Overview
What is Massachusetts Housing Investment Corporation?
Massachusetts Housing Investment Corporation (MHIC) is a Boston-based nonprofit organization dedicated to financing commercial real estate properties and businesses in low-income communities throughout New England. With a mission to be an innovative private financier of affordable housing and community development, MHIC extends financing that would not otherwise be available, thereby stimulating economic development and job creation. The corporation's impact is broadened to ensure the greatest possible benefit for the community. With a team of 33 employees, MHIC is making a difference by providing much-needed financing in New England.
Official website here: www.mhic.com
What are the reviews and ratings of this charity?
Charity Navigator Rating: 91% (Four-Star out of Four Star rating) from Charity Navigator.
The Massachusetts Housing Investment Corporation has earned a commendable Four-Star rating due to its strong commitment to accountability and finance, reflecting a well-managed organization in terms of transparency and ethical practices. With an overall score of 91%, the organization's financial health is bolstered by a high program expense ratio of 91.92%, indicating that a significant portion of its funding is used directly for its mission-related activities.
Strengths include a fully independent board consisting of 18 members, robust policies in place for conflict of interest and whistleblower protections, and an absence of material diversion of assets. This solid governance structure enhances trust among stakeholders and supports the corporation's mission to improve housing conditions in Massachusetts.
However, the liabilities to assets ratio is at 56.25%, which suggests that the organization has a moderate level of liabilities compared to its assets. While this is not alarming, it may signal some financial risk that stakeholders might want to monitor. Overall, the Massachusetts Housing Investment Corporation demonstrates strong operational integrity while continuing to address potential financial concerns.
This AI summary has been generated from information found on Charity Navigator.
Is Massachusetts Housing Investment Corporation legitimate?
Massachusetts Housing Investment Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Massachusetts Housing Investment Corporation submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $1,694,851
Professional Fundraising Fees: $0
Other Salaries and Wages: $5,531,220
For more financial information, click here
Official website here: www.mhic.com
What is the mission statement of Massachusetts Housing Investment Corporation?
The Massachusetts Housing Investment Corporation functions as a creative private financier, dedicated to providing funding for affordable housing and community development throughout New England. By offering financing that would not be accessible otherwise, this organization broadens its impact to ensure maximum benefit. The corporation's activities extend beyond just financing, as it stimulates economic development and job creation through its programs. Specifically, it manages a program that facilitates financing for commercial real estate properties and businesses in low-income communities.
Official website here: www.mhic.com
Who is the CEO of Massachusetts Housing Investment Corporation?
William Thompson is the President & Ceo of Massachusetts Housing Investment Corporation. The CEO's salary of Massachusetts Housing Investment Corporation is $276,524 and their total compensation is $296,548.
Official website here: www.mhic.com
What is the revenue of Massachusetts Housing Investment Corporation?
Massachusetts Housing Investment Corporation's revenue in 2022 was $16,061,783.
Official website here: www.mhic.com
Who are the executives of Massachusetts Housing Investment Corporation and what are their salaries?
The average compensation at Massachusetts Housing Investment Corporation during 2022 was $218,972. There are 33 employees at Massachusetts Housing Investment Corporation.
Here are 29 key members and their salaries (Massachusetts Housing Investment Corporation's CEO's salary is $276,524 and their total compensation is $296,548):
- Compensation: $374,246
- Related: $0
- Other: $49,596
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- Compensation: $295,590
- Related: $0
- Other: $51,473
- Compensation: $276,524
- Related: $0
- Other: $20,024
- Compensation: $294,900
- Related: $0
- Other: $46,188
- Compensation: $234,385
- Related: $0
- Other: $35,960
- Compensation: $219,206
- Related: $0
- Other: $38,655
- Compensation: $221,773
- Related: $0
- Other: $37,730
- Compensation: $203,370
- Related: $0
- Other: $39,301
- Compensation: $218,347
- Related: $0
- Other: $41,147
- Compensation: $209,477
- Related: $0
- Other: $32,741
- Compensation: $234,469
- Related: $0
- Other: $25,391
Official website here: www.mhic.com
Where can I find the form 990 for Massachusetts Housing Investment Corporation?
Massachusetts Housing Investment Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.mhic.com
Learn more at the official website: www.mhic.com
Mission Statement of Massachusetts Housing Investment Corporation
Massachusetts Housing Investment Corporation (MHIC) is a trailblazing private financier dedicated to the development of affordable housing and communities throughout New England. By extending financing that would not otherwise be accessible, MHIC broadens the reach of its investments to maximize their impact.
In line with its mission, MHIC manages a program that facilitates financing to commercial real estate properties and businesses in low-income areas. This financing not only stimulates economic development but also creates employment opportunities within these communities.
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Impact
October, 2024
Massachusetts Housing Investment Corporation (MHIC) plays a vital role in enhancing affordable housing and community development across New England. By providing innovative financing solutions that might not be accessible otherwise, MHIC effectively bridges gaps in funding that can hinder the development of affordable housing projects.
The organization's impact extends beyond housing; it manages a program focused on financing commercial real estate properties and businesses in low-income communities. This initiative stimulates economic development and job creation, contributing to the revitalization and sustainability of these neighborhoods. By ensuring that financial resources reach those in most need, MHIC not only fosters access to affordable living options but also supports broader community growth and resilience.
This information is meant to be a general summary of Massachusetts Housing Investment Corporation. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $80,866
- Program Service Revenue: $12,180,733
- Gross Receipts: $16,061,783
Assets and Liabilities:
- Total Assets: $65,477,306
- Total Liabilities: $36,836,388
- Net Assets: $28,640,918
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
LIHTC PROGRAM FEES
Revenue
$7,290,286
LOAN AND MANAGEMENT FEE REVENUE
Revenue
$2,878,014
NMTC PROGRAM FEES
Revenue
$1,609,069
HNEF PROGRAM FEES
Revenue
$403,364
Organization Details
Founding Year
1990
Phone
(617) 850-1000Principal Officer
William Thompson
Main Address
21 CUSTOM HOUSE STREET 8TH FLOOR, BOSTON, MA, 02110
Website
www.mhic.comNTEE Category
Code: L120 - Housing
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