Accountability & Transparency

Our vital mission and our role as the state's housing bank require an unwavering commitment to continual improvement. Two of MassHousing's core values are service and accountability. Together, these principles mean holding ourselves to the highest standards and evolving when we need to do better.

MassHousing's Service Core Value is about taking action to meet the needs of our teams, partners, customers and the citizens of the Commonwealth. We are focused on proactive problem-solving and supportive action.

Our Accountability Core Value states that we accept responsibility, own results and mistakes, and find solutions. Within this page, you will find details about MassHousing's governance, internal and external audit and quality assurance initiatives, and program reviews. By providing transparency into our operations we aim to be accountable to our mission while living our values.

Audit & Assurance

According to the Institute of Internal Audit Audit's Internal Auditing Competency Framework™, "internal auditing is most effective when performed by competent professionals in conformance with the Global Internal Audit Standards. The Standards' glossary defines competency as “knowledge, skills, and abilities.” For internal auditors, competency includes being able to provide risk-based, objective assurance and advisory services. Competency also covers the knowledge and skills necessary to engage with the board and senior management to establish and oversee an effective, efficient internal audit function. Competent internal auditors enable the internal audit function to create, protect, and sustain organizational value, thus fulfilling the Purpose of Internal Auditing."

MassHousing's internal audit function reports to the Investment and Audit Committee and is mandated to provide the board and senior management with objective assurance, advice, insight, and foresight. The internal audit team is comprised of three professional auditors, with extensive audit experience. All Internal Audit staff members hold certifications from accredited institutions, requiring yearly Continuing Professional Education (CPE).

Internal audit is an independent function within MassHousing that:

• Evaluates whether MassHousing's internal controls are designed well and operating effectively;
• Assesses risks across business areas and checks whether risks are being managed appropriately;
• Reviews financial, operational, and compliance processes to confirm accuracy, integrity, and alignment with policies and regulations;
• Provides recommendations to improve efficiency, strengthen controls, and reduce the likelihood of errors, fraud, or operational breakdowns; and
• Offers independent assurance to leadership and the board that the organization is managing its responsibilities effectively.

Annual Risk Assessment and Internal Audit Plan

Each year, internal audit looks across the organization to identify key risks (i.e. events that could impact operations, finances, compliance, technology, or reputation) and creates an internal audit plan that evaluates high risk areas.

Internal audit gathers information through conversations with leaders, analysis of industry trends, review of past audits, and data about changes happening in the business. Business area risks are analyzed and ranked by impact and likelihood.

Once the risks are ranked, internal audit creates an audit plan that focuses on the highest priority areas. Internal audit considers and supports the work of other assurance providers to ensure there are no gaps or overlaps in assurance activities. The plan outlines the engagements internal audit will perform during the year and how engagement supports the organization's goals and risk management efforts.

The audit plan is shared with leadership and presented to the Investment and Audit Committee to make sure it aligns with broader organizational priorities. Throughout the year, internal audit communicates progress against the plan and engagement results. If new risks arise or priorities shift, internal updates the audit plan accordingly and reports changes to the plan to management and the Investment and Audit Committee.

Quality Assurance and Improvement Plan (QAIP)

The new Institute of Internal Auditor's Global Internal Audit Standards, effective January 9, 2025, provide a comprehensive framework for internal audit's quality assurance and improvement program (QAIP). MassHousing's quality assurance and improvement program ensures the internal audit function conforms with the Global Internal Audit Standards, achieves performance objectives, and pursues continuous improvement. The internal audit function is currently undergoing an external quality assessment performed by an independent reviewer.

Related Resources

• MassHousing Internal Audit Department Charter
• Investment and Audit Committee Charter
• Institute of Internal Auditors Global Audit Standards
• MassHousing's Assurance Activities
• Official Audit Report | Massachusetts State Auditor Diana DiZoglio | Issued October 30, 2025
• Official Audit Report | Massachusetts State Auditor Suzanne Bump | Issued December 20, 2021

MassHousing Governance

MassHousing is led by two state commissioners and seven governor appointed members with expertise in areas such as mortgage banking, architecture or planning, and real estate. Appointed members serve seven-year terms, with staggered initial appointments, and may be reappointed. MassHousing elects a vice chair and a secretary treasurer each year, with the secretary treasurer responsible for maintaining official records. (View the MHFA Charter.)

Board Committees

Employer/Employee Accountability

At MassHousing, accountability is one of the core values that guides our work and strengthens our mission to confront the Commonwealth’s housing challenges and improve the lives of its people.
The Agency and its leadership know that accountability is a two-way process, and in addition to expecting our staff to live this value, we strive to also be accountable to entire MassHousing team.

In 2022, we asked staff for their feedback via an employee engagement survey. We learned there were things we needed to do to better support staff. In response to employee voices, we made changes including introducing management training initiatives and creating the Agency Monthly All-Staff Meeting. The changes that were implemented made a difference, and in 2025 the employee engagement survey resulted in MassHousing being selected as a Top Financial Service Place to Work.