MassDevelopment.com: Press Room: MassDevelopment Bond Supports Brockton Area Multi-Services, Inc. Expansion

MassDevelopment Bond Supports Brockton Area Multi-Services, Inc. Expansion
April 3, 2006

Contact:
Adam Bickelman, MassDevelopment, 617-330-2086

MassDevelopment today announced a $2,579,754 financing package for Brockton Area Multi-Services, Inc. (BAMSI). The organization will use proceeds from tax-exempt bonds issued by MassDevelopment to acquire and renovate six group homes, buy a newly constructed group home and purchase and renovate an existing commercial building into a clinical outpatient services facility. These projects are located in Brockton, Carver, Kingston, Weymouth, and Whitman. BAMSI officials estimate its organizational expansion will allow the group to serve an additional 1,500 clients annually.

"Human service providers like Brockton Area Multi-Services are a vital resource for Bay State residents and a key contributor to our state economy as well," said Robert L. Culver, MassDevelopment president/CEO. "These organizations help people in need of a hand, while creating good jobs for local workers and reinvesting in our communities and local businesses."

Founded in 1975, Brockton Area Multi-Services, Inc. is a private, non-profit corporation dedicated to improving the quality of life and sense of self-worth for individuals and families in eight Massachusetts municipalities. The organization provides a comprehensive service network for clients with or without disabilities. Programs include, but are not limited to, case management for individuals living with HIV/AIDS, day habilitation services, housing assistance and mental health residential programs and early childhood intervention. BAMSI helps more than 50,000 clients annually.

"Thanks to MassDevelopment and Bank of America for structuring this competitive financing package," said BAMSI Chief Executive Officer Anthony Simonelli. "For us, every dollar saved is a dollar that can be spent on services. That's why tax-exempt financing is such a benefit to our bottom line."

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 construction-related.