Wilcox Academy*
New Orleans, AL
After Hurricane Katrina, when McCormack Baron Salazar began redeveloping the C.J. Peete public housing site into Harmony Oaks, residents asked for an educational "hub" to serve the community. While the 500-unit mixed-income housing project included a restored community center and KIPP Central City Academy, an early childhood education (ECE) facility was still missing.
At the same time, Wilcox Academy of Early Learning, founded in 2006 by Rochelle Wilcox as a Black woman-owned business, had established itself as a leader in ECE in New Orleans. With deep roots in the Central City neighborhood, Mrs. Wilcox sought to give back by equipping the community's youngest learners with the skills they need to succeed.
Wilcox Academy is now developing a 9,900+ square-foot flagship center on the vacant land between KIPP Central City Academy and the Harmony Oaks Community Center. The new facility will feature 13 classrooms and serve up to 150 children, from birth to age four, focusing on low-income families. As a Type III center, it will receive public funds to support these families.
To bring this vision to life, Wilcox Academy required additional capital. While it had some equity, public funding, and loans, the resources were insufficient. MBS Urban Initiatives CDE made an $8.5 million New Markets Tax Credit (NMTC) investment, supplemented by equity from a $5 million Louisiana state NMTC allocation provided by Enhanced Community Development, along with loans from the Low-Income Investment Fund (LIIF) and Credit Human.
In addition to providing critical early education, the project will create 21 new jobs, retain nine, and develop four affordable housing units for educators, offering housing for families earning up to 80% of the Area Median Income.
This institution is an equal opportunity provider.
Quick Facts
Square Footage: 13,174 sq ft
Total Investment: $8,500,000 NMTC Allocation
Developer: Alembic Community Development
Owner: Wilcox Academy Owner
Allocatees: MBS Urban Initiatives CDE, Enhanced Community Development (Louisiana State Credits)
NMTC Equity Investor: US Bank Impact Finance
Architect: Manning Architects
Direct and Leverage Lender: Wilcox Academy Way, LIIF, Credit Human, MBS Community Impact Fund
Projected Construction Jobs: 30
Projected Permanent Jobs: 30