Cape Abilities Inc. Renovates Facilities With MassDevelopment Bonds
June 2, 2014
FOR IMMEDIATE RELEASE
MassDevelopment has issued a $2.6 million tax-exempt bond on behalf of Cape Abilities Inc., a nonprofit serving disabled Cape Cod residents. Cape Abilities is using bond proceeds to renovate its main office in Hyannis and build a barn and greenhouse at its farm in Dennis. Bond proceeds will also refinance previous debt. MassDevelopment and Cape Abilities estimate these projects will create nine construction jobs and three permanent jobs. TD Bank purchased the bond.
“Through its many programs, Cape Abilities helps individuals with disabilities live meaningful lives and integrate into their communities,” said MassDevelopment President and CEO Marty Jones. “With this low-cost financing, Cape Abilities can improve its facilities and provide greater levels of education, residential, social, and work support for those in need.”
Created in 1968, Cape Abilities provides education, counseling, and residential aid, along with social, therapeutic, and employment support. Its residential program promotes less restrictive living by improving social recreation and independent supervised living skills, while its employment and training program prepares individuals for more integrated employment through various businesses. Cape Abilities also transports more than 130 individuals to and from its various programs, including its day habilitation program, which incorporates a range of activities that help integrate people into their communities, workplaces and home lives.
“This bond issue enables Cape Abilities to significantly expand its services to the individuals we serve, at about the same cost as the debt service it replaced,” said Ray Pirrone, Director of Administration and Finance at Cape Abilities. “This will allow us to expand employment opportunities for our participants at our Farm, and to modify our Hyannis building for a new program to help our participants join the local workforce.”
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2013, MassDevelopment financed or managed 350 projects generating investment of more than $2.4 billion in the Massachusetts economy. These projects are projected to create more than 7,000 jobs and build or rehabilitate 800 residential units.