Curated News
By: NewsRamp Editorial Staff
September 23, 2025

NYC Regional Center Funds $15M Bronx Charter School Renovation

Reddit Discuss on LinkedIn View History of this news story on GitHub
Original Source

TLDR

  • The New York City Regional Center's $15 million financing provides a competitive advantage by expanding educational infrastructure in underserved Bronx communities through strategic tax credit investments.
  • The financing utilizes New Market Tax Credits to renovate a six-story building for a middle school and daycare center, with funds allocated for construction and working capital reimbursements.
  • This investment creates better educational opportunities for 330 middle school students and 160 daycare children while empowering underserved communities through law-focused social justice education.
  • The Charter School for Law and Social Justice features double-height ceilings for a gymnasium and partners with law students for mentoring programs inspired by New York Law School initiatives.

Impact - Why it Matters

This investment matters because it addresses critical educational disparities in underserved communities while stimulating local economic development. The Charter School for Law and Social Justice specifically targets the school-to-prison pipeline by providing at-risk youth with legal education and social justice awareness, potentially reducing future incarceration rates. The New Market Tax Credit program has proven highly effective, generating $8 in private investment for every $1 of federal funding, creating jobs and revitalizing neighborhoods. For Bronx residents, this means improved educational opportunities, enhanced childcare services, and long-term community development that can break cycles of poverty. The project also demonstrates how targeted public-private partnerships can address systemic inequalities while creating sustainable infrastructure that benefits generations of students and families.

Summary

The New York City Regional Center has successfully closed $15 million in New Market Tax Credit financing for the Charter School for Law and Social Justice in the Bronx, marking the eleventh charter school in New York City to receive funding through a NYCRC-managed entity. This significant investment 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. The financing also provides working capital reimbursements for the charter school's existing high school that serves 505 students, furthering the institution's mission to address educational needs in the underserved Morris Heights community.

Founded in 2015 and inspired by initiatives at New York Law School led by Professor Richard Marsico, the Charter School for Law and Social Justice offers an inclusive educational program that prepares students academically while empowering them to engage with social justice issues. The school's innovative approach includes mentoring programs with law students and attorneys, community service projects, and extended support for English language learners and students with special needs. The $15 million transaction represents 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 The New York City Regional Center, which has received seven separate tax credit awards totaling $315 million since 2016.

This financing continues NYCRC's track record of supporting community development projects across New York City, including previous investments in nine charter schools, the National Urban League's headquarters, and various infrastructure initiatives. The New Market Tax Credit Program, established by Congress in 2000, has generated $81 billion in investments for low-income communities nationwide, creating approximately 259 million square feet of commercial real estate development. For every $1 invested by the federal government, the program has historically generated $8 of private investment, demonstrating its effectiveness in stimulating economic growth in underserved areas while providing essential community resources like educational facilities and childcare services.

Source Statement

This curated news summary relied on content disributed by citybiz. Read the original source here, NYC Regional Center Funds $15M Bronx Charter School Renovation

blockchain registration record for this content.