MassHousing Leadership

Executive Director

Chrystal Kornegay has 20+ years of experience in community development in a variety of roles. In February 2018, Ms. Kornegay became MassHousing's Executive Director. Under Ms. Kornegay's leadership, MassHousing launched a highly successful Down Payment Assistance Program; secured substantial additional resources to expand MassHousing's Workforce Housing initiative and achieved one of the best lending years, in overall volume, in the Agency's 53-year history.

Before joining MassHousing, Ms. Kornegay served as the Baker-Polito Administration's Undersecretary for Housing and Community Development. As Undersecretary, Ms. Kornegay led the effort to increase state capital dollars for affordable housing by almost 18 percent and worked with the Massachusetts Legislature to increase rental subsidies for low-income families by 42%. Some other accomplishments include collaborating with partners in state government and the non-profit sector to dramatically reduce the number of homeless families in motels; launching the Community Scale Housing Initiative; and streamlining and growing the Community Investment Tax Credit program.

Prior to her work as Undersecretary, Ms. Kornegay was President and Chief Executive Officer at Urban Edge, one of New England's largest community development corporations. Ms. Kornegay is credited with leading this organization's financial transformation, resulting in a $3 million increase in the Agency's net asset position.

Ms. Kornegay is a graduate of the Achieving Excellence Program at Harvard University's Kennedy School of Government, and holds a Master's Degree in City Planning from the Massachusetts Institute of Technology and a Bachelor of Arts Degree from Hunter College.

Chief Operating Officer

Rachel Madden oversees the overall administration of MassHousing.

Prior to joining the Agency, Ms. Madden was the Undersecretary for the Executive Office for Administration and Finance. She previously held roles as the Director of Administration and Finance and Chief Financial Officer for the Massachusetts Water Resources Authority; Deputy Registrar at the Registry of Motor Vehicles; and Director of Field Operations for the Department of Revenue Child Support Enforcement Division.

Ms. Madden is a graduate of the University of Rochester in New York.

Chief Financial Officer

Charles Karimbakas is an accomplished senior public finance professional with extensive success in structuring and issuing municipal debt in the housing and transportation sectors. He has a record of collaborative relationships with investors, ratings agencies, underwriters, attorneys, and organizational decision-makers.

At MassHousing, Mr. Karimbakas has managed more than $1 billion of issuance annually through multiple indentures, complex tax analysis and often challenging financial environments, including a significant restructuring of the Agency’s debt portfolio during the 2008 financial crisis, without interruption to capital markets access. Prior to joining MassHousing, Mr. Karimbakas held senior finance roles in transportation within the Commonwealth.

He earned B.A. in Economics from the University of Vermont and an MBA from Northeastern University.

General Counsel

As General Counsel, Colin McNiece is a key strategic advisor to the MassHousing Board and works closely with every other member of the executive team on all aspects of the Agency's business.

A planner and attorney, Mr. McNiece has dedicated his career to community development. Prior to joining MassHousing, he held roles as bond, borrower, underwriter and bank counsel as a public finance attorney at a Boston law firm and as the Chief Planner and then Economic Development Director for the City of Lowell. Mr. McNiece earned a Master's Degree in Community and Regional Planning from Iowa State University and a J.D. from Roger Williams University School of Law.

Vice President of Homeownership Programs

Mounzer Aylouche oversees all aspects of MassHousing’s homeownership business, including production, lending operations and servicing. He has extensive experience in the home mortgage lending industry, having held positions in loan servicing, secondary marketing, loan origination, and senior management. At MassHousing, he previously served as secondary marketing officer, relationship manager and manager of HomeOwnership Business Development.

Mr. Aylouche is the 2017 Chairman of the Massachusetts Mortgage Bankers Association (MMBA), and the past president of the organization's charitable arm, the MMB Foundation. He holds a Bachelor's degree in Financial Management & Economics from the University of Massachusetts at Lowell, and an MBA in Marketing from Southern New Hampshire University.

Vice President of Talent and Culture

A seasoned professional with more than 15 years of experience in Human Resources, Myra Carmona oversees MassHousing’s investment in staff development and organizational improvement; drives employee engagement, inclusion and recognition; and leads the Agency’s learning and professional development programs.

Prior to joining MassHousing, Ms. Carmona led a human resources team for the City of Manassas Park, Virginia, working closely with the city’s police and fire departments in recruitment, leadership development and performance management. As Director of Human Resources at The Community Builders, she developed a recruitment process; managed employee relations, performance management systems and a mentoring program; and helped to create efficiencies with the use of technology.

Vice President of Multifamily Programs 

Mark Teden oversees the origination, underwriting and servicing of MassHousing’s multifamily loans, leads the development of new loan products and business opportunities, and serves as the primary liaison for the Agency’s multifamily development and management business lines.

Immediately prior to joining MassHousing, he served as the Managing Principal and Chief Operating Officer for Bruner/Cott & Associates, Inc., and prior to that as Executive Vice President at Cambridge Savings Bank. In addition, Mr. Teden served as a Board member at Homeowner’s Rehab, Inc., for over 20 years. Mr. Teden earned an undergraduate degree in Finance from the University of Massachusetts at Amherst and a Master’s in Business Administration from Northeastern University.