MassDevelopment, a Massachusetts economic development agency, has issued a $25 million tax-exempt bond on behalf of CIL Realty of Massachusetts. The bond was purchased by M&T Bank and will be used to acquire, construct and renovate 21 community residences across various locations in the state. These properties will provide housing for individuals with Intellectual and Developmental Disabilities or Acquired Brain Injuries. Each residence is expected to accommodate four to six residents who will be leased out by care providers.
The project not only expands supportive housing but also creates 315 new jobs over the next three years in the process. Dan Rivera, President & CEO at MassDevelopment said “These new and updated community residences will expand supportive housing for people living with disabilities while creating human services jobs in cities & towns throughout Massachusetts”
