Boston – MassDevelopment has issued an $18 million tax-exempt bond on behalf of New England Historic Genealogical Society (NEHGS), also known as American Ancestors, which will use proceeds to expand its facility on Newbury Street in Boston to add a Visitor Complex and make other improvements.
NEHGS will reconstruct and expand a vacant building at 97 Newbury St., and connect it to its current building at 99-101 Newbury St. NEHGS will create a new Visitor Complex on the first floor of 97 Newbury St., which will include a Discovery Center featuring computer kiosks, visitor recording booths, multimedia presentations, and visiting exhibitions and museum installations. NEHGS will also relocate and enlarge its retail shop; improve the 99-101 Newbury St. building to current code compliance; create additional administrative space; and buy technology, furniture, fixtures, and equipment. Brookline Bank purchased the bond, which helped NEHGS achieve a lower cost of capital.
“Cultural institutions contribute so much to our local and regional economies by creating a sense of community and connection while also bringing visitors to our downtown neighborhoods and commercial districts,” said Secretary of Economic Development Yvonne Hao, who serves as chair of MassDevelopment’s board of directors. “We’re pleased that nonprofits across Massachusetts like New England Genealogical Society can leverage MassDevelopment’s financing solutions to upgrade their facilities, buy equipment, and pursue other capital projects that help them grow and thrive.”
“Through the financing solutions afforded through MassDevelopment and Brookline Bank, we are able to realize the creation of a national center for family history, heritage, and culture that will provide exceptional experiences for people of all ages and all backgrounds to explore their identities and histories,” said NEHGS | American Ancestors executive vice president and COO, Ryan Woods.
