The Equity Project Charter School
About the project
The Equity Project Charter School (“TEP”) is a high-performing charter middle school founded in September 2009. The school serves approximately 500 students in grades 5-8. TEP is focused on providing students from low-income families with equal access to outstanding teachers as a means of achieving educational equity.
TEP is located in Washington Heights, NY. At the time of closing, 90% of TEP’s student population was eligible for free and reduced price lunch.
LISC provided $3.7 million in New Markets Tax Credit allocation from LISC’s New Markets Support Company and purchased a $1.00 million participation interest in Deutsche Bank’s $16.3 million construction loan to The Equity Project Charter School. This financing allowed TEP to move out of 30 temporary classroom trailers into a permanent home for their school. TEP’s permanent home will be a six-story, 58,559 square foot, state of the art facility. The new facility includes 20 classrooms, a full kitchen and cafeteria, a regulation-size gym, a performance space for TEP’s music program, and outdoor spaces for dining, recreation, and gardening. The building showcases TEP’s unique model for achieving educational equity for disadvantaged students and serve as a community space for the Washington Heights and Inwood communities.
Partner:
The Equity Project Charter School
Location:
New York, NY
Total Investment:
$1.00 million
Results:
480 children served
58,600 sq. ft. school
Project Category:
Access to Essential Services
Sub-Category:
Education
Product:
Permanent loan
Website:
UN SDGs:
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