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Boston & New England  + Massachusetts  + Apartments  |  June 12, 2023
Emily Fu
By: Emily Fu

MassDevelopment, M&T Bank Issue $25M Bond, Expanding Housing for People with Disabilities 

MassDevelopment, a Massachusetts economic development agency, has issued a $25 million tax-exempt bond on behalf of CIL Realty of Massachusetts, a nonprofit real estate developer. M&T Bank purchased the bond. 

The bond proceeds will be used to acquire, construct, and renovate 21 community residences across various Massachusetts locations, providing housing for individuals with Intellectual and Developmental Disabilities or Acquired Brain Injuries. The properties will be leased to care providers, and each residence will accommodate four to six residents. In addition to expanding supportive housing, the project is expected to create 315 new jobs over the next three years.  

“These new and updated community residences will expand supportive housing for people living with disabilities and create human services jobs in Massachusetts cities and towns,” said MassDevelopment president and CEO Dan Rivera. 

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About Emily Fu

Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money. With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.
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