% | $65,477,306▲26.5% | 990 |
| 2021 | $18,783,706▲33.7% | $16,764,177▲21.9% | $22,923,763▲8.8% | $51,753,115▲8.9% | 990 |
| 2020 | $14,048,533▲27.3% | $13,753,699▲32.7% | $21,064,864▼2.9% | $47,540,355▼12.2% | 990 |
| 2019 | $11,038,740▼1.6% | $10,365,322▲9.7% | $21,694,679▲0.5% | $54,156,526▲37.0% | 990 |
| 2018 | $11,222,647▼2.0% | $9,450,773▼12.1% | $21,576,825▲6.8% | $39,539,259▲23.7% | 990 |
| 2017 | $11,447,325▲31.0% | $10,750,786▲40.2% | $20,212,221▲1.7% | $31,959,514▲28.1% | 990 |
| 2016 | $8,736,331▼14.7% | $7,668,526▼12.5% | $19,866,241▲5.2% | $24,953,414▼14.7% | 990 |
| 2015 | $10,245,865▼17.7% | $8,766,898▼3.8% | $18,891,509▲6.5% | $29,255,997▲11.1% | 990 |
| 2014 | $12,442,452▼21.9% | $9,112,371▼27.5% | $17,745,891▲21.8% | $26,344,366▼15.9% | 990 |
| 2013 | $15,929,048 | $12,575,008▼45.5% | $14,565,499▲30.2% | $31,342,380▼7.8% | 990 |
| 2012 | — | $23,088,663▲5.0% | $11,184,941▲24.9% | $33,981,872▼5.2% | 990 |
| 2011 | — | $21,986,697▲127% | $8,953,823▲34.5% | $35,847,048▼20.6% | 990 |
| 2010 | — | $9,699,021 | $6,654,980 | $45,153,614 | 990 |
Original Form 990 PDFs (the Form column) are served by ProPublica Nonprofit Explorer, as filed with the IRS. Create a free account to download the CSV report.
Leadership & compensation (FY2024)
Highest-paid: Moddie Turay — $623,189 (5.30% of total expenses)
| Name | Title | Hours/week | Compensation |
|---|---|---|---|
| Moddie Turay | President & Ceo | 40 | $623,189 |
| William Thompson | Chief Financial Officer | 40 | $358,557 |
| Scott Backman | Director of Asset Management | 40 | $289,103 |
| Charles Edwards | Director of Finance | 40 | $278,440 |
| John-paul Vachon | Deputy Director Equity Investments | 40 | $271,345 |
| K Beth O'donnell | Director of Community Investment | 40 | $252,812 |
| Mason Sheeler | Senior Fund Manager | 40 | $249,437 |
| Travis Watson | Director of Community Impact | 40 | $247,221 |
| Sean Beirne | Director of Capital Development | 40 | $228,640 |
| Al Uluatam | Director | 1 | — |
| Amy Farrell | Director | 1 | — |
| Amy Schectman | Director | 1 | — |
| B John Dill | Treasurer | 1 | — |
| Daniel Cruz Jr | Vice Chair | 1 | — |
| Diane Smith | Director | 1 | — |
| Elizabeth Gruber | Chair | 1 | — |
| Evelyn Friedman | Director | 1 | — |
| Jennifer Maddox | Director | 1 | — |
| Keith Fairey | Director | 1 | — |
| Keith Nisbet | Director | 1 | — |
Top vendors & contractors (FY2024)
| Contractor | Services | Paid |
|---|---|---|
| Nolan Sheehan Patten LLP | Legal | $884,399 |
| Shalini Konduri | It Consulting | $156,860 |
| Holland & Knight LLP | Legal | $140,336 |
| Sb Friedman & Company | Consulting | $135,857 |
Grants received · $8.5M total
7 grants to Massachusetts Housing Investment Corp totaling $8.5M, reported by foundations on their Schedule I filings.
| Grantmaker | Purpose | Year | Amount |
|---|---|---|---|
| The Chicago Community Trust | General support for programs, operations and other charitable purposes | 2023 | $7,000,000 |
| Boston Foundation Inc | Operating support/annual fund | 2023 | $243,541 |
| Boston Foundation Inc | Operating support/annual fund | 2022 | $661,667 |
| Childrens Hospital Corporation | Community partnership | 2021 | $515,000 |
| Mass General Brigham Incorporated and Affiliates Group Rtn | Community benefit program | 2021 | $10,000 |
| Mass General Brigham Incorporated and Affiliates Group Rtn | Community benefit program | 2020 | $10,000 |
| Mass General Brigham Incorporated and Affiliates Group Rtn | Community benefit program | 2016 | $10,000 |
Grants made · $145K in FY2024
5 grants totaling $145K in FY2024. All grants made by Massachusetts Housing Investment Corp →
| Recipient | Purpose | Amount |
|---|---|---|
| National Association of State and Local Equity Funds | Charitable contribution for general funding | $65,000 |
| Massachusetts Association of Community Development Corporation | Charitable contribution for general funding | $30,000 |
| Citizens Housing & Planning Association Inc | Charitable contribution for general funding | $25,000 |
| National Association of Affordable Housing Lenders | Charitable contribution for general funding | $15,000 |
| Urban Edge Housing Corp | Charitable contribution for general funding | $10,000 |
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Compare Massachusetts Housing Investment Corp
Frequently asked questions
- Is Massachusetts Housing Investment Corp a legitimate nonprofit?
- Yes. Massachusetts Housing Investment Corp is a 501(c)(3) organization registered with the U.S. Internal Revenue Service under EIN 04-3094550, based in Boston, Massachusetts. Donations are tax-deductible.
- What is Massachusetts Housing Investment Corp's EIN?
- Massachusetts Housing Investment Corp's Employer Identification Number (EIN) is 04-3094550.
- How much revenue does Massachusetts Housing Investment Corp report?
- Massachusetts Housing Investment Corp reported $22,569,310 in total revenue on its fiscal year 2024 IRS Form 990 filing.
- How much of Massachusetts Housing Investment Corp's spending goes to programs?
- Massachusetts Housing Investment Corp spends about 88% of its total expenses on programs, based on its latest IRS Form 990.
- What financial grade does Massachusetts Housing Investment Corp have?
- CharityIndex grades Massachusetts Housing Investment Corp A+, based on program efficiency and fundraising cost.
- How much does Massachusetts Housing Investment Corp's highest-paid employee make?
- The highest reported compensation on Massachusetts Housing Investment Corp's latest Form 990 is $623,189, paid to Moddie Turay (President & Ceo).
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Data for Massachusetts Housing Investment Corp (EIN 04-3094550) comes from the IRS Business Master File and e-filed Form 990 returns, via CharityIndex. Figures reflect what the organization reported to the IRS for each fiscal year.