In June 2009, CDF provided $17 million in New Markets Tax Credit financing to Christ the King College Preparatory School, a private, non-profit Catholic Jesuit secondary school that serves students from the Austin neighborhood and surrounding communities. The school is based on the “Cristo Rey” model in which students are placed in an internship program and are able to earn up to 75 percent of their tuition while gaining valuable social capital skills and work experience to supplement their education.
Construction on the facility began in June 2008 and was completed in January 2010. The 100,000 square foot high school serves over 300 students each year. In addition to classroom space, the school includes a gymnasium, library and other ancillary space. The building’s design and construction also incorporated a number of green features, such as a 25 percent green roof, a reflective “cool roof” for the balance of the building, substantial use of recycled construction materials, and energy and water-efficient building systems.
CDF’s NMTC financing is now unwound and closed out.