HBCU Builds First On-Campus Facility in More Than 40 Years with CDFI Financing
Client: Paul Quinn College (PQC)
Client Location: Dallas, TX
CDFI: Clearinghouse CDFI
CDFI Service Area: National
Founded in 1872 to educate former slaves and their children, Paul Quinn College (PQC) in Dallas, Texas, is one of 102 historically black colleges and universities (HBCUs) in the United States. Today, PQC proudly educates students of all races and socio-economic classes. As a faith-based working college, PQC offers paid jobs for every student, as well as reduced student tuition and fees allowing students to graduate with less than $10,000 in student loan debt.
With plans to build its first on-campus facility in more than 40 years, PQC turned to Clearinghouse CDFI when the school needed support meeting its financing needs. Through a partnership with Texas Mezzanine Fund and the use of over $11.5 million of New Markets Tax Credits, along with funding from other community partners, Clearinghouse CDFI contributed $5.84 million in construction and permanent financing for PQC’s new LEED-certified facility.
“As Quinnites, we are charged to live by the standard of Isaiah 58:9-12, which, among other things, commands us to be the restorers of streets and dwellings,” said PQC President Michael Sorrell, who was recently named Fortune magazine’s “World’s 50 Greatest Leaders” and the HBCU Male President of the Year by HBCU Digest for a record third time.
Breaking ground last August, PQC’s new campus facility will include a dormitory to house 132 students, a gymnasium, and additional classroom and office space. In addition to creating two permanent, full-time jobs and 134 part-time jobs for students, PQC will also be able to increase enrollment by 50 students.