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 michael.cooper3@td.com.
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SOURCE TD Bank