Hospitals & Health Care
MassDevelopment offers financing options for eligible health care institutions including hospitals, nursing homes and health maintenance associations, as well as nonprofit organizations such as health centers, visiting nurses associations, MRI imaging centers, etc., that are affiliated with hospitals, nursing homes or HMO’s.
The Brownfields Redevelopment Fund provides financing up to $100,000 for qualified parties to undertake environmental site assessment of brownfields properties located in Economically Distressed Areas (EDAs) of the state and loans with flexible terms up to $500,000 to clean-up contaminated sites.
Predevelopment loans are low interest rate loans up to $50,000 with deferred interest repayment terms to finance certain predevelopment costs associated with real estate projects.
Real Estate Financing
MassDevelopment issues tax-exempt bonds to finance the purchase, rehabilitation, or construction of nonprofit 501(c)3 facilities as well as new equipment purchases and refinancing of existing conventional debt and tax-exempt debt. Interest on the bonds is exempt from federal taxes – and for certain bondholders also from state taxes – resulting in lower borrowing costs. Bonds may be sold in the capital markets or directly to your bank or another financial institution. 501(c)3 nonprofit organizations face no size limits on issuance amounts.
Capital Financing 501 is a tax-exempt commercial paper program that provides Massachusetts 501(c)3 institutions with low-cost sources of capital for real estate, equipment, repairs, and maintenance. Funds can be borrowed and repaid efficiently.
Pool loans are loans with low tax-exempt rates that allow Massachusetts 501(c)3 institutions to finance real estate, equipment, and short term needs. Benefits include low up-front costs, flexible term of the loan, and a simple application process.
New Markets Tax Credits are available to support debt and equity financing for businesses and non-profit organizations in federally designated New Markets census tracts. New construction and rehabilitation projects can benefit from this source of gap financing.
Equipment loans up to $2,000,000 are available at attractive rates.
Value leases are tax-exempt lease financings for equipment purchases of $500,000 and up. Renovation and installation costs may be financed as part of the project, up to 20% of the overall financed amount.