Reinvestment Fund financing is supporting a new home for Philadelphia’s Keystone Academy Charter School, a high-performing K-8 school.
With its lease ending and a need to expand, Keystone Academy sought aid in the form of a loan from Reinvestment Fund and M&T Bank early in 2016. The K-8th grade school, located in the Tacony section of Philadelphia, will expand both in square footage and student enrollment. The school, which has a mission to embrace strategies that support its elementary science program, aims to provide students with a rigorous academic program using a concentrated science and mathematics curriculum that employs the use of integrated technology.
Keystone Academy is a racially, economically, and culturally diverse school that has a curriculum with strong concentrations in mathematics and science. The school’s students have yielded consistently strong test scores.
The new building, about half a mile from the school’s current location, will be roughly 65,000 square feet and house 26 classrooms, a cafeteria, gymnasium/auditorium with a stage, library, music room, and a science lab. This move will allow the school to enroll 100 additional students in the lower grades in 2017, enabling Keystone Academy to reach its 700-student enrollment goal. The school will also hire four additional teachers when it grows enrollment.
The construction of the new building will be funded through Reinvestment Fund’s Nonprofit Energy Saving Improvement Program, which finances projects with energy conservation in mind. The school’s proposed design will generate 39% less energy than the baseline amount (25%) required for Nonprofit Energy Saving Improvement Program.
Reinvestment Fund financing is supported by grant funds through the U.S. Department of Education Credit Enhancement for Charter School Facilities Program. This allows us to offer flexible terms on our loan to Keystone Academy, as our loan is in a subordinate position with a higher than standard loan to value ratio.