Household Goods Recycling Buys Home of Its Own Through MassDevelopment Bond
November 7, 2011
Kelsey Abbruzzese, MassDevelopment, 617-330-2086 & 617-448-9077 (cell)
MassDevelopment has issued a $1,197,000 tax-exempt bond on behalf of Household Goods Recycling of Massachusetts, Inc. (HGRM), an Acton nonprofit that distributes donations of gently used or new household goods to people who are moving toward independent living. Most of the recipients are referred by social service agencies and may be homeless, domestic violence victims, flood and fire victims, veterans, or refugees. The organization will use bond proceeds to buy land and a building where HGRM leases 10,000 square feet. That purchase will allow HGRM to expand to 14,000 square feet, leasing the remaining space to another nonprofit, and replace storage pods the organization rents. Middlesex Savings Bank purchased the bond.
â€œHGRM's mission is to help people make a home, so it is fitting that this low-cost financing will help the nonprofit buy a home of its own,â€ said MassDevelopment President and CEO Marty Jones. â€œAs we approach the holiday season and cold winter months, MassDevelopment is pleased to support organizations like HGRM that care for the Commonwealth's most vulnerable.â€
Founded by Ira and Barbara Smith as a family operation in 1990, HGRM operated from various small donated spaces until 2004, when it received enough funds to rent the current space in Acton. The organization has one full-time and two part-time staffers, plus 500 volunteers who contributed 30,000 hours of service in 2010. During that time, 10,000 people from 4,000 families received donations of 35,000 furniture items and small household goods worth about $1.5 million. The bulk of distributions occur within urban areas in Massachusetts, such as Boston, Worcester, Lawrence, Lowell, and Fitchburg.
â€œHGRM is very appreciative of the outstanding support from MassDevelopment and Middlesex Bank, which has allowed us to take advantage of the opportunity to purchase a permanent home,â€ said President of HGRM Lee Mapletoft. â€œThe building has served us well over the years and with the additional space, we look forward to fulfilling the ever-increasing demand to help those in need of furniture and basic household necessities.â€
MassDevelopment, the state's finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2011, MassDevelopment financed or managed 277 projects generating investment of nearly $3.7 billion in the Massachusetts economy. These projects are projected to create 10,291 jobs (2,507 permanent and 7,784 construction) and 1,323 housing units (309 new and 1,014 rehab).