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The Community Development Trust has partnered with non-profit developer Building Hope, New Jersey Community Capital, PNC Tax Credit Solutions, Leviticus Loan Fund and FARR Education to support the development of a newly built 63,000 sq. ft. facility in Paterson, New Jersey for Philip’s Academy Charter School of Paterson. The CDT financing comprises $10.7 million of the project’s total development cost of $37.9 million. PNC provided $4.6 million in New Markets Tax Credit equity and New Jersey Community Capital (“NJCC”) provided an $11.9 million leverage loan to fund Qualified Equity Investments which totaled $16 million. Leviticus Loan Fund and FARR Ed are participating in the NJCC leverage financing. Project completion is projected for January of 2024.
Philip’s Academy Charter School of Paterson opened for instruction in 2016. The school’s charter was renewed for a full five-year term by its authorizer, The New Jersey Department of Education, in 2020. At full enrollment, the school will serve students in kindergarten to 8th grade with a targeted maximum of 675 students. Philip’s Academy Charter School of Paterson’s mission is to provide a moral and rigorous education to a diverse student body, accomplished in a hands-on, technologically infused educational environment that embraces differentiated instruction and individual attention that will allow its students to attend college.
Dr. Dowayne Davis, Chief Executive Officer, and the Board of Philip’s Academy Charter School of Paterson are thankful for the financial support provided by the finance team to complete this project. Dr. Davis believes the new building will be a beacon of hope and inspiration for Philip’s and the greater Paterson community.