Bangor, Maine – Evernorth Rural Ventures closed a $9 million allocation of New Markets Tax Credits (NMTC) for the construction of a new 82,000 square foot community center for the Bangor Region YMCA. The new facility will significantly expand access to childcare, healthcare, youth programming, and wellness services, aligning with the city of Bangor’s downtown revitalization goals.
The $57.8 million project will transform an underutilized parking lot and adjacent vacant property on Main Street into a modern community hub. The Bangor Region YMCA’s current facility consists of a collection of buildings dating from the 1830s, 1920s, and 1970s that no longer meet the needs of the Bangor region community and the YMCA’s programs. The new community center will offer new services that directly respond to community-identified priority needs, including:
- A new childcare center with expanded services and hours to care for children from six weeks to five years old, in addition to continued before- and after-school programming for school-age children to teenagers;
- A new healthcare suite will host St. Joseph Healthcare and Penobscot Community Health Center, where low-income members can access on-site medical, behavioral health, and dental services, as well as substance abuse prevention, holistic health and wellness support, and chronic illness management; and
- A new teen room and a new science, technology, engineering, arts, and math (STEAM) makerspace for programming to support at-risk young adults with academic support, mental health services, clinical counseling, service-learning opportunities, and college and career readiness support.
The new facility will also include extensive fitness, recreational, and community spaces including swimming pools, a basketball court, fitness center, community kitchen and food pantry, and community rooms. Through the expansion, the Bangor Region YMCA expects to create 154 new full-time equivalent jobs, providing quality employment opportunities that further contribute to the economic development of the community.
“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, Vice President of Community Investments at Evernorth. “Projects like this strengthen communities by supporting children and families, promoting health and well-being, and creating good-paying jobs. We are proud to be a part of an investment that will deliver lasting benefits across the Bangor region.”
First active in 1867 and legally formed in 1909, the Bangor Region YMCA supports a seven-county service area across northern and eastern Maine. As a result of this NMTC investment, the Bangor YMCA expects to serve over 35,000 unique individuals annually in its new facility, a 229% increase from its current capacity.
“This new facility, which will double the size of the current space, will better serve the Bangor region and offer new and expanded services to the community,” said Diane Dickerson, CEO of the Bangor Region YMCA. “We are so grateful to Evernorth for their support of this monumental project that will positively impact our region for generations.”
The $57.8 million project was funded through the Bangor Region YMCA’s highly successful capital campaign; city, county, and federal grants; donations and grants from private individuals, corporations, and foundations; and federal and state NMTC allocations from a total of five CDEs: Evernorth Rural Ventures, Inc., Massachusetts Housing Investment Corporation, TD Bank Community Development Corporation, Empowerment Reinvestment Fund, and AMCREF Community Capital.
A/Z Corporation, a subsidiary of Cianbro Corporation, is the general contractor.
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Evernorth is a nonprofit organization serving the low- and moderate-income people of Maine, New Hampshire, and Vermont with affordable housing and community investments. Evernorth has raised and deployed over $1.6 billion in equity capital for affordable housing and built more than 17,000 affordable homes and apartments for low- and moderate-income people across northern New England. www.evernorthus.org
Evernorth Rural Ventures, a subsidiary of Evernorth, is a qualified rural Community Development Entity that uses its New Markets Tax Credit resources to support investment in the economic, environmental, and social well-being of northern New England communities and its regional economies. Funds are used to retain and create quality jobs and expand essential goods and services by financing key community developments in downtown and village centers and in other concerted community efforts that demonstrate positive impacts to low-income persons and communities. Learn more about Evernorth Rural Ventures at www.evernorthus.org/financing-and-investing/evernorth-rural-ventures.
