New York City Regional Center Provides $15 Million for Bronx Charter School Expansion

The New York City Regional Center has closed $15 million in New Market Tax Credit financing for the Charter School for Law and Social Justice in the Bronx, representing the eleventh charter school in New York City to utilize funding from a NYCRC-managed entity. This transaction will support the renovation of a six-story, 39,417 square foot building that will house a new middle school accommodating 330 students and a community day care center operated by Sunshine Learning Center serving approximately 160 children from infancy through kindergarten.

The financing package includes working capital reimbursements for the charter school's existing 47,300 square foot high school that serves 505 students, furthering the institution's mission to address educational needs in the Morris Heights section of the Bronx. Founded in 2015, the Charter School for Law and Social Justice provides an inclusive educational program that prepares students academically while empowering them to engage with social justice issues. The school's curriculum was inspired by initiatives at New York Law School led by Professor Richard Marsico, whose work on the school-to-prison pipeline and constitutional rights education highlighted the need for specialized educational institutions.

The $15 million transaction utilized a portion of a previous $45 million New Market Tax Credit award from the U.S. Department of Treasury to NYCR-CDE, a Community Development Entity managed by New York City Regional Center. Since 2016, NYCR-CDE has received seven separate annual tax credit awards totaling $315 million through the New Markets Tax Credit Program, which was created by Congress in 2000 to stimulate private investment and economic growth in low-income neighborhoods lacking access to capital.

This funding represents part of NYCRC's broader investment strategy in New York City's educational infrastructure. Previous charter school financings include $23 million for DREAM in the South Bronx, $20 million for Achievement First Linden Middle School in Brooklyn, $20 million for KIPP NYC in the Bronx, and $15 million for Comp Sci High in the Bronx. The consistent allocation of capital to educational institutions demonstrates the program's commitment to addressing systemic educational disparities in underserved communities.

The New Market Tax Credit Program operates by providing federal income tax credits to investors in exchange for equity investments in low-income communities, with the tax credit totaling 39 percent of the investment cost claimed over a seven-year period. Historically, for every $1 invested by the federal government, the program has generated $8 of private investment. Since 2001, $81 billion in New Market Tax Credits have been invested in low-income communities, resulting in the construction or rehabilitation of approximately 259 million square feet of commercial real estate.

The Charter School for Law and Social Justice emphasizes community engagement through partnerships with local organizations, mentoring programs with law students and attorneys, community service projects related to social justice, and extended support for English language learners and students with special needs. The new facility will feature classrooms, a cafeteria, and double-height ceilings on part of the fifth and sixth floors for a multi-purpose gymnasium, providing essential educational infrastructure in a community historically underserved by traditional public funding mechanisms.