Multi Residential Restoration/Renovation

Bond Helps Create Housing for Homeless Residents

Lynn, MA – MassDevelopment has issued a $7,080,800 tax-exempt bond for Centerboard, Inc., a Lynn nonprofit focused on increasing economic opportunities for North Shore residents. Centerboard will use bond proceeds to buy, renovate, and equip six properties that will be used as temporary housing or programming space for homeless families and individuals.

The organization will also use bond proceeds to refinance previously issued debt for nine additional properties that were purchased and renovated for the same purposes. Altogether, the 15 properties, located in Beverly, Lynn, Peabody, and Salem, offer 46 units of rehabilitated housing. Citizens Bank purchased the bond.

MassDevelopment has previously provided financing for numerous Centerboard Inc. facilities and projects.  Centerboard provides specialized support services for mothers ages 13 to 20.5 and their children through its Teen Parenting Programs, employment programs for mothers ages 18 and up,  independent living programs for clients ages 16 to 22, and manages the Lynn Family Forward Resource Center, which is a single point of entry for family members to access support services.