MassDevelopment Financing Package Helps Disability Provider Expand Services, Add Facilities
December 12, 2018
FOR IMMEDIATE RELEASE
Kelsey Schiller, MassDevelopment, 617-330-2011 & 617-694-9695 (cell)
Jeanne Connolly-Horrigan, CO-OP, 508-824-1717 x107
MassDevelopment has issued a $3,104,000 tax-exempt bond and $188,000 loan guarantee for Cooperative Production, Inc. (CO-OP), a nonprofit social services organization serving individuals with disabilities. CO-OP used bond proceeds to reimburse funds advanced off a bank line of credit incurred to expand a commercial building at 97 Ingell Street in Taunton. The expansion of this building, where CO-OP currently manages a day program for adults with intellectual and other disabilities, will create additional space for participant care. The organization also used bond proceeds to refinance funds advanced to construct a duplex property on Cranberry Highway in Wareham, which consists of two residential homes that will house eight adults with brain injuries. Additionally, CO-OP used bond proceeds to refinance existing residential mortgages incurred to buy or renovate six residential group homes around the state. Webster Public Finance Corporation, a subsidiary of Webster Bank, purchased the bond.
“CO-OP provides unparalleled care to individuals with intellectual and other disabilities, and is an essential player in our state’s spectrum of social services,” said MassDevelopment President and CEO Lauren Liss. “MassDevelopment was pleased to support this organization as it took steps to expand services and build and preserve supportive housing for the individuals it serves.”
Established in 1972, Cooperative Production Inc. is a 501(c)(3) nonprofit organization dedicated to assisting individuals with developmental and other disabilities, including brain injuries. CO-OP services are person-centered, embracing the vision, interests, and support needs of each person. The organization was formed by a small group of educators and business people, who were committed to providing community-based services to individuals with disabilities as part of growing national deinstitutionalization movement. Since then, CO-OP has evolved and now serves people with a variety of residential and day programs, employment supports, and clinical services. The organization’s funding partners include the Massachusetts Department of Developmental Services, MassHealth Office of Long Term Services and Supports, the Massachusetts Rehabilitation Commission, Massachusetts Commission for the Blind, and other state agencies.
“As we continue to expand in Southeastern Massachusetts, we are very pleased to have a partnership with MassDevelopment for the issuance of this bond,” said CO-OP President and CEO Joyce Faria. “They clearly support our mission, and provide a great service to nonprofits.”
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2018, MassDevelopment financed or managed 384 projects generating investment of more than $4.1 billion in the Massachusetts economy. These projects are estimated to create or support 10,994 jobs and build or rehabilitate 830 housing units.