Academy Charter High School
1725 Main Street: Lake Como, NJ
Project Snapshot/Data
- Service provided by Build with Purpose: Facility Acquisition
- Completion Date: November 2008
- Size: 20,000 square feet
- Students Served: 203, Grades 9-12
- Developer: Friends of ACHS
- Total Acquisition Cost: $3M
- Financing/Lender: New Jersey Community Capital/CDFI-New Markets Tax Credits
Background
In 2008, Build with Purpose helped Academy Charter High School purchase the building it had been renting for the previous ten years. Build with Purpose structured the financing package and helped the school to secure $2.8 million in financing from The Reinvestment Fund of Philadelphia.
The purchase not only resulted in ACHS becoming the owner of their facility but it also provided them with another benefit-the school’s monthly mortgage payment is lower than what the school had been spending each month on rent. Because charter schools lack facilities support from the state and must pay rent from their operations budget, the lower payments mean the school can dedicate more of its budget to its primary mission of educating the students.
Utilizing a college preparatory curriculum which exceeds New Jersey Core Curriculum Standards, Academy Charter High School is a free public high school for residents of Allenhurst, Asbury Park, Avon, Belmar, Bradley Beach, Deal, Interlaken, and Lake Como, Academy Charter High School. The school has an enrollment of 203 students.
ACHS is one of more than 600 schools around the country to be part of Dr. James P. Comer’s School Development Program of Yale University. Founded on the principles of child development and social relationship theory, this process, collaboration between home and school, fosters positive school climate and creates optimal conditions for teaching and learning.
Read more about the client
ACHS school website
Press Releases
READS MOVES CHARTER SCHOOL FROM TENANT TO OWNER
