Boston – WinnCompanies recently announced it increased its spending with Minority and Women-Owned Business Enterprises (M/WBEs) in Massachusetts by 14% 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, 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 expenditure totaled $18.4 million in the prior fiscal year.
“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 reinvestment they bring to the communities where we work.”
WinnResidential’s fiscal 2022 expenditure on MBEs topped $10.7 million, accounting for 22.3% of its total expenditure on vendors that support property management at the MassHousing communities. Nearly $8.5 million was paid to WBEs during the same period, representing 17.7% of the total spend at the 48 sites.
“Housing is a major economic driver that creates jobs which benefit 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 openings to 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.”
Over the course of the last two decades, WinnCompanies has awarded more than $240.1 million in work to M/WBEs, accounting for 40% 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.
Created 32 years ago, the MassHousing program helps M/WBEs benefit from the economic opportunities created by MassHousing-financed rental housing. As part of its effort to encourage equal opportunities for M/WBEs, MassHousing tracks the expenditures for property maintenance, as well as goods and services, within the apartment communities that the agency has financed.