Information courtesy of Kelsey Abbruzzese, MassDevelopment
MassDevelopment has issued an $8.5 million tax-exempt bond on behalf of Advocates, Inc., one of the largest human services organizations in Massachusetts. The Framingham-based provider will use bond proceeds to refinance previous debt, buy and renovate two properties in Framingham and build a group home in Northborough. These sites are designed to meet the unique needs of families and individuals with mental-health challenges, addiction, developmental disabilities, autism, and brain injury. People’s United Bank purchased the bond, and Advocates expects to create 50 jobs as a result of this project.
“Advocates considers collaboration and empowerment vital to its success, and MassDevelopment is pleased to partner with the organization on this financing that will enable Advocates to expand its services,” said MassDevelopment President and CEO Marty Jones.
Founded in 1975, Advocates serves more than 20,000 individuals and families at 189 sites in eastern and central Massachusetts. Its broad range of community-based services includes residential support, outpatient mental health, psychiatric emergency services, employment and vocational services, and community advocacy.
“We very much appreciate MassDevelopment’s support,” said Jim Mills, CFO at Advocates, Inc, “This bond will offer a significant benefit to Advocates and free up resources to further support the individuals we serve.”
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.