June 22, 2011 With economic turmoil persisting nationwide and statewide, many California charter schools have few options to obtain financing to purchase, construct or renovate facilities. CCSA's California Charter Building Fund (CCBF) has continued to provide reasonably-priced capital for charter schools.
Thanks in part to the CCBF, the Alliance for College-Ready Public Schools recently secured permanent homes for three of their 16 Los Angeles-based schools:
- College Ready Middle Academy #4
- Heritage High School
- College Ready Academy High School #11
The ultimate winners of these transactions are the 825 additional students now served by the Alliance, 87% of whom qualify for free or reduced lunch.
These three deals totaled nearly $20 million and were credit enhanced through the CCBF partnership between CCSA and NCB Capital Impact. The Alliance was able to obtain an interest rate under 6% thanks to innovative financing made possible by the credit enhancement and the partners on the deal, which included JPMorgan Chase, ExED and NCB Capital Impact.
"We share California Charter Schools Association's passion and commitment to help charter schools create quality learning environments for low- and moderate-income students. We are excited to continue our long partnership with CCSA in these efforts so that more students can reach their highest potential." said Jennifer Afdahl Rice, Senior Loan Officer, NCB Capital Impact.
For more information on the CCBF, please contact Joe Harrington, CCSA's director, Financial Services.