MassDevelopment issues $7 million bond to East Boston Neighborhood Health Center

Revere, MA MassDevelopment has issued a $7 million tax-exempt bond for East Boston Neighborhood Health Center Corp. (EBNHC), a primary care health center. EBNHC will use bond proceeds to buy and demolish the former Veterans of Foreign Wars social club in order to build, furnish, and equip a single-story, 15,000 s/f building that will house Revere Neighborhood PACE, which stands for Program of All-Inclusive Care for the Elderly. The building will include a medical clinic and spaces for physical therapy, recreational therapy, and social services.

“MassDevelopment is delighted to partner with the East Boston Neighborhood Health Center to help transform this vacant property in Revere into a center for high-quality, comprehensive senior care,” said MassDevelopment president and CEO Lauren Liss. “This Program of All-Inclusive Care for the Elderly site will provide much-needed services to elderly Massachusetts residents living north of Boston.”

EBNHC was founded in 1974 and is one of the largest community health centers in the United States. EBNHC provides primary care, elderly care services, oral and eye services, and other types of health care. The center seeks to provide accessible, affordable, high-quality health care for all who live in or around East Boston, regardless of age, income, insurance status, language, culture, or social circumstances.

“We are so pleased to be working with our partners at MassDevelopment on this project,” said James Hazard, CFO for EBNHC. “The Agency’s assistance in financing our new Revere Neighborhood PACE site will have a great positive impact on keeping older adults in our community, in their own homes, healthy, active, and independent.”

MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2017, MassDevelopment financed or managed 377 projects generating investment of more than $4.3 billion in the Massachusetts economy. These projects are projected to create about 9,488 jobs and build or rehabilitate 1,863 residential units.