MassDevelopment

Asian American Civic Association Acquires Office Space Using $2.5 Million From MassDevelopment

June 17, 2015


FOR IMMEDIATE RELEASE

Contacts:
Kelsey Abbruzzese, MassDevelopment, 617-330-2086
kabbruzzese@massdevelopment.com

Spencer Klein, Asian American Civic Association, 617-426-9492 ext.202
sklein@aaca-boston.org

MassDevelopment has issued a $2,500,000 tax-exempt bond on behalf of the Asian American Civic Association, Inc. (AACA), which will use the proceeds to acquire building space that the organization currently leases as its headquarters in Boston’s Chinatown neighborhood. The 13,242 square-foot condominium unit is spread across three floors of a multi-level building. Two of the floors are used for office and classroom space, and one floor is used for daycare. 
 
AACA provides guidance and opportunities to limited English-speaking and economically disadvantaged people, enabling them to realize lasting economic self-sufficiency and participation in American society. At its headquarters, the organization offers a range of services including English classes, social services, job training, college preparation, and a post-graduate retention program. AACA has advocated for the needs of immigrants and other economically disadvantaged people since 1967. Today, AACA serves 6,000 clients from over 80 countries.

“For almost 50 years, the Asian American Civic Association has welcomed and assisted the Massachusetts immigrant community,” said Marty Jones, MassDevelopment President and CEO. “MassDevelopment is pleased to support AACA as it purchases the building space needed to continue its integral work here in the Commonwealth.”

MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2014, MassDevelopment financed or managed 314 projects generating investment of more than $2.9 billion in the Massachusetts economy. These projects are projected to create more than 6,300 jobs and build or rehabilitate more than 1,600 residential units.