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BOSTON-City Year Inc. has received a $9-million tax-exempt bond from Mass Development Inc. to purchase and renovate a new global headquarters in the South End. The national non-profit service group, which promotes and develops community service programs and initiatives, will move from rented space at 285 Columbus Ave.

The firm will occupy a 60,000-sf building at 287 Columbus Ave. once the renovation is completed. “Boston’s hot real estate market is squeezing nonprofits out of the South End, a central neighborhood which is uniquely situated as an ideal location for service to Boston and beyond,” says Michael Brown, City Year Inc. president, in a statement. “The expedited financing through MassDevelopment was critical in making it affordable for City Year to remain in this location.”

Brown could not be reached for further comment in time for GlobeSt.com’s deadline. The cost of acquiring the building was not disclosed. The locally based nonprofit is part of an AmeriCorps Program and currently has 16 locations nationwide and one international location in South Africa.

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