MassDevelopment Issues $1.915 Million Tax-exempt Bond to Support Cooperative Production, Inc. in Taunton
February 2, 2010
Kelsey Abbruzzese, MassDevelopment, 617-330-2086
MassDevelopment has issued $1.915 million in tax-exempt bonds on behalf of CO-OP (Cooperative Production, Inc.), a nonprofit that offers services in the greater Taunton area to more than 200 people with cognitive disabilities. The organization plans to use bond proceeds to help purchase and improve a building at 97 Ingell Road in Taunton, which will host day habilitation and other programs. Bond proceeds will also go toward supporting the previous purchase and renovation of four group homes at different locations in Taunton and Dighton. The project is expected to create six new jobs.
â€œFor almost four decades, CO-OP has helped people with developmental disabilities connect with their communities by providing residential and employment services, a wide range of accommodations, and activities that include exercise classes and a theater group,â€ said MassDevelopment President & CEO Robert L. Culver. â€œWe're pleased this low-cost financing can help Southeastern Massachusetts families and specifically those individuals with developmental disabilities.â€
CO-OP has served individuals with intellectual and other disabilities since 1972. Services include residential, employment, and day activity programs in addition to clinical services such as nursing; speech; occupational and physical therapies; and psychological services. The new facility will initially serve 40 people with opportunities to serve many more from the community.
â€œThe MassDevelopment team has become valued partner in CO-OP's mission to meet the needs of our local citizens with disabilities,â€ said CO-OP President & CEO William J. Corbett. â€œWith their financial support, we are able to provide a new and more spacious site for one our existing programs and will have additional capacity to serve others in need.â€
CO-OP's programs and services are licensed and certified by the Department of Developmental Services (DDS) and the Commission on Accreditation of Rehabilitation Facilities (CARF). The agency's funding partners include local school systems, the Massachusetts Department of Developmental Services, the Massachusetts Rehabilitation Commission, and the Massachusetts Division of Medical Assistance.
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.