NYCRC Secures $15 Million New Markets Tax Credit Financing for Nuasin Next Generation Charter School in the Bronx
The New York City Regional Center (NYCRC) has successfully closed a $15 million New Markets Tax Credit financing deal for the construction of the Nuasin Next Generation Charter School in the Bronx. This funding will support the development of a six-story, K-12 public charter school in the Van Nest neighborhood, accommodating around 700 students. The school, part of the growing Nuasin charter school network, aims to address the educational needs of the local community, with plans to gradually expand to serve grades K-12.
The financing for the Nuasin Next Generation Charter School project is part of a $75 million New Markets Tax Credit award granted to the NYCR-CDE, a community development entity managed by NYCRC. This initiative aligns with the mission of the New Market Tax Credit Program, established by Congress in 2000 to encourage private investment in low-income communities and foster economic growth in underserved areas. By leveraging federal income tax credits, the program incentivizes private investors to support projects that contribute to the revitalization of struggling local economies.
NYCRC, approved by the United States Citizenship and Immigration Services in 2008, specializes in securing foreign investment for real estate and infrastructure projects through the EB-5 Immigrant Investor Program. Over the years, NYCRC has channeled significant capital, including $1.58 billion of EB-5 funds and $390 million of New Market Tax Credit capital, into various infrastructure and real estate ventures in New York City. These investments have played a crucial role in driving economic development, creating over 7.2 million square feet of new development and renovation projects, as well as supporting critical infrastructure initiatives across the city.
Through its initiatives, NYCRC has facilitated the permanent residency of more than 6,400 individuals from 30 different countries in the United States under the EB-5 Immigrant Investor Program. By leveraging foreign investment and tax credit programs, NYCRC continues to make a positive impact on low-income communities, fostering long-term economic growth and supporting sustainable development in New York City.