$25,000 Awardee – Financing
Charter School Development Corporation (CSDC), a Hanover, MD-based CDFI, was selected to receive the Financing award for accessing capital markets in innovative ways that establish replicable models for acquiring affordable capital in difficult economic times. CSDC is an $85 million CDFI that provides credit enhancement lending and uses tax credits in innovative ways to help charter schools procure capital commitments for their facilities. CSDC focuses on financing new and early-stage schools with less than three years’ operating history. It has invested $42 million to leverage over $560 million in financing for 217 schools in 24 states with a default rate of less than 1.8%. These investments have financed 25,000 new student seats and 3.8 million square feet of facilities. In 2010, CSDC entered into a strategic alliance with Entertainment Properties Trust (EPT), a real estate investment trust that will invest up to $100 million with CSDC for charter schools.