February 22, 2024

Housing Finance Development

It's Your Housing Finance Development

MHIC Names New President and CEO| Housing Finance Magazine

Moddie Turay, a community and economic development executive, has been named president and CEO of the Massachusetts Housing Investment Corp. (MIHC).

Moddie Turay
Moddie Turay

He succeeds Joe L. Flatley, who is retiring after leading the company for 32 years. Flatley has been at the organization’s helm since it was founded as a private nonprofit with the mission to be an innovative financer of affordable housing and community development and extending the impact of that financing to ensure the broadest possible benefit, especially to low-income neighborhoods and communities of color.

MHIC has evolved from a Massachusetts-based loan pool to a full-service capital markets platform of debt and equity products, including low-income housing and New Markets tax credit financing, serving New England. MHIC has invested more than $3.2 billion for 658 developments, representing more than 25,500 homes and 6.9 million square feet of commercial space.

“I am honored to join the exceptional team at MHIC who are making such a tremendous impact on New England communities,” Turay said in a statement. “I’m excited to build on the important and foundational work that Joe has put in place and am particularly focused on new lending and investing activities with an emphasis on financing residential and commercial development that expand the participation of developers, contractors, and owners of color. Creating an inclusive lending and investing ecosystem has long been one of MHIC’s core values, and there is an incredible opportunity for continued growth.”

Joe Flatley

Joe Flatley

He brings more than 22 years of experience in both public and private sectors. Since 2018 he served as the founder and CEO of City Growth Partners, a Detroit-based real estate development company whose mission is to advance neighborhoods through developments that are socially, architecturally, and economically catalytic. The firm has built a development pipeline in the greater downtown Detroit area that comprises 635 apartments, including 127 affordable homes and 35,000 square feet of retail space.

Earlier, Turay served as executive vice president of real estate and finance at the Detroit Economic Growth Corp., where he was chief deal maker in coordinating the disposition of commercial property and in directing public and private investments to major commercial, industrial, and retail developments and programs across the city. In this role, he led over $2 billion in economic development initiatives.

Turay has spent the last year in Boston as a 2022 Loeb Fellow at the Harvard Graduate School of Design.