Aspire Developmental Services Inc., a nonprofit in Lynn and Salem that provides programs for children and adults with physical and developmental disabilities, will use a state bond to set up a new headquarters for its Lynn operations.

Aspire is using the $2.42 million bond from MassDevelopment to renovate, furnish, equip and insure the 15,912-square-foot former O’Keefe School building at 176 Franklin St. The new building will allow Aspire to expand its day care, early intervention and other services.

“Aspire Developmental Services’ focus on early intervention ensures a bright future for the children and families it serves on the North Shore,” MassDevelopment President and CEO Marty Jones said in a statement. “We are pleased to help this organization expand its services and update its Lynn headquarters with this low-cost financing.”

Aspire provided services to 1,856 children in 10 communities in 2015.

The move is expected to be completed in the summer of 2017. East Boston Savings Bank purchased the bond.