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Senior Leadership Team

MassHousing's expert staff has experience in all aspects of affordable homeownership and multifamily financing.

Chrystal Kornegay

Chrystal Kornegay, Executive Director

Chrystal Kornegay became MassHousing’s executive director in February 2018, bringing with her extensive experience and expertise in affordable housing, community development and government.

Immediately before joining MassHousing, Ms. Kornegay served as the Undersecretary of Housing and Community Development for the Commonwealth of Massachusetts. Prior to that, she was the President and Chief Executive Officer of the community development corporation Urban Edge, and a project manager for The Community Builders.

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

Charles Karimbakas

Charles Karimbakas, 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.

Rachel Madden

Rachel Madden, 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 Boston Latin School and the University of Rochester in New York.

Mounzer Aylouche

Mounzer Aylouche, 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 from the University of Massachusetts at Lowell, and an MBA from Southern New Hampshire University.

Myra Carmona

Myra Carmona, 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.

Beth M. Elliott

Beth M. Elliott, General Counsel

As General Counsel, Beth Elliott is responsible for all legal aspects of MassHousing's operations, including the issuance of tax-exempt bonds, multifamily and single family mortgage lending, administration of project-based Section 8 contracts, and funding and/or operation of numerous other state funding programs and initiatives.

Ms. Elliott has extensive experience regarding the financing, development and ownership of complex affordable and mixed-income housing projects. Before joining MassHousing in 2008, Ms. Elliott was an associate at Ropes & Gray LLP. Her pro bono work included advising tenants in Boston Housing Court and advising nonprofit community organizations. She also served as an adjunct professor at Northeastern University Law School.

Ms. Elliott received her JD from Harvard Law School, a Masters in Public Policy from the John F. Kennedy School of Government and her BA from the University of Michigan. Ms. Elliott is admitted to the Massachusetts Bar and is a member of the American Bar Association Forum on Affordable Housing and Community Development. She is also the co-chair of the Affordable Housing Committee of the Real Estate Bar Association of Massachusetts.

Thomas J. Lyons

Thomas J. Lyons, Vice President of External Affairs

As Vice President of External Affairs, Tom Lyons oversees the operation of our Community Services, Government Affairs, Planning & Programs, Marketing and Communications staff to ensure that elected officials, state and municipal officials, Agency Stakeholders and Massachusetts residents are being fully served by MassHousing. He previously served as the Agency's Managing Director of Government Affairs and Communications and Manager of Community Services.

Prior to joining MassHousing, Mr. Lyons was the Executive Director of the New England Shelter for Homeless Veterans. He has extensive experience with Veterans issues, particularly in Veterans Housing. Mr. Lyons is currently a Trustee at the Chelsea Soldiers Home, a Brighton Marine Health Center board member and a member of the Legislature's Joint Commission on Veterans Housing and Long-Term Care Services.

Mark Teden

Mark Teden, 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.

Sergio A. Ferreira

Sergio A. Ferreira, Director of Rental Operations

Sergio Ferreira brings more than 25 years of private and public lending experience to MassHousing. Mr. Ferreira oversees rental production in the Rental Operations Division, which deploys the Agency’s underwriters, architects, engineers, appraisers and construction specialists. He leads business line lending platforms that include HUD/HFA Risk Sharing, MAP/Ginnie Mae and conduit programs. He holds a BA in Economics from Boston College and an MBA from the University of Massachusetts at Lowell.

Lisa Fiandaca

Lisa Fiandaca, Director of HomeOwnership Production

Lisa Fiandaca oversees MassHousing’s efforts to provide affordable home mortgage loans to low- and moderate-income residents as well as the Agency’s relationships with partner lenders. In addition, she oversees the Agency’s Mortgage Insurance Fund and HomeOwnership Business Development Department. Ms. Fiandaca more than 30 years of experience in the mortgage lending field, having previously worked for Republic Mortgage Insurance Company and East Boston Savings Bank.

Jennifer Foley

Jennifer Foley, Director of Administration

Jen Foley develops and implements initiatives and tactical plans to achieve the Agency’s objectives and strategies. As a member of the Agency’s management team, she creates, organizes and manages strategic planning and project management for the Administrative Services and Diversity & Inclusion Divisions. Ms. Foley is a seasoned professional with more than 24 years of experience in Government, Operations, Management, Human Resources and Employee Relations. Prior to joining MassHousing, she was the Acting Secretariat Human Resources Director for the Executive Office of Housing and Economic Development, the Human Resources Director for the Department of Housing and Community Development and the Acting Human Resources Director for the Office of Consumer Affairs and Business Regulations. Ms. Foley is a graduate of Westfield State University.

Paul Hagerty

Paul Hagerty, Director of Internal Audit

As Director of Internal Audit, Paul Hagerty develops, organizes and directs MassHousing’s Internal Audit plan. He is responsible for all internal audit activities and for coordinating audit practices and procedures with MassHousing’s external auditors. Prior to joining MassHousing, Mr. Hagerty was at Pannell Kerr Forster PC, where he served as an audit manager on public and private engagements including many years performing cost certification audits on the "Big Dig". Mr. Hagerty serves on many local boards including Chair of St. Bridget's School Board for over ten years. He also served as an elected member of the Abington School Committee. Mr. Hagerty received a B.S. in Accounting from Stonehill College. He is a Certified Internal Auditor (CIA) and a member of the Institute of Internal Auditors.

Cynthia Lacasse

Cynthia Lacasse, Director of Rental Business Development

As Director of Rental Business Development, Cynthia Lacasse oversees product development, loan origination and approvals for the Agency's multifamily lending operations, and leads MassHousing's efforts to develop and strengthen business relationships with multifamily developers and owners. Ms. Lacasse has previously been an executive at John Hancock Financial in Boston, and president of John Hancock Realty Advisors. She also worked as an independent strategic, business and financial consultant and as a senior advisor for Next Street. Ms. Lacasse worked at MassHousing early in her career from 1988 to 1992. She earned an undergraduate degree from Middlebury College and a masters from MIT.

Andrea Laing

Andrea Laing, Director of Diversity & Inclusion

As Director of Diversity & Inclusion, Andrea Laing leads MassHousing's efforts to ensure that minority- and women-owned businesses have equal access to the economic opportunities created by the Agency's work. Prior to joining MassHousing, Ms. Laing was Director of Compliance for the Massachusetts Division of Capital Asset Management and Maintenance. Ms. Laing's experience in affordable housing includes positions with the Boston Redevelopment Authority, the Massachusetts Affordable Housing Alliance and the Boston Department of Neighborhood Development.

Kevin Mello

Kevin P. Mello, Director of HomeOwnership Servicing & Operations

Kevin Mello manages all functions related to servicing the Agency’s portfolio of residential mortgage loans, as well as quality control, regulatory compliance and systems and technology for MassHousing’s HomeOwnership business line. This includes financial and risk management for a portfolio of approximately 22,000 mortgage loans with a total outstanding principal balance in excess of $3.7 billion. Mr. Mello joined the Agency in 1993 and has 32 years of mortgage banking experience. Prior to joining MassHousing, Mr. Mello held the position of Assistant Vice President with Shawmut Mortgage Company where he worked for 10 years. Mr. Mello is a graduate of Northeastern University where he earned a Bachelor of Science degree in Business Administration and Finance.

Henry Mukasa

Henry Mukasa, Director of Rental Management

As director of Rental Management, Henry Mukasa is responsible for MassHousing’s oversight of more than 900 privately owned and managed rental housing developments across Massachusetts with more than 100,000 apartments. Mr. Mukasa has been with MassHousing since 1993, serving in a number of positions in the Rental Management Division, including senior portfolio manager in the Section 8 Contract Administration program and portfolio manager for MassHousing's Demonstration Disposition Program.

Steve Payson

Steve Payson, Director of HomeOwnership Lending Operations

Steve Payson leads MassHousing’s homeownership lending operations, product development, and secondary marketing activities. Mr. Payson joined MassHousing in 1995 and has more than 30 years of mortgage banking experience in both the private and public sector. He has held management positions in loan origination, operations, specialized lending and risk management. Mr. Payson holds a MSA in Accounting from Bentley University, and a BA in Business and Economics from Saint Anselm College.