News: Front Section
Posted: March 1, 2019
MassDevelopment issues $29.21 million tax-exempt bond to CIL Realty of Massachusetts
Boston, MA MassDevelopment has issued a $29.21 million tax-exempt bond on behalf of the nonprofit CIL Realty of Massachusetts, Inc. (CILRM), which will use bond proceeds to buy, construct, and/or renovate 27 community residences for developmentally disabled individuals in Boston, Boylston, Burlington, Canton, Chicopee, Deerfield, East Longmeadow, Easthampton, Franklin, Greenfield, Holyoke, Longmeadow, Ludlow, Millis, Newton, Plainville, Sturbridge, Swansea, Templeton, Walpole, Wareham, Westfield, Whately, and Wilbraham.
M&T Bank purchased this bond, which will also be used to refinance previously issued debt.
All 27 community residences will be leased to providers of care for people with developmental disabilities. Each facility will be operated and managed by the organization leasing the residence, and will house four to six residents. The project is expected to create 336 new jobs and support 56 construction jobs.
CILRM currently owns 200 such residences in the state, with 57 being refinanced through the bond issue. This new bond issue builds on an existing relationship between CILRM and MassDevelopment, which includes the following projects:
• In 2015 MassDevelopment issued $16.95 million in tax-exempt bonds on behalf of CILRM for construction and renovation of 20 licensed community residences;
• In 2013 MassDevelopment issued $20 million in tax-exempt bonds on behalf of CILRM for construction and renovation of 21 community residences;
• And in 2011 MassDevelopment issued $12 million in tax-exempt bonds on behalf of CILRM for construction and renovation of 13 community residences.
“For many human service providers in our state, the building blocks to creating a new independent living facility begin with CIL Realty of Massachusetts,” said MassDevelopment president and CEO Lauren Liss. “We’re pleased to continue our partnership with this honorable organization.”
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