CHARTER SCHOOLS DEVELOPMENT CORPORATION AWARDED $70 MILLION BOND LOAN THROUGH U.S. TREASURY BOND GUARANTEE PROGRAM
(Hanover, MD, October 4, 2022) The Charter Schools Development Corporation (CSDC) announced today that it was awarded a $70 million bond loan from the United States Treasury Department’s Community Development Financial Institutions Fund (CDFI Fund) Bond Guarantee Program (BGP). The CDFI Fund is issuing three guarantees totaling $355 million, the largest issuance in the program’s history.
CSDC is one of three CDFIs in a multi-party bond totaling $130 million, with Opportunity Finance Network (OFN) as the Qualified Issuer. In addition to CSDC, OFN will issue a $10 million bond to Community Ventures and a $50 million bond to Greater Minnesota Housing Fund.
This bond will enable CSDC to put long-term, low-cost, fixed-rate capital to work nationally to fund charter school facilities in underserved and distressed communities.
About the CDFI Bond Guarantee Program
Established by the Small Business Jobs Act of 2010, the CDFI Bond Guarantee Program responds to a critical market need-low-cost capital to spur economic growth and jump start community revitalization. Under the program, Qualified Issuers (CDFIs or their designees) apply to the CDFI Fund for authorization to issue guaranteed bonds worth a minimum of $100 million in total. The bonds provide CDFIs with access to substantial long-term, fixed-rate capital to reignite the economies of distressed communities.
The program enables CDFIs to execute large-scale projects, including the development of commercial real estate, housing units, charter schools, daycare or healthcare centers, and rural infrastructure projects, among other assets. As of August 31, 2022, more than $1.4 billion in bond proceeds has been disbursed in 32 states and the District of Columbia.
ALAN WASHINGTON TO BECOME PRESIDENT AND CHIEF EXECUTIVE OFFICER OF CHARTER SCHOOLS DEVELOPMENT CORPORATION
(Hanover, MD, August 1, 2022) The Charter Schools Development Corporation (CSDC) announced today that, effective September 14, 2022, Alan Washington will become President and Chief Executive Officer of CSDC. Washington comes to CSDC having recently served as Executive of Real Estate at Success Academy Charter Schools, responsible for developing and overseeing Success Academy’s entire real estate portfolio, including acquisitions, design, construction, and asset management.
“On behalf of the Board of CSDC, we are extremely happy to have Alan join us as our next CEO,” said Michael Curran, Chairman of the Board. “The search process was quite extensive and a large number of candidates were considered. We were focused on finding someone who is a “builder” and who exemplifies all the traits of a great leader. Alan possesses all of these abilities and traits and combines them with a collaborative and team-oriented approach that embraces the interests of all stakeholders both externally and internally. We were highly impressed with Alan upon first meeting which grew as the process moved forward. We are highly confident that Alan will be a great leader as we enter the next chapter of CSDC’s evolution.”
“I am thrilled and honored to be named CSDC’s next CEO,” Washington said. “For over 25 years, CSDC has been a leader in financing and building charter school communities across the United States. I am excited to lead the organization through its next phase. Most importantly, I look forward to joining the best group of professionals in the business, and collaborating with an incredibly impressive and supportive board.”