Massachusetts Housing Investment Corp. (MHIC) will provide $13.4 million in New Markets Tax Credit financing to Morgan Memorial Goodwill Industries (MMG) for Goodwill to refinance and renovate its 102,000-square-foot headquarters in Roxbury.

MHIC is providing $13.4 million under its New Market Tax Credit (NMTC) program, a federal program that is used to help revitalize economically distressed communities. NMTC gap financing will pay for about 70 percent of the cost of renovating the Goodwill building, allowing MMG to update its facility without incurring significant hard debt. Wainwright Bank provided the funds to refinance the existing mortgage.

Built by MMG in 1986, the organization’s current building on Harrison Avenue houses administrative offices, a job training center, a career center, two retail stores, and a retail distribution center serving Goodwill’s 11 stores.

Significant repair or rehabilitation of much of the facility is needed to enhance Goodwill’s operating capacity and to enable expansion of retail operations, expansion of programs and services and retention of jobs, according to a statement.

Founded in Boston in 1895, MMG now serves 9,000 mostly low-income individuals a year and has approximately 320 employees.

Renovation of the Goodwill building is ready to begin – a construction "kick-off" ceremony is scheduled for today, and will include roof replacement, new HVAC equipment, renovation of restrooms, electrical and other energy saving equipment installation and similar work. Work is expected to be completed in May.