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Capital Financing 501

Capital Financing 501 is a tax-exempt commercial paper program that provides Massachusetts 501(c)3 institutions with low-cost sources of capital that can be borrowed and repaid as needed. A one-time application streamlines future borrowings. The program can be used for:

  • Land or building acquisition
  • New construction or renovation
  • Equipment purchases
  • Maintenance, repairs, on-going capital expenditures
  • Permanent financing
  • Interim financing

Case Study – Community Rowing, Inc.

MassDevelopment, through its Capital Financing 501 program, issued a $4,100,000 tax-exempt bond for Community Rowing. The rowing advocacy and community outreach group used the proceeds to construct a 30,000-square-foot boathouse on the Charles River with boat storage, administrative offices, classroom space, boat bays for repairs and a sculling pavilion to house smaller boats.