New Orleans, LA (2017)
The Project involves the construction of a new Good Shepherd School campus, allowing the school to add two Pre-K4 classes and an additional class in all other grade levels (K-7)- private school. The Good Shepherd School (“GSS”) provides K – 7th grade education for low-income, underserved urban youth from the most challenged neighborhoods in New Orleans. GSS currently operates out of a donated office building in the Central Business District, unsuitable as a school facility. GSS is constructing a new 40,000 square foot campus consisting of classrooms, office and faculty space, a dining area and expanded play areas, allowing for the addition of two Pre-K4 classes and an additional class in all other grade levels (the “Project”).
The new campus will enable GSS to serve over 300 students in grades Pre-K4 – 7th, 100% tuition free. The GSS model includes an extended school day and year, two nutritional meals per day, a low student-teacher ratio, family programming, and assessment and remediation services for students with academic challenges. Additional services are comprised of an after-school enrichment program, a licensed school social worker, academic interventionists, a volunteer/mentor program, and a Graduate Support Program. GSS strives to provide students with a challenging and academically sound environment to help them become lifelong learners with strong self-confidence.
With an unemployment rate of over 12%, the Project is anticipated to create 26 new, quality full-time permanent jobs with above average wages, retain 24 jobs, and created 65 new construction jobs. At least 50% of new jobs are anticipated to be filled by low-income persons or residents of the surrounding low-income community. Jobs created will include teachers, teacher’s assistants, maintenance personnel, cleaning crew, support staff, cafeteria personnel, social worker, and technology and development director.
The Project is supported by a $4,000,000 capital campaign, however the project budget and increased services required in this educational model did not support conventional financing without New Markets Tax Credit Financing (“NMTC”) filling the gap. The NMTC financing increased the viability and efficiency of the operations further improving the Sponsor’s services provided to at-risk underserved children and the low-income community. Additional NMTC allocation was provided by Chase New Markets Corporation ($1,000,000). JP Morgan Chase acquired the New Markets Tax Credits.
Youth and Families