Bond Issued for Mass. Community Residences

Community in Lynn, MA // photo courtesy of CIL Realty of Massachusetts, Inc.

Boston – MassDevelopment has issued a $33,965,000 tax-exempt bond on behalf of CIL Realty of Massachusetts, Inc. (CILRM) which is using bond proceeds to buy, construct, and/or renovate 28 community residences, and will provide housing for up to 140 people with Intellectual and Developmental Disabilities (I/DD) or Acquired Brain Injury (ABI).

All 28 community residences will be leased to providers of care for people with I/DD or ABI. Each facility is managed and operated by the organization leasing the residence, and will house three to five Mass. residents. CILRM expects to create an additional 315 new jobs and support 84 construction jobs over the next three years.

The properties are located in Agawam, Amesbury, Dracut, Grafton, Haverhill, Longmeadow, Lynn, Salisbury, Sandwich, Saugus, Shrewsbury, Southborough, Springfield, Sudbury, Templeton, Tyngsborough, Wakefield, West Springfield, Wilbraham, and Uxbridge. M&T Bank purchased the bond, which is also being used to refinance previously issued debt.

CILRM develops Massachusetts properties that are then leased to the Commonwealth and to private nonprofit agencies that provide housing and other services to people with disabilities.