Newton, MA – MassDevelopment has issued a $4.4 million tax-exempt bond on behalf of Cradles to Crayons, Inc., a nonprofit that provides children living in homelessness and low-income households with clothing, school supplies, safety equipment, books, and toys.
The organization, which currently leases a facility in Brighton, will use bond proceeds to buy, renovate, and equip an approximately 37,500sf building in Newton. The new building will feature offices and a warehouse, also known as the “Giving Factory,” where volunteers can sort and assemble donated items before they are distributed to children in need. First Republic Bank purchased the bond.
Founded in Boston in 2002, Cradles to Crayons provides children from birth through age 12 with basic necessities that are essential to their health, education, and well-being. New and nearly new children’s items are collected through grassroots community drives and corporate donations, processed and packaged by volunteers, and then distributed to children through the organization’s collaborative network of diverse service partners.
Cradles to Crayons has expanded and now operates throughout Massachusetts, as well as in the greater Philadelphia and Chicago regions. Since its founding, the organization has served nearly one million children in Massachusetts and expects to reach an additional 145,000 children by the end of its fiscal year.