MassDevelopment has issued a $14,645,000 tax-exempt bond on behalf of Justice Resource Institute (JRI), one of the largest human service providers in Massachusetts. The nonprofit will use a portion of bond proceeds to fund capital improvements at its residential schools and group homes, such as fixing and replacing roofs, windows and HVAC systems.

Bond proceeds also refinanced a previous bond issue. Justice Resource Institute has several locations in Massachusetts, including Pelham Academy in Lexington, the Southeast Behavioral Health Center in Taunton, Meadowridge in Swansea, and Berkshire Meadows in Great Barrington. TD Bank purchased the bond.

"Justice Resource Institute’s commitment to a variety of programs, ranging from special needs education to counseling, serves many different populations in the commonwealth," said MassDevelopment President and CEO Marty Jones. "This low-cost financing can also serve many different organizations in Massachusetts, making it a flexible financing tool to allow JRI to make capital improvements and fulfill its vital mission."

"Justice Resource Institute is fortunate to have a committed partner in MassDevelopment," said JRI President Andy Pond. "The agency understands that the work we do enables the Commonwealth to meet its mission, and that modern facilities are needed for successful programs. We help young people get back to school and back to work, and that makes for a much more productive economy."