LOS ANGELES—Nonprofit lender ExED has secured$28 million in New Markets Tax Credits from theUS National Treasury Department to develop acharter school serving underprivileged communities in SouthernCalifornia. The fund allocation will allow ExED to develop at leastthree new educational facilities. These funds wereallocated to ExED's subsidy LA Charter School New MarketsCDE.

With these funds, ExED will secure below-market construction andfinancing loans to continue developing charter schools. Thenonprofit company also plans to create financingprograms for charter schools leasing properties. To establishquality schools and programs, ExED will partner with establishedCharter School operators that have a proven high-performance trackrecord.

This is not ExED's first experience with the program. It hasgenerated $146 million in financing through New Markets Tax Creditssince 2005, enabling it to build 26 new charter schools serving12,000 low-income students. These schools include KIPPRaices Academy in East Los Angeles and El SolScience and Arts Academy in Santa Ana.