Boston, MA (September 21, 2022) – WinnCompanies, an award-winning national developer and manager of apartment communities, announced today it increased its spending with Minority and Women-Owned Business Enterprises (M/WBEs) in Massachusetts by 14 percent year over year.
The company’s property management arm, WinnResidential, awarded more than $19.2 million to M/WBEs during the fiscal year that ended June 30, 2022, to provide goods and services to 48 apartment communities financed by MassHousing, the independent agency responsible for helping to finance affordable housing in Massachusetts. The company’s M/WBE expenditures totaled $18.4 million in the prior fiscal year.
No other multifamily company has invested more in M/WBE contracts since MassHousing began tracking awards in 1999.
“M/WBE engagement has been a priority and source of pride for the company for decades. Setting a new expenditure record this past year truly illustrates our continued commitment to equity,” said WinnCompanies CEO Gilbert Winn. “Our minority and women partners are fundamental to our success. We value the expertise, vitality and economic re-investment they bring to the communities where we work.”
In Fiscal Year 2022, WinnResidential spent $10.7 million on minority business enterprises (MBEs), representing 22.3 percent of its overall expenditure on vendors who support property management at MassHousing communities. During the same time period, nearly $8.5 million was paid to women-owned business enterprises (WBEs), accounting for 17.7 percent of the total spent at the 48 sites.
“Housing is a major economic driver that creates jobs, which benefits thousands of families and businesses across Massachusetts,” said MassHousing Executive Director Chrystal Kornegay. “The M/WBE program strives to make sure those economic opportunities are shared equitably with minority and women-owned businesses, who in turn foster additional employment and economic opportunities for underserved residents in communities throughout the Commonwealth. We commend our partners like WinnCompanies, who share our deep commitment to making sure that minority and women-owned businesses have the same ability to provide goods and services at MassHousing-financed rental communities."
The 32-year-old MassHousing program helps M/WBEs profit from the economic opportunities created by MassHousing-financed rental housing. As part of its effort to promote equitable opportunities for M/WBEs, MassHousing monitors and assesses the percentage of management companies' expenditures toward using minority and women-owned businesses for property maintenance as well as goods and services within the apartment communities that the agency has financed.
Over the last two decades, WinnCompanies has awarded more than $240.1 million in work to M/WBEs, accounting for 40 percent of its total vendor expenditures at qualifying properties in that period. More than $138.9 million of that amount was awarded to MBEs, while more than $101.2 million was paid to WBEs.
The MassHousing communities managed by WinnResidential in FY22 provided homes for 6,578 households. Twenty-three of the 48 properties are owned by WinnCompanies.