New York, NY, June 24, 2026 (GLOBE NEWSWIRE) — NEW YORK, NY – June 24, 2026 – The New York City Regional Center (“NYCRC”) 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 a NYCRC-managed entity 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 serves a predominately low-income student population with approximately 97% of students identified as economically disadvantaged.
The $15 million transaction utilized a portion of a $75 million New Markets Tax Credit award from the U.S. Department of Treasury to New York City Regional Community Development (“NYCR-CDE”), a community development entity managed by NYCRC. 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 eight separate annual tax credit awards totaling $390 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 seven Grand Street Settlement early childhood centers in Brooklyn and the Bronx
- Construction of four Community Healthcare Network clinics in Queens, Manhattan, and the Bronx
The New Market 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.
About New York City Regional Center
NYCRC was approved by the United States Citizenship and Immigration Services in 2008 to secure foreign investment for real estate and infrastructure projects under the EB-5 Immigrant Investor Program. Over the past 18 years, NYCRC has put $1.58 billion of EB-5 capital and $390 million of New Market Tax Credit capital to work across a broad spectrum of infrastructure and real estate projects in New York City. Much of this capital has been invested in low-income areas in need of long-term economic growth. Examples include:
- $873 million to finance ground-up, redevelopment, and infrastructure projects in Brooklyn, including seven projects totaling $385 million in the Brooklyn Navy Yard
- $321 million to finance ground-up construction in the Bronx
- $232.5 million to finance the construction of a public high-speed wireless infrastructure network in New York City subway stations and along city streets
- $127.5 million to finance ground-up and redevelopment projects in Washington Heights (an Upper Manhattan Empowerment Zone)
To date, 56 projects across New York City have utilized NYCRC EB-5 and New Market Tax Credit capital to assist in the construction of over 7.2 million square feet of new development and renovation as well as critical infrastructure initiatives. In addition to fueling economic development, NYCRC offerings have enabled over 6,400 individuals from 30 different countries to become permanent residents of the United States through the EB-5 Immigrant Investor Program.
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