MassHousing and the Massachusetts Housing Investment Corporation have established a new $50 million Equitable Developers Fund to provide enterprise-level financing to developers from socially and economically disadvantaged backgrounds and communities. The fund represents the largest publicly-led financing program of its kind in the country.

“This is the first time I’ve actually seen a program meet the time with the correct amount of resources. It’s $50 million. It’s a big number,” said Moddie Turay, CEO of Massachusetts Housing Investment Corporation, told CBS News. “It is really looking at socially and economically disadvantaged companies and investing in them at their core, meaning your daily operations to help build capacity,” Turay said.