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Boston & New England  + Boston  + Finance  |  May 4, 2023
Median Home Price Hits Record High as Active Listings Hit All-Time Low
Emily Fu
By: Emily Fu

MHIC Closes Second Healthy Neighborhoods Equity Fund  

The Massachusetts Housing Investment Corporation (MHIC) and the Conservation Law Foundation (CLF) have closed the second Healthy Neighborhoods Equity Fund (HNEF), securing commitments from nine diverse investors.  

The $42 million HNEF II, twice the size of HNEF I, will finance over 450 homes in Massachusetts, Connecticut, and Rhode Island. HNEF II invests in real estate developments in historically disinvested communities in these areas, pairing lower-cost equity and longer investment periods with rigorous screening for community, health, and environmental benefits using CLF’s HealthScore tool.  

The fund aims to increase the participation of minority business enterprises and workers of color in construction contracts. The HNEF model shows that climate-smart construction can be achieved alongside long-term affordability. Three HNEF II transactions have closed for developments in Brockton, Dorchester, and Hamilton, creating 102 mixed-income homes and neighborhood-serving ground-floor retail space. 

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About Emily Fu

Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money. With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.
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