NEW YORK, NY – June 19, 2026 – NYC Regional Community Development (NYCR-CDE) is pleased to announce the closing of $15 million in New Markets Tax Credit financing for the construction of the Nuasin Next Generation Charter School in the Bronx.  This is the twelfth public charter school in the city that has utilized funding from NYCR-CDE and the ninth in the Bronx. 

Nuasin Next Generation Charter School (Nuasin) is one of the city’s growing charter school networks.  The funding is helping finance construction of a six-story K-12 public charter school in the Van Nest neighborhood of the Bronx that will be home to approximately 700 students.  The new 59,000 square foot building will allow Nuasin to expand and meet the demand of the surrounding community.  During its initial phase, the new school will utilize the upper four floors with the first two floors remaining temporarily unaccompanied until enrollment increases.  Each year, Nuasin will add additional grades until capacity is met for grades K-12. 

Nuasin currently operates one other charter school in the Bronx.  The organization is dedicated to preparing students for long-term academic success and college readiness through a student-centered education model rooted in rigor, self-advocacy, and community.  Nuasin serves a predominately low-income student population with approximately 97% of students identified as economically disadvantaged.  The organization emphasizes well planned instruction, data-driven decision-making, and social-emotional support, with the objective of preparing students for success in post-secondary education and future careers. 

The $15 million transaction utilized a portion of a $75 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.

About NYC Regional Community Development (NYCR-CDE)

Founded in 2015, NYCR-CDE’s mission is to expand access to capital for underserved neighborhoods across New York City. Since that time, we’ve provided $390 million in tax credit financing that’s fueled the construction and renovation of over 1.7 million square feet of community facilities as well as enabled thousands of hours of youth programming in areas of the city starved for capital.

Our investment strategy targets five high-impact sectors that underserved neighborhoods need to thrive. We are one of the city’s leading sources of financing for the construction of public charter schools and early childhood education centers -- having funded twenty new school buildings that are serving over 9,200 students. We’ve helped strengthen the city’s healthcare safety net by financing the development of six Federally Qualified Health Centers that are accommodating over 237,000 patient visits annually. Our funding has also fueled the construction and renovation of 450,000 square feet of new community centers, indispensable neighborhood infrastructure that is making New York City healthier and more connected. Finally, we’ve funded new supermarkets and food pantries in the city’s food deserts because access to affordable, quality food is critical to building strong communities.

Our financing is done through the New Markets Tax Credit program, a federal initiative that helps direct investment to low-income communities.

About the New Markets Tax Credit Program

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.