December 2, Reno, NV – Mariposa Language and Learning Academy, a public charter school serving grades K-6 in Reno, received a Nevada Facilities Fund loan for an expanded campus to serve 325 students at full capacity, celebrating with a ceremony that featured students receiving keys to the school’s building. Mariposa Language and Learning Academy provides a rigorous and challenging academic curriculum while developing both English and Spanish literacy. This unique model prepares students for college, career, and life in a global economy.
“Mariposa Language and Learning Academy students will benefit from the Nevada Facilities Fund, from an expanded campus to serve more students to freeing up more resources for kids, teachers, and classrooms,” said Jenny Hunt, Director of Mariposa Language and Learning Academy. “As one of the highest performing Title I schools in the Reno area, we look forward to creating opportunities for more students to experience all that Mariposa Language and Learning Academy has to offer.”
Mariposa Language and Learning Academy’s loan through the Nevada Facilities Fund closes a 20+ year lease with an option to buy for the school. The loan proceeds were used to purchase the existing site of the school on about 1.9 acres and will provide for an addition of approximately 11,000 square feet of learning space.
For schools to qualify for the Nevada Facilities Fund, they must meet a specific set of financial and performance criteria, including demonstrating academic results, as well as a commitment to serving students who have historically been furthest from opportunity. Mariposa Language and Learning Academy currently serves 192 students, of whom 100% are Free and Reduced Lunch eligible and 40% are English Language Learners. About 95% of students identify as a person of color. Additionally, the school serves students from 14 of the area’s 24 zip codes.
“Mariposa Language and Learning Academy has demonstrated its commitment to providing high-quality educational opportunities for kids throughout the Reno area, and we’re thrilled to celebrate the Nevada Facilities Fund’s role in their future success and sustainability,” said Jana Wilcox Lavin, CEO of Opportunity 180. “We are grateful for the support of Governor Lombardo, Treasurer Conine, and the State Infrastructure Bank in supporting these innovative, growing public schools as they serve more students, and the Washoe County School District Board for supporting Mariposa Academy’s vision for the future.”
Introduced last year, the Nevada Facilities Fund is a first-of-its-kind, public-private partnership that addresses a critical issue for high-performing public charter schools. While charter schools receive public funding per student, they must spend a significant amount of those limited per-pupil dollars on their facilities and thus face a major barrier to opening and operating high-quality schools. The Fund infuses $100 million of new investment in the Silver State, including $80 million from the Equitable Facilities Fund’s national funders and investors, $15 million from the Nevada State Infrastructure Bank, and $5 million in privately raised philanthropy. It will support $25 million in savings and additional flexibility within school budgets that will flow directly to students and classrooms.
“We are thrilled to close the second loan of the Nevada Facilities Fund with Mariposa Language and Learning Academy,” said Anand Kesavan, Founder and CEO of Equitable Facilities Fund. “At Equitable Facilities Fund, we believe every student deserves access to an excellent learning environment, and we’re honored to play a small role in helping Mariposa accelerate its impact on educational outcomes for this diverse and vibrant community.”
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About Opportunity 180:
Opportunity 180 is a 501c3 nonprofit organization that is committed to ensuring every kid has access to a great school in their neighborhood that puts them on track to be college and career-ready, regardless of their zip code. We operate as investors, facilitators, and connectors, working with and through the community to reach our shared North Star and to ensure 100,000 more kids have access to a high-quality school in their neighborhood. O180 works across five focus areas that have been proven to have the greatest impact on education ecosystems and ensure the best outcomes for kids: Good Governance, Great Ideas in Action, Good Data, Engaged Community, and More Great Schools. For more information, visit opportunity180.org.
About Equitable Facilities Fund:
Equitable Facilities Fund is a 501(c)(3) nonprofit social impact fund created to provide low-cost facility loans that allow high-performing public charter schools to maximize the
resources they dedicate to students. High-quality public charter schools promote bright futures for children across America, and EFF believes these schools should borrow under terms comparable to traditional public-school districts. EFF administers an 'A' rated revolving loan fund, which recapitalizes using funds from Equitable School Revolving Fund's bond issuances, to offer high-credit, long-term, scalable bond investment opportunities. To date, EFF has deployed over $1B of low-cost capital to help scale access to high-performing public schools for more than 80,000 students in low-income communities. To learn more, visit www.eqfund.org or email info@eqfund.org.
Media contacts:
Greta Seidman, Opportunity 180
(702) 285-9820; greta@opportunity180.org
The Firm Public Relations & Marketing
(702) 739-9933; opportunity180@thefirmpr.com
Jesse Scott, ext. 228; Jasen Woehrle, ext. 234
