$20 Million in New Markets Tax Credit Funds
iLearn Academy Charter School
iLearn Academy Charter School Community Development Project
iLearn Academy Charter School (ILACS) is one of four charter schools on Guam. iLearn’s mission is to increase students’ Science, Technology, Engineering, and Math (STEM) skills by integrating technology into the curriculum. Currently (2021), iLearn is housed in a temporary school facility, with an enrollment of 740 students for the 2020-2021 school year and approval to increase up to 900 students upon completion of the new campus facilities.
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The proposed project consists of a technology-centered educational campus with classrooms and administrative space designed provide the best learning environment possible for the students, teachers and administrators of this trail-blazing school. The ~3.6-acre campus will include 30 classrooms for grades K-5, a large cafeteria/dining facility designed to allow on-site meal preparation with a focus on healthy food initiatives, a full-size (high school-equivalent) gymnasium to accommodate physical education and school-wide assemblies and programs.
Established in 2015, iLearn Academy Charter School became Guam’s second charter school. The school provides a rigorous academic curriculum for grades K-5 with a special emphasis in technology and robotics. Through the utilization of technology, students receive a unique and advanced educational experience to help ensure future success.
The realization of iLearn’s plan for a permanent campus is underway with opening scheduled for August 2022. This campus will be the first elementary school built in Guam in more than 10 years and include:
Main classroom/administration building that will allow for up to 900 students
State-of-the-art classroom technology infrastructure to expand on our ability to deliver the award-winning STEM curriculum and educational opportunities for our students
A large cafeteria/dining area designed to promote the delivery of sustainable and healthy food options for our students
A large, high-school-equivalent gymnasium that will allow for an unparalleled physical education program, school-wide assemblies and programs as well as space for robotics and other educational competitions.
CDFI Bond Guarantee Program Synopsis
Since inception, the program has guaranteed over $2.4 billion in bonds involving 5 Qualified Issuers and served 30 unique CDFIs. Collectively, these institutions have been instrumental in the authorization of a whopping total of $2.467 billion in bonds across 11 years. Uses of funds have been consistently targeted to affordable housing, small businesses, healthcare facilities, charter schools, and commercial real estate.
To offer a glimpse into the operations:
• A Certified CDFI, as a Qualified Issuer, applies for authorization to issue bonds with a minimum value of $100 million, to be drawn down by one or more Eligible CDFIs.
• These bonds are then sold to the Federal Financing Bank (FFB), which is the central financing agency for the federal government.
• With a maturity limit of up to 29.5 years per bond, the proceeds from this sale are then used by the Eligible CDFIs included in the Qualified Issuer’s authorization to make Secondary Loans.
Most CDFIs will interface with the BGP as Eligible CDFIs or Secondary Borrowers.