TOTAL PROJECT $8.9 million
FCLF NMTC ALLOCATION $8.85 million
QLICI $8.4 MILLION
96 Temporary Construction jobs
77 Permanent Jobs
"Kindly accept my sincere thanks from the ASPIRA Family. I believe that this great job that we did together will help not only our children but the community as a whole." – George Cabrera, President/CEO, ASPIRA Florida
ASPIRA of Florida is a non-profit organization operating charter schools, after-school programs, and community outreach programs in South Florida, with an emphasis on education of Latino and other minority youth. The ASPIRA Arts DECO School - formerly named the Eugenio Maria de Hostos school - serves primarily low-income children, with 96% of its students Title I qualified.
With financing through the New Markets Tax Credit (NMTC) Program, ASPIRA is building a new home for the middle school in the Wynwood area of Miami, a few miles north of downtown. The new location will introduce the middle school's new name - ASPIRA Arts DECO School - and the expansion will allow it to increase the student body from 500 to 800 students. The renovation will add new classrooms, including music and art departments,. A new food service area will add a cafetorium to seat at least 275 students at a time.
The project, the 2nd for ASPIRA of Florida and FCLF, was made possible through the NMTC Program. Funding utilizing both federal and state tax credits was provided through a partnership with Fifth Third Bank, Stonehenge Capital, and U.S. Bancorp Community Development Corporation. Florida Community Loan Fund provided $8.85 million in NMTC allocation.
INVESTOR: U.S. Bancorp Community Development Corporation
LENDER: Fifth Third Bank
ADDITIONAL NMTCs: Stonehenge Capital
This transaction was finalized in October 2011.
To view more photos, visit FCLF's Flickr page.