NEW YORK--(BUSINESS WIRE)--Civic Builders, a leader in the creation of quality private space for charter schools, has been awarded $23 million in New Markets Tax Credits (NMTC) from the U.S. Department of the Treasury’s CDFI Fund. This marks the largest NMTC award in Civic Builders’ history and a 50 percent increase from last year’s award.
“New Market Tax Credits from the CDFI Fund are a critical resource that helps us build more schools for students living in neighborhoods where need is greatest. The ultimate beneficiaries are students, who can have more school resources dedicated to them instead of facility costs,” said David Umansky, co-founder and CEO of Civic Builders.
“We’re proud to be part of a program that has such a tangible impact on the communities we serve,” Umansky said.
Civic Builders, a non-profit based in New York City, is one of 87 organizations to receive a combined $3.5 billion in NMTC, a program designed to help economically distressed areas by attracting private investment capital. This is Civic Builders’ second award.
Since its founding in 2002, Civic Builders has utilized over $100 million in New Markets Tax Credits, including the full deployment of their $15 million Round 10 allocation in 2013. By pairing these credits with other innovative financial tools, Civic Builders has developed a $500 million, nearly 1 million square feet portfolio consisting of 18 schools that educate over 9,000 children across New York, New Jersey, and Rhode Island.
Civic Builders is the largest non-profit organization of its kind, dedicated to creating high-quality space for public charter schools.
About Civic Builders
Civic Builders transforms children’s lives and revitalizes communities by building inspirational schools for students in underserved neighborhoods. Dedicated to giving every child the chance to attend a great school, Civic Builders partners with the nation’s best educators to create public charter school buildings in communities where the need is greatest. Civic Builders marries real estate know-how and financial expertise to develop great schools so children can build their futures. Every classroom created is a space where children learn and thrive for generations to come.