Massachusetts Housing Initiative

 

The HIT's Massachusetts Housing Initiative, established in 2007, has been one component in assisting Massachusetts address a serious shortfall of affordable housing. By providing financing for affordable housing developments that meet the HIT’s investment criteria, the HIT is helping put low- and moderate-income housing within reach of many of the state’s working families.

The HIT surpassed its initial investment goal of $75 million in 2010. Continuing with the initiative, the HIT has invested over subsequent years to provide affordable housing for the Commonwealth's residents.

To find projects that meet its investment criteria, the HIT has built a strong network of relationships with developers, city officials, labor unions, mortgage bankers, and MassHousing, the state housing finance agency. MassHousing has partnered with the HIT on all of the initiative projects financed to date.

Since 2007, the housing projects financed by the HIT have had a positive impact on the economy of the Commonwealth. In addition to the creation of union construction jobs and affordable housing, the effects of spending for construction ripple through local economies long after the construction project has been completed.

 

* Job and economic impact figures are estimates calculated using IMPLAN, an input-output model, based on HIT and subsidiary Building America project data. The data is current as of June 30, 2019. Economic impact data is in 2018 dollars and all other figures are nominal.