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HD 5799

A communication from the Massachusetts Life Insurance Community Investment Initiative, LLC (see Section 2(e) of Chapter 259 of the Acts of 1998) submitting its annual report and statement of financial condition for calendar year 2025 [copies of said report were forwarded to the committee on Ways and Means, the committee on Financial Services, and the committee on Revenue, as required by said law]

194th Legislature (2025-2026)

LICII reports $27.0M in 2025 commitments plus $96M+ returned by insurers, funding numerous affordable housing and community projects statewide.

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Bill Summary · HD 5799

Bill Summary: HD 5799 (Massachusetts, 194th Session)

Purpose and Intent

  • The bill transmits and clarifies the annual report and statement of financial condition for the Life Insurance Community Investment Initiative, LLC (LICII), covering calendar year 2025.
  • The report is submitted under Section 2(e) of Chapter 259 of the Acts of 1998 and forwarded to the Commissioners/Clerks as required by law.

Key Provisions and Content (as reflected in the EXHIBITS)

  • Exhibit A: Participating Life Insurance Companies and Aggregate Capital

    • Lists participating life insurance companies and the aggregate capital contributed or returned for 2025.
    • Notable entries (all contributed amounts shown as $0 in 2025; aggregate capital returned totals $96,310,235):
    • John Hancock Life: $0 contributed; $45,090,286 returned
    • Massachusetts Mutual Life: $0 contributed; $31,541,209 returned
    • Paul Revere Life Insurance: $0 contributed; $4,141,114 returned
    • Paul Revere Variable Annuity: $0 contributed; $1,383,785 returned
    • Savings Bank Life Insurance: $0 contributed; $9,404,316 returned
    • Berkshire Life: $0 contributed; $2,464,406 returned
    • Boston Mutual Life: $0 contributed; $1,735,829 returned
    • New England Life: $0 contributed; $549,290 returned

  • Exhibit B: 2025 Commitments, Investments, and Featured Investments

    • Total qualified commitments: $27,278,654.00
    • Net commitments: $27,028,654.00
    • A detailed list of individual investments with borrower, purpose, and impact rating (all with impact ratings ranging from 8 to 9, indicating strong community impact):
    • Caribbean Integration Community Development (CICD), Roxbury: $1,350,000 acquisition loan for 61 affordable units
    • MassVIBE (Welcome Home Boston): $2,771,496 construction loan for 18 affordable homeownership units
    • CC MPZ, Cambridge: $750,000 line of credit for predevelopment expenses
    • Harborlight Community Partners (Ipswich): $2,385,000 acquisition loan for ~52 rental units plus ~964 SF of commercial space
    • Esperanza Academy (Lawrence): $3,500,000 construction loan participation for a new K-8 school facility (33,246 SF)
    • Worcester Community Housing Resources (WCHR): $300,000 predevelopment line of credit for a family emergency shelter
    • Causeway Development (Lexington): $500,000 predevelopment line of credit for 40 affordable housing units
    • Harborlight Community Partners (Lynn): $300,000 increase to acquisition loan for 68 units (50% to 80% AMI)
    • New Atlantic Development / DREAM Development (Boston): $250,000 increase to construction loan for 12 condo units (8 affordable)
    • Volunteers of America of Massachusetts (VOAMASS), Malden: $1,800,000 acquisition financing for 12 supportive housing units for veterans
    • KZ Builders (Boston): $1,726,358 construction loan (50% MHIC participation) for 12 mixed-income units
    • Housing Corporation of Arlington: $3,000,000 acquisition loan (50% MHIC participation) to preserve 59 NOAH units
    • New Vision Enterprise / Ringside Properties (Brockton): $634,725 increase to bridge financing for housing tax credit development
    • Asian Community Development Corporation (ACDC), Chinatown: $1,198,575 construction loan for 110-unit mixed-use development including a public library space
    • The Neighborhood Developers (Chelsea): $1,750,000 working capital line of credit for predevelopment expenses
    • Beacon Communities Development (Newton): $3,562,500 acquisition loan for 56 affordable units with ground-floor commercial space
    • MPZ, Line of Credit (Springfield): $500,000 for predevelopment housing projects
    • NeighborWorks Southern Mass (NWSOMA): $1,000,000 line of credit for approximately 95 units of affordable housing development
    • Featured investments include detailed narratives for Esperanza Academy, VOAMASS, and ACDC with terms (e.g., rates, terms, impact, and objective).

  • Exhibit C: Annual Meeting Information by MOBD Region

    • Provides meeting dates, locations, and hosting organizations across regions (Boston, Northern, Southern, Central, Western, Metrowest & Merrimack Valley).

  • Exhibit D: Certified Financial Statement

    • Appears as the required certified financial statement for LICII as of December 31, 2025.

  • Exhibit E: Regional and Total Qualified Commitments (Longitudinal View)

    • Demonstrates MOBD-region-specific qualified commitments as of 12/31/2025, comparing current versus original regional totals.
    • Current MOBD region totals (as of 12/31/25): Boston, Northern, Southern, Central, Western, Metrowest & Merrimack Valley, Statewide
    • Grand total: $774,459,287.63 in qualified commitments
    • Original regional totals shown for comparison; disparities reflect regional funding allocations over time.

Who and What is Affected

  • Affected Entities:
    • Participating life insurance companies listed in Exhibit A (e.g., John Hancock Life, Massachusetts Mutual Life, Paul Revere entities, Savings Bank Life Insurance, Berkshire Life, Boston Mutual Life, New England Life).
    • Not-for-profit and community development organizations receiving LICII financing (CICD, MassVIBE, CC MPZ, Harborlight CPs, Esperanza Academy, WCHR, Causeway Development, VOAMASS, KZ Builders, Arlington Housing CO, New Atlantic/DREAM, ACDC, TND, Beacon Communities, MHIC-participated projects, NOAH preservation, etc.).
  • Beneficiaries:
    • Low- and moderate-income residents served by affordable housing, workforce housing, veterans housing, and community-serving facilities (e.g., schools, libraries, emergency shelters).
  • Financial Institutions and Urban Development Community Partners:
    • Entities providing predevelopment, acquisition, construction, and bridge financing for affordable housing and community facilities.

Procedural and Timeline Highlights

  • Reporting Requirement:
    • LICII submits its annual report and financial condition statement for 2025 to the Commissioner of Insurance, Clerk of the Senate, and Clerk of the House, with copies to the Ways and Means, Financial Services, and Revenue committees.
  • Reporting Date:
    • The report is dated June 1, 2026, indicating timely submission per statutory schedule.
  • Compliance Context:
    • The report continues to fulfill the statutory obligation under Chapter 259 of the Acts of 1998 (Section 2(e)) regarding the Life Insurance Community Investment Initiative and its MOBD regional investment framework.

Potential Impacts and Takeaways

  • Demonstrates continued capital deployment by LICII into MOBD regions, centering on affordable housing and community infrastructure.
  • Highlights substantial capital returned by participating insurers in 2025, alongside new and ongoing commitments totaling over $27 million in qualified commitments for the year.
  • Shows strong regional focus with high-impact projects across Boston, Roxbury, Lawrence, Chelsea, Arlington, Malden, and surrounding communities.
  • Indicates ongoing collaboration between insurers, developers, and nonprofit partners to expand affordable housing and supportive services.

Compiled from official sources — confirm details with the bill’s official record.

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