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I hope that you and your loved ones are staying well during this time of uncertainty. Like all of you, we’ve been grappling with the impact of the COVID-19 crisis on our friends and families, the public education sector, and the global community.
In the midst of these challenging times,I am grateful to share two things with you:
1. Exemplary Leadership
I am humbled and inspired by the extraordinary work schools across the country are doing as they continue to educate students and provide essential services to communities.
2. Recent High-Impact Loan Closings _
Like our school partners, EFF is dedicated to tackling the challenges of these unprecedented times. We continue to focus on delivering value and putting money back in the classroom where it belongs. Our collaborative, problem-solving approach culminated in the closing of two low-cost, long-term, fixed-rate facility loans over the last month to KIPP New Jersey in Newark and Renaissance Arts Academy in Los Angeles.
Founded in 2002, KIPP New Jersey has grown to serve over 4,700 K-12 students, 90% of whom are economically disadvantaged. The school provides a high-quality education option to families in Newark, and its students outperform their wealthier peers throughout the state. EFF provided a $21.5 million loan to finance the acquisition and renovation of a former Newark Public School building. The 30-year, fixed-rate loan will save the school $2.4 million.
Renaissance Arts Academy serves 540 students in grades TK-12, 65% of whom come from low-income families in Los Angeles. RenArts has a 15-year history of exceptional student outcomes, including top 10% statewide test scores. EFF provided a $16.1 million loan to finance the acquisition of the school that RenArts previously leased. In addition to financing a permanent home, the 30-year, fixed-rate loan will save the school $3.5 million.
EFF remains committed as ever to its mission to provide equitable financing for high-quality public charter schools. We are proud to partner with schools like KIPP New Jersey and Renaissance Arts Academy that offer excellent education options for all students.