CIL Realty Uses $29 Million MassDevelopment Bond to Renovate and Build 27 Community Residences for Individuals with Disabilities
February 11, 2019
FOR IMMEDIATE RELEASE
Contacts:
Kelsey Schiller, MassDevelopment, 617-330-2011 & 617-694-9695 (cell)
kschiller@massdevelopment.com
Samantha VanSchoick, CIL, 860-509-6745 & 518-466-1828 (cell)
svanschoick@cil.org
MassDevelopment has issued a $29,210,000 tax-exempt bond on behalf of the nonprofit CIL Realty of Massachusetts, Inc. (CILRM), which will use bond proceeds to buy, construct, and/or renovate 27 community residences for developmentally disabled individuals in Boston, Boylston, Burlington, Canton, Chicopee, Deerfield, East Longmeadow, Easthampton, Franklin, Greenfield, Holyoke, Longmeadow, Ludlow, Millis, Newton, Plainville, Sturbridge, Swansea, Templeton, Walpole, Wareham, Westfield, Whately, and Wilbraham. M&T Bank purchased this bond, which will also be used to refinance previously issued debt.
All 27 community residences will be leased to providers of care for people with developmental disabilities. Each facility will be operated and managed by the organization leasing the residence, and will house four to six Massachusetts residents. The project is expected to create 336 new jobs and support 56 construction jobs.
CILRM currently owns 200 such residences in Massachusetts, with 57 being refinanced through the bond issue. This new bond issue builds on an existing relationship between CILRM and MassDevelopment, which includes the following projects:
- In 2015 MassDevelopment issued $16,950,000 in tax-exempt bonds on behalf of CILRM for construction and renovation of 20 licensed community residences;
- In 2013 MassDevelopment issued $20 million in tax-exempt bonds on behalf of CILRM for construction and renovation of 21 community residences;
- And in 2011 MassDevelopment issued $12 million in tax-exempt bonds on behalf of CILRM for construction and renovation of 13 community residences.
“For many human service providers in our state, the building blocks to creating a new independent living facility begin with CIL Realty of Massachusetts,” said MassDevelopment President and CEO Lauren Liss. “We’re pleased to continue our partnership with this honorable organization.”
CILRM develops Massachusetts properties that are then leased to the Commonwealth and to private nonprofit agencies that provide housing and other services to people with disabilities. The organization was formed in 1991 as a Chapter 180 non-stock, nonprofit corporation. It is a 501(c)(3) wholly owned subsidiary of CIL Realty Incorporated, which is in turn a subsidiary of the Corporation for Independent Living (CIL). CIL is based in Hartford, Connecticut, and was founded in 1979 by a coalition of private nonprofit service providers to foster the development of small, non-institutional, community-based independent living opportunities for persons with disabilities or in need of structured living environments.
“CIL’s mission is to provide housing and independence to those in need, and we are happy to have a partner in MassDevelopment who supports that mission,” said CIL Chief Financial Officer Maria Green.
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2018, MassDevelopment financed or managed 384 projects generating investment of more than $4.1 billion in the Massachusetts economy. These projects are estimated to create or support 10,994 jobs and build or rehabilitate 830 housing units.