WeVote
Log In

Bill

Bill

SD 3965

Life Insurance Community Investment Initiative, LLC 2025 Annual Report

194th Legislature (2025-2026)

The LIC Initiative channels life insurance capital into affordable housing and community development across Massachusetts, with transparent, regionally equitable investments and on

Placed on file
0
WeVote Research Nonpartisan
Bill Summary · SD 3965

Summary of Bill SD 3965 (Massachusetts, 194th Session)

Purpose and intent

  • The bill appears to be a formal annual report submission concerning the Life Insurance Community Investment Initiative, LLC (LICI-LLC). It provides the 2025 annual report, financial condition statements, and related exhibits for the Life Insurance Community Investment Initiative, LLC, as of December 31, 2025.
  • The primary function is to certify and communicate the portfolio, investments, commitments, and regional activity of the initiative to the Commissioner of Insurance and the clerks of the Senate and House.

Key provisions and changes

  • Exhibits and financial disclosures are included to detail:
    • Exhibit A: Participating life insurance companies and aggregate capital returned or contributed in 2025
    • Participating companies (examples): John Hancock Life, Massachusetts Mutual Life, Paul Revere Life/Variable Annuity, Savings Bank Life Insurance, Berkshire Life, Boston Mutual Life, New England Life
    • All listed show $0 contributed in 2025 and a total of $96,310,235 returned/aggregate contributed (across all entities listed).
    • Exhibit B: 2025 commitments and net commitments
    • 2025 Qualified Investments: $27,278,654.00
    • 2025 Net Commitments: $27,028,654.00
    • A detailed roster of specific investments with amounts, purposes, and impact ratings (mostly 8–9 on a 10-point scale) in affordable housing, community development, and related initiatives.
    • Notable examples (selected):
      • CICD, Roxbury: $1,350,000 acquisition loan for 61 affordable rental units
      • MassVIBE: $2,771,496 construction loan for 18 affordable homeownership units (Boston Welcome Home program)
      • Esperanza Academy (Lawrence): $3,500,000 construction loan participation for a new K-8 school facility
      • VOAMASS (Malden): $1,800,000 acquisition financing for 12 veteran housing units
      • ACDC (Chinatown, Boston): $1,198,575 construction financing for 66 affordable rentals and 44 affordable homeownership units, plus library space
      • Various line of credit facilities and predevelopment loans to support affordable housing across multiple communities
    • Exhibit C: Annual meetings information by MOBD region (dates, locations, hosts)
    • Regions include Boston, Northern, Southern, Central, Western, Metrowest & Merrimack Valley with corresponding meeting details.
    • Exhibit D: Certified financial statement (financial statement included)
    • Exhibit E: Compliance certification
    • Confirms investments comply with statutory provisions (sections (I) and (2) of subsection (f)) and that MOBD regions have received their base investment share amounts as defined by 1998 legislation
    • Provides current and original MOBD regional qualified commitments totals (all regions summarized with a total of $774,459,287.63)
  • The exhibits collectively ensure regulatory transparency, regional investment equity, and ongoing visibility of the LIC initiative’s impact on affordable housing and community development.

Who or what would be affected

  • Participating life insurance companies: They contribute capital and/or receive capital returns associated with the LIC initiative.
  • MOBD (Neighborhood Development/Opportunity District) regional programs: The report documents baseline investment shares and region-specific commitments, indicating ongoing regulatory oversight and compliance with regional investment requirements.
  • Beneficiary communities and organizations: Various affordable housing developers, schools, and veterans housing programs listed in Exhibit B receive financing or credit facilities intended to expand affordable housing, community facilities, and workforce housing.
  • State regulators and policymakers: Clerks of the Senate/House and the Commissioner of Insurance receive the annual report to monitor compliance and impact.

Procedural and timeline aspects

  • The document is labeled as a “REPORT” to the Commissioner of Insurance and legislative clerks, dated June 1, 2026, for the LIC Initiative’s status as of December 31, 2025.
  • The action history shows: “2026-06-04: Placed on file,” indicating it has been filed with the legislature for the 2026 session.
  • The report includes several Exhibits (A–E) that collectively satisfy statutory reporting requirements, including financial statements, investment certifications, and regional meeting information.

Practical takeaways

  • The LIC Initiative continues to channel life insurance company capital into targeted, high-impact affordable housing and community development projects across Massachusetts.
  • The 2025 activity shows substantial commitments and investments with a focus on middle- to lower-income housing, workforce housing, and educational facilities.
  • The document underscores regulatory oversight and transparency obligations, ensuring stakeholders can track capital flows, project outcomes, and regional equity across MOBD regions.

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

Sign in to ask a question.