Springfield’s New North Citizens’ Council Purchases Day Care Center With Help From MassDevelopment Bond
June 28, 2011
MassDevelopment has issued a $933,750 tax-exempt bond on behalf of New North Citizens’ Council (NNCC) Inc., which provides comprehensive family support services in Springfield and the Pioneer Valley. The organization will use bond proceeds to purchase a 13,100-square-foot building, which NNCC currently leases, to operate as a daycare center. Hampden Bank purchased the bond, and MassDevelopment also provided a mortgage insurance policy for the Bank.
“NNCC’s range of programs covers nearly every aspect of life in greater Springfield,” said MassDevelopment President and CEO Marty Jones. “This type of low-cost financing has supported many human service providers around the Commonwealth, and we’re pleased NNCC can use these funds to purchase its currently leased facility and reach more children in the community.”
NNCC’s programs include advocacy, adolescent and parent home visits, youth violence prevention, HIV/AIDS and substance abuse prevention, family support, housing, resource and referral and childcare and youth services. NNCC was founded in 1973 as Memorial Square Citizens’ Council.
“We would like to thank Mass Development and Hampden Bank for this opportunity,” said NNCC Executive Director Michael Denney. “As a minority-owned, not-for-profit agency, every dollar counts. With this purchase, we will save thousands of dollars in occupancy costs that will afford more opportunities for our community.”
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2010, MassDevelopment financed or managed 238 projects in 104 communities across the state generating investment of nearly $1.4 billion in the Massachusetts economy.