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Location: Albany, NY
Loan Amount: $24.5 Million
School Savings: $3.6 Million
School Site: www.kippalbany.org
Ratings Direct: KIPP Albany Community Public Schools
Obligor Summary: KIPP Albany Community Public Schools Obligor Summary
KIPP Albany Community Public Schools was established in 2020 after the merger of two of Albany’s longest-serving charter schools, KIPP Tech Valley and Albany Community Charter School (ACCS). The network serves over 1,500 students in grades K-8 across four campuses with a mission to prepare students for the paths they choose in life and allow them to create a more just world. KIPP provides an excellent education option for some of Albany’s most underserved communities and the vast majority of its students qualify for free or reduced-price lunch and are people of color. In 2019, KIPP Tech Valley earned distinction as a New York State distinction school, an honor reserved for the top 15% of schools in the state.
EFF provided a $24.5 million loan to refinance KIPP Albany’s existing debt. The 30-year fixed-rate loan will produce over $3.6 million in savings compared to alternative financing options.
"In the midst of a challenging year for schools due to the Covid-19 pandemic, Equitable Facilities Fund became a trusted and valuable partner for KIPP Albany. Our transaction with EFF, a refinancing of all of our existing debt, has put our organization on strong financial footing for the future and was made easy by EFF's strong and knowledgeable partnership. The savings we will realize both immediately and long-term ensures a true impact on our program and will allow us to demonstrate continued strength and growth in Albany. As we fulfill our mission of providing joyful, academically excellent schools for all of our students, we are grateful to have a partner like EFF that is equally focused on dedicating more resources to our students."
-Stephanie Valle, Executive Director, KIPP Albany Community Public Charter Schools