Harlem Village Academies
About the project
Harlem Village Academy (HVA) West Lower Elementary - also known as the Leon H. Gray Elementary - educates students from pre-K to second grade. HVA is deeply committed to progressive education while emphatically embracing a sense of urgency, a strong work ethic, and accountability for student learning. HVA is one of two Harlem-based schools associated with the Village Academies Network, a charter management organization established in 2003.
Harlem Village Academies is located in Harlem, NY.
LISC provided a $10.41 million loan to Harlem Village Academy West. The loan refinances existing New Markets Tax Credit financing, which closed in 2013 and funded the gut renovation of Harlem Village Academy West’s elementary school facility located at 74 West 124th Street, in New York, NY. While HVA originally planned to repay much of the balance of these loans with philanthropic support, COVID left the school unable to host their annual fundraising event and needing to conserve cash. This uniquely structured loan allows the school to avoid using its cash to make debt service payments for much of the loan term. At the time of closing, 100% of students served were minorities and over 80% were economically disadvantaged.
Partner:
Harlem Village Academies
Location:
New York, NY
Total Investment:
$10.41 million
Results:
975 children served
59,500 sq. ft. school
Project Category:
Access to Essential Services
Sub-Category:
Education
Product:
Refinancing Debt
Website:
UN SDGs:
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