The Massachusetts Development Finance Agency issued a $17 million tax-exempt bond on behalf of the nonprofit CIL Realty of Massachusetts Inc., which will use the proceeds to renovate and build 20 licensed group homes for disabled individuals.
The homes are in Amherst, Brockton, Danvers, Easton, Edgartown, Granby, Hadley, Leicester, Leominster, Montague, Orange, Pittsfield, Plympton, Randolph, Rockland, Sandwich, South Hadley and Walpole.
CIL now owns 16 of the 20 facilities, which were financed through a construction line of credit that will be refinanced through the proposed bond issue. All 20 group homes will be leased to providers of care for people with developmental disabilities.
Each facility will be operated and managed by the organization leasing the residence, and each will house four to six Massachusetts residents with developmental disabilities.
MassDevelopment, the state's finance and development agency, financed or managed 314 projects in fiscal 2014, generating investment of more than $2.9 billion in the Massachusetts economy.
