New Market Tax Credit Program – BArT

Berkshire Arts & Technology Charter Public School
Adams, MA

In 2005, the Berkshire Arts & Technology School (BArT) needed $4 million to purchase and renovate a 29,532 sq.ft industrial building located in a Brownfield Redevelopment Area in Massachusetts that it was leasing. CSDC’s non-traditional financing resulted in a blended interest rate of 1.10%, substantially below the 7.81% rate available for commercial facilities at that time. This represented $1.2 million in savings to the school and made it possible for the school to qualify for no-cash-down-payment financing, despite its short two-year operating history.

In their rehabilitated space, BArT’s low-income rural students, for whom educational choices are otherwise very limited, are outpacing their peers in the state in academic growth, despite significant special educational needs.