Boston-based nonprofit Bay Cove Human Services has received a $5.27 million MassDevelopment bond to improve its facilities and expand its reach in Greater Boston.
Bay Cove Human Services Inc. provides support to individuals with developmental disabilities, mental illness and substance abuse issues. The nonprofit plans to use bond proceeds to refund a prior loan; acquire and renovate an existing group residence in Dorchester that serves 21 individuals living with mental illness; and make capital improvements to the organization’s existing facilities, including a new elevator, HVAC systems, bathroom renovations, and window and roof replacements.
"MassDevelopment is pleased to support Bay Cove Human Services Inc., as the organization renovates and expands to serve even more people in Greater Boston," MassDevelopment President and CEO Marty Jones said in a statement. "Helping nonprofit organizations like Bay Cove make capital improvements through tax-exempt bonds is a core part of MassDevelopment’s mission, and we invite other non-profits to explore our financing options for their projects."
