Brockton Area Multi Services Expands With MassDevelopment Bond
August 8, 2017
FOR IMMEDIATE RELEASE
Meggie Quackenbush, MassDevelopment, 617-330-2011 & 857-208-2777 (cell)
Barbara Duffy, BAMSI, 508-484-7147
MassDevelopment has issued a $3.1 million tax-exempt bond for Brockton Area Multi Services Inc. (BAMSI), a nonprofit organization that serves individuals with disabilities. BAMSI is using bond proceeds to buy, renovate, and equip buildings at 364 South Street in Holliston and 215 Lincoln Street in Easton to use as residential group homes, and to refinance existing debt. Salem Five Cent Savings Bank purchased the bond.
“BAMSI is committed to transforming the lives of Massachusetts residents by providing them with quality care and the opportunity to work towards self-sufficiency,” said MassDevelopment Executive Vice President of Finance Programs Laura Canter. “MassDevelopment is proud to help this organization expand its facilities and its mission with the development of these two residential group homes.”
MassDevelopment previously assisted the organization with two TechDollars loans for $163,000 in 2010 and $250,000 in 2013 for information technology and security, and a $2.6 million tax-exempt bond in 2006.
Brockton Area Multi Services Inc. is a private, nonprofit human services corporation that provides services to adults and children with developmental disabilities, mental illness, behavioral health and public health needs. The organization delivers its services to nearly 25,000 children, families, and individuals each year in more than 120 locations across the state. Programs range from after-school enrichment programs to substance abuse recovery support groups to family counseling services. The organization is dedicated to improving the quality of life and sense of self-worth for individuals and families in Massachusetts, and its mission is to empower people and enrich their lives through compassionate support.
“It’s been a pleasure to work with MassDevelopment. Their support has helped us maintain fiscal stability in our quest to provide the highest quality of services to the individuals and families in our many programs across the Commonwealth,” said BAMSI CEO Anthony Simonelli.
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2016, MassDevelopment financed or managed 352 projects generating investment of more than $4 billion in the Massachusetts economy. These projects are projected to create about 8,200 jobs and build or rehabilitate about 4,200 residential units.