Public Charter Schools Grow Beyond ABCs with NMTCs

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The December issue of the Novogradac Journal of Tax Credits features an article from LIIF’s Director of Federal Policy and Government Affairs, Corey Carlisle, and Federal Policy Fellow, Caitlin Kovalkoski, discussing the use of New Markets Tax Credits (NMTCs) in the charter school sector. The article highlights the ways NMTCs can be used by strong charter operators and charter management organizations to build new facilities or secure permanent school sites. As an example, U.S. Bank and the Low Income Investment Fund utilized $10.5 million in NMTCs to help finance the acquisition and development of a charter school facility for Rocketship Education’s long-term use in San Jose, California.

NMTCs have generated vital private investment to finance affordable facilities for public charter schools, created jobs and provided new educational opportunities for children in economically-distressed communities across the country. According to recent estimates, more than 2 million students attend approximately 5,600 charter schools, and more than 610,000 more students remain on waiting lists nationwide. One of the primary barriers to charter school expansion in meeting this demand is the ability of schools to secure adquate, affordable educational facilties. NMTCs can be a useful tool in increasing access to schools in low income communities.

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Source: Novogradac Journal of Tax Credits