Visiting Nurse Association to Build Home Health Services Facility With Help From $8 Million MassDevelopment Bond
January 6, 2011
MassDevelopment has issued an $8 million tax-exempt bond on behalf of the Visiting Nurse Association Foundation in Lynn, a subsidiary of Health Management Services, Inc., one of the leading providers of home health care services in Massachusetts. The organization will use bond proceeds to build a 46,000-square-foot administrative and professional center. These professionals provide home health services to residents in Lynn and surrounding communities. Salem Five Cents Savings Bank purchased the bond.
“By helping people recover from illness and injury at home, the Visiting Nurse Association helps keep the cost of health care down,” said MassDevelopment President and CEO Robert L. Culver. “This tax-exempt financing will enable the organization to consolidate its programs and better deliver services to more of the North Shore.”
The new building will consolidate three offices. Founded in 1911, Health Management Services has four affiliates: All Care Visiting Nurse Association, All Care Hospice, All Care Resources, and All Care Adult Day Health Center. All Care specializes in rehabilitation services, support for elders to help them maintain health and independence, and compassionate hospice care.
“All Care's staff has been providing cost-effective care in Lynn for 100 years and we've made a commitment to the patients we serve that we will continue for another 100 years,” said HMS President and CEO Shawn F. Potter. “Without the support of MassDevelopment and Salem Five, we would not have been able to construct such a state-of-the-art facility for our deserving employees.”
MassDevelopment, the state's finance and development authority, works with businesses, 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.