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CUMBERLAND – Civic Builders last month announced the closing of financing and start of construction on the 40,000-square-foot charter school for Blackstone Valley Prep Mayoral Academy.
When completed, the school will serve 400 elementary students from Central Falls, Pawtucket, Lincoln and Cumberland.
Slated to open in late 2014, the 14-classroom school will be located on Broad Street in Cumberland. It will serve students from low-income families and is expected to create more than 40 full-time jobs, Civic Builders said in a statement.
The $15 million project was financed using a leveraged New Markets Tax Credit structure. New Markets Tax Credits are federal credits administered by the U.S. Treasury and are designed to help to spur revitalization efforts in low-income and impoverished communities.
According to the statement, Civic Builders used $10.5 million of its New Markets Tax Credit allocation authority in the project. Civic invested additional capital from the Bill & Melinda Gates Foundation and debt sourced from Boston Community Loan Fund and Eastern Bank. U.S. Bancorp Community Development Corporation, the community-development subsidiary of U.S. Bank, provided the tax-credit equity and $4.25 million of additional allocation. •