$6M Supports Housing in Brockton
Tax-Exempt Bond from MassDevelopment & Salem Five Bank Helps Brockton Area Multi-Services, Inc. Buy, Build Two Group Homes, Latest in Series of Agency Investments in Brockton-Based Nonprofits
March 1, 2022
Matthew Mogavero, 857-248-0868
mmogavero@massdevelopment.com
Pamela Verklan, Brockton Area Multi-Services, 508-580-8700
pamelaverklan@bamsi.org
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| Example of a BAMSI residential group home built by Global Property Services, courtesy of BAMSI |
BROCKTON, Mass. – MassDevelopment has issued a $6 million tax-exempt bond on behalf of Brockton Area Multi-Services, Inc. (BAMSI), a nonprofit human services organization that will use a portion of proceeds to buy and build two residential group homes for individuals with disabilities. BAMSI will buy a 2,878-square-foot residential group home at 552 Centre St. in Brockton, which the organization currently leases and operates, and build and equip a new 4,800-square-foot ranch-style residential group home at 300 Foundry St. in Easton. The residential group homes are duplexes and will house eight residents each. Salem Five Bank purchased the bond, which will also be used to refinance previously issued debt BAMSI incurred to buy, build, and renovate eight other residential group homes.
“The Baker-Polito Administration is committed to ensuring that individuals with disabilities have access to supportive congregate housing and high-quality care,” said Housing and Economic Development Secretary Mike Kennealy, who serves as chair of MassDevelopment’s Board of Directors. “MassDevelopment’s strong relationships with banks allows the agency to help nonprofit human service providers looking to buy or build these important facilities.”
“Brockton Area Multi-Services, Inc. is a leader in providing community-centered services that empower individuals and families,” said MassDevelopment President and CEO Dan Rivera. “MassDevelopment is proud to back this organization’s crucial mission by providing tax-exempt financing to support housing for people with disabilities. This latest investment in Brockton-based nonprofits represents MassDevelopment’s focus on improving economic and social service opportunities in the Commonwealth’s Gateway Cities.”
“Salem Five is delighted to participate in this tax-exempt financing vehicle, which allows our valued customer to maintain its commitment to offering state of the art, fully handicap accessible homes to serve their clients,” said Salem Five Bank Senior Vice President John Malloy.
“I am extremely grateful to MassDevelopment for its continuous investment in Brockton’s non-profits”, said Mayor Robert F. Sullivan. “For forty-seven (47) years, Brockton Area Multi-Services Inc. (BAMSI) has been a constant indelible resource to City residents as well as to our neighboring communities. I look forward to continuing to partner with BAMSI in the years ahead.”
Founded in 1975, Brockton Area Multi-Services, Inc. is a 501(c)(3) nonprofit human services corporation providing services to adults and children with developmental disabilities, mental illness, behavioral health, and public health needs. The organization dedicates itself to improving the quality of life and sense of self-worth for individuals and families in Massachusetts. BAMSI’s mission is to empower people and enrich their lives through compassionate support and diverse services, delivered in more than 120 locations across the Commonwealth.
MassDevelopment has previously supported BAMSI with tax-exempt and loan financing. In 2017, MassDevelopment issued a $3.1 million tax-exempt bond, purchased by Salem Five Cent Savings Bank, on behalf of BAMSI to help the organization buy, renovate, and equip two residential group homes in Holliston and Easton. MassDevelopment also provided BAMSI with a $250,000 TechDollars loan in 2013 and a $163,000 TechDollars loan in 2010 to fund information technology and security. In 2006, MassDevelopment issued a $2.6 million tax-exempt bond to acquire and rehabilitate six group homes, rehabilitate an existing commercial building for clinical outpatient services, and buy a newly constructed group home.
“We are grateful for our ongoing partnership with MassDevelopment to increase housing options for members of our community with developmental disabilities,” said Brockton Area Multi-Services Inc. President and CEO Peter Evers. “These homes require specialized design features to accommodate our residents while also providing a home atmosphere. We are fortunate to have a longstanding relationship with Global Property Services, which takes great care in building homes that allow for the safety and independence of the people we serve.”
MassDevelopment’s $6 million tax-exempt bond for BAMSI is one in a series of financing solutions the agency has recently provided to Brockton-based nonprofit organizations. In December 2021, MassDevelopment issued a $5.3 million tax-exempt bond on behalf of Brockton Neighborhood Health Center, Inc., enhancing the financial strength of the organization by enabling it to refinance previously issued debt. In September 2021, MassDevelopment issued a $5.3 million tax-exempt bond on behalf of Rodeway Apartments LLC, an affiliate of Father Bill’s and MainSpring, Inc., which is using bond proceeds to convert the former Rodeway Inn in Brockton into 69 units of permanent supportive housing for formerly homeless individuals.
MassDevelopment, the state’s development finance agency and land bank, works with businesses, nonprofits, banks, and communities to stimulate economic growth across the Commonwealth. During FY2021, MassDevelopment financed or managed 416 projects generating investment of more than $1.86 billion in the Massachusetts economy. These projects are estimated to create or support 6,578 jobs and build or preserve 1,909 housing units.
