Value Schools Charter School
Developer: Value Schools Real Estate (Nonprofit Developer)
Type of Development: Charter School - Rehab
Owner: Value Schools
Cty and State: Los Angeles, CA
Contact Person: Liliana Monge
Contact Email: [email protected]
Allocation Amount Requested:
Brief Description of Development:
Value Schools Real Estate will substantially rehabilitate the now vacant facility, located at 1850 Beverly Blvd, to serve 480 low-income Latino elementary school children by 2018. The site is severely distressed. This new charter school will be operated by Value Schools, a seasoned and successful charter school operator that cannot qualify for low-cost capital for its expansion efforts during the early years of enrollment ramp-up, and is seeking NMTC financing to fill their gap.
This newly renovated facility will house a K-8 educational facility, and is scheduled to open in September 2015. The initial 140 students will come from the school s current waitlist and a local outreach effort. The operator has a proven track record of successfully opening new schools, and the enrollment projections are conservative. Value Schools opened its first facility in 2002 in Downtown Los Angeles, and at its other facilities, the children s test scores exceed surrounding public schools by 10% points.
The local residents are low-income, and Value Schools has a history of serving this community, and has a strong relationship with the area s community leaders. The school also has a strong-experienced management team, and a committed and dedicated Board of Directors. This community will be served by having this vacant facility renovated and repurposed into a thriving educational facility, where educational excellence is the standard, and values matter.
New Markets Tax Credit financing is required to bridge the funding gap between the debt and equity currently secured by Value Schools. Since this will be a new facility for this proven operator, NMTC financing is needed to bridge the funding gap.