MassDevelopment Issues $1.44 Million in Bonds for United Cerebral Palsy Association to Renovate Headquarters, Build Handicap-Accessible Group Home
March 16, 2010
MassDevelopment has issued $1.44 million in tax-exempt bonds on behalf of the United Cerebral Palsy Association of MetroBoston (UCP), which provides services such as employment training, housing, assistive technology, and community outreach to people with disabilities. The organization plans to use bond proceeds to renovate its headquarters in Watertown, and to purchase land and construct a six-bed group home with handicap accessibility in Hyde Park.
â€œUCP is one of many disability providers around Massachusetts that the Agency has supported with low-cost financing,â€ said MassDevelopment President and CEO Robert L. Culver. â€œThe organization has a long history of helping people with cerebral palsy, spinal cord injuries, traumatic brain injuries, and disabilities associated with aging. We're pleased this tax-exempt bond can help UCP expand in order to improve the lives of both those with disabilities and their families.â€
UCP of MetroBoston is a network affiliate of the national United Cerebral Palsy Association, founded in 1949. More than 65 percent of those served by UCP have a disability other than cerebral palsy.
â€œWe are thrilled to work collaboratively with MassDevelopment in this very exciting venture,â€ said United Cerebral Palsy of MetroBoston CEO Todd Kates, Ph.D. â€œUCP has been given the opportunity to build an accessible home for older adults with severe disabilities enabling them to live as a part of a community.â€
MassDevelopment, the state's finance and development authority, works with businesses, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2009, MassDevelopment financed or managed 229 projects statewide representing the investment of nearly $1.2 billion in the Massachusetts economy. These projects are supporting the creation of 1,488 new housing units and 8,232 jobs: 3,362 permanent and 4,870 construction-related.