Evergreen Charter School is planning to consolidate several of its rented spaces into a new facility in Hempstead by 2024. The change will significantly expand its capacity to serve middle school and high school students. In support of those goals, LISC made a low-interest acquisition loan in 2021 to help Evergreen secure a site for its new facility.
Large construction projects, like a planned $51 million charter school development in Hempstead, N.Y., often garner public interest for the opportunities they create and the communities they benefit. But it can be difficult for mission-driven organizations to find the early financing they need to kick start the development process—work that typically begins years before shovels ever hit the ground.
Evergreen Charter School, for instance, is planning to consolidate several of its rented spaces into a new facility in Hempstead by 2024. The change will significantly expand its capacity to serve middle school and high school students.
In support of those goals, LISC made a low-interest acquisition loan in 2021 to help Evergreen secure a site for its new facility, and assessed the opportunity not only based on the school’s financial plan, but its track record of academic success as well.
“When it comes to charter school lending, it has long been clear that educational performance is a driver of financial performance,” said Crystal Langdon, Director of LISC’s Charter School Financing program, which has supported more than 106,000 charter school “seats” nationwide. “More than investing in a new building, we are supporting opportunities that benefit children, families and the surrounding community. That’s why Evergreen is so compelling.
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Evergreen Students
Evergreen is an independent charter school that largely educates students coming from economically disadvantaged backgrounds (84 percent of enrollment) and, at the same time, has consistently outperformed nearby schools in educational achievement.
The school was founded in 2010 by the leadership of Círculo de la Hispanidad, a local nonprofit, which saw a clear need for expanded educational opportunities in the village of Hempstead, especially for immigrant and other underserved families. They developed an approach focused on preparing children to live in a global community, one that respects and values the environment as well as the dignity of all people.
“I pledge to protect the earth, respect the web of life upon it, and to honor the dignity of every member of our global family,” according to Evergreen’s philosophy. “One planet, one people, one world, in harmony, with peace, freedom, and justice for all .”
The new facility not only helps advance that promise and double Evergreen’s capacity to serve students, but it also supports Hempstead’s long-term goals to revitalize and redevelop key areas within the village, noted Kaiti Wang, one of LISC Charter School Financing’s lending officers .
“Investments in school facilities are, first and foremost, investments in education. But they are also investments in economic development,” shared Ena Kumar, another LISC Charter School Financing lending officer, pointing to municipal plans focused on housing, health, jobs, and infrastructure. “They help create jobs, attract commerce, reinforce nearby businesses, and expand local income. And they do it all while supporting the aspirations of the families they serve.”
Evergreen, which will continue to operate separate locations for pre-school and elementary school, expects to have middle and high school students in its new facility for the 2024-25 school year.