As the Commonwealth’s economic development and finance authority, MassDevelopment is committed to achieving three goals: stimulating business, driving economic growth, and helping communities thrive across Massachusetts.
MassDevelopment formed in 1998 from a merger of the Government Land Bank and Massachusetts Industrial Finance Agency. The Massachusetts Health and Educational Facilities Authority was merged into MassDevelopment in 2010, strengthening the depth of offerings for tax-exempt bond financing of capital projects.
MassDevelopment’s work in finance and development impacts many facets of the Massachusetts economy in cities and towns across the Commonwealth. Priorities include providing low-cost and creative financing options for a range of organizations, sustainably redeveloping surplus properties, transforming the Commonwealth’s Gateway Cities, and promoting the Massachusetts manufacturing and defense sectors.
Top initiatives at the Agency include:
- The Brownfields Redevelopment Fund, which the Massachusetts Legislature established to encourage development in economically-distressed areas. MassDevelopment has administered the program since its inception in 1998 and has provided nearly 700 loans and grants to prepare hundreds of sites for redevelopment.
- The Cultural Facilities Fund, which MassDevelopment jointly administers with the Massachusetts Cultural Council. The Fund has made nearly $92 million in investments in the Massachusetts creative sector for projects in 125 cities and towns.
- The redevelopment of Devens, a former Army base that closed in 1996. The 4,400-acre mixed-use community has become a model of military base reuse, serving as an economic engine of north-central Massachusetts. Devens businesses include Bristol-Myers Squibb, which opened a major biologics plant there in 2009 and expanded the facility in 2016.
- The Transformative Development Initiative, which provides enhanced real estate and technical services to Gateway Cities to aid their economic redevelopment efforts.
- General Electric’s new Boston headquarters, which the company announced in 2016. MassDevelopment will own two of the buildings that make up the GE complex in the city’s Fort Point neighborhood.