Massachusetts using $25 million in tax-exempt bonds to create housing
June 12, 2023 : Center Square Massachusetts, Brent Addleman
(The Center Square) – Housing for people with intellectual or developmental disabilities in Massachusetts is the focus of a new tax-exempt bond.
MassDevelopment announced Monday that it has issued a $25 million tax-exempt bond through M&T Bank to help CIL Realty of Massachusetts, a nonprofit real estate developer, for the creation or renovation of 21 community residences throughout the state.
“These new and updated community residences will expand supportive housing for people living with disabilities and create human services jobs in Massachusetts cities and towns,” MassDevelopment President and CEO Dan Rivera said in a statement.
According to a release, bond proceeds will be used to refinance previously accrued debt, as M&T Bank purchased the bond to lower capital expenditures for CIL Realty of Massachusetts.
The 21 properties are to be leased to providers who care for individuals with intellectual disabilities or acquired brain injuries, according to a release. The facilities will house four to six state residents, and CIL expects to create 315 new jobs spanning the next three years.
According to a release, the real estate entity has developed 258 residences across the state, utilizing tax-exempt bonds through MassDevelopment. In 2020 and 2021, MassDevelopment doled out $54 million in tax-exempt bonds for the organization to build and renovate 56 community residences across the state.
“We are pleased to be able to partner once again with MassDevelopment and M&T Bank to bring people with disabilities community-based, accessible housing that provides more independence,” CILRM President and CEO Kent Schwendy said in a statement.
According to a release, the properties are situated in Agawam, Athol, Dracut, East Longmeadow, Hadley, Kingston, Ludlow, Middleborough, Middleton, Newton, Phillipston, Southampton, Sudbury, Swansea, Tewksbury, West Springfield, Westfield, and Westport.