MassDevelopment has issued a $1.6 million tax-exempt bond on behalf of Greater Lynn Senior Services Inc. (GLSS), a nonprofit agency that supports elderly North Shore residents. The organization will use bond proceeds to build a 900sf addition to its Lynn headquarters. GLSS will also use proceeds to renovate, furnish, and equip the facility. This project is part of a larger expansion plan that is expected to create as many as 35 new jobs at GLSS over the next two years. East Boston Savings Bank purchased the bond.
“GLSS provides North Shore elders and their families with critical services, including healthcare advocacy, housing support, transportation, and meals,” said MassDevelopment President and CEO Marty Jones. “We are proud to use our low-cost financial tools to help this important Gateway City organization expand its headquarters and provide seniors with safety, independence, and dignity.”
MassDevelopment designated Lynn a Transformative Development Initiative (TDI) District in 2014, and has since provided focused economic development support and investment aimed at revitalizing this Gateway City. The Agency also announced a Commonwealth Places campaign in March for Lynn’s downtown that will change perceptions about the city by installing colorful lighting and public art pieces in key locations.
Greater Lynn Senior Services, established in 1976, serves disabled adults over 60 years of age and their families residing primarily throughout the North Shore. GLSS provides various social services, including transportation, meals, advocacy, home care, and housing. Each year, GLSS delivers 200,000 “Meals on Wheels,” serves over 75,000 meals at six community cafes, and provides 600,000 rides. GLSS is a founding member of the Aging and Disability Resource Consortium of the Greater North Shore and a member of the Massachusetts Home Care network and the National Association of Area Agencies on Aging.
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2016, MassDevelopment financed or managed 352 projects generating investment of more than $4 billion in the Massachusetts economy. These projects are projected to create about 8,200 jobs and build or rehabilitate about 4,200 residential units.
