MassDevelopment Bond Helps Justice Resource Institute Renovate Schools and Group Homes
November 29, 2011
MassDevelopment has issued a $14,645,000 tax-exempt bond on behalf of Justice Resource Institute (JRI), one of the largest and most diverse human service providers in Massachusetts. The nonprofit will use a portion of bond proceeds to fund capital improvements at its residential schools and group homes, such as fixing and replacing roofs, windows, and HVAC systems. Bond proceeds also refinanced a previous bond issue. Justice Resource Institute has several locations in Massachusetts, including Pelham Academy in Lexington, the Southeast Behavioral Health Center in Taunton, Meadowridge in Swansea, and Berkshire Meadows in Great Barrington. TD Bank purchased the bond.
“Justice Resource Institute’s commitment to a variety of programs, ranging from special needs education to counseling, serves many different populations in the Commonwealth,” said MassDevelopment President and CEO Marty Jones. “This low-cost financing can also serve many different organizations in Massachusetts, making it a flexible financing tool to allow JRI to make capital improvements and fulfill its vital mission.”
Founded in 1973 to meet the challenges associated with deinstitutionalization and to support the work done by the state justice and human services systems, JRI now operates a broad cross section of programs across the Northeast that serve children, adolescents, and adults with physical, behavioral, and learning-related disabilities. The agency has won high marks for its innovative and creative programs, such as its residential schools, the Trauma Center at JRI, and the comprehensive vocational and training services that it provides for developmentally disabled adults.
“Justice Resource Institute is fortunate to have a committed partner in MassDevelopment,” said JRI President Andy Pond. “The agency understands that the work we do enables the Commonwealth to meet its mission, and that modern facilities are needed for successful programs. We help young people get back to school and back to work, and that makes for a much more productive economy.”
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 more than 300 projects generating investment of $3.8 billion in the Massachusetts economy. These projects are expected to create more than 10,000 jobs (2,547 permanent and 8,129 construction), and build or rehabilitate more than 1,000 residential units.