BOSTON, Oct. 28, 2019 /PRNewswire/ -- Gloucester, Massachusetts, residents can look forward to having more opportunities for a better life with the recent groundbreaking on a new Cape Ann YMCA facility. The new YMCA, operated by the YMCA of the North Shore, Inc., will provide affordable access to health and child care programs along with new jobs in the community.
TD Community Development Corporation (TDCDC), a wholly-owned subsidiary of TD Bank, N.A., allocated $15 million in New Markets Tax Credits (NMTC) toward financing the construction. In addition, TD Bank, N.A., provided $13 million in tax-exempt bond financing in conjunction with The Massachusetts Development Finance Agency to assist with the new building construction, which is expected to cost approximately $32 million.
New Cape Ann YMCA will boost local economy
Gloucester has a rich history as a hardworking New England community and its growing and diverse population has been identified by the federal government as both needs-worthy and deserving of federal funding to support economic expansion and opportunity. The new location will offer more than 5,600 individuals and families from low income households free or reduced price services, including childcare, afterschool, preschool and health-related programs (diabetes prevention, cancer recovery and substance abuse programs) – more than doubling the current 2,400 households served. It is also projected to bring 50 new permanent jobs to the area and retain all 144 current positions employed by the YMCA..
"The new Cape Ann YMCA will be a catalyst for the local economy, and TD is proud to support this vital growth in Gloucester," said Michael Cooper, Deployment Director, New Markets Tax Credit Program, TDCDC. "We are honored to help this organization make such an important, long-term investment in their community."
New building will be environmentally friendly
The NMTC financing will be used to redevelop the 10-acre property that was formerly the site of the Fuller School in Gloucester and to construct a new, environmentally friendly 64,124-square-foot community facility. The Cape Ann YMCA recently finished remediating the federally designated brownfield site where the school was located and celebrated its groundbreaking on Sept. 25.
"We are so grateful for our local connection with TD Bank, which fostered a broader relationship with the TD Community Development Corporation," said Chris Lovasco, CEO of the YMCA of the North Shore. "Michael Cooper and his staff were instrumental in finalizing the NMTC funds to support this transformational project for our Y and for the Cape Ann community. TD Bank's efforts in relation to this project are a true testament to their commitment to supporting us in our mission and helping communities everywhere."
The NMTC financing is one part of a larger mixed-use development planned for the site, which will include parcels for affordable housing and retail space.
About the YMCA of the North Shore The Y is one of the nation's leading nonprofits strengthening communities through youth development, healthy living, and social responsibility. For more than 160 years, the YMCA of the North Shore has been strengthening the foundations of community for the more than 100,000 members and program participants it serves in 25 cities and towns. We nurture the potential of children and teens, improve the nation's health and well-being, and provide opportunities to give back and support our neighbors; regardless of age, race, ethnicity or socio-economic background.northshoreymca.org
About TD Community Development Corporation TD Community Development Corporation (TDCDC) is a certified Community Development Entity and wholly-owned subsidiary of TD Bank, N.A. Since 2007, TDCDC has been a five-time Allocation Award winner under the NMTC Program, investing in the revitalization of low-income, urban and rural neighborhoods across TD's Maine to Florida footprint. To date, TDCDC has deployed $355 million in NMTC allocation authority and leveraged more than $500 million in project financing to support 38 projects. TDCDC's bifurcated deployment strategy helps commercial and industrial businesses create and retain high-quality jobs and helps community-based organizations improve and expand local services, resources and facilities.
In February 2019, the U.S. Treasury's CDFI Fund awarded 73 Community Development Entities (CDEs) a total of $3.5 billion in New Markets Tax Credits. Since 2003, the federal program has created or retained approximately 1 million jobs and financed more than 5,400 businesses around the nation.
For more information on working with the TD Community Development Corporation, contact Michael Cooper at [email protected].