Overview
Since the Program was launched in 2000, MHIC has closed 119 projects totaling $972 million of NMTC allocation funding for nearly $945 million in project cost financing.
MHIC is recognized as a national leader in the use of New Markets Tax Credits, the federal program created to stimulate economic development in low-income communities. Many of the financing structures we have crafted have been ‘firsts’ and considered models for similar financings used for other projects throughout the country.
Impact
Since the Program was launched in 2000, MHIC has closed:
NMTC PROGRAM
Using NMTCs, MHIC finances high-impact projects throughout New England’s most distressed urban and rural communities. MHIC invests in industrial/commercial projects that create family-sustaining jobs, nonprofits that empower youth and young adults through early learning, out-of-school enrichment, and workforce training, and healthcare facilities that provide primary care and behavioral health in medically underserved areas.
MHIC’s NMTC program finances developments that are not feasible without subsidy, that is, without the gap financing that this type of capital provides. Our credit standards are more flexible than traditional sources of capital. Our most important consideration is impact - the public benefits to be generated, the responsiveness to community needs, and the resulting economic impact of the venture.
With MHIC's $2.3 million NMTC allocation, Weidmann ensured 100% of their jobs pay above the MIT Living Wage, supporting business growth, job creation, and economic development in rural VT.
MHIC's $6.2 million in NMTC funding helped construct and equip a new, state-of-the-art health facility for Fair Haven Community Healthcare to increase visit capacity by 45%.
MHIC provided $11.4 million to construct a new NorthStar Learning Center building with upgraded facilities and expanded learning spaces to accommodate 65 more low-income children.
Meet Our Experts
Naomi Baruch leads underwriting and closings on behalf of MHIC with 15 years of experience working directly for CDEs. Her previous roles included underwriting NMTC transactions, origination, closing, asset management, compliance, managing deal portfolios, and preparing statistics for CDFI NMTC Applications.
MEET OUR EXPERTS
Naomi Baruch leads underwriting and closings on behalf of MHIC with 15 years of experience working directly for CDEs. Her previous roles included underwriting NMTC transactions, origination, closing, asset management, compliance, managing deal portfolios, and preparing statistics for CDFI NMTC Applications.