December 2008

The Holy Cross School

THE PROJECT

In 2008, AMCREF Community Capital (AMCREF), provided $8.5 million of NMTC financing to Holy Cross School, a 127 year-old non-Archdiocesan parochial school, whose former facilities in New Orleans’ Lower 9th Ward were severely damaged by Hurricane Katrina.

Holy Cross School has been an active, positive member of the New Orleans community for many years as a young men’s college preparatory school and serves over 1,000 students in grades 5 through 12. Their original 16-acre campus was inundated by floodwaters and completely destroyed by Katrina. They rebuilt their campus in the nearby Gentilly neighborhood of New Orleans with the support of the community’s residents. The new school was the first major investment made in that community following Hurricane Katrina. The facility is 252,000 square feet on 18.86 acres and includes a high school, middle school, athletic complex, administration building and central services facility.

COMMUNITY IMPACT

Holy Cross is providing numerous benefits to the community, including:

  • Job Creation: The facility maintained the school’s existing 64 FTE jobs and created an additional 43 FTE jobs.The construction phase created 375 construction jobs.
  • Services to LIC residents: The project qualifies for NMTCs as a Targeted Distressed Community. Approximately 80% of the school’s employees were displaced either from their principal residence or their principal source of employment as a result of Hurricane Katrina. Furthermore, approximately 25% of the students are minorities. The school’s tuition is less than many non-public schools in the New Orleans area and offers a more affordable option for many families.
  • Scholarship: As part of the Holy Cross NMTC transaction, AMCREF established the Gulf South Rebirth Fund Scholarship to fund eight years of full tuition (grades 5-12) for a need based,minority student residing in Orleans Parish.