New Market Tax Credit Program – PPP

Pikes Peak Prep
Colorado Springs, C0 

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.