TD Bank’s community development arm is helping finance construction of the new Cape Ann YMCA in Gloucester.

TD Community Development Corp. allocated $15 million in New Markets Tax Credits and $13 million in tax-exempt bond financing in conjunction with Massachusetts Development Finance Agency for the $32 million project.

Groundbreaking took place in September following environmental remediation for the 64,124-square-foot facility, which is being built on a 10-acre property formerly occupied by the Fuller School. 

The project enables the Cape Ann YMCA to offer childcare, afterschool, preschool and health care programs to 5,600 low-income households and individuals. The YMCA of the North Shore Inc. plans to hire 50 additional employees, bringing its workforce to nearly 200.

The project is part of a mixed-use redevelopment including construction of 200 apartments and 20,000 square feet of office and retail space.

TDCDC is a subsidiary of TD Bank that invests in revitalization of low-income neighborhoods in TD’s territory from Maine to Florida.