South Second Street Youth Center Celebrates Building Ownership Milestone - TAPinto

The Promise

In September 2018, Leah Cates made a promise.

The South Second Street Youth Center had just moved into its building at 200 Plainfield Avenue as a tenant. Cates, the organization's executive director, told her community they would be good stewards of the facility, strengthen the organization, and one day call the building their own.

Eight years later, on June 18, SSYC burned its lease.

What the Lease Burning Meant

The lease-burning ceremony marked the youth center's official transition from tenant to owner—the first property the 60-year-old organization has ever owned. The celebration brought together the partners, funders, city officials, and community members who made it possible.

"This facility has never simply been bricks and mortar for us," Cates said. "It has always been about our children."

The Financial Path to Ownership

The path to ownership ran through a complex financial structure built on unlikely partnerships.

When SSYC moved to its current location in 2018, the deal was financed through the federal New Markets Tax Credit Program, facilitated by M&T Bank in what was the bank's first investment of this kind in its 168-year history. Partners included the City of Plainfield, developer J.G. Petrucci, TD Partners, and New Jersey Capital.

In December 2025, M&T Bank completed the seven-year compliance period required by the New Markets Tax Credit structure. At the end of that period, the bank exercised a call/put agreement that allowed developer J.G. Petrucci to purchase the bank's equity interest for $1,000—enabling Petrucci to sell the building to SSYC at a below-market price. The organization finalized ownership through the New Jersey Economic Development Authority's tax-exempt bond program and a direct NJEDA loan.

What Ownership Changes

"Ownership provides stability. Ownership provides sustainability. Ownership allows us to dream bigger, plan farther ahead, and continue expanding our services our children need most," Cates said.

SSYC serves 210 children through preschool programs as a contractor with Plainfield Public Schools. The organization also offers after-school services, food for children and families, a summer STEAM enrichment program, field trips, and a Navigator Program that connects families to social services and removes barriers to physical and mental health access.

City Council President Julienne Cherry offered perspective on what the moment means for Plainfield. "For generations, Second Street Youth Center has been a safe haven and a source of hope for countless young people in Plainfield," Cherry said. "May this achievement position your organization for greater impact in the years ahead."

Dr. Elizabeth Filippatos, Acting Superintendent of Plainfield Public Schools, called SSYC's work foundational. "The truth is, that foundation is laid before a child walks through the doors of an elementary school. It begins with our 3- and 4-year-olds with experiences that nurture curiosity, build confidence, and create a lifelong love of learning, which happens here."

More Than Real Estate

For SSYC, the lease burning was not just a financial milestone. It was the fulfillment of a promise made to the children of Plainfield—that the organization would build something stable enough to serve them for generations to come.

FAQ

Q: What is the South Second Street Youth Center?
SSYC is a 60-year-old nonprofit at 200 Plainfield Avenue that serves 210 children through preschool programs contracted with Plainfield Public Schools, along with after-school services, food programs, summer STEAM enrichment, field trips, and a Navigator Program connecting families to social services.

Q: How did SSYC become a building owner?
SSYC moved to 200 Plainfield Avenue in 2018 as a tenant, financed through the federal New Markets Tax Credit Program with M&T Bank. After a seven-year compliance period ended in December 2025, developer J.G. Petrucci purchased the bank's equity interest for $1,000 and sold the building to SSYC at a below-market price. NJEDA bonds and a direct loan completed the purchase.

Q: What is the New Markets Tax Credit Program?
The New Markets Tax Credit Program is a federal program that encourages investment in low-income communities by providing tax credits to investors. In SSYC's case, it enabled M&T Bank—in its first such investment in its 168-year history—to help finance the youth center's building.

Q: What does building ownership mean for SSYC's future?
According to Cates, ownership provides stability, sustainability, and the ability to plan farther ahead and expand services for Plainfield children.

Q: How many children does SSYC serve?
The organization serves 210 children through Plainfield Public Schools preschool programs and additional family services.