Massachusetts Gov. Maura Healey passes bill aimed at benefiting longtime friend and BlueHub Capital CEO Elyse Cherry – Fall River Reporter

Last week, Massachusetts Gov. Maura Healey signed her economic development bill that includes Section 269, which many believe provides exclusive protections for Roxbury-based nonprofit BlueHub Capital, which is run by a group of Massachusetts homeowners You will be sued saying these are predatory lending practices. The nonprofit is run by one of Maura Healey’s oldest friends, Elyse Cherry.

BlueHub offered families facing foreclosure an opportunity to save their home: the nonprofit purchased the property from the bank and sold it back to the homeowners. However, homeowners said they were unaware that the relief included a provision that they would now share any appreciation in the property with BlueHub, with the nonprofit sometimes receiving up to 50% of the appreciation in the property. A group of homeowners is suing the organization, but Section 269 now protects organizations like BlueHub from being sued, with a line in the bill specifically stating that no legal action can be taken against them.

The brazen protections for the company were deeply embedded in the bill Healey nurtured, almost invisible, but caught the attention of a protester who showed up last week at a Retailers Association news conference where Healey spoke. They urged Healey to veto Section 269, unaware that it had already been signed into law and solidified protections for nonprofits.

Healey himself told the protester: “The bill is fully signed. This is a great thing. Thank you very much.”

However, BlueHub’s nonprofit status doesn’t mean that someone doesn’t benefit from the organization and its allegedly predatory lending practices. BlueHub’s managing director is Elyse Cherry. According to the organization’s website, Cherry has led the company since 1997 and was named by the organization as one of the top 100 LGBT leaders in the world Financial Times.

2022 tax returns show Cherry received over $1 million in compensation from BlueHub and its affiliates:

The company’s 2021 tax returns show Elyse Cherry had an even more profitable year:

While BlueHub realizes appreciation on homes they have purchased and resold to struggling homeowners, Cherry herself owns a home in Brookline worth over $3 million.

BlueHub Capital’s CEO is expected to directly benefit from the Healey Act, which will not only protect the company from future litigation but also potentially nullify the current lawsuit against the company.

Cherry and Healey have had a long-standing friendship. In a 2022 Boston Globe article highlighting that Healey may be the first openly gay governor, Cherry spoke about knowing Healey for “decades” and shared that she has done fundraisers for Healey in the past have organized.

Data from the Office for Campaign and Political Finance show Cherry has made significant financial contributions to Healey, maxing out the $1,000 annual contribution each year, with the books topping $11,000 since 2013.

Fundraisers hosted by Cherry have also brought in thousands of dollars for Healey over the years, including this one from 2014:

Healey has also supported Cherry and her work over the years. In 2023, Cherry received the Boston Business Journal’s LGBT Trailblazer Award and BlueHub shared Healey’s remarks on their website:

“Elyse Cherry is a trailblazer in many ways,” said Gov. Maura Healey, who has long supported Cherry. She has “really left her mark when it comes to affordable housing, community development, LGBTQ+ equality and more,” Healey said.

A call to BlueHub Capital for comment was not returned.