CSDC New Markets Fund
The federal New Markets Tax Credit Program (NMTC), enacted in
2000 as part of the Community Renewal Tax Relief Act, was designed
to stimulate private investment and economic growth in low-income
urban neighborhoods and rural communities. Through a joint venture
with City First Bank, CSDC received a $40 million allocation of the
federal income tax credits in 2006. These tax credits were fully
sourced to investors as part of the permanent financing of
facilities for five charter schools in four states and Washington,
D.C.
U.S. Treasury Secretary Tim Geithner highlighted one of CSDC's
innovative NMTC projects in particular in his May 2009 testimony
before the U.S. House of Representatives' Treasury Appropriations
Subcommittee:
"One
example can be seen right here in the Anacostia neighborhood of
Washington, DC. City First Bank of DC, a local CDFI, and Charter
Schools Development Corporation partnered to provide a $13.3
million New Markets Tax Credit for the Thurgood Marshall Academy,
the city's first charter school focused on law, serving 360
students in grades nine through twelve and achieving a 100 percent
college acceptance rate for its first three graduating
classes."
CSDC has fully sourced (sub-allocated) its original $40 million
allocation for the projects described below benefiting the schools
named and, unfortunately, has no additional capacity under this
program at this time. However, CSDC administers several other
programs: find out
if one is right for you!
NMTC Schools
- Berkshire
Arts & Technology Charter Public School, Adams, MA
- Challenge Foundation
Academy, Indianapolis, IN
- Oakland School of the Arts,
Oakland, CA
- Pikes Peak
Prep, Colorado Springs, C0
- Thurgood Marshall Academy,
Washington, DC
