The new building is the first project funded by the Los Angeles Development Fund, a nonprofit organization established in 2007 to manage the City of Los Angeles' New Markets Tax Credits program.

The YWCA had some funds in place for the project, according to Faye Washington, Greater Los Angeles CEO, who says that the New Market Tax Credits "allowed us to close the gaps as well as offer a platform for community-minded corporations to participate in a project that will benefit Los Angeles youth.

Financing for the $73 million project included $20 million from the Los Angeles Development Fund, a $15.5 million allocation from Structured Finance Enterprise Community Investment Inc. and $15 million from the Local Initiatives Support Corp. JPMorgan Chase is the investor for those tax credits from all three sources. In addition, Bank of America Merrill Lynch is the investor for $20 million in New Market Tax Credits and "provided critical construction and permanent loans to this development," according to a City of L.A. announcement.

The new facility will be a seven-story, U-shaped building that will feature a commercial kitchen for culinary training, a dining hall, classrooms, a health suite and an exterior courtyard. Four floors are residential, with 200 dormitory-style rooms, lounges, laundry facilities and study rooms that will house 400 Job Corps trainees. The building also will feature a gated entry and 24-hour security.

The YWCA acquired the site in May 2004 for $3.5 million. The purchase was partly financed by the Los Angeles Community Redevelopment Agency, which later converted its loan to a grant and conveyed ownership to the YMCA.