Central Falls was unable to fund maintenance or expansion of high quality school seats. The economically poorest and most densely-populated city in Rhode Island had limited space for new schools. The bankrupt city had limited funds to repair current structural problems.
Extending affordable facilities financing to charter schools located in districts attempting to increase district-charter collaboration. As part of the district-charter collaboration program, cities with under-utilization provide district-owned facilities to charter schools. This win-win solution allows for the expansion of high-performing charter seats to fill voids in a city’s educational inventory.
Civic Builders, Inc.
Non-profit charter school facilities developer focused on urban neighborhoods
Foundation focus: Renovating unused district-owned assets to expand high-performing seats
Loan fund: providing low-interest, subordinated debt
Date: February 2013
Co-Investors: Equity from Civic Builders and senior debt from other financial institutions
Associated funding: None