NYCRC Closes $19M Deal to Build Ninth NYC Charter School

The New York City Regional Center (NYCRC) has announced the closing of $19 million in New Market Tax Credit financing that will help construct Bold Charter School’s newest campus in the Bronx. The project marks the ninth charter school in New York City to benefit from NYCRC-managed New Market Tax Credit funding — and the sixth in the Bronx alone.

The new 60,000-square-foot school will house about 700 students in grades K through 8 and be operated by Bold Charter School, a rapidly growing network founded in 2019.

Bold Charter School’s mission is “to build world-class K-12 public schools that challenge and empower all students to excel in college and life.” The organization says its schools help “students graduate accomplished both academically and personally, prepared to lead self-determined and purposeful lives.”

“This project demonstrates our continued commitment to bringing critical educational resources to underserved communities,” NYCRC leaders said.

The school, to be built by Civic Builders — the country’s leading nonprofit charter school developer — will include 27 classrooms, breakout rooms, an art and music room, science labs, a cafeteria, a gym, and administrative spaces. About 96% of the students are expected to qualify as low-income.

This $19 million financing comes from a portion of a prior $45 million New Market Tax Credit award from the U.S. Department of Treasury to NYCR-CDE, a Community Development Entity managed by NYCRC. To receive an allocation award, NYCR-CDE must show a proven track record of channeling capital into low-income communities.

Since 2016, NYCR-CDE has secured seven annual tax credit awards totaling $315 million. Past investments have supported projects such as the new National Urban League headquarters in Harlem, the redevelopment of Brooklyn’s Major Owens Community Center, and expansions of health and education facilities across the city.

Examples include $23 million for DREAM in the South Bronx, $20 million for KIPP NYC in the Bronx, and $18 million for the Neighborhood Charter School in the Bronx.

The New Market Tax Credit Program, created by Congress in 2000, helps steer private capital into underserved areas by offering federal income tax credits to investors. Historically, every dollar invested by the federal government has generated eight dollars of private investment in local communities.

The Bold Charter School project underscores the broader impact of the New Market Tax Credit Program in neighborhoods that historically struggle to attract investment.

“This new school is another example of how we leverage strategic financing to create better educational opportunities where they’re needed most,” said an NYCRC spokesperson.

NYCRC, the first EB-5 regional center approved in New York City, has deployed $1.58 billion in EB-5 capital and $315 million in New Market Tax Credit capital to fund projects ranging from schools and hospitals to broadband infrastructure and industrial hubs.

In total, NYCRC-supported initiatives have built or renovated over 6.9 million square feet of real estate, helping transform communities while enabling thousands of foreign investors to gain permanent U.S. residency under the EB-5 Immigrant Investor Program.

This ninth charter school will not only expand Bold Charter School’s mission but also bring new jobs and critical resources to the Bronx — reinforcing NYCRC’s track record of funding projects that deliver lasting community benefit.

Originally reported by New York City Regional Center in PR News Wire.