As we look back on 2024, we do so with a sense of pride in what proved to be a remarkable year for MHIC. After developing a new strategic plan in 2023, we entered this past year focused on turning that vision into real and measurable progress. What followed was the most impactful year in our organization’s history.
10 at 8th is a new construction project featuring 52 new units of affordable rental housing and 4,000 square feet of ground floor retail space.
104-108 Norwell Street are 12 newly constructed homeownership units including three 4-bedroom, six 1-bedroom, and three 3-bedroom apartments across three buildings.
110 Ocean Avenue is 56 new units of rental housing, which will be affordable to households earning less than 50% of the area median income. The building will also include clinical space to be leased and operated by North Suffolk Community Services (NSCS).
The New Campus Project is the new construction development of a 68,000 SF building containing multipurpose classroom space, tutoring rooms, vocational teaching labs, conference and huddle rooms, an outdoor student learning lab on the roof, and student services and administrative offices for faculty and staff. The new facility will accommodate existing programs and provide a flexible space that can change with the institution’s evolving program offerings.
Solimine House is the new development of 150 units of service-enriched rental housing for seniors, 148 of which are affordable to residents earning at or below 60% of AMI and 2 are resident manager units. Residents will have access to a multilingual Resident Services team, 24-hour emergency response, fitness, wellness, lifelong learning, intergenerational programs, arts and culture events, and countless other programs and services.
With MHIC's support, Weidmann Electrical Technology Inc. was able to expand their transformer board and components manufacturing capabilities through the construction of a new 21,500 square-foot addition to the existing 71,888 square-foot fabric components production building and a new 10,000 square-foot storage building. New equipment installations include a third former, high efficiency boiler, and an automated cellulose feeding system.
10 at 8th is a new construction project featuring 52 new units of affordable rental housing and 4,000 square feet of ground floor retail space.
We especially thank our investment partners who supported our mission in 2024 with nearly $147 million in new equity investments.
Our mission-driven investors have collectively committed over $2.15 billion to finance affordable housing and community development.
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MHIC is an organization comprised of an experienced team of professionals who strive each day to ensure that not only do we achieve our goals, but so too do our partners.
MHIC's Board of Directors is comprised of leaders in affordable housing and community development with incredible experience in finance, state and municipal government, and both non-profit and for-profit real estate development.
MHIC is a private, non-profit financier of affordable housing and community development throughout New England, providing financing that would not otherwise be available to neighborhoods most in need. For 35 years, MHIC has invested more than $3.8 billion to help create and sustain healthy, equitable communities where people, businesses, and organizations can thrive.
Our mission at MHIC is to be an innovative private financier of affordable housing and community development, providing financing that would not otherwise be available, and extending the impact of that financing to ensure the broadest possible benefit.
