News: Finance

MassDevelopment provides an $11 million New Markets Tax Credit to Dimock Center

Roxbury, MA MassDevelopment has provided an $11 million New Markets Tax Credit allocation to Dimock Support Corp., an affiliate of the Dimock Center, a nonprofit health and human services organization. The Dimock Center is using proceeds to renovate the Dr. Lucy Sewall Center for Acute Treatment Services, a detoxification center for alcohol and substance abuse recovery. The Dimock Center will add 12 beds to the Center for Acute Treatment, allowing it to serve 1,000 more clients annually. The center will also reconfigure inpatient rooms, restrooms and offices; build out its basement for outpatient services; and install new flooring, ceilings, plumbing, electrical, fire alarm and other mechanical systems. 

Dr. Lucy Sewall Center for Acute Treatment Services - Roxbury, MA Dr. Lucy Sewall Center for Acute Treatment Services - Roxbury, MA

“Massachusetts has reached a critical point in its effort to combat the opioid crisis that has swept our region and the nation. We are proud to support facilities like the Dimock Center that are tackling this challenge head-on, using tax credit financing and other low-cost financing options,” said MassDevelopment president and CEO Marty Jones. “With its expanded facilities, the Dimock Center can continue serving those seeking to take the crucial first steps on the road to substance abuse recovery.”

The Dimock Center, founded in 1862 as the New England Hospital for Women and Children, was the first hospital in New England and the second nationwide opened and operated by and for women. The Dimock Center’s Roxbury campus was placed on the National Register of Historic Places in 1985, designated as a National Landmark in 1991, and selected as a Boston Historic Landmark in 1995.

“The New Market Tax Credit allocation has made a tremendous impact on our successful Building the Road to Recovery Capital Campaign, allowing us to complete this critical project,” said Dr. Myechia Minter-Jordan, president and CEO of the Dimock Center. “This support will strengthen our comprehensive substance abuse treatment programs for men and women recovering from addiction.”

Services include adult and pediatric medicine, specialized clinics for women’s health and OB/GYN, HIV/AIDS treatment, eye care, dental care and podiatry. Behavioral health care is available for adult, adolescent and pediatric mental illness; trauma; and substance abuse and addiction. Dimock’s child and family services include Early Head Start, Head Start, and other school readiness programs. A comprehensive adult education program provides basic education, pre-GED studies, GED preparation and career readiness training.

MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2016, MassDevelopment financed or managed 352 projects generating investment of more than $4 billion in the Massachusetts economy. These projects are projected to create about 8,200 jobs and build or rehabilitate about 4,200 residential units.

Tags: Finance
MORE FROM Finance

C-Lounge Capital provides $18m equity investment for $40m acquisition of Fountains of Boca Raton by Interface Properties

Boca Raton, FL C-Lounge Capital provides $18m equity investment for $40m acquisition of Fountains of Boca Raton by Interface Properties. C-Lounge Capital is a relationship-driven family office investment platform backed by more than 50 years of commercial real estate experience.
READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
Massachusetts real estate transfers  over $1 million face new tax rules as of November 1st - by Daniel Meyer

Massachusetts real estate transfers over $1 million face new tax rules as of November 1st - by Daniel Meyer

Attention to owners of real estate in the Commonwealth (and the title companies and other professionals who advise them), the Massachusetts Department of Revenue (the “DOR”) recently adopted a new “millionaire’s tax” via 830 CMR 62B.2.4
The focus on price per s/f compared to the  comparable sales used in the appraisal report - by Dennis Chanski

The focus on price per s/f compared to the comparable sales used in the appraisal report - by Dennis Chanski

Over the past several weeks, I have completed appraisal assignments for private clients. Interestingly, after submitting these appraisals, I received several phone calls – not to question the value, content, or any incorrect information, but rather to discuss the price per s/f compared to the comparable sales used in the report.
Reverse exchanges and the challenges of a competitive real estate market - by Michele Fitzpatrick

Reverse exchanges and the challenges of a competitive real estate market - by Michele Fitzpatrick

Our current, highly competitive real estate market poses specific challenges for investors who are considering taking advantage of a tax-deferred 1031 exchange. In this market, investors will have no problem selling their current property if priced properly, but they may find it difficult to find a suitable replacement property
Are appraisers on the same page as the assessor? - by Richard Seman

Are appraisers on the same page as the assessor? - by Richard Seman

The purpose of this article is to address problematic or confusing issues which may help assessors and appraisers to better understand how to value real estate for tax assessment purposes.