MHIC has been awarded $75 million in New Market Tax Credits from the CDFI Fund for the 2024-2025 allocation round. This new award builds on the successful deployment of MHIC’s prior $55 million allocation, which has now been fully invested in projects supporting jobs, health care, and essential community services across the region.
The new allocation will support investments in developing and emerging businesses and nonprofit organizations throughout New England, with a focus on communities facing persistent economic barriers and limited access to capital. MHIC has a robust pipeline of projects ready to advance, including health care facilities, workforce focused developments, and family serving organizations that anchor local economies.
“This award reflects the strength of our track record and the impact of our work on the ground,” said Moddie Turay, President and CEO of MHIC. “Fully deploying our previous allocation while securing this new award positions us to keep moving forward with urgency. These credits allow us to support projects that create jobs, deliver critical services, and help communities build long term economic resilience.”
MHIC has operated a New Market Tax Credit program for more than two decades, closing over 119 transactions and deploying $997 million in NMTC financing. The program focuses on expanding access to quality employment, health care, and community services while strengthening local and regional economies across urban, suburban, and rural communities.
“The demand for flexible, mission aligned capital remains strong across our region,” said Leslie Reid, Chief of Investment Programs at MHIC. “This new allocation allows us to deepen our partnerships with community-based organizations and businesses that are delivering real impact, while continuing to steward capital efficiently and responsibly.”
MHIC looks forward to working closely with its Advisory Board and community partners to deploy this new allocation and advance another strong year of New Market Tax Credit investments.
To learn more about MHIC’s New Market Tax Credit program and related financing products, please contact Naomi Baruch, Senior Investment Officer, NMTC, at baruch@mhic.com or 617.307.2458.
