Clearinghouse CDFI provided $7 million of New Markets Tax Credit (NMTC) allocation to finance the new Kolar Family YMCA in Downey, CA. This $27.6 million project replaces the original 1960s-era building, which closed in 2020, with a modern 25,500-square-foot facility designed to meet the evolving needs of the community. The YMCA has served Downey and neighboring communities since 1941. When the original facility closed in 2020, residents lost access to essential wellness and youth programs—making this new center a critical investment in restoring and expanding those services. Once complete in 2026, the YMCA will stand as a center for community well-being, offering inclusive programs and ways to engage for residents of all ages.
Kolar Family YMCA – Construction Progress
Expanding Access and Equity
The revitalized Kolar Family YMCA will welcome more than 10,000 annual clients with health, fitness, and personal growth programs. This includes 2,800 low-income individuals, with 20–25% of members receiving subsidized or free access to ensure equity and inclusion. Features of the facility will include a gymnasium, warm water pools designed for seniors, STEM and technology learning spaces for teens, and flexible areas for families to connect and grow together. The YMCA’s mission is to ensure that everyone, regardless of background or income, has the opportunity to reach their full potential—a commitment reflected in every aspect of the new Kolar Family YMCA.
Creating Jobs and Strengthening Community Ties
Beyond expanded access to programs, the project will generate lasting economic benefits. The YMCA will create 29 permanent jobs with full benefits and training opportunities, accessible to individuals with a high school education. Additionally, construction will generate 125 jobs, further contributing to local economic growth. These efforts reflect Clearinghouse CDFI’s commitment to creating local opportunity and strengthening community ties through mission-driven financing.
Project Financing
- Clearinghouse CDFI: $7,000,000
- Genesis LA CDE, LLC: $10,100,000
- Enterprise Financial CDE, LLC: $8,800,000
- Capital One (NMTC Investor): $8,181,810
#24CA-7788A & B
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