Posted on April 29, 2025
MHP is deeply committed to providing equitable access and inclusion in affordable housing development, which is why it has expanded on the Working Capital Line of Credit (WCLOC) program with the addition of the Emerging Developer Working Capital Line of Credit (EDWCLOC) program. It was created to help emerging developers build capacity for multifamily affordable housing development.
Eligible housing developers are provided up to $250,000 in unsecured, short-term debt to increase their financial capacity and catalyze affordable housing development efforts. The program is made possible through a grant from The Boston Foundation. To date, MHP has committed $950,000 to emerging developers across the state. “MHP is proud to help reduce the barriers faced by emerging housing developers. Participants in our Emerging Developer Working Capital Line of Credit program are community leaders and entrepreneurs who do outstanding work and are bringing much-needed new talent to the affordable housing industry”, said MHP’s Executive Director Clark Ziegler.
Reflecting on the success of the program, MHP’s Rental Financing Team is highlighting two emerging developers that embody entrepreneurial spirit and community leadership: Boston Communities and New Vision Enterprises.
Boston Communities
A real estate development firm that focuses on building mixed-income, transit-oriented, and sustainable housing in diverse communities, Boston Communities was founded and led by its principals Phillip Cohen, F. Marie Morisset, and Matt Robayna. Boston Communities is currently developing over 500 affordable rental and ownership homes across Massachusetts.
Cohen, who originally worked with MHP on this line of credit, is a housing advocate and real estate development professional with over a decade of experience building affordable and mixed-income housing communities in Massachusetts. He began his real estate career working for the Boston Planning & Development Agency where he permitted over $2 billion of housing and at the Mayor's Housing Innovation Lab, where he wrote the 2015 Inclusionary Development Policy and helped encourage other unique forms of affordable, middle-income, and mixed-income housing. After receiving a master's degree at the MIT Center for Real Estate, he worked for WinnDevelopment where he was involved in the development of over 4,000 mixed-income apartments for families and older adults.
Boston Communities' pipeline includes a 31-unit mixed-income rental community above local retail, a community theater in Roslindale, and a 62-unit mixed-income and mixed-use rental community in Chelsea. In October 2023, Boston Communities was selected by the City of Boston to build 25 affordable homes along Harvard Street in Dorchester as part of the city’s “Welcome Home Boston” program. Those homes will be sold to first time homebuyers and are meant to provide residents with housing security and a way of building equity within their community.
Boston Communities utilized the $250,000 to hire a full-time employee and assist with predevelopment costs as it continues to build its portfolio and pipeline. "We would absolutely not be where we are today without the Emerging Developers WCLOC and our partnership with MHP,” said Cohen. “The MHP partnership has empowered us to take on several new developments and build the team necessary to complete them. We recognize that MHP took a chance on us, and we hope to pass along this opportunity by supporting communities, building more affordable housing, and empowering other emerging developers in the process."
New Vision Enterprises
A Brockton-based real estate development and construction firm, New Vision Enterprises (NVE) was founded and continues to be led by Joseph Goncalves. Over the course of its 10 years, NVE has developed or constructed more than 400 apartments on the South Shore, focused primarily on one- to four-unit buildings. Principal Goncalves brings seasoned real estate and property management experience to the firm; his roots are in Brockton. The business plan calls for i investing, rebuilding, and overall, giving back to his hometown and community. Goncalves grew up in public housing, graduated from Brockton High School and Newbury College and earned an MBA from Endicott College. He served as Chair of the Brockton Redevelopment Authority.
In 2022, NVE completed its first mid-scale multifamily development with the renovation of the historic First Parish building. The three-story building, once condemned, is now One Nine Residences, an amenity-rich, modern transit-oriented building with 20 market-rate apartments and ground-floor commercial space. The building’s historic features were preserved and the existing structure was brought up to code. The development exemplifies Goncalves’ ongoing commitment to Brockton and investment in its downtown. NVE is ready to build on its early success in multifamily development with two additional mixed-income, transit-oriented efforts that are in predevelopment, utilizing the $250,000 line of credit from MHP.
“Tackling the complex task of creating affordable housing solutions in Gateway Cities demands dedication and teamwork, and having committed partners like MHP truly makes all the difference,” said Goncalves. “I highly recommend that emerging developers across the commonwealth consider adding the Emerging Developer Working Capital Line of Credit to their development toolbox. This is genuine funding that has the power to create meaningful and lasting impact.”
For more information about MHP’s EDWCLOC and its other financing programs, contact MHP Director of Business Development Nancy McCafferty or MHP’s Senior Relationship Manager Alma Balonon-Rosen.