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New Markets Tax Credits Support Improvements for Educational Facilities in Underserved Community

July 19, 2021 New Orleans , LA

Enhanced Capital is thrilled to partner with St. Augustine High School (St. Augustine) to provide financing through the Louisiana and federal New Markets Tax Credit (NMTC) program. Located in New Orleans, LA, St. Augustine is a minority-controlled nonprofit college preparatory school for young men in eighth to twelfth grades. Enhanced Capital provided financing to improve the school’s campus by renovating and upgrading the existing school facilities to best-in-class learning environments.

St. Augustine was founded in 1951 by The St. Joseph’s Society of the Sacred Heart through the Youth Progress Program of the Archdiocese of New Orleans. The learning experience prepares young men with the skills and discipline needed to succeed at their next level of education, pursue individual interests, and instill leadership responsibilities in family, church, and community throughout their lives. The school remains committed to supporting young men by providing a well-rounded education regardless of each student’s background. While St. Augustine welcomes students of all backgrounds, it is the leading secondary institution for young black men in the state of Louisiana.

The school is highly recognized for its outstanding success. In 2021, 98% of St. Augustine’s 114 graduates entered a four-year college or university, with 1% enrolling at a community college and the remaining 1% joining the military ranks. The students accepted to four-year colleges or universities earned $8.6 million in scholarships and financial aid.

Providing educational access to students has always been a priority at St. Augustine. Nearly 72% of its student body receives some level of financial support. Therefore, efforts to upgrade the 70-year old institution’s campus without cutting back on financial aid have been challenging. Since 2016, St. Augustine has experienced a consistent decline in enrollment, with the outdated facilities being the top-cited reason families shared for electing to send their sons to other schools. With support from Enhanced Capital, St. Augustine received the financing necessary to implement fully modernized classrooms, state-of-the-art STEM laboratories, and additional energy-saving solutions. The renovation is a critical part of St. Augustine’s long-term strategic plan. As a result of the upcoming capital improvements, student enrollment is expected to increase by 25-35 students per year. Additionally, about six full-time jobs and fifty temporary construction jobs will be created.

“Enhanced Capital is a tremendous community financing partner, and we could not be more pleased to have their support for this critical project for St. Augustine,” said Board Chairman Darren Diamond. “This project will pay dividends for our students for many years to come, and it bolsters our mission of service to our students and the New Orleans community in general.”

Enhanced Capital is proud to play a role in the $8.3 million renovation project, helping underserved communities and over 500 low and moderate-income students receive a quality education. Enhanced Capital believes St. Augustine plays a critically important role in the New Orleans community and that this investment will solidify the school’s presence for years to come. The anticipated completion date of the St. Augustine renovations is December 2022.

About St. Augustine High School

St. Augustine High School has built a legacy serving as the training ground for leadership through academic excellence, moral values, Christian responsibility, and reasonable, consistent discipline.  Its students are guided, encouraged, and challenged by talented, dedicated faculty.  St. Augustine is an institution both rich in tradition and eager for growth.

More about St. Augustine High School