Charter School Development Corporation
Charter Schools Development Corporation (CSDC) supports quality public school choice for underserved students by developing and financing affordable charter school facilities nationally. Since 1997, CSDC has funded over 200 school facility projects in 30 states and DC.
Open process / apply anytime
Loan size (range, $): $100K-$5M
Current portfolio ($; #): $66M; 57 schools
Cost share (equity) required: No
Collateral required: No
Standard CDFI due diligence
CSDC invests in K-12 public charter schools in educationally and economically underserved communities that often become the nexus around which those communities begin to revitalize.
CSDC manages three core programs to help charter schools with their financing and facility needs:
- CSDC Direct: These are direct loans between $100,000 and $3 million with affordable rates and flexible terms that are issued to finance leasehold or tenant improvements and facility acquisition, construction, expansion, or renovation.
- Lease and Loan Guarantees: These guarantees are for $100,000 to $500,000 with terms of three to five years to help recipients secure a lease or finance tenant improvements, facility acquisition, construction, expansion, or renovation.
Real Estate Services: CSDC provides real estate development services including acquisition and renovation of existing buildings, construction of new buildings and expansion of existing facilities. This program combines customized technical assistance and lending on a project basis.
Focus Areas:
Geographies: Nationwide; no historical lending activity in Indian Country
Sectors: Charter school facilities specialist
Schools: Any charter school that is in good standing with their chartering authority may apply; a school does not need to be opened to qualify but must meet the following criteria: have applied for and been approved to operate a public charter school; have an executed contract with an authorizer/sponsor to operate a public charter school; have a current or pending 501(c)(3) designation from the IRS for the school
McCurdy Charter School (Española, NM)
In 2011 one-hundred years after it originally opened as a boarding school–McCurdy Charter School began operations as a public charter in northern New Mexico. McCurdy serves over 540 students in K-12th grades and has a minority enrollment of 93% with 65% of students qualifying for free or reduced lunch. In 2016, CSDC purchased 10 acres, including a fully developed football field and two buildings, for McCurdy Charter School. The project included renovation of 32,000 square feet of existing space, as well as the ground-up development of a 38,000 square foot “built-to-suit” facility with 28 classrooms, 3 specialty rooms, and administrative offices. CSDC leveraged New Markets Tax Credit financing and McCurdy expects to benefit from $2.4 million in debt forgiveness as a result.
Prior to contacting CSDC directly, schools are requested to complete the relevant School Pre-Qualification Form (links below) and submit via the CSDC website. The following should be readily available:
- Charter authorizer and contact information
- Charter issuance, renewal, and expiration dates
- Historical and five-year projected enrollment
- Student demographic information
- Academic results (math & reading proficiency rates)
- Detailed budget and five-year projections
- School leadership
New School Pre-Qualification Form
Existing School Pre-Qualification Form