Clearinghouse CDFI (CCDFI) is helping Tierra Encantada Charter School (TECS) undergo a lease-purchase agreement by providing a $3,862,000 loan. TECS is a dual language charter school serving grades 7-12 in Santa Fe, NM. The 20-year lease purchase agreement is provided by Charter Schools Development Corporation (CSDC), a nonprofit CDFI serving charter schools nationwide.
Through increased competition and choice, charter schools raise the bar for public education standards. Between the 2019-20 and 2020-21 school years, charter school enrollment increased by 7% nationwide. TECS is acquiring its existing building through the agreement with CSDC, who is purchasing the building and allowing TECS to make lease payments applied toward a future purchase option. This lease purchase is made possible by a $3,862,000 loan from CCDFI.
TECS is in its 16th year of operations. The school offers a college credit dual-enrollment program for its high school students. This allows students to graduate with at least 24 college credits, making the transition from high school to college easier, less costly, and more likely for at-risk students.
Read the full story here: Just Funded – CSDCPC Tierra Encantada