ASPIRA Of Florida

FCLF NMTC Project, charter school Miami Florida

SOUTH REGION
TOTAL PROJECT: $8.2 million
FCLF NMTC ALLOCATION: $8.3 million
QLICI $7.4 million
35,000+ Square Foot Building
37 Temporary Construction Jobs
51 Permanent Jobs

 

ASPIRA of Florida is a nonprofit organization operating charter schools and youth development programs in South Florida, with emphasis on education of Puerto Rican and other Latino youth. Using the NMTC program, ASPIRA received $7.4 million in low-cost funding to renovate and expand its charter middle school. The new building is a 35,393 square foot, 3-story structure and replaced a system of classroom portables. Renovation allowed the school to double its enrollment to 600 students, of which nearly 85% qualify for free and reduced price lunches.

aspira-classroom-300x200In addition to receiving up to $1.5MM in additional equity at the end of the 7-year loan, using the NMTC program also allowed ASPIRA to pursue this project using less of its own equity. Other benefits include lower-than-market blended interest rates and lower debt service coverage requirements. FCLF is helping ASPIRA put together NMTC funding for a second charter school expansion in 2011.

 

INVESTOR: U.S. Bancorp Community Development Corporation
LENDER: NCB Capital Impact
This transaction was finalized in September 2007.

www.aspirafl.org

See more pictures of ASPIRA North on Flickr.

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Core Purpose FCLF exists to maximize opportunities for people and places outside of the economic mainstream.
Our Vision Opportunity and dignity exist for every person and community in Florida.
Our Mission Our expertise and capital make projects successful and help organizations improve lives and communities.