The City of Toledo and the YMCA of Greater Toledo successfully acquire New Markets Tax Credit (NMTC)

Toledo, OH –The City of Toledo and the YMCA of Greater Toledo have successfully acquired New Markets Tax Credit (NMTC) financing that will contribute to the capital stack for the new Wayman D. Palmer YMCA and Inez Nash Park project. 

The YMCA collaborated with River Ridge Capital Advisors to secure funding, recognizing the competitive nature of the New Markets Tax Credit process.  The YMCA of Greater Toledo was awarded the NMTCs in 2023. 

The New Markets Tax Credits will generate a net investment of approximately $3.4 million into the project.  This form of financing will lead to a direct reduction of the American Rescue Plan Act (ARPA) and Community Development Block Grant (CDBG) funds previously earmarked by the City of Toledo for this project.  The NMTC’s investment will also allow for construction of additional project features including an outdoor splash pad and enhancements to the Inez Nash Park. 

Toledo Mayor Wade Kapszukiewicz said, “This is a great day for Toledo, our ability to secure NMTC’s for this exciting project, will allow us to invest previously allocated funds in other underserved areas of our city and also allow for some additional or enhanced project features, thanks to the NMTC investors and project team that made this possible.”  

The tax credit allocations were received from two Community Development Entities (CDE’s):

  • IFF, headquartered in Chicago with eight regional offices across the Midwest – including two in Ohio, is a mission-driven Community Development Financial Institution (CDFI) that champions nonprofits across the Midwest to shape more equitable and vibrant communities through community-centered lending, development, and real estate consulting
  • Building American CDE, Inc. located in Washington D.C., is a subsidiary of the AFL-CIO Housing Investment Trust, an impact investment industry leader

CDE’s seek high-impact projects that resonate with their mission and cater to the needs of underserved communities. 

“The Wayman D. Palmer YMCA facility is going to be a tremendous community asset in Toledo that will help improve community health and provide a high-quality space for crucial early childhood education services and comprehensive youth programing that prepares young people to positively contribute to their communities,” said Chris Uhl, IFF’s executive director for the eastern region.  “IFF is proud to support this project with federal and state New Markets Tax Credits, and we look forward to seeing the many ways this project positively impacts the community in the years ahead.” 

 “Through community engagement, youth programs, wellness initiatives, and a commitment to inclusivity, the YMCA of Greater Toledo exemplifies the strength of collective dedication and the power of community-driven change,” said Harpreet Peleg, CEO of Building America CDE. 

Capital One, N.A. served as the Federal tax credit investor.

“We are incredibly proud to partner with the YMCA on this important expansion project, which will serve many important functions in the Toledo community,” John Chamberlain, senior director of tax credit finance at Capital One, said.  “The mission of the YMCA is to build a healthy spirit, mind and body for all, and we can’t think of a more important focus for this previously underserved community.” 

The Wayman D. Palmer branch presently serves as a hub for community engagement, community food pantry, Y Achievers for youth ages 14-18, and is a safe space for youth to converse after school and during the summer.  Additionally, the branch offers free group exercise classes, youth sports programs, pickleball, a modern fitness center and gymnasium for its members. 

The updated facility will feature,  

  • Indoor pool
    • Providing swim lessons and water activities for all ages
  • State-of-the-art fitness center
  • Updated gymnasium
    • Providing youth & adults programs, sports, fitness and arts
  • Community gathering spaces
  • Toledo Public Schools will provide Early Childhood Education
    • 6 weeks to 5 years of age
    • 4 classrooms with a capacity of 52 children
  • T.A.C.K.L.E Program (school-based behavioral mental health)

“The collaboration with the City of Toledo, Illinois Finance Fund, Building American CDE, Inc., and Capital One, N.A. extends beyond the mere construction of a new building. The true essence of these partnerships is reflected in the activities conducted within the facility and the beneficial impact that the Wayman D. Palmer YMCA will have on the individuals we aim to support,” said YMCA of Greater Toledo President/CEO Brad Toft

The new Wayman D. Palmer YMCA will reside on Bancroft between Cherry and Franklin and is expected to be up and running by 2025. 

The YMCA of Greater Toledo is made up of 11 facilities including 10 branches plus Storer Camps locations, each tailored to address the unique requirements of its surrounding community. The new Wayman D. Palmer YMCA marks the beginning of a series of developments within the YMCA of Greater Toledo. Future endeavors will center on enhancing the offerings at the Sylvania YMCA/JCC, Wolf Creek YMCA, and Eastern Community YMCA.

About the YMCA of Greater Toledo

The YMCA of Greater Toledo embodies inclusivity, uniting individuals of all genders and ages through a collective dedication to empowering children, advocating for wellness, and cultivating a community-minded ethos.  For further information, please visit

Y Achievers is tailored for individuals aged 14-18. It emphasizes high school completion, career readiness, and preparing youth for post-high school life. The program includes homework help, leadership training, career exploration, college/trades preparation, community service projects, work readiness, and life skills development.


March 07, 2024

Contact:  Shonna Moon, [email protected], 419.205.0777



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