Charter Schools Development Corporation (CSDC)

^{Unlocking Access to Affordable Facilities}

The Charter Schools Development Corporation (CSDC) and the Equitable Facilities Fund (EFF) are proud to announce the launch of the Catapult Fund, a groundbreaking new loan fund designed to offer flexible, affordable financing to high-impact public charter schools traditionally underserved by conventional lenders. This joint initiative leverages the expertise of both organizations to break down financial barriers for these unique public schools, particularly those led by leaders of color and schools serving economically disadvantaged students.

The Catapult Fund combines CSDC’s decades of experience in real estate development and charter school financing with EFF’s A-rated credit platform. Together, the partnership provides schools with customized loan products for development, construction, and operations at interest rates significantly lower than those available through other mission-aligned lenders.

Charter schools often face significant challenges in securing the necessary funding to support their growth and sustainability. The Catapult Fund addresses these challenges head-on by offering:

• Tailored Financing Solutions: The fund offers customized loan products for pre-development, construction, renovations, and working capital. These products are not widely available in the broader market.

• Lower Interest Rates: Interest rates offered through the Catapult Fund are significantly below those of comparable offerings, providing schools with substantial cost savings.

• Focus on Equity and Impact: At least 50% of the fund’s loans will go to single-site schools led by leaders of color or schools with a student population where more than 65% qualify for free and reduced-price lunch.

“The Catapult Fund illustrates the power of partnership in multiplying impact. We are committed to breaking down barriers and creating more equitable opportunities for schools in underserved communities to thrive,” said Alan Washington, president and CEO of CSDC. “By leveraging our strengths and aligning our resources with EFF, we’re providing schools with the tools they need to create the facilities they deserve and improve educational outcomes for students.”

“Our partnership with CSDC through the Catapult Fund extends our ability to reach schools that face challenges in securing conventional financing and expands our capacity to help new and early-stage charter schools achieve their potential,” said Anand Kesavan, founder and CEO of EFF. “Equitable access to affordable capital has been and remains a significant hurdle for charter schools. Now, with this collaboration, we can provide the financial support needed to ensure their success.”

The Catapult Fund will prioritize loans to schools in areas of greatest need, focusing initially on Arkansas, Missouri, Nevada, and the North and Southeast. This concentrated approach allows for maximum impact in communities where high-quality educational options are most critical.

Charter schools seeking to unlock their potential with flexible, affordable financing are encouraged to explore the opportunities provided by the Catapult Fund. For more information on how your school can benefit from this innovative financing solution, visit Catapult Fund. 

About CSDC

At Charter Schools Development Corporation (CSDC), we work to eliminate barriers to educational access, choice and equity for under resourced communities by providing comprehensive financing and real estate solutions to educational facilities across the United States. To learn more, visit www.csdc.org.  

About EFF  

The Equitable Facilities Fund (EFF) is a 501(c)(3) nonprofit social impact fund created to provide low-cost facility loans that allow high-performing public charter schools to maximize the resources they dedicate to students. High-quality public charter schools promote bright futures for children across America, and EFF believes these schools should borrow under terms comparable to traditional public school districts. EFF administers an 'A' rated revolving loan fund, which recapitalizes using funds from Equitable School Revolving Fund's bond issuances, to offer high-credit, long-term, scalable bond investment opportunities. To learn more, visit www.eqfund.org.

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CHARTER SCHOOLS DEVELOPMENT CORPORATION AWARDED $70 MILLION BOND LOAN THROUGH U.S. TREASURY BOND GUARANTEE PROGRAM

(Hanover, MD, October 4, 2022) The Charter Schools Development Corporation (CSDC) announced today that it was awarded a $70 million bond loan from the United States Treasury Department’s Community Development Financial Institutions Fund (CDFI Fund) Bond Guarantee Program (BGP).  The CDFI Fund is issuing three guarantees totaling $355 million, the largest issuance in the program’s history.

CSDC is one of three CDFIs in a multi-party bond totaling $130 million, with Opportunity Finance Network (OFN) as the Qualified Issuer.  In addition to CSDC, OFN will issue a $10 million bond to Community Ventures and a $50 million bond to Greater Minnesota Housing Fund.

This bond will enable CSDC to put long-term, low-cost, fixed-rate capital to work nationally to fund charter school facilities in underserved and distressed communities.

About the CDFI Bond Guarantee Program

Established by the Small Business Jobs Act of 2010, the CDFI Bond Guarantee Program responds to a critical market need-low-cost capital to spur economic growth and jump start community revitalization.  Under the program, Qualified Issuers (CDFIs or their designees) apply to the CDFI Fund for authorization to issue guaranteed bonds worth a minimum of $100 million in total.  The bonds provide CDFIs with access to substantial long-term, fixed-rate capital to reignite the economies of distressed communities.

The program enables CDFIs to execute large-scale projects, including the development of commercial real estate, housing units, charter schools, daycare or healthcare centers, and rural infrastructure projects, among other assets.  As of August 31, 2022, more than $1.4 billion in bond proceeds has been disbursed in 32 states and the District of Columbia.

ALAN WASHINGTON TO BECOME PRESIDENT AND CHIEF EXECUTIVE OFFICER OF CHARTER SCHOOLS DEVELOPMENT CORPORATION

(Hanover, MD, August 1, 2022) The Charter Schools Development Corporation (CSDC) announced today that, effective September 14, 2022, Alan Washington will become President and Chief Executive Officer of CSDC.  Washington comes to CSDC having recently served as Executive of Real Estate at Success Academy Charter Schools, responsible for developing and overseeing Success Academy’s entire real estate portfolio, including acquisitions, design, construction, and asset management.

“On behalf of the Board of CSDC, we are extremely happy to have Alan join us as our next CEO,” said Michael Curran, Chairman of the Board.  “The search process was quite extensive and a large number of candidates were considered.  We were focused on finding someone who is a “builder” and who exemplifies all the traits of a great leader.  Alan possesses all of these abilities and traits and combines them with a collaborative and team-oriented approach that embraces the interests of all stakeholders both externally and internally.  We were highly impressed with Alan upon first meeting which grew as the process moved forward.  We are highly confident that Alan will be a great leader as we enter the next chapter of CSDC’s evolution.”

“I am thrilled and honored to be named CSDC’s next CEO,” Washington said. “For over 25 years, CSDC has been a leader in financing and building charter school communities across the United States. I am excited to lead the organization through its next phase.  Most importantly, I look forward to joining the best group of professionals in the business, and collaborating with an incredibly impressive and supportive board.”

CSDC is poised to make a transformative impact as we enter a new chapter of opportunity. With an expanded vision for the next decade and beyond, we are ever determined to eliminate barriers to educational access, choice, and equity in under-resourced communities. Hear directly from our CEO, Alan Washington, as he sheds light on our mission, highlights our accomplishments and reveals our strategic priorities for the years ahead. Click here to learn more.

U.S. Department of Energy (DOE) Launched Renew America’s Schools Program in 2022, Committing $500M for Clean Energy Improvements in K-12 Schools

Charter Schools Development Corporation (CSDC) is one of sixteen to Receive Funding in Competitive Grant Process to launch the Charters RISE program

Hanover, MD - The Charter Schools Development Corporation proudly announces its selection as a recipient of a federal grant from the U.S. Department of Energy’s (DOE) Renew America’s Schools Program. The first-of-its-kind program, launched in 2022, promotes the implementation of clean energy improvements in K-12 public schools across the country.  

CSDC has been awarded an initial $300,000 prize and was one of only 16 organizations chosen to collaborate with the DOE on a $15 million grant award that CSDC will invest in 13 Local Education Agencies (LEA) across 10 states – the largest number among awardees.

This initiative, Charters RISE, Renovating for Innovative Sustainable Education, is a collaborative effort with Ameresco and LISC to catalyze the charter sector toward a green transition via extensive community partnerships. The program aims to reduce facilities operations costs and manifest equitable access to cleaner, greener facilities, workforce development, and climate education.

“We are thrilled to be at the forefront of this transformative initiative to catalyze sustainable facility solutions” shared Alan Washington, President and CEO, CSDC. "The Renew America’s Schools Program aligns perfectly with our mission to leverage our expertise in educational facilities while unlocking new funding streams for under resourced communities. This grant will enable us to implement sustainable facility solutions on a larger scale across the nation."

Michelle Prosperi, Chief Operating Officer, CSDC added, "Too often charter schools have to go without energy upgrades due to cost. The projects funded with this award will enhance energy efficiency and foster workforce development and climate education in participating schools. The impact of these renovations will be profound, not just financially and environmentally for the schools and students, but also in terms of community impact.”

For more information about Charters RISE or how you can unlock funding opportunities for your school please visit https://www.csdc.org/ or contact info@csdc.org.

About CSDC: Leading the Way with Smart & Innovative Facility Solutions

For over 25 years, Charter Schools Development Corporation (CSDC), a 501(c)(3) non-profit corporation and Community Development Financial Institution (CDFI), has been a trailblazer, championing school choice and providing educational facility solutions in underserved communities. CSDC has supported over 230 schools in 30 states plus the District of Columbia.  

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Click here for details about the Request for Proposals and Qualifications: Energy Conservation and Design/Build Contract

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The stand-alone Founders Library website is the only resource of its kind to record the 30-year history of chartering across the nation in original words and documents of chartering pioneers. Over 20 leading chartering pioneers have already made this website home to their oral histories or documents to preserve the legacy of the chartering Idea. And we are just getting started!

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Visit Founders Library Website

Hear what CSDC CEO, Alan Washington, has to say about Charter School Facilities Funding as a CharterFolk Contributor, addressing the significance of advocacy work in continuing to advance this issue.

TRACING THE PATH OF CHARTER SCHOOL FACILITIES WITH THE LAWMAKER WHO PASSED THE NATION’S FIRST CHARTER SCHOOL LAW

When former Minnesota State Senator Ember Reichgott Junge traveled the tumultuous journey to pass the first charter school law in the nation on June 4, 1991, the issue of charter school facilities was rarely mentioned in any debate. “Legislators assumed that charter schools would have access to existing school facilities or other buildings,” she recalled. But, of course, that has not been the case.

It was clear that charter schools needed financing and other funding to build the kind of facilities their students deserve. Despite all the advances in the chartering facilities arena over 30 years, studies show facilities to still be the greatest barrier to establishing and expanding charter schools. Read more about the history of public charter school facility funding, and current efforts to improve the sector.

Find Reichgott Junge and Michelle Prosperi’s article, exclusive to School Improvement Partnership, here:

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From Grocery Store to Groundbreaking School

In 2016, Charter Schools Development Corporate (CSDC) embarked on an ambitious project to transform a 50,000 square foot former grocery store in East Las Vegas into the future home of Futuro Academy. The $8 million New Markets Tax Credit allocation, financed in partnership with LVCIC, US Bank, and Clearinghouse CDFI, laid the foundation for educational excellence in an under-resourced neighborhood.

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Nurturing Growth Through Passionate Partnership

Futuro Academy, designed as a slow-growth, college-prep program, faced the challenge of addressing the needs of underserved children and families while simultaneously solving the facilities challenge faced by many Charter Schools. CSDC stood by as a stalworth partner, supporting their growth through seven years and six phases of construction.

A Milestone Achievement

Today, Futuro Academy has reached a significant milestone by exercising its fixed purchase option through the Nevada Facilities Fund. This achievement marks a turning point in the school's journey in controlling their own destiny by owning their own building, the ultimate step in fulfilling the mission of CSDC.

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Impacting Lives, Shaping Futures

Futuro Academy now serves approximately 450 K-5 students, providing a solid foundation for academic success in a community that desperately needed it. Their growth is a testament to the power of partnerships backed with visionary leadership and community support.

CSDC: Our Pioneering Approach

The success of Futuro Academy exemplifies CSDC's commitment to empowering education through innovative partnerships and passionate, patient support, transforming not just buildings, but entire communities.  

We:  

1. Identify the right-fit locations and properties

2. Innovate and secure appropriate financing

3. Partner with new and early-stage schools to see their dreams come to life

4. Serve as a lender or landlord to best serve our school partners
   

The CSDC approach ensures that schools like Futuro Academy can stand on their own, making lasting contributions to their communities.

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