The development of this new facility is necessary to retain existing Y members, recover memberships lost in recent years, and attract new paid membership units by meeting the latent demand for high quality fitness and child care centers in the Burlington market area – in total, paid membership units are projected to grow by 156% as a result of this project. The increase in revenue is necessary for the Y to continue to operate, retain its 253 current FTEs, and deliver services to the low income community; it will also allow the Y to expand certain services, including child care, for which there is a well-documented and growing need, and create 29 new FTEs.

Gap and Investment

The use of NMTC equity for the Y will help ensure the organization’s sustainability at a time when it is stretching to meet the needs of its community within the constraints of its current facility. Although the Y was successful in its capital campaign to secure philanthropic and grant contributions for this project, raising $2 million more than the original goal, the campaign was a large undertaking for the organization spanning over three years. The NMTC financing provides critical gap financing to permit the Y to expand and attract new, full-paying members. This is vital, as the business model for YMCAs depends on using revenues generated from paid membership to fuel mission-based programming.

Project TypeNon-profit Financing
Project SponsorThe Greater Burlington YMCA
NMTC Investment$13.7 million
Short descriptionExpansion of Recreation, Wellness, and Child Care Services and Programming
Team: LegalDowns Rachlin Martin PLLC Nolan Sheehan Patten LLP Husch Blackwell LLP
Dinse PC
Team: AccountingCohnReznick LLP
Team: ArchitectFreeman French Freeman
Team: Construction ManagerEngleberth Construction, Inc.
Financing PartnersU.S. Bancorp Community Development Corporation
Northfield Savings Bank
NorthCountry Federal Credit Union
New England Federal Credit Union
Massachusetts Community Investment Corporation
Vermont Community Foundation
Capital Campaign Donors
Local Grant Maker