Mass Development loan
$350K EXPANDS CHILDCARE ON CAPE COD
MassDevelopment Loan Financing Helps YMCA Cape Cod Build Out New Childhood Care Center in Hyannis, Providing Room for 65 Additional Students
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November 24, 2021
Matthew Mogavero, 857-248-0868
email@example.comHYANNIS, Mass. – MassDevelopment has provided a $350,000 loan to the YMCA Cape Cod, which will use proceeds to construct a new 5,314-square-foot early childhood care center, named the Hyannis Village Marketplace Early Education Center, in the building it leases at 261 Stevens St. in Hyannis. The build-out will expand the YMCA’s existing childhood care program to serve 65 additional children. The $1.7 million project is also supported by a $1 million Early Education and Out of School Time (EEOST) Grant and an additional $350,000 in donations and contributions.
“Access to reliable, quality childcare is vital to the wellbeing of our children and necessary for parents who are returning to work,” said Housing and Economic Development Secretary Mike Kennealy, who serves as chair of MassDevelopment’s Board of Directors. “The Baker-Polito Administration is committed to working with organizations like YMCA Cape Cod to ensure that childcare is an essential component of the Commonwealth’s economic recovery.”
“Families and local economies are held back when there is a lack of affordable childcare in the community,” said MassDevelopment President and CEO Dan Rivera. “MassDevelopment is proud to play a role in helping the YMCA Cape Cod build out a new childhood care center that will address a critical shortage on the Cape by welcoming 65 additional children through its doors.”
“The availability of affordable and quality child care is critically important to support Barnstable’s working parents and their young children,” said Barnstable Town Manager Mark Ells. “We applaud the YMCA for recognizing and responding to this urgent community need, and for all of their organization’s valuable contributions to Barnstable’s quality of life.”
Founded in 1966, the YMCA Cape Cod has spent more than 50 years serving the most pressing community and social needs of various towns across Cape Cod, from delivering affordable early childhood education, to offering teen leadership and career development opportunities, to teaching more children than any other organization on the Cape how to swim. The YMCA currently provides childcare and associated services to approximately 202 children through seven early education centers throughout Barnstable, Brewster, Falmouth, and Harwich.
“At the Y, we take immense pride in our work to strengthen communities and support everyone to grow into being their best selves,” said YMCA Cape Cod President and CEO Stacie Peugh. “We are excited to build upon our early education offerings in Hyannis by welcoming hundreds more children and families, expanding on our Head Start and Early Head Start programs, and growing as a positive fixture in the community. The ability to be in the center of the community we serve is a powerful symbol of our mission. Everything the Y does is in service to ensuring people and communities thrive. We can’t wait to bring that purpose to the Hyannis Village Marketplace Early Education Center.”
MassDevelopment, the state’s development finance agency and land bank, works with businesses, nonprofits, banks, and communities to stimulate economic growth across the Commonwealth. During FY2021, MassDevelopment financed or managed 416 projects generating investment of more than $1.86 billion in the Massachusetts economy. These projects are estimated to create or support 6,578 jobs and build or preserve 1,909 housing units.