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LOS ANGELES, June 12, 2014 /PRNewswire/ -- The U.S. Treasury Department has awarded ExED a $28 million New Markets Tax Credit allocation to finance the development of charter school facilities serving low-income students in underserved communities in Los Angeles, Orange and San Diego counties. The allocation was secured through ExED's subsidiary, LA Charter School New Markets CDE, LLC.
Since 2005, ExED- a nonprofit, mission-driven business partner for leading Southern California charter schools- has been a national leader in utilizing New Markets Tax Credits (NMTC) towards charter school development, arranging approximately $146 million in financing for 26 new charter school facilities. Together, these schools provide seats for more than 12,000 students in a variety of underserved California communities.
With this new allocation, ExED will be able to offer below-market loans for construction and permanent financing to charter schools for the development of at least three new facilities. ExED also plans to offer new financing programs to improve leased properties used by charter schools.
"We are thrilled to have competed successfully for this significant allocation," said Anita Landecker, ExED's Executive Director. "For many schools, securing permanent and affordable facilities is the most significant obstacle to their growth. Helping high-achieving charter schools create modern, high-quality learning environments paves the way for student achievement. Without this critical tool, many charter schools would simply never be able to access the facility financing they need."
Over the past decade, ExED has financed several new permanent charter school facilities in part through the NMTC program, including KIPP Raices Academy in East Los Angeles, El Sol Science and Arts Academy in Santa Ana and several Alliance for College-Ready Schools campuses throughout South Los Angeles. ExED will devote the new funding to similar projects in low-income neighborhoods, working in partnership with high-performing charter school operators that strive to provide every student with an excellent education.
Established by Congress in 2000 under the U.S. Department of the Treasury's Community Development Financial Institutions Fund, the New Markets Tax Credit Program helps economically disadvantaged communities attract private investment capital by providing investors with a federal tax credit. The allocation announced June 5th includes $3.5 billion in awards for 87 organizations aimed at revitalizing low-income communities and increasing economic opportunity nationwide. These organizations were selected from a pool of 310 applicants that requested more than $25.9 billion.
The support of federal representatives has been crucial to the success of the NMTC program. In the 34th District alone, which is represented by Congressman Xavier Becerra, ExED has arranged for approximately $70.5 million in NTMC funding for 11 high-performing charter schools, including Camino Nuevo Charter Academy High School, KIPP LA Preparatory Academy in Boyle Heights, Green Dot Animo Ralph Bunche High School and Animo Jefferson Middle School.
For 15 years, ExED has built a proven track record by enabling Southern California charter schools to focus on what they do best- educating children. Our experienced specialists provide industry-leading business services that give charter schools the tools and support they need to thrive. Since ExED's founding, our expert team has worked with many of the region's leading charter schools, helping them carry out their mission and serve thousands of California students. To learn more, please visit www.exed.net.
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