MHIC, Eastern Bank Announce Affordable Housing Investment In Brookline

BROOKLINE, MA — The Massachusetts Housing Investment Corporation (MHIC) has announced that its fourth proprietary fund with Eastern Bank closed five impactful investments, including one in Brookline.

The investment will allow for the renovation of Sussman House Apartments, a development of 100 apartments near Coolidge Corner, so current tenants, primarily seniors and households requiring accessibility, can stay near Boston with affordable rent.

In total, the five investments in Brookline, Lawrence, Mashpee, Haverhill, and New Bedford will offer over 270 quality affordable homes for families, seniors, and individuals with disabilities.

Eastern Bank has partnered with MHIC for nearly 30 years and has significantly increased its affordable housing investment activities in recent years. The bank invested over $50 million in the fund, all of which directly supports the creation of permanent affordable housing across eastern Massachusetts.

“Eastern Bank is committed to the creation and preservation of affordable housing throughout Massachusetts and beyond,” Christopher Scoville, Senior Vice President of Community Development Lending for Eastern Bank, said in a statement. “Providing access to safe, affordable housing is at the very foundation of addressing systemic inequities."

“MHIC’s commitment to increasing access to affordable housing can’t happen without mission-oriented investors,” added Elizabeth Ronayne, MHIC’s Chief Capital Development Officer. “We’re grateful to Eastern Bank for working with us to provide housing stability and economic opportunity to neighborhoods across the state and especially in communities of color.”

These investments support minority business enterprises (MBEs) and workers of color by prioritizing their increased participation in the construction process. Eastern Proprietary Fund IV is estimated to direct approximately $16.9 million in contract value to MBEs and 30 percent in construction hours to workers of color.

For more information on the efforts of MHIC and its investors, click here.