New Markets Tax Credits
At the end of 2016, the U.S. Treasury Department awarded ExED a $55 million allocation of New Markets Tax Credits, which will be used to support new charter school facilities in our lowest income communities. This is ExED’s sixth allocation and the largest to date, reflecting our successful track record of bringing quality new schools to the lowest-income areas. Thus far, ExED’s $174 million in New Markets Tax Credit allocations have built 29 affordable charter school facilities serving over 13,500 students.
The $55 million allocation will allow ExED to continue offering low-interest rate loans to build and improve charter school facilities. This allocation will be invested in charter school facilities in very low-income neighborhoods, primarily in Southern California. We see this as an opportunity to deepen and expand our partnerships with innovative charter school operators that share our passion for bringing great schools to neighborhoods that desperately need them.