MassDevelopment Tax-Exempt Bond Finances New Lifestream Inc. Facility
July 11, 2016
FOR IMMEDIATE RELEASE
Meggie Quackenbush, MassDevelopment, 617-330-2011 & 857-208-2777 (cell)
John Latawiec, LifeStream, 508-993-1991 ext. 1022
MassDevelopment has issued a $1.9 million tax-exempt bond on behalf of LifeStream, Inc., a nonprofit in New Bedford that provides community-based services to individuals with disabilities throughout southeast Massachusetts. LifeStream is using bond proceeds, which MassDevelopment enhanced with a guarantee, to buy, renovate and furnish an 18,150-square-foot habilitation facility in Acushnet for individuals with physical and mental disabilities. The organization will also use bond proceeds to refinance an outstanding loan used to buy and renovate a residential group home for individuals with disabilities in Rochester. Webster Bank purchased the bond.
“LifeStream and human services organizations across Massachusetts offer individuals living with disabilities and their families and communities with caring support,” said MassDevelopment President and CEO Marty Jones. “We are pleased to help finance the growth of these important nonprofits in the Southcoast area and the Commonwealth, which play a crucial role for many of its residents.”
LifeStream, Inc. was founded in 1976 by a group of concerned parents seeking better care for their adult children with intellectual and physical disabilities. LifeStream, Inc. is a nonprofit that provides community-based services throughout southeastern Massachusetts and promotes personal dignity, independence and the removal of barriers through the provision of individualized support and education. LifeStream, Inc. offers core services such as residential and family support, employment and training, and acquired brain injury and traumatic brain injury services.
“Given LifeStream’s history at this location, we are so pleased to take ownership of the building,” said LifeStream President and CEO John Latawiec. “Over the years we have successfully built our Mill Road Day Habilitation program, and the additional space will allow us to expand even further.”
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2015, MassDevelopment financed or managed 294 projects generating investment of more than $2.5 billion in the Massachusetts economy. These projects are projected to create about 6,100 jobs and build or rehabilitate about 2,000 residential units.