MassDevelopment.com: Press Room: MassDevelopment Finance Programs Support Two Lynn Human Service Providers

MassDevelopment Finance Programs Support Two Lynn Human Service Providers
January 31, 2006

Contacts:
Alicia Tildsley, MassDevelopment, 617-603-3120
Christine Leavitt, Project COPE, 781-593-5333
Cynthia Steger-Wilson, Lynn Community Health Inc., 781-596-2502

MassDevelopment today announced the closing of a $2,100,000 tax-exempt bond for Lynn Community Health, Inc (LCHC). and a $43,500 TechDollars loan for Project COPE, both located in Lynn. Lynn Community Health will use bond proceeds to fund capital improvements to its headquarters, including the installation of a new HVAC (heating, ventilating and air-conditioning) system to improve patient care and comfort; and to refinance existing debt. Project COPE will use the agency's TechDollars program, which provides Bay State nonprofits with 100 percent low-interest financing for technology equipment acquisitions, to purchase new computer systems and perform maintenance to its existing network.

"Both Lynn Community Health and Project COPE have been dedicated to improving the lives of Lynn residents for over thirty years," said Robert L. Culver, MassDevelopment president/CEO. "I am pleased that these programs will assist Project COPE and Lynn Community Health in continuing to do their good work more efficiently and effectively."

Since 1972, Lynn Community Health, Inc. has provided health care services to members of the Lynn community, and has since grown substantially through the implementation of an array of comprehensive primary care, medical specialty, behavioral health and dental care services. In 2005, LCHC made over 148,000 visits to 23,198 area patients. Currently, LCHC is the largest provider of primary health care in Lynn, and one of the few regional health care providers offering in-house translation services by a full-time bilingual and bicultural staff.

Founded in 1970 to help state residents overcome addiction to alcohol and other controlled substances, Project COPE has developed a comprehensive range of services. Today, the organization offers programs that include home care for the mentally retarded, HIV/AIDS prevention and treatment, and group sessions targeting violence intervention. Project Cope also provides inpatient services for pregnant or nursing women with substance abuse issues and men and women of all ages recently enrolled in one of their programs and in need of temporary transitional housing.

"As members of the Lynn community, we feel it is our responsibility to offer the best care available, whether our patients can afford it or not," said Executive Director Lori Berry, Lynn Community Health, Inc. "The financial assistance we received from MassDevelopment will be instrumental in the continuation of our mission to serve Lynn's citizens in need."

MassDevelopment, the state's finance and development authority, works with businesses, financial institutions and local officials to stimulate economic growth across the Commonwealth. In fiscal year 2005, MassDevelopment financed or managed 158 projects statewide representing an investment of nearly $1.9 billion in the Massachusetts economy. These projects are supporting the creation of 2,769 housing units and more than 9,800 jobs: 4,702 permanent and 5,100 in construction.