D'Youville Builds Lowell Affordable Housing for Seniors with MassDevelopment Bond
September 22, 2014
FOR IMMEDIATE RELEASE
MassDevelopment has issued an $8 million tax-exempt bond on behalf of D’Youville Leadership Solutions Inc., a subsidiary of Lowell geriatric healthcare and senior living provider D’Youville Life and Wellness Community. The organization will use bond proceeds to provide affordable assisted living solutions to low- and moderate-income seniors, building a 60-unit affordable assisted living and supportive housing residence in Lowell. D’Youville will reserve 15 units for individuals suffering from early memory loss and 15 units for rent at market price. Enterprise Bank & Trust Company purchased the bond.
“Organizations like D’Youville Leadership Solutions, Inc. play vital roles in creating safe and comfortable living environments for seniors, and I applaud D’Youville for offering long-term living security to its residents regardless of ability to pay,” said MassDevelopment President and CEO Marty Jones. “The new residence – the first of its kind in the region – will better the Merrimack Valley by offering long-term hospice care and rehabilitation to seniors of all economic conditions.”
D’Youville’s project will have 60 modern apartments with restaurant-style dining, a café, a fitness center, a wellness center, an outdoor garden, and courtyard. D’Youville Leadership Solutions Inc. is one of six subsidiaries of D’Youville Life and Wellness, Inc., which has expanded from 129 beds when it opened in1960 to its current capacity of 241. D’Youville currently serves more than 1,000 seniors in greater Lowell.
“D’Youville is delighted to complete the continuum of care on our campus by offering supportive housing to seniors of all income levels,” said D’Youville CEO Naomi Prendergast. “As a mission-focused organization, we are eager to further extend essential services to vulnerable seniors in our community.”
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.