MHIC’s Proprietary Fund Furthers Investment in New England Affordable Housing 

Massachusetts Housing Investment Corporation (MHIC) has closed its fourth proprietary fund with Eastern Bank, making five impactful investments in Lawrence, Brookline, Mashpee, Haverhill, and New Bedford.  

These properties will provide over 270 quality affordable homes for families, seniors, and individuals with disabilities. Eastern Bank invested over $50 million in the fund to support the creation of permanent affordable housing across eastern Massachusetts.  

The investments also prioritize increased participation of minority business enterprises (MBEs) and workers of color in the construction process, directing approximately $16.9 million in contract value to MBEs and 30% of construction hours to workers of color.  

“Providing access to safe, affordable housing is at the very foundation of addressing systemic inequities,” said Christopher Scoville, senior vice president of Community Development Lending for Eastern Bank. “It increases economic and social vitality and mobility in communities, and is a valuable solution to ending the cycle of poverty and allowing for the creation of generational wealth.”