CCSA's California Charter Building Fund Helps Equitas Get a New Home
April 12, 2012 CCSA's California Charter Building Fund (CCBF) has helped member charter schools of all sizes obtain financing to purchase, construct or renovate facilities. Thanks in part to the CCBF, Equitas Academy Charter School, a stand-alone second-year elementary school in the Pico Union area of Los Angeles, will be moving into a new facility in July 2012. Equitas will initially be subleasing from the non-profit real estate developer Pacific Charter School Development (PCSD), who is converting the current warehouse into a school site. This new facility will allow Equitas to expand its capacity and serve 450 students, of which over 90% qualify for Free or Reduced Price Lunch.
This deal was credit enhanced through the CCBF partnership between CCSA and NCB Capital Impact (NCBCI) and utilized New Market Tax Credits provided by ExED. NCBCI is also providing servicing and construction management. Equitas will pay an interest rate under 6% thanks to financing made possible by the credit enhancement and the partners on the deal - US Bank, PCSD and NCB Capital Impact.
For more information on the CCBF, please contact Joe Harrington, CCSA's Director, Financial Services and Special Projects.