Bronx Charter School for Excellence (Bronx, NY)
Financing Features: U.S. Department of Education Credit Enhancement
In 2013 Charter School Financing Partnership (CSFP), a consortium of five CDFIs, credit enhanced $24 million in bonds ($23.31 million tax-exempt) to serve Bronx Charter School for Excellence in the Parkchester section of the Bronx. The financing allowed the school to acquire and renovate a previously leased facility along with an adjacent lot, and construct 50,000 square feet of new space. The expanded facility will allow the school to increase its enrollment from 519 to 756 students in K-8, bring its elementary and middle schools to one location, and provide long-term security of facility ownership. The members of CSFP are Housing Partnership Network, Capital Impact Partners, Low Income Investment Fund (which sourced the transaction for CSFP), The Reinvestment Fund, Raza Development Fund, Community Reinvestment Fund.