Brockton, MA – MassDevelopment has issued a $6 million tax-exempt bond on behalf of Brockton Area Multi-Services, Inc. (BAMSI), a nonprofit human services organization that will use a portion of proceeds to buy and build two residential group homes for individuals with disabilities.
BAMSI will buy a 2,878sf residential group home at 552 Centre St. in Brockton, which the organization currently leases and operates, and build and equip a new 4,800sf ranch-style residential group home at 300 Foundry St. in Easton. The residential group homes are duplexes and will house eight residents each. Salem Five Bank purchased the bond, which will also be used to refinance previously issued debt BAMSI incurred to buy, build, and renovate eight other residential group homes.
Founded in 1975, BAMSI is a 501(c)(3) nonprofit human services corporation providing services to adults and children with developmental disabilities, mental illness, behavioral health, and public health needs. The organization dedicates itself to improving the quality of life and sense of self-worth for individuals and families in Massachusetts. BAMSI’s mission is to empower people and enrich their lives through compassionate support and diverse services, delivered in more than 120 locations across the Commonwealth.
MassDevelopment’s $6 million tax-exempt bond for BAMSI is one in a series of financing solutions the agency has recently provided to Brockton-based nonprofit organizations.