Challenge Foundation Properties
Challenge Foundation Properties (CFP) was founded in 2005 when the Challenge Foundation commenced construction on its flagship school in Indianapolis, Indiana. CFP is a nonprofit corporation wholly owned by the Challenge Foundation and is organized as a series of state-specific subsidiaries.
Each individual CFP is designed to initially fund and oversee construction of TeamCFA school facilities and then to act as the landlord as it oversees the lease and eventual sale of the property to the school.
The Challenge Foundation came to understand that finding good facilities was a daunting challenge to many of the good charter schools that it had worked with over the years. It is the mission of CFP to assist its TeamCFA schools in locating, improving, or constructing excellent school buildings that are affordable and designed to accommodate the needs of the individual CFA.
The goal of each project is to provide the opportunity for the school to purchase the facility using conventional bank or bond financing within five to seven years of completion. CFP will use the proceeds of the sales to finance subsequent construction projects.
In evaluating new school construction projects, CFP looks at three primary criteria:
- Need: is the community underserved by the existing school system(s) and is there clear data to suggest that 500-700 K-8 Students are present in the reasonable geographical area to support a model school?
- Leadership: Is there a committed person or group well organized to see the vision through?
- Political Support: Does the local city, county, or other political infrastructure desire and support the building of a CFA charter school?
Once these criteria are satisfied, CFP provides a planning toolkit that includes a planning worksheet designed to match the requirements of the school with the economics that CFP has developed as guidelines for a successful project. CFP has a set of model architectural plans that is uses as the starting point for a new facility and it strives to leverage its existing design as much as possible while adapting to the specific requirements of different school locations.
CFP is actively seeking additional communities to support start-up CFAs as well as conversion CFAs, working to bring quality school choice to more students and their families.
The Maryvale neighborhood of Phoenix, Arizona is witness to the emergance of a brand new state-of-the-art facility spring up. Slated to open to 600+ K-8th graders in August of 2010.