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. ...

, 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 and Marty Jones from 2011 to 2017. Today, it is led by Lauren A. Liss, who became the agency's president and CEO in September 2017. MassDevelopment is headquartered in

Boston Boston (), officially the City of Boston, is the state capital and most populous city of the Commonwealth of Massachusetts, as well as the cultural and financial center of the New England region of the United States. It is the 24th- mo ...

, with regional offices in

Fall River Fall River is a city in Bristol County, Massachusetts, United States. The City of Fall River's population was 94,000 at the 2020 United States Census, making it the tenth-largest city in the state. Located along the eastern shore of Mount H ...

Lawrence Lawrence may refer to: Education Colleges and universities * Lawrence Technological University, a university in Southfield, Michigan, United States * Lawrence University, a liberal arts university in Appleton, Wisconsin, United States Preparator ...

, Quincy, 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, Engla ...

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, Springfield's 1550 Main, and the expansion of the Myles Standish Industrial Park in

Taunton Taunton () is the county town of Somerset, England, with a 2011 population of 69,570. Its thousand-year history includes a 10th-century monastic foundation, Taunton Castle, which later became a priory. The Normans built a castle 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 research university in Dartmouth, Massachusetts. It is the southernmost campus of the University of Massachusetts system. Formerly Southeastern Massachusetts Un ...

; 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 (also shortened to Southeast Los Angeles and Southeast LA) is an urbanized region located in southeastern Los Angeles County, California, between the City of Los Angeles proper, Orange ...

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 Chelsea or Chelsey may refer to: Places Australia * Chelsea, Victoria Canada * Chelsea, Nova Scotia * Chelsea, Quebec United Kingdom * Chelsea, London, an area of London, bounded to the south by the River Thames ** Chelsea (UK Parliament consti ...

, 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 census, the city had a population of 38,238. Located north of Springfield ...

, Lynn,

New Bedford New Bedford (Massachusett: ) is a city in Bristol County, Massachusetts. It is located on the Acushnet River in what is known as the South Coast region. Up through the 17th century, the area was the territory of the Wampanoag Native American pe ...

, Peabody,

Pittsfield Pittsfield is the largest city and the county seat of Berkshire County, Massachusetts, United States. It is the principal city of the Pittsfield, Massachusetts Metropolitan Statistical Area which encompasses all of Berkshire County. 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