Cerebral Palsy of Massachusetts Inc. Redevelops Stoughton Property With MassDevelopment Bond
October 21, 2014
FOR IMMEDIATE RELEASE
MassDevelopment has issued a $4,139,000 tax-exempt bond on behalf of Cerebral Palsy of Massachusetts, Inc., a nonprofit dedicated to providing services to disabled individuals. The organization is using bond proceeds to buy a five-acre parcel of land in Stoughton, buy a 55,000-square-foot, three-story commercial building for office space, and acquire new equipment and furnishings. Renovations will include new interior walls, wiring upgrades, and a back-up generator and power source. The project is expected to create 10 office jobs and 11 construction jobs. Eastern Bank purchased the bond.
“Having the resources of Cerebral Palsy of Massachusetts in one location will allow the organization to focus more funds on programs that individuals with disabilities can more easily access,” said MassDevelopment President and CEO Marty Jones. “This tax-exempt bond will help secure the future of a nonprofit that provides vital services to those who most need them.”
The building will provide additional space for Cerebral Palsy of Massachusetts’ administrative, support, and program staff and will consolidate the organization's Quincy and Taunton offices. Founded in 1950, Cerebral Palsy of Massachusetts encourages independent rehabilitation through social, recreational, family, and work activities. Programs include supportive living, personal attendant care, and fiscal intermediary support—a Medicaid funded program that assists with employer-required tasks such as payroll, taxes, therapeutic recreation, adult education, and scholarship programs that aim to promote self-sufficiency and personal involvement.
“It was a pleasure to work with the team at MassDevelopment for the purchase and renovation of our new building using bond financing,” said Cerebral Palsy of Massachusetts CEO Larry Spencer. “The savings we realize will help us to be able to provide additional services to people with disabilities. We will be enhancing the delivery of services to the people we serve with new program expansion and appreciate the assistance of the people at MassDevelopment in helping us to accomplish these goals.”
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.