MetroWest disability developments earmarked in $20M MassDevelopment bond
CIL Realty of Massachusetts has received a $20-million bond through MassDevelopment to be used to create 28 community residences for developmentally disabled individuals throughout Massachusetts.
The nonprofit real estate developer will use the bond proceeds to buy, construct, or otherwise renovate facilities in the Central Massachusetts communities of Charlton, Framingham, Grafton, Hopkinton, Northborough, Shrewsbury, Southborough, and Ware. All 28 community residences throughout the state will be leased to providers of care for people with developmental disabilities. Each facility will be managed and operated by the organization leasing the residence, and will house four to six residents.
The project is expected to create 336 new human-service industry jobs and support 85 construction jobs. CIL Realty of Massachusetts has previously developed 200 such residences in Massachusetts, more than 80 of which were financed with tax-exempt bonds issued by MassDevelopment, according to MassDevelopment. Most recently, MassDevelopment issued a $29-million tax-exempt bond on behalf of the organization in February 2019 to renovate and build 27 community residences.
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, banks, and communities to stimulate economic growth. During FY2019, MassDevelopment financed or managed 316 projects generating investment of more than $2 billion in the Massachusetts economy. These projects are estimated to create or support 9,743 jobs and build or preserve 1,992 housing units.
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