Massachusetts Housing Investment Corporation (MHIC) closed its 27thLow Income Housing Tax Credit Equity Fund, raising $55.5 million that will finance six developments offering over 600 affordable homes. Massachusetts Housing Equity Fund XXVII LLC (MHEF XXVII)secured commitments from 10 institutional investors, nine long-standing supporters and one new partner. With the closing of MHEF XXVII, MHIC has now raised over $1.28 billion of tax credit equity in its 31-year history.
MHEF XXVII will provide much-needed capital for new construction and rehabilitation of affordable housing properties across Massachusetts. Located in Bridgewater, Brockton, Springfield, Rockland, Dorchester, and Great Barrington, the developments will provide affordable family, workforce, and senior housing to communities experiencing severe shortages. One development will provide housing and supportive services to individuals who are homeless or at risk of becoming homeless.
MHIC is looking forward to building on MHEF XXVII's impact with our development and investment partners as we prepare to launch MHEF XXVIII, our 28th multi-investor housing equity fund, by the end of the year.