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LOS ANGELES CHARTER SCHOOLS NEW MARKETS FUND (LACSNM)
BACKGROUND on LACSNM
In 2005 Excellent Education through Charter Schools (ExED) and LIIF developed the first-ever New Markets Tax Credit (NMTC) fund exclusively targeting charter schools. ExED and LIIF raised $36 million from Citicorp USA, Prudential Corporation, City National Bank, Wells Fargo Bank and the Local Initiatives Support Corporation to finance charter school facilities in Los Angeles County. The investments in the fund are also supported by a grant to LIIF from the U.S. Department of Education Credit Enhancement to Charter School Facilities Program, providing a safe and attractive mechanism for financial institutions to invest in charter schools.
To date, LACSNM has lent $23 million for the development of five schools at three sites in Los Angeles. The loans have supported the Alliance for College Ready Public Schools, Camino Nuevo Charter Academy High School, and View Park Prep Middle and High Schools.
KEY TERMS
LACSNM's terms include:
Purpose: Acquisition/construction, renovations, mini-permanent loans
Amount: $7
million maximum; $3 million minimum
Repayment
Period: Up to seven years
Amortization: Up to 25 years
FOR MORE INFORMATION AND LOAN APPLICATION, PLEASE CONTACT:
Laura Bauer, ExED310-394-1152, ext 18