MA S815

Establishes the Massachusetts Loan Loss Guarantee Program within MassHousing to provide guarantees covering up to 80% of eligible loan losses incurred by community development financial institutions (CDFIs) and other nonprofit lenders

Prioritizes loans serving microbusinesses and small businesses in low-income communities, Gateway Cities, and minority-owned, worker-owned, women-owned, and socially or economically disadvantaged enterprises

Program funding comes from state appropriations, fees on participating CDFIs, private and philanthropic contributions, federal funding, and unspent revenue from the Transformative Development Fund and growth capital division

Requires annual reports to the General Court within 90 days of fiscal year end detailing program impact, financial performance, and recommended improvements

Creates an advisory board including 3 CDFI leaders, 3 nonprofit lender leaders, 2 national bank leaders, 2 state-chartered bank leaders, 2 credit union leaders, and representatives from organizations including the Black Economic Council of Massachusetts and The Boston Foundation, chaired by the Secretary of Economic Development