Philip’s Academy Charter School (PACS) in Newark, New Jersey, has been providing a rigorous and nurturing educational program to families from low income and urban areas for more than three decades. What began as St. Philip’s Academy in 1988 later became the first independent school in New Jersey to convert to a charter public school.
PACS serves a diverse student body using a hands-on, technology infused educational environment that embraces differentiated instruction and individual attention. They are replicating this successful model about 15 miles north of Newark in Paterson, the state’s 3rd largest city.
According to the New Jersey Community Development Corporation, 26% of all Paterson residents are below the national poverty level, and 38% of these individuals are under 18. More than 50% of the city’s adults in poverty only have a high school diploma or less.
PACS is working to turn those statistics around, and assembled an experienced team to fund their plan to turn a vacant parcel of land into a new 63,000 square foot facility serving 675 students.
The Leviticus Fund is happy to be part of the effort, with a $1.5 million participation in a leverage loan from New Jersey Community Capital. Building Hope, a 501(c)(3) founded in 2003 to close the educational achievement gap by giving students access to high quality charter public schools, is the project sponsor. Additional financial support is being provided by FARR Education, PNC Bank, and the Community Development Trust.
The core values of Philip’s Academy are that love fuels everything, every child has a spark of genius, the right environment unleashes potential, and that we can always find a better way. The Leviticus Fund is happy to help further those values with a loan that continues our commitment to lending in support of charter public schools.
