MassDevelopment Bond Finances Renovations to Worcester Women's Organization
April 10, 2018
FOR IMMEDIATE RELEASE
Contacts:
Meggie Quackenbush, MassDevelopment, 617-330-2011 & 857-208-2777 (cell)
mquackenbush@massdevelopment.com
Stephanie Page, Abby’s House, 508-756-5486 Ext. 18
stephanie@abbyshouse.org
Andrea Goodman, Eastern Bank, 781-598-7847
a.goodman@easternbank.com
MassDevelopment has issued an $8.2 million tax-exempt bond for Abby’s House, an organization in Worcester that provides housing, shelter, and support services to homeless and low-income women, with or without children. Abby’s House will use bond proceeds to renovate its 53-unit single occupancy facility at 52 High Street in Worcester. The renovations will add two units, bringing the total unit count to 55; update HVAC, electrical, plumbing, and security systems; and increase accessibility with a reconfigured entrance, an elevator, and accessible kitchens and bedrooms. Eastern Bank purchased the bond.
“Abby’s House provides women in need of financial and emotional support with the security of a safe, accessible home,” said MassDevelopment President and CEO Lauren Liss. “MassDevelopment is proud to help finance this project, which will allow Abby’s House to plan for the long term by updating its existing building.”
“Core to Eastern Bank is doing good things that help people prosper,” said Pamela Feingold, Senior Vice President of Community Development Lending for Eastern Bank. “We are honored to work with Abby’s House around the financing of renovations that will continue to make safe, affordable housing available in the community.”
Abby’s House is the largest provider of supportive housing for women in Worcester, operating seven two-bedroom apartments and 70 single-room units in four buildings. Abby’s House empowers women in need of housing by developing a network of appropriate services and support systems to prevent future homelessness. These housing and advocacy programs operate year-round, seven days per week, 24 hours per day. Abby’s House also provides access to health and fitness facilities, meals and a food pantry, clothing vouchers for use in the Abby’s House thrift shop, transportation to medical appointments, and parenting support.
“The preservation and enhancement of critically-needed housing at 52 High Street will positively affect the lives of women and families in the Worcester region for decades to come,” said Abby’s House Executive Director Stephanie Page. “Abby’s House is grateful to MassDevelopment, Eastern Bank, and all of our wonderful supporters who are making this important renovation possible.”
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2017, MassDevelopment financed or managed 377 projects generating investment of more than $4.3 billion in the Massachusetts economy. These projects are projected to create about 9,488 jobs and build or rehabilitate 1,863 residential units.
