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 allows 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 allows 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.