New Market Tax Credits (NMTC) Help Expand Charter School, Repurpose Vacant Mall in Oklahoma City
(April, 2017) Drawing on its facilities and financing expertise, Charter Schools Development Corporation (CSDC) has partnered with Santa Fe South Schools to utilize NMTC financing for the purchase and gut renovation of the charter school’s seventh location, a dedicated high school to be relocated to a 155,000 square foot abandoned mall on Oklahoma City’s Southside. CSDC will manage the $12 million top-to-bottom rehabilitation which will also house KIPP Oklahoma City and EPIC, two other charter school providers. In keeping with CSDC’s mission focus, 94% of the students served by the school qualify for free and reduced price lunches. 96% of the students are minorities, including English-language learners. With the move of the high schoolers to this renovated facility, Santa Fe South Schools will be able to serve an additional 600 students from pre-K through 12th grade.
“Not only did this development allow a charter school to expand its services in an economically distressed community, but it also repurposed a vacant building in the process.”
— Brad Elphick, Novogradac & Company LLP
For more information, including additional details on the financial structuring, read:
NMTCs Help Expand Charter School, Revive Vacant Mall in Oklahoma City, by Mark O’Meara, Senior Writer, Novogradac & Company LLP, Novogradac Journal of Tax Credits, March 2017, Volume VIII, Issue III
###Charter Schools Development Corporation, a 501(c)(3) nonprofit corporation and Community Development Financial Institution (CDFI), promotes innovation and excellence in education by helping charter school entrepreneurs and leaders finance, build and expand their school models, with the goal of ultimately improving student achievement by increasing school choice within the American public education system.