2025 was defined not just by what we accomplished, but by why we chose to act.
In the face of market uncertainty, shifting federal priorities, and some investors taking a cautious, wait-and-see approach, MHIC made a deliberate choice. We decided that this was precisely the moment to do more. More lending. More proximity to the communities we serve. More creative, cross-sector partnerships to meet the most complex challenges facing our region.
That conviction produced results. In 2025, MHIC achieved a historic milestone, surpassing $100 million in lending for the first time in our 36-year history. This accomplishment speaks to our organizational growth; it’s the fruit of our long-term strategy. It is also an intentional response to a moment when the people and communities we serve could least afford for us to pull back.
We continued to build on the initiatives launched in recent years, deepening our impact across four strategic priorities:
- Preservation: Through the Boston Acquisition Fund, managed in partnership with the City of Boston, and the Regional Acquisition Fund, developed alongside the Barr Foundation, we worked to keep families stably housed, preventing the displacement cycle before it starts.
- Community Health: Our Healthy Neighborhoods Equity Fund continued to invest in projects that support walkability, access to healthy food, and the conditions that allow communities to truly thrive.
- Affordable Housing Production: Through our Fund 30 LIHTC investments, we financed affordable homes across underserved communities throughout Massachusetts, ensuring that the region's most critical housing tool continues to reach those who need it most.
- Economic Opportunity: At the close of 2025, MHIC was awarded $75 million in New Markets Tax Credits, expanding our capacity to drive economic opportunity in the communities that need it most. Through our partnership with the MHFA, we worked alongside the Equitable Developers Fund to provide working capital to four community-focused developers.
We were also mindful this year of our larger purpose. If we, as experienced investors and lenders, are rocked by today's uncertainty, we can only imagine what it means for the families in the communities we serve. That awareness sharpened our commitment and guided every decision we made.
We are clear-eyed about the challenges ahead and more committed than ever to meeting them. And we are deeply grateful to all of the people—our board, our investors, and our team—whose steadfast support has helped us meet this moment.
Thank you,
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Elizabeth Gruber
Board Chair
Moddie Turay
President & CEO
