The new building is the first project funded by the Los AngelesDevelopment Fund, a nonprofit organization established in 2007 tomanage the City of Los Angeles' New Markets Tax Creditsprogram.

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

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

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The new facility will be a seven-story, U-shaped building thatwill feature a commercial kitchen for culinary training, a dininghall, classrooms, a health suite and an exterior courtyard. Fourfloors are residential, with 200 dormitory-style rooms, lounges,laundry facilities and study rooms that will house 400 Job Corpstrainees. The building also will feature a gated entry and 24-hoursecurity.

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The YWCA acquired the site in May 2004 for $3.5 million. Thepurchase was partly financed by the Los Angeles CommunityRedevelopment Agency, which later converted its loan to a grant andconveyed ownership to the YMCA.

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