New Markets Tax Credit Coalition

  • Memphis,
  • TN
  • (2020)

Leadership Preparatory Charter School

District: Steve Cohen (D-TN09)

Construction of a new middle school building to expand the current K-5 enrollment to K-8.

Investment

  • NMTC Amount: $1,385,299
  • Total Project Cost: $1,390,699

IMPACT

  • 4 FTE jobs
  • 7 construction jobs
  • 540 new students served
  • 27,000 sq. ft. of real estate

CDEs

Investor

Project Description

Construction of a new middle school building to expand the current K-5 enrollment to K-8. New construction of a 27,000 sq. ft. middle school on land adjacent to the existing elementary school. Leadership Preparatory Charter School opened in 2015 with kindergarten and first grade classes. It has added a grade every year since, currently at K-5. In order to realize its goal of K-8 education, the school needed more space. With the help of a construction loan from NFF and partners, the school will build its middle school adjacent to the elementary school, expanding by 2024 to 490 students from 315 currently. This loan is the first from NFF’s Resilient Communities Fund, a $10 million fund from our most recent NMTC awards. With loans under $4 million with low interest rates, the fund is available to borrowers with financing needs too small to benefit from traditional NMTC allocations.

MAP

Address: 4207 New Willow Road, Memphis, TN 38111

Census Tract: 47157011800

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