Home Care Corporation Builds Berlin Senior Rental Housing with MassDevelopment Bond
February 18, 2016
FOR IMMEDIATE RELEASE
Kelsey Abbruzzese, MassDevelopment, 617-330-2086 & 617-448-9077 (cell)
Gregory Giuliano, Montachusett Home Care Corporation, 978-537-7411
MassDevelopment has issued a $9 million tax-exempt bond on behalf of Northbrook Senior Limited Partnership, which will construct a 39-unit affordable senior rental housing facility in Berlin called Northbrook Village II. The project, a 130 square-foot three-story building, will be affordable to households earning no more than 60 percent of the area median income for a term of 30 years. Fidelity Bank is the bond purchaser on the project and Montachusett Home Care Corporation (MHCC) is the sponsor.
“We’re pleased to work with MHCC as it creates homes for the elderly community,” said MassDevelopment President and CEO Marty Jones. “These residential spaces will provide safer and more affordable conditions for seniors in central Massachusetts.”
Created in 1974, MHCC assists elders and disabled people remain safely in their homes by providing in-home and community based services as an alternative to nursing home placement. Located in Leominster, MHCC serves more than 2,700 people every month.
According to MHCC Executive Director Gregory Giuliano, the bond financing was essential for the completion of this project. “We are pleased that we were able to work with MassDevelopment and our other partners to make this project a success,” he said. “Elders who will reside in this housing complex will have access to the services they need to age in place and avoid unnecessary placement in a nursing facility.”
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2015, MassDevelopment financed or managed 294 projects generating investment of more than $2.5 billion in the Massachusetts economy. These projects are projected to create about 6,100 jobs and build or rehabilitate about 2,000 residential units.