Company Overview
MassDevelopment works with businesses, nonprofits, and local, state, and federal officials and agencies to strengthen the Massachusetts economy. Through this collaboration we help create jobs, increase the number of housing units, eliminate blight, and address the overarching challenges that limit economic growth, such as transportation, energy, and other infrastructure deficiencies.
Offering a wide range of finance programs and real estate development services, MassDevelopment supports economic growth, development, and investment across all sectors of the Massachusetts economy: public and private; commercial, industrial, and residential; and nonprofit, including healthcare, educational, cultural, and human service providers. Our staff works in collaboration with private- and public-sector developers, businesses, and banks to identify investors and leverage public and private funds to support economic growth.
History
Created in 1998 when the Massachusetts State Legislature enacted M.G.L. Chapter 23G and merged the Massachusetts Government Land Bank with the Massachusetts Industrial Finance Agency, MassDevelopment is the state’s finance and development authority. Both a lender and developer, the Agency works with private- and public-sector clients to stimulate economic growth by eliminating blight, preparing key sites for development, creating jobs, and increasing the state’s housing supply.
Chapter 240 of the Acts of 2010 merged the Massachusetts Health and Educational Facilities Authority into MassDevelopment effective October 1, 2010. MassDevelopment looks forward to welcoming new customers and to continue providing a high level of service to cultural, educational, and medical institutions in the Commonwealth.
During FY2011, MassDevelopment financed or managed more than 300 projects generating investment of $3.8 billion in the Massachusetts economy. These projects are projected to create more than 10,000 jobs (2,547 permanent and 8,129 construction), and build or rehabilitate more than 1,000 residential units.
