The Massachusetts Development Finance Agency (MassDevelopment) was created in 1998 under Chapter 23G of the

Massachusetts General Laws The Massachusetts General Laws is a codification of many of the statutes of the Commonwealth of Massachusetts. The Commonwealth's laws are promulgated by an elected bicameral ("two-chamber") legislative body, the Massachusetts General Court. The ...

, which merged the Massachusetts Government Land Bank with the Massachusetts Industrial Finance Agency. Both a lender and developer, MassDevelopment works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. Through these collaborations the agency helps create jobs, increase the number of housing units, revitalize urban environments, and address factors limiting economic growth including transportation, energy, and infrastructure deficiencies. MassDevelopment's first president and CEO was Michael P. Hogan, from 1993 to 2003, followed by Robert L. Culver from 2004 to 2011, Marty Jones from 2011 to 2017, and Lauren A. Liss, from 2017 through 2020. Since January 2021 the agency has been led by Dan Rivera, who is under appointment until 2026. MassDevelopment is headquartered in

Boston Boston is the capital and most populous city in the Commonwealth (U.S. state), Commonwealth of Massachusetts in the United States. The city serves as the cultural and Financial centre, financial center of New England, a region of the Northeas ...

, with regional offices in Devens, Fall River, Lawrence, Springfield, and

Worcester Worcester may refer to: Places United Kingdom * Worcester, England, a city and the county town of Worcestershire in England ** Worcester (UK Parliament constituency), an area represented by a Member of Parliament * Worcester Park, London, Engl ...

History

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. In 2018, MassDevelopment celebrated its 20-year anniversary.

Recent projects and investments

During FY2018, MassDevelopment financed or managed 384 projects generating investment of more than $4.1 billion in the Massachusetts economy. These projects are estimated to create or support about 10,994 jobs and build or rehabilitate 830 housing units. Projects vary in nature and size from real estate and equipment financings to the ongoing redevelopments of Devens, Village Hill

Northampton Northampton ( ) is a town and civil parish in Northamptonshire, England. It is the county town of Northamptonshire and the administrative centre of the Unitary authorities of England, unitary authority of West Northamptonshire. The town is sit ...

, Springfield's 1550 Main, and the expansion of the

Myles Standish Myles Standish ( – October 3, 1656) was an English military officer and colonist. He was hired as military adviser for Plymouth Colony in present-day Massachusetts, United States by the Pilgrims (Plymouth Colony), Pilgrims. Standish accompan ...

Industrial Park in

Taunton Taunton () is the county town of Somerset, England. It is a market town and has a Minster (church), minster church. Its population in 2011 was 64,621. Its thousand-year history includes a 10th-century priory, monastic foundation, owned by the ...

. Recent financing projects include tax-exempt bonds on behalf of affordable housing projects in Boston's Dorchester and Roxbury neighborhoods, Somerville, and Springfield; the construction of a new 1,210-bed residence hall at

University of Massachusetts Dartmouth The University of Massachusetts Dartmouth (UMass Dartmouth or UMassD) is a Public university, public research university in Dartmouth, Massachusetts. It is the southernmost campus of the University of Massachusetts system. Formerly "Southeas ...

; the expansion of Valley Steel Stamp's manufacturing headquarters in Greenfield; and a loan to Atomic Coffee Roasters to help the small business buy equipment for its new coffee-roasting and cold brew production facility in Danvers.

Programs and initiatives

In addition to its finance and real estate services, MassDevelopment administers several economic development programs on behalf of the Commonwealth, including the Advanced Manufacturing Futures Program; the Brownfields Redevelopment Fund; the Collaborative Workspace Program; Commonwealth Places, in partnership with Patronicity; the Emerging Technology Fund; and the Site Readiness Program. Additionally, together with the Massachusetts Cultural Council, MassDevelopment jointly administers the state's Cultural Facilities Fund. MassDevelopment is also a member of the Massachusetts Military Asset and Security Strategy Task Force, which was created in 2012 to protect and expand missions, jobs, and economic investments at and surrounding Massachusetts’ military installations. In 2014, MassDevelopment launched the Transformative Development Initiative (TDI), a place-based development program for

Gateway Cities The Gateway Cities region, or Southeast Los Angeles County, is an urbanized region located in southeastern Los Angeles County, California, between the City of Los Angeles proper, Orange County, and the Pacific Ocean. The cluster of cities has ...

designed to enhance local public-private engagement and community identity; stimulate an improved quality of life for local residents; and spur increased investment and economic activity. To date, MassDevelopment has established 14 TDI Districts in 13 Gateway Cities: Brockton, Chelsea, Fitchburg, Haverhill,

Holyoke Holyoke is a city in Hampden County, Massachusetts, United States, that lies between the western bank of the Connecticut River and the Mount Tom Range. As of the 2020 United States census, 2020 census, the city had a population of 38,247. Loca ...

, Lawrence, Lynn,

New Bedford New Bedford is a city in Bristol County, Massachusetts, United States. It is located on the Acushnet River in what is known as the South Coast (Massachusetts), South Coast region. At the 2020 United States census, 2020 census, New Bedford had a ...

, Peabody, Pittsfield, Revere, Springfield, and

References

External links

MassDevelopment website

Massachusetts State Laws
{{authority control Economy of Massachusetts State agencies of Massachusetts State departments of economic development in the United States Housing in Massachusetts