Child & Family Services Inc. Buys New Bedford Building Through MassDevelopment Bond
February 7, 2013
MassDevelopment has issued a $2.45 million tax-exempt bond on behalf of Child & Family Services Inc., a nonprofit organization that provides mental health services, community support, and adoption services to families in southeastern Massachusetts and the New England area. The organization will use bond proceeds to buy the land and building at 3057 Acushnet Ave in New Bedford, along with renovating the building. Taunton Avenue Securities Corp. purchased the bond.
“Child & Family Services Inc. is a resource that can provide greater New Bedford with an array of mental health supportive services,” said MassDevelopment President and CEO Marty Jones. “We’re pleased to help finance the purchase and renovation of its building in order to bring quality care to children, teens, and adults.”
Child & Family Services Inc. offers mental health assessment, therapy, community support, and adoption services. The community support division provides role models for children; support and advocacy for young parents; pregnancy-prevention counseling; case-management services to families; sexual-abuse counseling; and parent counseling. The organization also helps families adopt infants, older children, and special-needs children.
In addition to being one of the oldest nonprofits in the region, as the agency celebrates 170 years this year, Child & Family is also a large employer. The staff includes 290 employees in New Bedford and totals 481 statewide. Together, the team of professionals – from psychiatrists to therapists to administrative staff – helps more than 18,000 people each year living throughout Massachusetts.
In the search for a new building to serve as our headquarters, “our priority was to continue the physical presence in New Bedford that we’ve always had,” said Anne Sampaio, Child & Family’s Executive Director. “Purchasing this building will retain jobs in New Bedford, aid in our sustainability, and increase our capacity for growth. We are grateful to MassDevelopment for helping us to accomplish our 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 FY2012, MassDevelopment financed or managed 280 projects generating investment of more than $2.3 billion in the Massachusetts economy. These projects are projected to create more than 12,000 jobs and build or rehabilitate 900 residential units.