DENNIS, Mass. – MassDevelopment has issued a $4.4 million tax-exempt bond on behalf of Housing Assistance and HAC Love Lane LLC to support the redevelopment of a former nursing home into an emergency family shelter that provides safe, stable housing for families in need. The tax-exempt bond, purchased by Rockland Trust, helped Housing Assistance achieve a lower cost of capital.
Housing Assistance, a Cape Cod-based nonprofit agency, will use bond proceeds to refinance debt the organization incurred to buy a 57,354-square-foot former nursing home in 2023 located on 7.47 acres of land in South Dennis. The organization has since renovated the nursing home into the “Family Empowerment Center,” an emergency family shelter that can accommodate up to 79 families in need of housing. The shelter consolidates three existing shelters, streamlining services, staffing, and community partnership under one roof. Housing Assistance will repurpose the three newly vacated shelters into affordable and transitional housing. In addition to the bond, the emergency family shelter also previously received a $158,400 grant from the Underutilized Properties Program from MassDevelopment for plumbing, fire protection, electrical, and painting services.
“This project reflects what strong partnerships can deliver in addressing some of our most urgent housing challenges,” said Economic Development Secretary Eric Paley, who serves as Chair of MassDevelopment’s Board of Directors. “By bringing services together under one roof, the Family Empowerment Center will help families stabilize and move toward long-term housing while strengthening the Cape Cod community.”
“Through this investment, Housing Assistance is both revitalizing a previously vacant building and supporting families of Cape Cod with shelter and enhanced services,” said MassDevelopment President and CEO Navjeet Bal. “MassDevelopment is pleased to help the organization meet its mission through tax-exempt financing in partnership with Rockland Trust as well as a grant from the Commonwealth’s Underutilized Properties Program.”
“We are proud to partner with the dedicated teams at MassDevelopment and Housing Assistance to support the Family Empowerment Center and the families it will serve,” said John Cotton, Vice President, Commercial Loan Officer at Rockland Trust. “The win-win nature of this project—consolidating multiple existing shelters under one roof to streamline services while simultaneously creating opportunities for affordable and transitional housing in the newly vacated properties—will have a transformative impact on the Cape Cod community, and we are thrilled to play a part in bringing it to life.”
For more than 50 years, Housing Assistance has been an integral part of the Cape and Islands communities, bridging the gap between homelessness and homeownership. MassDevelopment has previously supported Housing Assistance with a $2.3 million tax-exempt bond in 2024 to help the organization build 14 affordable rental housing units in Orleans and a $1.17 million loan in 2019 to help the organization build eight rental housing units in Hyannis.
“We’re grateful for MassDevelopment and Rockland Trust’s partnership in making our strategic vision a reality,” said Alisa Magnotta, CEO of Housing Assistance. “Our expertise lies in optimizing solutions for local families feeling the effects of our region’s severe housing crisis, and the financial support created by this partnership simply makes the work possible and puts roofs over heads.”
MassDevelopment, the state’s development finance agency and land bank, delivers financing solutions, real estate expertise, and other assistance to strengthen and grow the Massachusetts economy. We partner with businesses, nonprofits, developers, banks, and municipalities, providing resources to help create jobs, build housing, and foster vibrant communities across the state. During FY2025, MassDevelopment financed or managed 409 projects generating investment of more than $4.65 billion in the Massachusetts economy. These projects are estimated to create or support 25,246 jobs and build or preserve 2,867 housing units.