MassDevelopment Bond Helps Dorchester Charter School Buy Building, Add Grades

September 27, 2010

Contact:
Kelsey Abbruzzese, MassDevelopment, 617-330-2086

MassDevelopment has issued $1,080,000 in tax-exempt bonds on behalf of Dorchester Collegiate Academy Charter School (DCA), a new charter school that opened in fall 2009 with 40 students in fourth grade. The School plans to use bond proceeds to purchase the building it currently leases, which will allow the School to add a grade each year until reaching 12th grade. DCA will enroll 30 new students in fall 2010, bringing total enrollment to 70 students. The bonds, enhanced with a MassDevelopment mortgage insurance guaranty, were purchased by Boston Private Bank & Trust Company. The project is creating three new jobs.

“DCA prides itself on providing a safe, structured, and supportive educational environment for its students, and this low-cost financing will help the School add grades to serve more area children,” said MassDevelopment President and CEO Robert L. Culver. “The Agency is pleased to help DCA and other schools around the Commonwealth ensure a well-rounded education for each student.”

Dorchester Collegiate Academy offers a holistic learning community that emphasizes intellectual rigor and character development to prepare students for college, leadership, and lifelong learning.

MassDevelopment, the state's finance and development authority, works with businesses, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2009, MassDevelopment financed or managed 229 projects statewide representing the investment of nearly $1.2 billion in the Massachusetts economy.