Rocketship Discovery Prep
LIIF provided Launchpad Development Company with New Markets Tax Credit (NMTC) financing for the development for Rocketship Discovery Prep in San Jose, California. The new school will serve K-5th grade students in the city’s Five Wounds/Brookwood Terrace neighborhood. Ninety percent of the local elementary school students qualify for free or reduced price lunch programs. Rocketship Education is an award-winning nonprofit elementary charter school network dedicated to eliminating the achievement gap for low-income students. The organization currently operates three successful elementary schools that serve nearly 1,000 students using a unique hybrid model that combines the standard classroom model with online instruction to create high-performing and cost-effective schools. The NMTC transaction enabled Launchpad to purchase an industrial storage yard which it will develop into a new school.
Project Details
- Impact
- 500 students served
21,000 square feet of new school space - Financing
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$10.5 million New Markets Tax Credit allocation with US Bank
$7.2 million leveraged loan with Enterprise Community Loan Fund and Clearinghouse CDFI - Partners
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- Clearinghouse CDFI
- Enterprise Community Loan Fund
- Launchpad / Rocketship
- US Bank
More Information
Our Education Program
Community Capital for Education
New Markets Tax Credits
