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New Jersey Community Capital

Marion P. Thomas Charter School
Marion P. Thomas Charter School

In 2007, New Jersey Community Capital closed a financing with Marion P. Thomas Charter School for $2.85 million to purchase a permanent home to educate 360 elementary school students in Newark, New Jersey. Through the New Markets Tax Credit Program, New Jersey Community Capital provided a loan for acquisition of the site the school currently occupies and to conduct improvements. The financing structure allowed Marion P. Thomas Charter School to borrow the money at a lower rate, contribute less equity to the project, and use more of its limited resources in the classroom rather than for facility costs. Transactions of this nature are vital to ensuring the permanence of schools like Marion P. Thomas Charter School because New Jersey's charter schools do not have access to state funding for facilities and have limited opportunity to acquire adequate funds from other sources to meet their facility needs.

Marion P. Thomas commenced operations as a charter school in September 1999 when it opened its doors to 60 students in grades K through 2. In the 2006-07 school year Marion P. Thomas is serving 360 students in grades K through 8. Marion P. Thomas focuses on language arts literacy and it celebrates the use of visual and performing arts to bring alive the core subjects. Equally important, Marion P. Thomas challenges students to seek excellence in character and develop the ability to make critical choices. In June 2006 Marion P. Thomas graduated its first 8th grade class of 17 students; students from that class collectively received over $150 thousand of scholarships to continue their education. In 2005, Marion P. Thomas students showed the highest increase in the state for the average passing rate on fourth grade achievement tests for math and language arts.

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