Youngstown YMCA gets $2M in tax credits for Central location - WFMJ.com News weather sports for Youngstown-Warren Ohio

Youngstown YMCA gets $2M in tax credits for Central location

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YOUNGSTOWN, Ohio -

The YMCA of Youngstown's central location gets state and federal funding to renovate its 100 year old building. 

On Tuesday the YMCA was awarded a two million dollar tax credit. The credits will fund refurbishments of nearly 20,000 square feet of space for programs related to healthy living, youth development and strengthening families. 

"What we're able to do through the tax credit is provide construction jobs retain jobs in the city and be part of the renaissance of downtown Youngstown," says YMCA CEO Tim Hilk. The project creates 19 permanent full time jobs and 50 construction jobs. 

The funds come from the Development Fund of the Western Reserve and were awarded as New Market Tax Credits. The tax credits program was created in 2000 by Congress to provide an incentive for private sector investment in development projects and businesses located in 
economically distressed and low-income communities. These federal and state tax credits were purchased by Capital One and enabled them to make this investment in downtown Youngstown.

Since the program began this is one of only two NMTC-funded projects in the Mahoning Valley.

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