MASSACHUSETTS HOUSING INVESTMENT C… - Form 990 Financial Data

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1990

Legal Domicile

Principal Officer

WILLIAM THOMPSON

Phone

6178501000

Tax Period

2023-01-01 to 2023-12-31

MASSACHUSETTS HOUSING INVESTMENT CORPORATION, founded in 1990, is a mid-sized nonprofit in the Housing & Shelter sector that reported $73.6M in total revenue in fiscal year 2023. Revenue surged 358% from the prior year, signaling strong growth momentum.

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.

Program Service Accomplishments

Program 1

Expenses: $1,548,735 Revenue: $2,119,880

MANAGED A PROGRAM THAT PROVIDES FINANCING TO COMMERCIAL REAL ESTATE PROPERTIES AND BUSINESSES IN LOW-INCOME COMMUNITIES, THEREBY STIMULATING ECONOMIC DEVELOPMENT AND JOB CREATION.

Program 2

Expenses: $4,336,454 Revenue: $5,845,071

MANAGED A PROGRAM THAT PROVIDES FINANCING FOR EQUITY INVESTMENT IN LOW-INCOME HOUSING DEVELOPMENTS THAT QUALIFY FOR TAX CREDITS.

Program 3

Expenses: $63,956,595 Revenue: $62,593,692

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...

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.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $1,657,470

Program Service Revenue $11,401,121

Investment Income $60,543,950

Other Revenue $0

TOTAL REVENUE $73,602,541

Expense Breakdown

Grants Paid $135,308

Salaries & Benefits $7,464,141

Fundraising Expenses $0

Program Expenses $70,316,757

Other Expenses $64,207,270

TOTAL EXPENSES $71,806,719

Year-over-Year Comparison

	2023	2022	Change
Revenue	$73,602,541	$16,061,783	+3.6%
Expenses	$71,806,719	$13,502,667	+4.3%
Net Income	$1,795,822	$2,559,116	-0.3%

Key Indicators

✓ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

Volunteers

N/A

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$1,029,218

Total Directors

$604,612

Key Employees

$1,017,606

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
DANIEL CRUZ	VICE CHAIR	1.00	Officer Director	$0	$0	$0
ELIZABETH GRUBER	CHAIR	1.00	Officer Director	$0	$0	$0
B JOHN DILL	TREASURER	1.00	Officer Director	$0	$0	$0
PATRICIA MARINILLI	DIRECTOR	1.00	Director	$0	$0	$0
THOMAS ALPERIN	DIRECTOR	1.00	Director	$0	$0	$0
AMY FARRELL	DIRECTOR	1.00	Director	$0	$0	$0
SHEILA DILLON	DIRECTOR	1.00	Director	$0	$0	$0
KEITH FAIREY	DIRECTOR	1.00	Director	$0	$0	$0
PETER GAGLIARDI	DIRECTOR	1.00	Director	$0	$0	$0
PAMELA FEINGOLD	DIRECTOR	1.00	Director	$0	$0	$0
EVELYN FRIEDMAN	DIRECTOR	1.00	Director	$0	$0	$0
TOM GLEASON	DIRECTOR	1.00	Director	$0	$0	$0
LESLIE REID	DIRECTOR	1.00	Director	$0	$0	$0
KEITH NISBET	DIRECTOR	1.00	Director	$0	$0	$0
DIANE SMITH	DIRECTOR	1.00	Director	$0	$0	$0
AMY SCHECTMAN	DIRECTOR	1.00	Director	$0	$0	$0
AL ULUATAM	DIRECTOR	1.00	Director	$0	$0	$0
MODDIE TURAY	PRESIDENT & CEO	40.00	Officer Director	$545,165	$59,447	$604,612
WILLIAM THOMPSON	CHIEF FINANCIAL OFFICER	40.00	Officer	$361,251	$63,355	$424,606
CHARLES EDWARDS	DIRECTOR OF ACCOUNTING	40.00	Key Emp	$291,286	$38,965	$330,251
DEBORAH FAVREAU	CHIEF DEVELOPMENT OFFICER	40.00	Key Emp	$278,328	$62,605	$340,933
SCOTT BACKMAN	DIRECTOR OF ASSET MANAGEMENT	40.00	Key Emp	$295,034	$51,388	$346,422
TRAVIS WATSON	DIRECTOR OF RACIAL EQUITY	40.00	Highest	$252,533	$56,265	$308,798
MASON SHEELER	SENIOR INVESTMENT OFFICER	40.00	Highest	$254,150	$39,132	$293,282
ELIZABETH RONAYNE	CHIEF DEVELOPMENT OFFICER	40.00	Highest	$229,163	$29,938	$259,101
CAROLYN ANDERSON	CONSTRUCTION LIAISON OFFICER	40.00	Highest	$210,379	$35,788	$246,167
JOSHUA SAMPSON	TREASURY OFFICER	40.00	Highest	$180,409	$43,120	$223,529
JOSEPH L FLATLEY	FORMER PRESIDENT & CEO	40.00		$167,162	$0	$167,162

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	No data	No data	No data	No data
2023	$73,602,541	$71,806,719	$69,106,179	$1,795,822
2022	$16,061,783	$13,502,667	$65,477,306	$2,559,116
2021	$18,783,706	$16,764,177	$51,753,115	$2,019,529
2020	$14,048,533	$13,753,699	$47,540,355	$294,834
2019	$11,038,740	$10,365,322	$54,156,526	$673,418
2018	$11,222,647	$9,450,773	$39,539,259	$1,771,874

MASSACHUSETTS HOUSING INVESTMENT CORPORATION