Bolstering Education for Low- Income Neighborhoods
An alliance of nonprofit organizations and financial institutions in California has created a $36 million fund to develop new charter school facilities in low-income neighborhoods of Los Angeles. The Los Angeles Charter School New Markets Loan Fund is the first of its kind in the United States to take advantage of federal tax credits to exclusively fund community charter school facilities. It will provide flexible, below-market-rate loans to support 2,500 to 3,000 school spaces for students in five to seven high-quality schools over the next two years. Financial participants include Citibank, City National Bank, Prudential Financial and Wells Fargo & Co.
Copyright © 2005 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 15, No. 9, 9/05
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