Unique Financing Program Helps Expand Learning
When the Miftaahul Uloom Learning Center - housed for some five years in the basementof a local fraternal organization- wanted to expand its award winning preschool to highschool programs, it faced a daunting task. Founders of the Montessori affiliated initiative were willing to invest and raise substantial sums of money but they knew it would take more to establish a first class facility. And, they knew it would be preferable to own the facility in order to establish stability in the community.
Enter New Millennium Bank and the New Market Loan Fund- provided by Greater New York Development Co. (GNYDC). An affordable financing package from them has enabled the Learning Center to move from its 100 children capacity cramped basement space to a 33,000 square foot former school which not only quadruples its capacity but contains amenities necessary to a first class school operation-including a state of the art gymnasium, cafeteria, auditorium and outdoor space.
The new space is a former Catholic school building in move-in condition. The sellers, The Sisters of the Catholic Apostolate Pallotines, are including all furniture and fixtures Including desks and office furnishings in the transaction. The real estate is in a New Market Tax Credit eligible area and is designated as an Economic Development Zone; Housing Hot Zone; and other categories reflecting its higher than average poverty rate. It is also in a NJ designated Abbott School District, qualifying it for special funding for school programs including daycare and charter school programs. With the combined profiles of Abbott Daycare, pre-school eligibility, Montessori operations and a parochial school, the Learning Center is a multi dimensional facility able to serve its community in a diverse manner.
Miftaahul Uloom Inc. was formed in 1994 to operate a preschool daycare and Montessori program. The school serves a large Hispanic population as well as Islamic population, in recognition of the facts that the local Hispanic population is over 40% and there is a very large Islamic population in the area. The population and program quality have driven the current expansion and growth.
The operation's management is very diverse and well qualified. Founder Faatimah Yanes, also Director of Operations and high school teacher is a Dartmouth Graduate and former English teacher at Beijing Medical University. The current principal Rozanne Sworak started as a food scientist for Seagrams and Lipton before becoming a teacher. Vice Principal Matter was educated in Egypt and is fluent in English, Italian, among other languages. The current Board Chair Dr. Moinuddin is a Psychologist and the board also counts among its members an IT specialist from a Wall Street Financial company, a nurse and a lab technician. The Board of Directors is assisted by a Board of Guardians composed of other community members.
The new facility will enable program expansion, an increase of students, a better classroom experience and an expansion of jobs. Financing for the facility is provided by New Millennium Bank with a 50% first lien, the New Market Loan Fund from GNYDC for a 40% second lien with 10% of the total project cost being provided by the school.
GNYDC's New Market Loan derives from the nationally known community development entity- Community Reinvestment Fund (CRF), a 40-year-old community development funding program. The financing package has enabled the Learning Center to use its fundraising efforts and operating funds for the working capital needs of the move/expansion. The New Market Fund provided by GNYDC provides low cost financing to not-for-profits to better communities.
Enter New Millennium Bank and the New Market Loan Fund- provided by Greater New York Development Co. (GNYDC). An affordable financing package from them has enabled the Learning Center to move from its 100 children capacity cramped basement space to a 33,000 square foot former school which not only quadruples its capacity but contains amenities necessary to a first class school operation-including a state of the art gymnasium, cafeteria, auditorium and outdoor space.
The new space is a former Catholic school building in move-in condition. The sellers, The Sisters of the Catholic Apostolate Pallotines, are including all furniture and fixtures Including desks and office furnishings in the transaction. The real estate is in a New Market Tax Credit eligible area and is designated as an Economic Development Zone; Housing Hot Zone; and other categories reflecting its higher than average poverty rate. It is also in a NJ designated Abbott School District, qualifying it for special funding for school programs including daycare and charter school programs. With the combined profiles of Abbott Daycare, pre-school eligibility, Montessori operations and a parochial school, the Learning Center is a multi dimensional facility able to serve its community in a diverse manner.
Miftaahul Uloom Inc. was formed in 1994 to operate a preschool daycare and Montessori program. The school serves a large Hispanic population as well as Islamic population, in recognition of the facts that the local Hispanic population is over 40% and there is a very large Islamic population in the area. The population and program quality have driven the current expansion and growth.
The operation's management is very diverse and well qualified. Founder Faatimah Yanes, also Director of Operations and high school teacher is a Dartmouth Graduate and former English teacher at Beijing Medical University. The current principal Rozanne Sworak started as a food scientist for Seagrams and Lipton before becoming a teacher. Vice Principal Matter was educated in Egypt and is fluent in English, Italian, among other languages. The current Board Chair Dr. Moinuddin is a Psychologist and the board also counts among its members an IT specialist from a Wall Street Financial company, a nurse and a lab technician. The Board of Directors is assisted by a Board of Guardians composed of other community members.
The new facility will enable program expansion, an increase of students, a better classroom experience and an expansion of jobs. Financing for the facility is provided by New Millennium Bank with a 50% first lien, the New Market Loan Fund from GNYDC for a 40% second lien with 10% of the total project cost being provided by the school.
GNYDC's New Market Loan derives from the nationally known community development entity- Community Reinvestment Fund (CRF), a 40-year-old community development funding program. The financing package has enabled the Learning Center to use its fundraising efforts and operating funds for the working capital needs of the move/expansion. The New Market Fund provided by GNYDC provides low cost financing to not-for-profits to better communities.
