CDFI Program Award Allows 100 Additional Students to Attend College-Ready Academy High School #7
Los Angeles, CA - U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund) Director Donna J. Gambrell attended today the grand opening of the new campus of College-Ready Academy High School #7. Surrounded by some of the lowest performing schools in the Crenshaw district of Los Angeles, the new high school will give the neighborhood's students an opportunity for academic achievement and help prepare them for a lifetime of success. Arriving just in time for the beginning of the school year, the financing made possible by the American Recovery and Reinvestment Act of 2009 (Recovery Act) allowed the new high school to add an additional grade level and 100 additional students at its new four-acre site.
"By promoting investment in underserved communities the Recovery Act awards made by the CDFI Fund are stimulating economic growth and bringing about new opportunities to Americans most in need," said Director Donna J. Gambrell. "I commend the Low Income Investment Fund for swiftly utilizing their Recovery Act award to finance the College-Ready Academy High School and bring needed jobs and educational resources to this community."
One of the primary challenges facing charter school operators is the difficulty of securing financing and finding appropriate facilities. At the end of June 2009, San Francisco-based CDFI, the Low Income Investment Fund (LIIF), received a $2 million financial assistance award from the CDFI Fund made available by the Recovery Act. LIIF used the additional capital to make a $7 million loan to Pacific Charter School Development (PCSD) to support the expansion of the new high school where an additional 100 students can now receive a high quality education.
"A good education equals earning power. It is central to ensuring a good future for kids and is a key to unlocking poverty," said Nancy O. Andrews, President and CEO of LIIF. "This project would not have been possible without the Recovery Act award LIIF received from the CDFI Fund. We appreciate that Director Gambrell has made it a priority to see the direct impact of the support that the CDFI Fund provides."
For more information about the CDFI Fund, visit www.cdfifund.gov.
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