BRINGING CHARTER SCHOOL EDUCATION TO MORE CHILDREN

Greater Brunswick Charter School
New Brunswick, N.J.

Situation:

Greater Brunswick Charter School (K-8) was bursting at the seams and wanted to expand to meet the needs of additional students in economically challenged New Brunswick, New Jersey. When the deal for the site they had chosen fell apart, they turned to the New Jersey Community Capital, who partnered with CRF to provide financing.

Solution:

Although New Markets Tax Credits had not been used for schools at that point, CRF concluded the school was eligible. CRF and New Jersey Community Capital provided a low-interest New Markets Tax Credit $1.36 million loan with a 25-year term that was combined with additional funds from New Jersey Community Capital and a $500,000 grant from New Jersey Department of Education. The deal for the project totaled $3.16 million—an excellent example of how CRF funds can be leveraged to make a difference. The school used the loan to purchase a renovated facility.

Benefits:

The Greater Brunswick Charter School was able to add 100 students for a total enrollment of 250. Their expansion helped ensure children in this underserved community receive the education they deserve.