HELPING DISADVANTAGED YOUTH ACHIEVE ACADEMIC EXCELLENCE AT INNOVATIVE CHARTER SCHOOL

TEAM Academy
Newark, N.J.

Situation:

The TEAM Academy is located in a disadvantaged area of Newark, New Jersey, where the poverty rate is 28.5 percent and only 36 percent of the population holds a high school degree. Before TEAM Academy opened its doors, hope was in short supply—it was hard for the community to believe the cycle of inadequate education and poverty could be broken.

When the school opened in 2002, their goal was helping disadvantaged youth realize their full potential and enter top preparatory schools and universities. They refused to write off kids and they were determined to create a track for success.

Students rapidly progressed from the bottom quartile in reading and bottom third in math to the top third in reading and top 10 percent in math. Not surprisingly, their enrollment had grown to 320 students in grades 5-8 and had a waiting list of 300 children. The TEAM Academy wanted to expand and turned to New Jersey Community Capital and CRF.

Solution:

New Jersey Community Capital and CRF put together a $5.3 million financing package, including a $2.5 million New Markets Tax Credit loan with a low interest rate and 25-year term, to fund TEAM’s expansion.

Benefits:

With the financing in place, TEAM Academy was able to open Rise Academy, a second middle school for 420 students. They continued their impressive track record—100 percent of students advanced to preparatory schools and students received more than $600,000 in scholarships. Most important is the way the community now believes in itself and its ability to succeed.