Here is a press release from the Hoboken-North Hudson YMCA sent 5/8/2009. It discusses the capital plan to renovate the facility and some of the funding setbacks that have occured due to the economy. :
Hoboken-North Hudson YMCA Welcomes Community Support
Hoboken, NJ – May 8, 2009—Two years ago, the Hoboken-North Hudson YMCA announced major plans to rehabilitate and expand our facilities. Our goal is to renovate and update our facilities so we can carry on our mission of offering low-income housing for up to 96 residents, as well expand our offerings of recreation and family programs.
As every community Y is set up to be self-sustaining, our board of directors sat down in 2006 to map out a 10-year strategic plan that would enable the Y to continue its mission. The board, which is composed of a diverse group of community members, considered all options, and determined that the best course would be to remain in this historic 80-year-old building in the heart of Hoboken. However, a comprehensive modernization project would be required to upgrade and meet current ADA and safety requirements.
The board determined that the most efficient way to finance this construction was with a combination of tax credits, construction loans and donations to a capital campaign. A key component was a special NJHMFA tax credit, which the Y applied for and earned in 2007, outperforming several other nonprofit applicants from across the state.
These tax credits are often used as investment vehicles, which would provide the Y with the funding to carry out the first phase of the construction project. We were on target to achieve our goal of securing the financing and initiating the construction project when the financial markets froze. We have been working diligently since late last summer to develop a viable alternative plan to enable us to continue operating and while trying to bring this construction project to fruition.
In preparation for the construction project, we had cleared our top floor of residents and postponed some needed renovations to recreational facilities, resulting in a decline in membership. The ongoing delays have put increased pressure on our finances, so we have turned our attention to new fundraising initiatives and community appeals. In the meantime, we will continue to offer our current recreational programs and continue to offer housing to our residents.
We appreciate Councilwoman Mason’s support, and the support of others in Hoboken. For example, Madison Bar & Grill is sponsoring a golf outing on May 20, and other businesses are offering to be part of future fundraising events.
We have been a part of the Hoboken-North Hudson community for more than 125 years. First and foremost, we are a social service organization, dedicated to promoting good health, strong families, leadership, community development and global understanding. As a 501c3 organization, contributions are tax deductible. We encourage individuals and businesses that would like to make a donation to visit our website to learn more about ways to get involved.
To see more, click on the link below to go to the Hoboken-North Hudson YMCA's Website:
http://www.hobokenymca.org/index.html ◦
