CSCDA Issues $5,120,000 Tax-Exempt Loan for Lighthouse Community Charter School
November 30, 2016
The California Statewide Communities Development Authority (CSCDA) is pleased to announce the closing of a $5,120,000 tax-exempt loan for the benefit of Lighthouse Community Charter School (Lighthouse) located in Oakland, California. The borrower under the loan is the Rogers Family Foundation.
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Lighthouse, a 501c3 nonprofit organization, was founded in 2002 by a small group of committed teachers and parents in downtown Oakland. The School serves over 740 students in grades K-12, supported and taught by over 100 faculty and staff. Dedicated to serving a student population that has been historically underserved by the traditional school system, Lighthouse provides a much-needed option for students and their families in Oakland.
About the Rogers Family Foundation:
Founded in 2003, the Rogers Family Foundation is a private family foundation established by T. Gary and Kathleen Rogers. The Foundation primarily focuses on Oakland’s public schools where it seeks to positively transform the educational experience of students furthest from the opportunity. The Foundation envisions a future in which all Oakland students have the opportunity to attend a high-quality school where inspired and effective teachers personalize learning for every student.
About the Financing:
CSCDA partnered with First Republic Bank to provide the $5.12 million tax-exempt loan for Lighthouse. The bonds will be used to refinance a bank loan, which together with New Markets Tax Credits, was originally used to finance the acquisition and construction of Lighthouse’s facilities in the City of Oakland.
CSCDA is a joint powers authority created in 1988 and is sponsored by the California State Association of Counties and the League of California Cities. More than 500 cities, counties and special districts are program participants in CSCDA, which serves as their conduit issuer and provides access to efficiently finance locally-approved projects. CSCDA has issued more than $57 billion in tax exempt bonds for projects that provide a public benefit by creating jobs, affordable housing, healthcare, infrastructure, schools and other fundamental services.
For more information about CSCDA, please visit: www.cscda.org
For more information about Lighthouse, please visit: www.lighthousecharter.org
For more information about the Rogers Foundation, please visit: www.rogersfoundation.org
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