New Cape Ann YMCA to be Built with $15 Million in New Markets Tax Credits from TD Community Development Corporation

New Cape Ann YMCA

October 28, 2019 - Small Business & Commercial New England

Facility will offer jobs, child care and health care programs to community

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.

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