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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.
Source: IRS Form 990 (Tax Year 2024)
Source: IRS e-Filed Form 990 (from the IRS e-File system), Tax Year 2024
Total Revenue
▼$22.6M
Program Spending
88%
of total expenses go to program services
Total Contributions
$10.6M
Total Expenses
▼$11.8M
Total Assets
$92.8M
Total Liabilities
▼$51.9M
Net Assets
$40.9M
Officer Compensation
→$1.5M
Other Salaries
$5M
Investment Income
$643.3K
Fundraising
▼N/A
Tax Year 2024 · Source: IRS Form 990, Schedule I (Grants and Other Assistance)
Total grants awarded: $145K
| Recipient | Location | Amount | Type | Purpose |
|---|---|---|---|---|
| OAKLAND, CA | $65K | Cash | CHARITABLE CONTRIBUTION FOR GENERAL FUNDING | |
MASSACHUSETTS ASSOCIATION OF COMMUNITY DEVELOPMENT CORP | BOSTON, MA | $30K | Cash | CHARITABLE CONTRIBUTION FOR GENERAL FUNDING |
CITIZENS HOUSING AND PLANNING ASSOCIATION | BOSTON, MA | $25K | Cash | CHARITABLE CONTRIBUTION FOR GENERAL FUNDING |
| WASHINGTON, DC | $15K | Cash | CHARITABLE CONTRIBUTION FOR GENERAL FUNDING | |
URBAN EDGE22-2483475 | ROXBURY, MA | $10K | Cash | CHARITABLE CONTRIBUTION FOR GENERAL FUNDING |
| Total | $145K | |||
$65K
MASSACHUSETTS ASSOCIATION OF COMMUNITY DEVELOPMENT CORP
BOSTON, MA
$30K
CITIZENS HOUSING AND PLANNING ASSOCIATION
BOSTON, MA
$25K
WASHINGTON, DC
$15K
ROXBURY, MA
$10K
Source: USAspending.gov · Searched by organization name
Total Federal Funding
$37.1M
Awards Found
9
Department of Housing and Urban Development
$21.8M
NEIGHBORHOOD STABILIZATION PROGRAM (RECOVERY ACT FUNDED)
Department of the Treasury
$5M
PURPOSE: TO ATTRACT FINANCING FOR AND INCREASE INVESTMENT IN AFFORDABLE HOUSING FOR PRIMARILY LOW INCOME, VERY LOW INCOME, AND EXTREMELY LOW INCOME PEOPLE AND FOR CERTAIN RELATED ECONOMIC AND COMMUNITY DEVELOPMENT ACTIVITIES. PLANNED ACTIVITIES: THROUGH COMPETITIVE GRANTS, THE CAPITAL MAGNET FUND (CMF) PROVIDES CAPITAL TO FINANCE AND SUPPORT AFFORDABLE HOUSING AND RELATED ECONOMIC DEVELOPMENT. END GOALS: EXPECTED OUTCOMES INCLUDE INCREASED PRIVATE INVESTMENT IN THE ACQUISITION, DEVELOPMENT, REHABILITATION, AND PRESERVATION OF AFFORDABLE RENTAL HOUSING AND HOMEOWNERSHIP. BENEFICIARIES: CERTIFIED COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION; PRIVATE NONPROFIT HOUSING ORGANIZATIONS, PUBLIC NONPROFIT INSTITUTION/ORGANIZATION. LOW INCOME, VERY LOW INCOME, AND EXTREMELY LOW INCOME INDIVIDUALS AND FAMILIES AS SET FORTH IN 12 C.F.R. PART 1807, AS AMENDED. SUBRECIPIENTS: THERE ARE NO SUBRECIPIENTS FOR THIS PROGRAM. BROADBAND: NOT APPLICABLE. REASON/PURPOSE OF MODIFICATION: NOT APPLICABLE.
Department of the Treasury
$3.7M
PURPOSE: TO PROVIDE GRANTS TO COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS (CDFIS) FOR THE FOLLOWING PURPOSES 1) TO EXPAND LENDING, GRANT MAKING AND INVESTMENT ACTIVITIES IN LOW OR MODERATE INCOME COMMUNITIES AND TO BORROWERS THAT HAVE HISTORICALLY EXPERIENCED SIGNIFICANT UNMET CAPITAL AND FINANCIAL SERVICES NEEDS AND WERE DISPROPORTIONATELY IMPACTED BY THE COVID 19 PANDEMIC; AND 2) TO ENABLE CDFIS TO BUILD ORGANIZATIONAL CAPACITY AND ACQUIRE TECHNOLOGY, STAFF, AND OTHER TOOLS NECESSARY TO ACCOMPLISH THE ACTIVITIES UNDER A CDFI ERP AWARD. PLANNED ACTIVITIES: ELIGIBLE ACTIVITIES INCLUDE FINANCIAL PRODUCTS, FINANCIAL SERVICES, DEVELOPMENT SERVICES, GRANTS, LOAN LOSS RESERVES AND CAPITAL RESERVES THAT MAY BE USED TO MITIGATE THE IMPACT OF THE COVID 19 PANDEMIC ON UNEMPLOYMENT, CHILDCARE, HEALTHCARE, MENTAL HEALTHCARE, AFFORDABLE HOUSING, AFFORDABLE HOUSING FINANCE, SMALL BUSINESS, SMALL FARMS, BROADBAND INTERNET, AND FOOD SUFFICIENCY. IN ADDITION, TO SUPPORT CDFIS IN BUILDING THEIR CAPACITY TO RESPOND TO THE ECONOMIC IMPACT OF COVID 19, CDFI ERP AWARDS MAY BE USED FOR COMPENSATION PERSONAL SERVICES; COMPENSATION FRINGE BENEFITS; PROFESSIONAL SERVICE COSTS; TRAVEL COSTS; TRAINING AND EDUCATION COSTS; EQUIPMENT; SUPPLIES. END GOALS: EXPANDED FINANCING FOR LOW TO MODERATE INCOME COMMUNITIES AND INDIVIDUALS THAT HAVE HISTORICALLY EXPERIENCED SIGNIFICANT UNMET CAPITAL AND FINANCIAL SERVICES NEEDS AND WERE DISPROPORTIONATELY IMPACTED BY THE COVID 19 PANDEMIC INCLUDING SPECIFIC DESIGNATED COVID IMPACTED CDFI ERP ELIGIBLE GEOGRAPHIES AS AREAS THAT MAY BENEFIT FROM CDFI ERP ASSISTANCE. BENEFICIARIES: CERTIFIED CDFIS WHICH MAY BE FOR PROFIT ORGANIZATION, PRIVATE NONPROFIT INSTITUTION/ORGANIZATION, AND OTHER PRIVATE INSTITUTION/ORGANIZATION, AS DEFINED IN 12 C.F.R. 1805, AND LOW AND MODERATE INCOME INDIVIDUALS AND FAMILIES. SUBRECIPIENTS: THERE ARE NO SUBRECIPIENTS FOR THIS PROGRAM. BROADBAND: SPECIFIC ACTIVITIES RELATING TO BROADBAND USAGE ARE NOT KNOWN AT THE TIME OF AWARD. REASON/PURPOSE OF MODIFICATION: NOT APPLICABLE.
Source: Federal Audit Clearinghouse (fac.gov)
Total Audits
7
Clean Audits
7
Material Weakness
No
Noncompliance Issues
No
| Year | Status | Financial Report | Federal Expenditure | Low Risk | Accepted |
|---|---|---|---|---|---|
| 2024 | Clean | Qualified | $6M | No | 2025-07-13 |
| 2023 | Clean | Qualified | $2.5M | No | 2024-11-15 |
| 2022 | Clean | Qualified | $4.9M | No | 2023-09-24 |
| 2021 | Clean | Qualified | $3.3M | No | 2022-07-10 |
| 2020 | Clean | Qualified | $2.1M | No | 2021-07-27 |
| 2019 | Clean | Qualified | $2.3M | No | 2020-07-07 |
| 2018 | Clean | Qualified | $1.2M | No | 2019-06-04 |
Financial Report
Qualified
Federal Expenditure
$6M
Financial Report
Qualified
Federal Expenditure
$2.5M
Financial Report
Qualified
Federal Expenditure
$4.9M
Financial Report
Qualified
Federal Expenditure
$3.3M
Financial Report
Qualified
Federal Expenditure
$2.1M
Financial Report
Qualified
Federal Expenditure
$2.3M
Financial Report
Qualified
Federal Expenditure
$1.2M
Tax Year 2024 · Source: IRS e-Filed Form 990Schedule J available
Individuals serving as officers, directors, or trustees of the organization.
| Name | Title | Hrs/Wk | Compensation | Related Orgs | Other |
|---|
Source: IRS Publication 78, Auto-Revocation List & e-Postcard Data
Tax-deductible contributions: Yes
Deductibility code: PC
Sources: IRS e-Filed Form 990 (XML) & ProPublica Nonprofit Explorer
Scroll →
| Year | Revenue | Contributions | Expenses | Assets | Net Assets |
|---|---|---|---|---|---|
| 2024IRS e-File | $22.6M | $10.6M | $11.8M | $92.8M | $40.9M |
| 2023IRS e-File | $73.6M | $1.7M | $71.8M | $69.1M | $30.4M |
| 2022IRS e-File | $16.1M | $3.8M | $13.5M | $65.5M | $28.6M |
| 2021 |
Sources: ProPublica Nonprofit Explorer & IRS e-File Index
| Tax Year | Form Type | Source | Documents |
|---|---|---|---|
| 2024 | 990 | IRS e-File | PDF not yet published by IRSView Filing → |
| 2023 | 990 | DataIRS e-File | PDF not yet published by IRSView Filing → |
| 2022 | 990 | DataIRS e-File |
Financial data: IRS e-Filed Form 990 (Tax Year 2024)
Leadership & compensation: IRS e-Filed Form 990, Part VII (Tax Year 2024)
Federal grants: USAspending.gov (live)
Organization info: IRS Business Master File
Tax-deductibility: IRS Publication 78
| Total |
|---|
| Moddie Turay | President & CEO | 40 | $623.2K | $0 | $96.5K | $719.7K |
| William Thompson | Chief Financial Officer | 40 | $358.6K | $0 | $72.3K | $430.9K |
| Daniel Cruz Jr | Vice Chair | 1 | $0 | $0 | $0 | $0 |
| Elizabeth Gruber | Chair | 1 | $0 | $0 | $0 | $0 |
| B John Dill | Treasurer | 1 | $0 | $0 | $0 | $0 |
Moddie Turay
President & CEO
$719.7K
Hrs/Wk
40
Compensation
$623.2K
Related Orgs
$0
Other
$96.5K
William Thompson
Chief Financial Officer
$430.9K
Hrs/Wk
40
Compensation
$358.6K
Related Orgs
$0
Other
$72.3K
Daniel Cruz Jr
Vice Chair
$0
Hrs/Wk
1
Compensation
$0
Related Orgs
$0
Other
$0
Elizabeth Gruber
Chair
$0
Hrs/Wk
1
Compensation
$0
Related Orgs
$0
Other
$0
B John Dill
Treasurer
$0
Hrs/Wk
1
Compensation
$0
Related Orgs
$0
Other
$0
Highest compensated employees who are not officers or directors.
| Name | Title | Hrs/Wk | Compensation | Related Orgs | Other | Total |
|---|---|---|---|---|---|---|
| Scott Backman | Director Of Asset Management | 40 | $289.1K | $0 | $55.4K | $344.5K |
| John-Paul Vachon | Deputy Director Equity Investments | 40 | $271.3K | $0 | $57.7K | $329.1K |
| K Beth O'Donnell | Director Of Community Investment | 40 | $252.8K |
Scott Backman
Director Of Asset Management
$344.5K
Hrs/Wk
40
Compensation
$289.1K
Related Orgs
$0
Other
$55.4K
John-Paul Vachon
Deputy Director Equity Investments
$329.1K
Hrs/Wk
40
Compensation
$271.3K
Related Orgs
$0
Other
$57.7K
K Beth O'Donnell
Director Of Community Investment
$326.9K
Hrs/Wk
40
Compensation
$252.8K
Related Orgs
$0
Other
$74.1K
Members of the governing board. Board members often serve without compensation.
| Name | Title | Hrs/Wk | Compensation | Related Orgs | Other | Total |
|---|---|---|---|---|---|---|
| Al Uluatam | Director | 1 | $0 | $0 | $0 | $0 |
| Amy Farrell | Director | 1 | $0 | $0 | $0 | $0 |
| Amy Schectman | Director | 1 | $0 | $0 | $0 | $0 |
| Diane Smith | Director | 1 | $0 | $0 | $0 | $0 |
| Evelyn Friedman | Director | 1 | $0 | $0 | $0 | $0 |
| Jennifer Maddox | Director | 1 |
Al Uluatam
Director
$0
Hrs/Wk
1
Compensation
$0
Related Orgs
$0
Other
$0
Amy Farrell
Director
$0
Hrs/Wk
1
Compensation
$0
Related Orgs
$0
Other
$0
Amy Schectman
Director
$0
Hrs/Wk
1
Compensation
$0
Related Orgs
$0
Other
$0
| $18.8M |
| $9.4M |
| $16.8M |
| $51.8M |
| $22.9M |
| 2020 | $14M | $0 | $13.8M | $47.5M | $21.1M |
| 2019 | $11M | $0 | $10.4M | $54.2M | $21.7M |
| 2018 | $11.2M | $0 | $9.5M | $39.5M | $21.6M |
| 2017 | $11.4M | $200.8K | $10.8M | $32M | $20.2M |
| 2016 | $8.7M | $0 | $7.7M | $25M | $19.9M |
| 2015 | $10.2M | $0 | $8.8M | $29.3M | $18.9M |
| 2014 | $12.4M | $0 | $9.1M | $26.3M | $17.7M |
| 2013 | $15.9M | $0 | $12.6M | $31.3M | $14.6M |
| 2012 | $25.3M | $0 | $23.1M | $34M | $11.2M |
| 2011 | $24.3M | $0 | $22M | $35.8M | $9M |
| 2021 | 990 | Data |
| 2020 | 990 | Data |
| 2019 | 990 | Data |
| 2018 | 990 | Data |
| 2017 | 990 | Data |
| 2016 | 990 | Data |
| 2015 | 990 | Data |
| 2014 | 990 | Data |
| 2013 | 990 | Data |
| 2012 | 990 | Data |
| 2011 | 990 | Data |
| 2010 | 990 | — |
| 2009 | 990 | — |
| 2008 | 990 | — |
| 2007 | 990 | — |
| 2006 | 990 | — |
| 2005 | 990 | — |
| 2004 | 990 | — |
| 2003 | 990 | — |
| 2002 | 990 | — |
| 2001 | 990 | — |
| 2000 | 990 | — |
| 1999 | 990 | — |
| $0 |
| $74.1K |
| $326.9K |
| Travis Watson | Director Of Community Impact | 40 | $247.2K | $0 | $79.1K | $326.3K |
| Charles Edwards | Director Of Finance | 40 | $278.4K | $0 | $46.6K | $325K |
| Mason Sheeler | Senior Fund Manager | 40 | $249.4K | $0 | $72.4K | $321.8K |
| Sean Beirne | Director Of Capital Development | 40 | $228.6K | $0 | $72.6K | $301.3K |
Travis Watson
Director Of Community Impact
$326.3K
Hrs/Wk
40
Compensation
$247.2K
Related Orgs
$0
Other
$79.1K
Charles Edwards
Director Of Finance
$325K
Hrs/Wk
40
Compensation
$278.4K
Related Orgs
$0
Other
$46.6K
Mason Sheeler
Senior Fund Manager
$321.8K
Hrs/Wk
40
Compensation
$249.4K
Related Orgs
$0
Other
$72.4K
Sean Beirne
Director Of Capital Development
$301.3K
Hrs/Wk
40
Compensation
$228.6K
Related Orgs
$0
Other
$72.6K
| $0 |
| $0 |
| $0 |
| $0 |
| Keith Fairey | Director | 1 | $0 | $0 | $0 | $0 |
| Keith Nisbet | Director | 1 | $0 | $0 | $0 | $0 |
| Pamela Feingold | Director | 1 | $0 | $0 | $0 | $0 |
| Patricia Marinilli | Director | 1 | $0 | $0 | $0 | $0 |
| Peter Gagliardi | Director | 1 | $0 | $0 | $0 | $0 |
| Sheila Dillon | Director | 1 | $0 | $0 | $0 | $0 |
| Thomas Alperin | Director | 1 | $0 | $0 | $0 | $0 |
| Tom Gleason | Director | 1 | $0 | $0 | $0 | $0 |
Diane Smith
Director
$0
Hrs/Wk
1
Compensation
$0
Related Orgs
$0
Other
$0
Evelyn Friedman
Director
$0
Hrs/Wk
1
Compensation
$0
Related Orgs
$0
Other
$0
Jennifer Maddox
Director
$0
Hrs/Wk
1
Compensation
$0
Related Orgs
$0
Other
$0
Keith Fairey
Director
$0
Hrs/Wk
1
Compensation
$0
Related Orgs
$0
Other
$0
Keith Nisbet
Director
$0
Hrs/Wk
1
Compensation
$0
Related Orgs
$0
Other
$0
Pamela Feingold
Director
$0
Hrs/Wk
1
Compensation
$0
Related Orgs
$0
Other
$0
Patricia Marinilli
Director
$0
Hrs/Wk
1
Compensation
$0
Related Orgs
$0
Other
$0
Peter Gagliardi
Director
$0
Hrs/Wk
1
Compensation
$0
Related Orgs
$0
Other
$0
Sheila Dillon
Director
$0
Hrs/Wk
1
Compensation
$0
Related Orgs
$0
Other
$0
Thomas Alperin
Director
$0
Hrs/Wk
1
Compensation
$0
Related Orgs
$0
Other
$0
Tom Gleason
Director
$0
Hrs/Wk
1
Compensation
$0
Related Orgs
$0
Other
$0