New Market Tax Credit Program – CFA

Challenge Foundation Academy
Indianapolis, IN

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.