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.