Greater Burlington YMCA

Burlington, VT (2018)

Greater Burlington YMCA

Community, Community Center, Daycare and Early Childhood, Healthcare, Recreation, YMCAs and YWCAs, Youth and Families

New Y offers Burlington residents first-class fitness, wellness, aquatic, and child care experiences.

Investment

NMTC Amount: $25,900,000
Total Project Cost: $26,700,000

IMPACT

282 FTE jobs
72 construction jobs
1) Employees who work thirty (30) or more hours will receive $4,000 per calendar year to be used toward eligible licensed programs. 2)The Y has worked to connect with the New American population in the Burlington area for water safetythrough several avenues. Each summer, we operate “Camp Splash,” a program focused on teaching water safety skills to New Americans and low income children.

CDEs

Evernorth Rural Ventures, MHIC, USBCDE

Investor

US Bank

Project Description

Burlington’s YMCA (“the Y”) has been a gathering place, a place where people of all ages, incomes and abilities have come for fitness activity, socializing, and childcare for over 150 years. By the 2010s, the Y’s existing downtown Burlington home was stretched to its limits. In December 2018, after an extended planning process, the YMCA broke ground on a new building.

Evernorth Rural Ventures (formerly Vermont Rural Ventures) partnered with Massachusetts Housing Investment Corporation and U.S. Bancorp Community Development Corporation to provide $25.9 million in NMTC financing to fund the new facility. This investment provides 50 new infant and toddler childcare spaces, expanded health services, 29 new jobs and a community center that will serve area residents for many years to come.

The new building also allows the Y to effectively meet the wellness and child care needs of its entire service area in a single accessible, energy-efficient, and welcoming location in downtown Burlington.

Although the Y was successful in its capital campaign to secure philanthropic and grant contributions for this project, raising $2 million more than its original goal, the three-year campaign still fell short of the total financing costs. The NMTC provided critical gap financing to permit the Y to expand and attract new, full-paying members. This was vital, as the business model for YMCAs depends on using revenues generated from paid membership to fuel mission-based programming.

The project created 29 new jobs and helped the community retain another 253 full-time positions.

MAP

Address: 298 College Street, Burlington, VT 5401

Census Tract: 50007000500

Voices from the Community

The NMTC program was critical to our success in building a new YMCA building to serve our community. Our new building, which will open Jan 1, 2020, will enable us to serve our community much better, supporting a variety of programs and serving many more members than we could before. The NMTC program allowed us to build our new facility. Our new facility will enable us to survive as an organization.