NEW YORK, NY – September 23, 2025 – NYC Regional Community Development (NYCR-CDE) is pleased to announce the closing of $15 million in New Markets Tax Credit financing for the Charter School for Law and Social Justice in the Bronx. This is the eleventh charter school in the city that has utilized funding from NYCR-CDE and the eighth in the Bronx. 

The financing will assist the renovation of a six-story, 39,417 square foot building that will house a new middle school and community day care center. The middle school will accommodate 330 students and feature classrooms, a cafeteria, and double-height ceilings on part of the fifth and sixth floors for a multi-purpose gymnasium. The day care center, covering 8,916 square feet of the middle school building, will be leased to Sunshine Learning Center and will serve approximately 160 children from infancy through kindergarten. The financing will also provide working capital reimbursements for an existing 47,300 square foot high school run by the Charter School for Law and Social Justice that serves 505 students.   The infusion of capital furthers the charter school’s mission to target the needs of underserved communities in the Morris Heights section of the Bronx. 

Founded in 2015, the Charter School for Law and Social Justice provides an inclusive educational program that prepares students academically and empowers them to engage in social issues. The charter school was inspired by initiatives at New York Law School led by Professor Richard Marsico. His work on the school-to-prison pipeline, along with the Street Law Program that educates teens about their constitutional rights, highlighted the need for a high school and middle school focused on law and social justice. The efforts of Professor Marsico, his students, New York Law School alumni, and the College of Mount Saint Vincent made this vision a reality. The Charter School for Law and Social Justice emphasizes community engagement as a core value. They partner with local groups to give students and their families real-world experiences and support. Key initiatives include mentoring programs with law students and attorneys, community service projects related to social justice, and extended support for English language learners and students with special needs through longer school days.

The $15 million transaction utilized a portion of a previous $45 million New Markets Tax Credit award from the U.S. Department of Treasury to NYCR-CDE. To receive a New Markets Tax Credit allocation award, NYCR-CDE was required to demonstrate a mission and track record of providing investment capital for low-income communities.

Since 2016, NYCR-CDE has received seven separate annual tax credit awards totaling $315 million.  Examples of previous fundings include:

• Construction of the National Urban League’s new headquarters in Harlem
• Redevelopment of the Major Owens Community Center in Brooklyn
• Redevelopment of the Armory Track & Field Center in Washington Heights
• Expansion of St. John’s Episcopal Hospital Center in Far Rockaway
• Construction of nine charter schools
  • $23 million for DREAM in the South Bronx
  • $20 million for Achievement First Linden Middle School in Brooklyn
  • $20 million for KIPP NYC in the Bronx
  • $19 million for Bold Charter School in the Bronx
  • $18 million for Neighborhood Charter School in the Bronx
  • $18 million for Promise Academy II in East Harlem
  • $15 million for Comp Sci High in the Bronx
  • $15 million for DREAM in the South Bronx
  • $15 million for Charter School for Law and Social Justice in the Bronx
  • $11 million for Ascend Charter Schools in Brooklyn

The New Markets Tax Credit Program was created by Congress in 2000 in an effort to stimulate private investment and economic growth in low-income neighborhoods and rural communities that lack access to capital. Historically, low-income communities often have difficulty attracting investment. The program aims to break this cycle of disinvestment by attracting the private investment necessary to reinvigorate struggling local economies. Private capital is incentivized by providing federal income tax credits to investors in exchange for making equity investments in low-income neighborhoods.