New Market Tax Credit Program
Challenge Foundation Academy
Challenge Foundation Academy (CFA), a K-5 school serving 390
students, opened in September 2006 in a new 30,000 sq.ft. facility
located in the highly distressed "Meadows" community, where the
poverty rate tops 30%. CSDC structured its NMTCs with a
loan-to-value of 120.9%, expanding CFA's facilities budget well
beyond what a traditional loan would enable.
CFA has achieved such academic success that it was one of two
Indianapolis public schools selected in 2009 to participate in a
city-wide school modeling initiative.