A New York City Regional Center-managed community development entity has provided $15 million in New Markets Tax Credit financing to support construction of a new Nuasin Next Generation Charter School facility in the Bronx, marking the twelfth New York City public charter school to receive funding through a NYCRC-managed entity.

The financing will help fund a six-story, 59,000-square-foot K-12 public charter school in the Van Nest neighborhood, expanding educational capacity in a community where demand for charter school enrollment continues to grow. The new facility is expected to serve approximately 700 students once fully occupied.

The project represents the ninth Bronx-based charter school to receive support from a NYCRC-managed entity and highlights the increasing role of federal tax credit programs in financing community-focused developments in underserved urban neighborhoods.

Nuasin Next Generation Charter School serves a predominantly low-income student population, with approximately 97% of students classified as economically disadvantaged. The new building is expected to provide the charter network with additional capacity to accommodate enrollment growth while expanding educational opportunities in the surrounding community.

Under the phased occupancy plan, Nuasin will initially utilize the upper four floors of the building, with the remaining space brought online as enrollment increases. The school plans to add additional grade levels annually until reaching full K-12 capacity.

The transaction utilized a portion of a $75 million New Markets Tax Credit allocation awarded by the U.S. Department of the Treasury to New York City Regional Community Development (NYCR-CDE), a community development entity managed by NYCRC. The New Markets Tax Credit program is designed to attract private investment into low-income communities by offering federal tax credits to investors who provide capital for qualifying projects.

To secure allocation awards under the program, community development entities must demonstrate both a mission and track record of investing in economically underserved areas. Since 2016, NYCR-CDE has received eight separate allocation awards totaling $390 million.

The latest school financing adds to a portfolio of community-focused projects supported through the organization’s tax credit platform. Previous investments have included financing for the National Urban League’s headquarters in Harlem, redevelopment of the Major Owens Community Center in Brooklyn, expansion projects at St. John’s Episcopal Hospital in Far Rockaway and the development of multiple early childhood education centers and community health clinics throughout New York City.

Created by Congress in 2000, the New Markets Tax Credit program was established to address chronic underinvestment in low-income urban and rural communities. By encouraging private-sector participation through tax incentives, the program seeks to stimulate economic development, create jobs and expand access to critical community services.

The Nuasin project reflects a broader trend of using public-private financing structures to support educational infrastructure in underserved neighborhoods. As charter school networks and community institutions seek capital for expansion, tax credit financing has become an increasingly important tool for projects that may otherwise face challenges accessing traditional funding sources.

NYCRC has played a significant role in financing development projects throughout New York City over the past two decades. Since receiving approval in 2008 to participate in the federal EB-5 Immigrant Investor Program, the organization has deployed approximately $1.58 billion in EB-5 capital and $390 million in New Markets Tax Credit financing across infrastructure and real estate projects throughout the five boroughs.

Those investments have included developments in Brooklyn, the Bronx, Washington Heights and citywide infrastructure initiatives, including financing for public wireless communications networks. According to the organization, 56 projects have utilized NYCRC-sponsored capital, contributing to the construction or renovation of more than 7.2 million square feet of development across New York City.

With construction underway, the new Nuasin school is expected to provide expanded educational capacity in the Bronx while serving as another example of how federal tax credit programs can be leveraged to support community development and long-term investment in underserved neighborhoods.