E.L. Haynes Public Charter School (2010)

Washington, DC

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NMTC Amount: $12,700,000

Est. Total Project Cost: $26,050,000

COMMUNITY IMPACT

In 2008, BlueHub Capital, formerly known as Boston Community Capital, led a syndicate of lenders to finance the construction of the 45,000 square foot facility for E. L. Haynes Public Charter School, a school that had previously housed all of its activity in various temporary sites. E. L. Hayes Public Charter School is open year round and offers more than 1,000 education hours beyond the national requirements for schools through before and after-school programs, as well as intersession series. The school is seeing results; in two years, there was a 21% gain in reading levels and 37% gain in math scores. BlueHub Capital partnered with NCB Capital Impact, New Jersey Community Capital, The Reinvestment Fund and Partners for the Common Good to make a $10.5 million New Markets Tax Credit leverage loan to E. L. Haynes. Head of School Jennie Niles remarks that the other lending institutions that she went to were just not up to the job; BlueHub Capital, she says, ‘saved the day.’

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