CIL Realty of Massachusetts to Buy, Build, Remake 13 Sites, Create 168 Jobs Thanks to $12 Million MassDevelopment Bond
June 7, 2011
MassDevelopment has issued $12,110,000 million in tax-exempt bonds on behalf of CIL Realty of Massachusetts, which will use bond proceeds to acquire, construct, and/or renovate thirteen properties and transform them into licensed community-based group homes for disabled individuals in Abington, Athol, Barre, Belchertown, Easthampton, Hadley, Holden, Monson, Tewksbury, Ware, and Westborough.
“This win-win project will provide critical services for those who need them most and create scores of jobs throughout the Commonwealth,” said MassDevelopment President and CEO Marty Jones. “Along with our state government partners in the Division of Capital Asset Management and the Department of Development Services, MassDevelopment is pleased to work with CIL Realty to help it fulfill its vital mission.”
A nonprofit that creates small residences in residential neighborhoods for people with disabilities, Corporation for Independent Living, the parent company of CIL Realty of Massachusetts, also works on accessibility modifications to homes and apartments of people with disabilities; ramps, equipment, and assistive technology for people with disabilities; supportive housing for people at risk of homelessness; conversion of obsolete factories and brownfields into housing; and the development and construction of non-residential projects for nonprofit agencies.
“We are very pleased to be working with MassDevelopment on this critical financing and truly appreciate all the support and assistance we have received from their staff,” said Martin Legault, President and CEO of CIL.
MassDevelopment, the state’s finance and development agency works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2010, MassDevelopment financed or managed 238 projects in 104 communities across the state generating investment of nearly $1.4 billion in the Massachusetts economy.