MassDevelopment has issued $3.15 million in tax-exempt bonds on behalf of CLASS Inc., a Lawrence-based organization serving individuals with disabilities throughout northeastern Massachusetts.

CLASS is using the bond proceeds to purchase the nearly 70,000-square-foot building the organization has rented space in for 20 years. CLASS uses the building to provide a variety of programs for 400 disabled individuals, the Arc of Greater Lawrence (the family support division of CLASS), and its own administrative offices. The financing package also includes a $350,000 mortgage insurance guarantee, according to a statement.

"Purchasing its building allows CLASS to save money and devote those savings to serving more individuals with disabilities," said MassDevelopment President and CEO Robert L. Culver. "We’re pleased this bond can help the organization buy the building and continue to meet the needs of the people of the Merrimack Valley."

"CLASS appreciates the support of MassDevelopment in making our purchase of One Parker Street possible," said CLASS Inc. President Bob Harris. "The facility has been an excellent home for our agency for the past 20 years. In a time of great economic challenge, we realized that purchasing rather than renting the building offered substantial cost savings that strengthens CLASS’ ability to continue our important work supporting individuals with disabilities in Lawrence and surrounding communities."