Boston – MassDevelopment has issued a $30,171,289 tax-exempt bond on behalf of VOA Concord Assisted Living, Inc., an affiliate of Volunteers of America of Massachusetts, Inc., which is a nonprofit serving low-income, homeless, and vulnerable populations throughout eastern Massachusetts.
Volunteers of America of Massachusetts will use bond proceeds to upgrade and expand Concord Park, a senior assisted living community the organization manages in West Concord. East Boston Savings Bank and Eastern Bank purchased the bond, which will also be used to refinance previously issued debt.
Using bond proceeds, the organization will upgrade Concord Park’s existing housing units and common area; convert six housing units into a new common area featuring a theater, fitness room, and computer/game room; and build a three-story, 11,800sf addition, which will create 16 new housing units. Once construction is complete, the community will offer 91 housing units – 54 studios, 28 one-bedroom units, and nine two-bedroom units – 20% of which will be rented to households earning between 60-100% of area median income.
Incorporated in 1934, Volunteers of America of Massachusetts operates three independent and assisted living facilities, including Concord Park, in addition to providing an array of behavioral health services including substance use and mental health treatment for individuals, families, and veterans and re-entry programming for incarcerated individuals. The organization serves approximately 3,000 individuals and families annually. Established in 2001, Concord Park offers assisted living and a Compass Memory Support Neighborhood affiliated with the Alzheimer’s Disease Center at Boston University for individuals suffering from memory loss.