MassDevelopment Issues $3.7 Million in Bonds to Support Sturbridge Day Habilitation Facility at Rehabilitative Resources
April 29, 2010
MassDevelopment has issued $3.7 million in tax-exempt bonds on behalf of Rehabilitative Resources, Inc. (RRI), which operates 43 sites throughout Massachusetts for people with disabilities. The nonprofit organization plans to use bond proceeds to renovate and convert existing space into a day habilitation facility and transportation office. The bonds, which were purchased by TD Bank in Worcester, will also refinance conventional bank debt that RRI used to finance its properties. The project is expected to create a minimum of four new jobs.
â€œRRI has come a long way in the last three decades, growing from two community-based homes helping people with disabilities move from the Belchertown State School,â€ said MassDevelopment President & CEO Robert L. Culver. â€œThis low-cost financing will help RRI continue to expand its facilities and help more people who need its services.â€
Founded in 1975, RRI now owns or leases 43 residential homes and employs 475 people in its administrative, direct care, day habilitation, and transportation departments. These departments allow the organization to teach independent living skills in most areas of daily life to people with developmental disabilities. RRI also has 79 vehicles that transport 190 people to and from work.
â€œThanks to MassDevelopment and TD Bank, RRI will be able to support more people with developmental disabilities while reducing costs,â€ said Bonnie Keefe-Layden, the Chief Executive Officer of RRI. â€œThis becomes even more important in down economies, when people with disabilities are disproportionately affected by loss of services, and nonprofits are squeezed to the point where they have to cut staff or reduce services. We have always been conscientious stewards of public and private financing, and increasing the quality of services, creating jobs and maximizing our borrowing power by using bonds issued through MassDevelopment illustrates this perfectly.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.