Rocketship Discovery Prep

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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

500 students served
21,000 square feet of new school space
$10.5 million New Markets Tax Credit allocation with US Bank
$7.2 million leveraged loan with Enterprise Community Loan Fund and Clearinghouse CDFI
  • Clearinghouse CDFI
  • Enterprise Community Loan Fund
  • Launchpad / Rocketship
  • US Bank

More Information
Our Education Program
Community Capital for Education
New Markets Tax Credits