A venture philanthropy fund that aims to expand private schools that serve low-income and working-class students, has begun making investments in Florida.
One early grant will provide $300,000 over three years to help Cristo Rey Tampa — a Catholic college-preparatory high school — to support its four-year school build-out.
The Tampa school opened its doors to ninth graders earlier this year, and will add one higher grade level per year as it grows to fill a remodeled boarding school that had previously stood vacant.
Initially targeting the states of Florida, Arizona, Ohio, Louisiana, Wisconsin and Indiana, the Drexel Fund has set a long-term goal of raising $85 million to support the creation of 50,000 new spaces for low- and middle-income students in high-quality private schools over eight years.
All of the schools either have tax credit scholarships or voucher programs, which in Florida are administered by organizations such as Step Up For Students, which publishes this blog.
Cristo Rey, a Chicago-based network, operates 28 college-preparatory Catholic schools around the country. The schools are geared toward students from families earning less than $44,000 a year.
The school also has a work-study program that helps cover the cost of tuition. It allows students to spend one day a week working in professional settings such as law firms, banks and hospitals.
