MassDevelopment.com: Press Room: $3.7 Million in MassDevelopment Financing Supports Expansions for Two Cambridge Human Services Providers

$3.7 Million in MassDevelopment Financing Supports Expansions for Two Cambridge Human Services Providers
August 15, 2007

Contact:
Alicia Tildsley, MassDevelopment, 617-603-3120

MassDevelopment today announced a $3,730,000 in low-cost financing for the Unitarian Universalist Service Committee (UUSC) and the Hillel Foundation (Hillel) both of Cambridge. UUSC will use proceeds from a $3,500,000 tax-exempt bond issue to purchase and renovate an expanded headquarters located at 689 Massachusetts Avenue in Central Square. The new facility will allow UUSC to continue to grow as a voice for human rights nationally and internationally. UUSC officials expect to complete their relocation in September 2007. The Hillel Foundation is using a $230,000 loan to purchase a new chiller and implement a major upgrade and repair of the HVAC system in the organization’s facility at Harvard University. The building is used during the year for student activities and academic programs, and by other community nonprofits.

"Massachusetts nonprofits play an important role in ensuring a strong economy and high quality of life for the people of the Commonwealth," said Robert L. Culver, MassDevelopment president/CEO. "We are pleased to offer the Unitarian Universalist Service Committee and Hillel Foundation at Harvard University low-cost financing to support their organizational growth."

UUSC has confronted political, cultural, and economic oppression worldwide since 1939, when it was organized to help rescue children, political dissidents, and others from the Nazi terror in Europe. Today, the Unitarian Universalist Service Committee advances human rights and social justice around the world, partnering with those who confront unjust power structures and mobilizing to challenge oppressive policies. Inspired by a vision of a world free from oppression and injustice, UUSC’s work focuses on promoting economic justice, defending civil liberties, advancing the human right to water, and protecting rights during humanitarian crises. Current programs include ending the genocide in Darfur, organizing volunteers to help survivors of the Gulf Coast hurricanes, advocating to end the war in Iraq, and promoting workers’ right to a living wage.

"As a human rights organization we are obligated to maximize the value of every dollar donated to support the people and causes we serve," said Charlie Clements, UUSC's president and CEO. "The low cost-financing we received through Mass Development's tax-exempt bond program made our move practical and possible. We are now positioned to increase the impact of our programs and services for decades to come."

Hillel Foundation of Cambridge, Inc. is a nonprofit education and service organization that provides Harvard University students with the opportunity to explore and celebrate their Jewish identity and provides leadership education and service to the entire Harvard and Cambridge communities. It is part of the global Hillel organization which encompasses a network of regional centers, campus foundations, and Hillel student organizations on campuses of more than 500 colleges and universities around the world.

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.