“The new Bangor Region YMCA demonstrates the power of new-markets tax credits to bring transformative capital to downtowns and rural communities,” said an Evernorth representative.
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A month after receiving $4 million in new market tax-credit financing by the Finance Authority of Maine, the $57.8 million project to expand the Bangor Region YMCA was allocated an additional $9 million in tax credit financing from Evernorth Rural Ventures Inc.
Evernorth closed the allocation of new-market tax credits for the construction of an 82,000-square-foot community center that is double the Y’s current footprint and is expected to expand access to child care, health care, youth programming and wellness services.
“The new Bangor Region YMCA demonstrates the power of new markets tax credits to bring transformative capital to downtowns and rural communities,” said Beth Boutin, Evernorth’s vice president of community investments.
The Evernorth round of new markets financing is from the federal program and would go against federal income. The FAME financing is from the state program.
Construction on the Cathy Gero Bangor Region YMCA — named for a longtime member and supporter — started last fall and the facility is slated to open in August 2027.
A/Z Corp., a subsidiary of Cianbro Corp., is the general contractor. The design was provided by Portland-based SMRT Architects and Engineers.
Evernorth, based in Portland and Burlington, Vt., is a nonprofit financing syndicate that provides affordable housing and community investments in Maine, New Hampshire and Vermont.
The new-market tax credit program allows eligible investors to claim credits against state or federal taxes in amounts up to 39% of a project’s total cost.
Expanded services
At the new site, the child care center will have expanded services and hours for children from six weeks to age 5, in addition to continued before- and after-school programming for school-age children to teenagers.
A health care suite will host St. Joseph Healthcare and Penobscot Community Health Center, where low-income members will have access to on-site medical, behavioral health and dental services, substance abuse prevention, holistic health and wellness support and chronic illness management.
A teen room and a science, technology, engineering, arts, and math makerspace will offer at-risk young adults academic support, mental health services, clinical counseling, service-learning opportunities and college and career readiness support.
The plan also includes swimming pools, a basketball court, fitness center, community kitchen and food pantry and community rooms. The Y said it expects to create 154 new full-time equivalent jobs. It is expected to serve over 35,000 individuals annually.
Will serve seven counties
First active in 1867 and legally formed in 1909, the Bangor Region YMCA supports a seven-county service area across northern and eastern Maine.
The new site was funded through the Y’s capital campaign; city, county and federal grants; donations and grants from private individuals, corporations and foundations; and federal and state new-market tax credits allocations from community development entities, including Massachusetts Housing Investment Corp., TD Bank Community Development Corp., New York City-based TruFund subsidiary Empowerment Reinvestment Fund and New Orleans-based financial institution AMCREF Community Capital.
