Florida Community Loan Fund (FCLF) used its New Markets Tax Credit (NMTC) to finance a new school facility. FCLF provided a loan for $7.4 million and the credit will allow the ASPIRA project to gain up to $1.5 million in equity at the end of seven years. NCB Capital Impact and U.S. Bancorp Community Development Corporation (USBCDC) provided the debt and equity for this transaction, with NCB as the leveraged lender for $5.8 million and U.S. Bancorp providing $1.6 million in equity.
This project will allow the school to double its enrollment from 300 to 600 students. This project is noteworthy for its financing with a unique partnership among financial services and community development institutions and the federal NMTC Program. NCB Capital Impact provided its expertise in charter school underwriting, construction management and loan servicing. Without the NMTC, the school would not have been able to afford a new building with this amount or quality of space.
Camillus House has provided services to homeless and at-risk clients in Miami-Dade for 50 years through 12 locations. The organization is relocating to the Norwegian Cruise Line Campus of Camillus House, which will consist of 7 buildings (3 of which are funded through this NMTC project).
The Knowledge Is Power Program (‘KIP’) charter schools is a national network of three, not-for-profit open enrollment charter schools with a renowned track record of preparing students from our nation’s most educationally undeserved communities for success in college and life. The overall project consisted of the redevelopment of a former greyhound racing track clubhouse into educational space for the eventual operation of three KIPP schools.