New Market Tax Credit Program
Pikes Peak Prep
Colorado Springs, C0
$4,000,000
www.pikespeakprep.org
Pikes Peak Prep (PPP), located in a 33,500 sq.ft building in a
low-income area of Colorado Springs, is "committed to breaking the
cycle of poverty, one child at a time, through education."
The school began with enrollment of 203 students in grades K-8,
and with the help of CSDC's facilities financing support using
NMTCs, has expanded to accommodate 390 students in grades K-12.
CSDC structured its financing with a LTV (loan-to-value) of 101.2%
and DSC (debt service coverage) of 106.6%, resulting in a
substantial reduction of PPP's annual debt service payments
(facility cost).
The school has grown academically as well - for the 2009-2010
school year, student scores improved by 7 percentage points, a year
in which state scores declined. Students travel from far and wide
for "an education that fits" at PPP, which for high-schoolers can
include college-credit courses.
