MassDevelopment Issues $3.5 Million in Bonds to Support Merrimack Valley Hospice In-Patient Care
September 22, 2009
MassDevelopment today announced the issuance of $3.5 million in tax-exempt bonds on behalf of Merrimack Valley Hospice, Inc. of Lawrence. Proceeds from the bonds, which were purchased by TD Bank, N.A. of Andover, are supporting the construction costs of the Merrimack Valley Hospice House, which opened its doors on June 8 this year. This 14-bed, in-patient care facility is located on 39 wooded acres at 360 North Avenue in Haverhill.
“The availability of skilled, compassionate care during the final weeks and days of life is of critical importance, not only for the person who is ill, but also for family and friends,” said MassDevelopment President and CEO Robert L. Culver. “This new facility has already served more than 60 area patients and their families.”
Merrimack Valley Hospice House serves patients and their families from throughout the Merrimack Valley, northeastern Massachusetts, and southern New Hampshire. Its specially trained hospice staff provides round-the-clock care for patients with life-threatening illnesses and support for their families. The Hospice House is designed for patients who cannot remain at home, but who wish to make their final journey in a home-like environment that welcomes friends and families to spend the night. The residence is the first of its kind to be built in the Merrimack Valley and is one of only two in Massachusetts licensed to offer pediatric hospice services. It will serve approximately 260 patients during its first year and an anticipated 390 annually thereafter.
“We are honored to share this wonderful home with the community that supported it,” said President/CEO of Home Health Foundation Joan S. Hull. “Support has come from individuals and corporations, as well as local and national foundations. Nevertheless, organizations like ours need low-cost financing to make that care a reality. We thank MassDevelopment and TD Bank for helping us achieve our building goals.”
MassDevelopment, the state’s finance and development authority, works with businesses, financial institutions, and local officials to stimulate economic growth across the Commonwealth. During FY2008, MassDevelopment financed or managed 265 projects statewide representing an investment of more than $3 billion in the Massachusetts economy. These projects are supporting the creation of 4,001 housing units and more than 10,384 jobs: 5,424 permanent and 4,960 construction-related.