CPLC Prestamos CDFI Announces $10M Investment to Expand Cristo Rey Houston Campus
Houston, TX – Prestamos CDFI, a division of Chicanos Por La Causa, is pleased to announce a $10 million New Market Tax Credit (NMTC) allocation to finance the expansion and modernization of Cristo Rey Jesuit College Preparatory School of Houston’s educational campus in southeast Houston, Texas. The NMTC investment will support new construction and the rehabilitation of approximately 40,000 square feet of academic and student-support facilities, enabling the school to increase student capacity, modernize core educational spaces, and strengthen its college-preparatory model serving predominantly low-income students.
NMTC proceeds will support the construction and rehabilitation of a modernized campus that expands Cristo Rey Houston’s instructional and student-support capacity. The Project will deliver STEAM-focused classrooms; upgraded laboratories for science, technology, engineering, and math; expanded arts and creative spaces; dedicated college-counseling and emotional-health centers; and campus-wide technology upgrades. These improvements will support Cristo Rey’s college-preparatory curriculum and corporate work-study program and will allow annual enrollment to increase from 514 to 600 students, expanding access to high-quality education for low-income students in southeast Houston.
“We are honored to have played a role in helping bring this important funding for Cristo Rey Houston to fruition,” said Jose Martinez, President of Prestamos CDFI. “By combining a rigorous academic curriculum with meaningful work-study experiences, Cristo Rey equips predominantly low-income students with the knowledge, skills, and real-world exposure needed to succeed in college and their future careers.”
Since opening in 2009, Cristo Rey Houston has served low-income families by charging nominal tuition and providing free transportation from surrounding low-income neighborhoods. Cristo Rey’s innovative educational model integrates a rigorous college-preparatory academic program with a corporate work-study experience that provides students with professional mentorship while helping offset educational costs. Since 2013, Cristo Rey has achieved a 100% college-acceptance rate in a region where only one in three adults holds a high school diploma and just one in nine adults possesses a bachelor’s degree, underscoring the school’s effectiveness in expanding postsecondary access for students facing significant educational barriers.
The Project has received strong community support from civic, nonprofit, and economic-development stakeholders across the Houston region. Formal letters of support have been provided by the Greater Houston Partnership, the Boys & Girls Club of Greater Houston, and the Houston East End Chamber of Commerce, each recognizing Cristo Rey Houston’s role in expanding access to college-preparatory education for low-income students. In addition, Harris County Commissioner Adrian Garcia has publicly endorsed Cristo Rey’s service to families in Houston’s most economically challenged neighborhoods.
The Project site is located within a highly distressed census tract in southeast Houston, characterized by low median family income and a high unemployment rate. Upon completion, the Project is expected to serve approximately 600 students annually, of whom 95% will be low-income persons. Expanded facilities will support enhanced academic programming, expanded student-support services, targeted recruitment and outreach in low-income pipeline schools, and continued operation of Cristo Rey’s corporate work-study program. In addition, the Project will create and retain 102 permanent jobs, including 66 quality jobs offering wages above the Harris County living wage and comprehensive employment benefits.
The Empowerment Reinvestment Fund, LLC and Capital One Community Renewal Fund, LLC provided an additional $14 million in NMTC allocation to complete the Project’s funding. Prestamos CDFI is an eight-time NMTC award-winning allocatee serving Arizona, California, New Mexico, Nevada, Puerto Rico, and Texas.
About Prestamos CDFI
Prestamos CDFI is a Community Development Financial Institution and a Community Development Entity that provides small business loans and high-quality technical support services to its clients. Prestamos partners with the most recognized organizations in our target markets including the CDFI Fund, U.S. Small Business Administration, NALCAB, SCORE, and State, County and Local Economic Development Authorities. Prestamos CDFI is an equal opportunity provider.
