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Board of Directors

MHP is governed by a seven-member board of directors appointed by the Governor that includes two cabinet secretaries or their designees, and three nominees of the Massachusetts Bankers Association.


The board of directors of the Massachusetts Housing Partnership (MHP) meets bimonthly. The board’s Executive Committee meets on opposite months to approve loans and conduct other routine business. All meetings are posted and open to the public.

Agenda and Schedule

Meeting Minutes


  • Executive Committee
  • Finance Committee
  • Audit and Portfolio Review Committee
  • Strategic Planning Committee
  • Personnel and Compensation Committee

Board Members

John Clancy, Jr., Vice Chair

John Clancy, Jr.

Vice Chair

Chief Executive Officer, Enterprise Bank

John (Jack) P. Clancy Jr. is Chief Executive Officer for Enterprise Bank. Headquartered in Lowell, Massachusetts, Enterprise Bank has $1.4 billion in assets and 18 branches located throughout the Merrimack Valley, North Central Massachusetts, and Southern New Hampshire.

Clancy began his career at Enterprise Bank in 1988 as Chief Financial Officer and Treasurer and later became Chief Operating Officer. He was named Chief Executive Officer in January 2007.

Clancy is a lifelong resident of the Greater Lowell area with personal ties to many of the communities his bank serves. He graduated summa cum laude from the University of Lowell (now UMass Lowell) and has successfully completed the Harvard Business School's Advanced Management Program.

Alicia Sasser Modestino, Secretary & Treasurer

Alicia Sasser Modestino

Secretary & Treasurer

Associate Professor of Public Policy and Urban Affairs and Economics, Northeastern University; Associate Director, Dukakis Center

Dr. Alicia Sasser Modestino is an associate professor with appointments in the School of Public Policy and Urban Affairs and the Department of Economics at Northeastern University. Previously, Modestino was a senior economist at the Federal Reserve Bank of Boston where she lead numerous research projects on regional economic and policy issues for the New England Public Policy Center. In that role, she frequently advised policymakers and business leaders and testified on key pieces of legislation related to labor market policies. Her work has appeared in journals such as Regional Science and Urban Economics, Journal of Human Resources, and Health Affairs and has been presented at the annual meetings of the American Economic Association.

Modestino holds both a master’s degree and a Ph.D. in economics from Harvard University, where she also served as a doctoral fellow in the Inequality and Social Policy Program at the Kennedy School of Government.

Janelle Chan, Board Member

Janelle Chan

Board Member

Undersecretary for Housing and Community Development, Executive Office of Housing and Economic Development

The Baker Administration appointed Janelle Chan as the state's housing chief on April 19, 2018. Since 2016, Chan was chief of real estate at the Massachusetts Bay Transportation Authority, responsible for the agency's efforts to boost development near T stations. Prior to that, she spent nearly a decade at the Asian Community Development Corp., a housing and development non-profit based in Boston's Chinatown neighborhood. For six years, she was its executive director.

Rachel Madden, Board Member

Rachel Madden

Board Member

Undersecretary (designee for Secretary Kristen Lepore), Executive Office for Administration and Finance

Rachel Madden serves as Undersecretary for the state’s Executive Office for Administration and Finance. As undersecretary, she provides daily support to Administration and Finance agencies and works directly with the A&F Secretary Michael Heffernan on current policy initiatives and reforms. She joined the office in January 2015 after serving for seven years as the Chief Financial Officer and Director of Administration and Finance for the Massachusetts Water Resources Authority (MWRA). She began at the MWRA in 2006 where she also served as Acting Treasurer for a number of years and Budget Director.

She has held several senior management positions within the Commonwealth’s Registry of Motor Vehicles, Executive Office of Health and Human Services, and the Department of Revenue, and also spent the early part of her career at the Executive Office for Administration and Finance.

Rachel holds a Bachelor of Arts degree from the University of Rochester.

Denis Sheahan, Board Member

Denis Sheahan

Board Member

Chairman & CEO, Cambridge Trust Company and Cambridge Bancorp

Denis Sheahan serves as Chairman and Chief Executive Officer of Cambridge Trust Company and Cambridge Bancorp. Prior to joining Cambridge Trust Company in April 2015, Mr. Sheahan spent 19 years at Independent Bank Corp. and Rockland Trust where he served as Chief Financial Officer and Chief Operating Officer.  Prior to joining Rockland Trust Company, Mr. Sheahan served as Vice President of Finance for BayBanks, Inc.

Sheahan currently serves as Board Trustee for Cambridge Community Foundation.  He previously chaired the Old Colony YMCA Board of Directors and served on the Executive Committee.  In 2016 he was honored to receive the Whitney M. Young Jr. Service Award by the Old Colony Council, Boy Scouts of America.

Sheahan is a graduate of the Cork Institute of Technology, Cork, Ireland and received a Master’s of Business Administration from Boston University.

Kristin Carvalho, Board Member

Kristin Carvalho

Board Member

President & CEO, The Milford National Bank and Trust Company

Kristin Carvalho joined The Milford National in 2007 as a Senior Loan Officer and was appointed President and CEO in 2008. Kristin is the first female to hold the position at The Milford National, and is one of only a handful of female bank presidents in New England.

 In her current position as President/CEO, Kristin has played a significant role in strengthening the bank’s financial position. In 2016 the bank announced an eighth consecutive year of profitability and earnings. The Milford National also achieved an “Outstanding” Community Reinvestment Act status, the highest level available and one that few banks achieve.

Kristin’s career in banking dates back to her time in college when she served as a bank teller and customer service representative. Her banking career includes serving as a commercial loan officer at Bank of America; Vice President/Manager in the SBA Lending Department at Rockland Trust Company; Vice President/Senior Loan Officer at South Eastern Economic Development Corporation; and Vice President/Corporate Banking Division at Citizens Bank.

She has served as a Member of the Massachusetts Bankers’ Legislative Liaison Committee as well as a Trustee of their Insurance Trust Fund; as Corporator at the Milford Regional Medical Center; and played various roles at numerous non-profit organizations including the Boys and Girls Club, Community Health Center, Milford Chamber of Commerce, and economic development associations. 

Kristin is a Cum Laude graduate of UMASS Dartmouth. She also received an MBA from Bryant University; and a Master of Science in Financial Services and Banking from Suffolk University.