Overview
HNEF invests in high-impact, mixed-use, mixed-income projects with demonstrated potential to positively transform neighborhoods and strengthen communities while providing attractive risk-adjusted returns for investors.
Launched in 2014 in partnership with the Conservation Law Foundation, HNEF has already had two successful funds: HNEF I and II. Working with its public health and research partners, HNEF I created a new and groundbreaking impact scoring system.
MHIC has fully deployed HNEF I and has launched HNEF II to build on HNEF I's track record. HNEF I portfolio of nine developments includes investments in Chelsea, Braintree, Haverhill, Beverly, and Boston. Those investments have leveraged an additional $144 million of private and public investment in low- and moderate-income neighborhoods, which has resulted in creation of 586 new mixed-income housing units, 139,423 square feet of commercial space, and 612 construction jobs.
Impact
The HNEF I portfolio includes nine developments that have:
HNEF I
HNEF I portfolio of nine developments includes investments in Chelsea, Braintree, Haverhill, Beverly, and Boston.
Those investments have leveraged an additional $144 million of private and public investment in low- and moderate-income neighborhoods, which has resulted in creation of 586 new mixed-income housing units and 139,423 sq. ft. of commercial space, and 612 construction jobs.
HNEF II
HNEF II is a $42 million private equity fund dedicated to financing mixed-income, mixed-use, and transit-oriented real estate developments in low-income communities across New England.
Building upon the success of its predecessor, HNEF II aims to create over 450 homes, offering a range of housing options for low- and moderate-income residents.
The fund utilizes CLF's HealthScore impact grading tool to assess investments for their community, health, and environmental benefits, ensuring that developments contribute to neighborhood revitalization, economic growth, and environmental sustainability.
By providing patient, low-cost capital, HNEF II supports projects that align with community visions and foster vibrant neighborhoods that promote regional equity and improved health outcomes.
HNEF's first investment, Chelsea Flats, consists of two buildings, 22 and 44 Gerrish Street, directly adjacent to a future Silver Line stop in Chelsea and a short walk to other services.
1463 Dorchester Avenue features 29 affordable workforce apartments and 1,325 square feet of ground-floor retail space through $1.4 million from HNEF II.
Meet Our Experts
Carrie joined MHIC in May 2021. She is responsible for underwriting loan and equity products across MHIC’s various lending and investment entities. Prior to joining MHIC, Carrie worked at the Massachusetts Department of Housing and Community Development where she was responsible for underwriting and managing loan closings for LIHTC and other affordable housing projects. Prior to her work at DHCD, Carrie held various roles at non-profit community development corporations in Boston and as a project manager at the New York City Housing Development Corporation.
MEET OUR EXPERTS
Carrie joined MHIC in May 2021. She is responsible for underwriting loan and equity products across MHIC’s various lending and investment entities. Prior to joining MHIC, Carrie worked at the Massachusetts Department of Housing and Community Development where she was responsible for underwriting and managing loan closings for LIHTC and other affordable housing projects. Prior to her work at DHCD, Carrie held various roles at non-profit community development corporations in Boston and as a project manager at the New York City Housing Development Corporation.