NMTC financing helped El Sol Science and Arts Academy in Santa Ana to construct a new dual-immersion charter school building nestled in one of the largest Spanish-speaking communities in Southern California. The school will continue to operate during construction, rotating classrooms during each phase of development until the new 12-classroom building is complete in fall 2013.
“With the access to New Markets Tax Credit financing, we’ll be able to deliver a smarter use plan for the limited space we have available on campus, which means we can dedicate more resources to preparing our students to becoming future leaders.”
“This is a tremendous opportunity for El Sol to expand its impact in the Santa Ana community,” said Maria Bustria-Glickman, vice president for U.S. Bancorp Community Development Corporation. “With new, more modern and durable classrooms, El Sol will be able to cultivate lifelong learners more effectively. We’re proud to partner with El Sol and other valued community development leaders to help make this project a reality.”
El Sol first opened its doors to Santa Ana residents in September 2001 with approximately 110 kindergarten and first-grade students. El Sol currently provides academic programming to more than 830 preschool through eighth-grade students. Located in a community in which 75 percent of city residents speak Spanish and 15 percent of residents speak no English at all, El Sol offers an intellectually rich curriculum that promotes bilingualism and bi-literacy in English and Spanish.
“Given the rapidly globalizing market, it’s imperative that we can help as many area youth graduate with the academic, social, and linguistic skills needed to compete in the workplace,” said Monique Daviss, executive director of El Sol. “With the access to New Markets Tax Credit financing, we’ll be able to deliver a smarter use plan for the limited space we have available on campus, which means we can dedicate more resources to preparing our students to becoming future leaders.”
In its short history, El Sol has become one of the top-two performing schools in Santa Ana. Nationally, the Center for American Progress in Washington DC has listed El Sol as one of the four best schools in the nation serving a predominantly Latino population.
“As a pioneer in facility financing for charter schools, ExED is delighted to work with partners like U.S. Bank, NCB Capital Impact and LISC to ensure that students have access to high-quality, learning-friendly environments,” said Anita Landecker, Executive Director of ExED. “ExED has provided business support services to El Sol Science and Arts Academy since it first opened, so we are especially gratified to support the growth of this outstanding school.”