![Senator Headshot](/sites/default/files/styles/4_3_small/public/%2802-05-09%29%20Perkins-HS-004.jpg?itok=Wp3dBVyj)
Albany Charter Cash Cow: Big banks making a bundle on new construction as schools bear the cost
Bill Perkins
May 7, 2010
-
ISSUE:
- Education
NY Daily News, May 7, 2010
OTHER NEWS MEDIA REFERENCES ON CHARTER SCHOOLS
Albany Charter Cash Cow: Big banks making a bundle on new construction as schools bear the cost
By Juan Gonzalez
Wealthy investors and major banks have been making windfall profits by using a little-known federal tax break to finance new charter-school construction.
The program, the New Markets Tax Credit, is so lucrative that a lender who uses it can almost double his money in seven years
In Albany, which boasts the state's highest percentage of charter school enrollments, a nonprofit called the Brighter Choice Foundation has employed the New Markets Tax Credit to arrange private financing for five of the city's nine charter schools.
But many of those same schools are now straining to pay escalating rents, which are going toward the debt service that Brighter Choice incurred during construction...
Share this Article or Press Release
Newsroom
Go to NewsroomDocument Drop: Bill Perkins, Cy Vance And DSK
August 23, 2011
Secure Communities making our communities insecure and unsecure
August 18, 2011
Pressure builds to prosecute Strauss-Kahn case
July 13, 2011