People, Incorporated Moves to Fall River Headquarters Thanks to $3.6 Million MassDevelopment Bond
May 14, 2012
MassDevelopment has issued a $3.592 million tax-exempt bond on behalf of People, Incorporated, a nonprofit human services agency for greater Fall River. The organization will use bond proceeds to buy, renovate, and equip the former Citizen-Union Savings Bank Building at 4 Main Street in Fall River, using the building as its new headquarters, administrative offices, and program facilities. People, Incorporated will also use bond proceeds to help buy a parcel on River Pines Drive in Taunton and build two new group homes in Raynham and Taunton. The nonprofit expects to create 30 jobs in Fall River as a result of the project. BayCoast Savings Bank purchased the bond.
“This project will support People, Incorporated as it helps more individuals with disabilities find jobs, housing, and support services,” said MassDevelopment President and CEO Marty Jones. “Tax-exempt bonds offer a low-cost financing option for human services agencies like People, Incorporated, and MassDevelopment is pleased to assist the organization's work in southeastern Massachusetts.”
Founded in 1968, People, Incorporated provides vocational, residential, recreation, early intervention, and advocacy services to adults and children with developmental disabilities. The organization's founders were parents who sought better quality and more diverse services for their children with disabilities. Through their Community, Child and Family Division, People, Incorporated operates the Family Advocacy and Community Education (FACE) Center that provides resources and referral information to members of the community.
“Our ability to put this project together with BayCoast Bank and MassDevelopment was instrumental in helping us be able to remain a Fall River-based organization,” said People, Incorporated President and CEO Robert Canuel. “It was critical to us to be able to create a base from which we can continue our dramatic growth. We will now be able to provide more jobs and services for our community and improve our capacity to assist in the economic revitalization of our downtown area.”
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2011, MassDevelopment financed or managed more than 300 projects generating investment of $3.8 billion in the Massachusetts economy. These projects are projected to create more than 10,000 jobs (2,547 permanent and 8,129 construction), and build or rehabilitate more than 1,000 residential units.