MassDevelopment.com: Press Room: $1.8 Million MassDevelopment Loan Supports Project Cope, Inc. Expansion in Lynn

$1.8 Million MassDevelopment Loan Supports Project Cope, Inc. Expansion in Lynn
March 22, 2007

Contacts:
Chris Leavitt, Project COPE, Inc., 781-593-5333 x358
Adam Bickelman, MassDevelopment, 617-330-2086

Last week, MassDevelopment issued a $1,855,000 real estate loan to the Friends of Project COPE, the real estate holding company for Project COPE, Inc. The organization will use the money to purchase three properties - 7 and 9 Hanover Street, and 57-61 North Common Street - that it currently leases for administrative and program space. Buying the buildings will allow Project COPE to save significantly on operating costs through ownership.

"We are very appreciative to receive this funding," said Mark S. Kennard, Executive Director of Project COPE, Inc. "The money will be used to directly subsidize our expanding transitional housing programs where mothers in early recovery from problems associated with drugs and alcohol, along with their children, are able to reunite and live together as a family in an affordable apartment while continuing to receive supportive services."

This is the second loan MassDevelopment provided to Project COPE since January 2006. Last year, the agency provided a $43,500 low-interest TechDollars loan to support the organization's purchase of new technology equipment and a new computer system.

Founded in 1970 to help people 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, group sessions targeting violence intervention and inpatient services for pregnant or nursing women with substance abuse issues. Project COPE also offers temporary transitional housing to men and women of all ages recently enrolled in one of their programs.

MassDevelopment, the state’s finance and development authority, works with businesses, financial institutions and local officials to stimulate economic growth across the Commonwealth. Between FY2004 and FY2006, MassDevelopment financed or managed 589 projects statewide representing an investment of more than $4 billion in the Massachusetts economy. These projects are supporting the creation of 5,505 housing units and more than 23,000 jobs: 12,381 permanent and 10,679 construction-related.