This financing will allow PQC to grow its student body by 24% (from 551 to 685 students). Also, it is estimated that 5,000 non-student community members will utilize the gymnasium/community space each year.
The project is expected to create 75 new FTE positions, comprised of 134 part-time jobs for students at 15-20 hours per week, and eight full-time positions at the facility. Additionally, 185 construction jobs available to local community residents will be created. Approximately 75% of the construction contracts will be awarded to M/WBEs.
The local community is strongly supportive of the Project and made the additional request that the gymnasium be expanded to be large enough to accommodate local community events including high school athletics, local community gatherings, and social events.
NCIF: $5 million NMTC allocation
CDFI Partner: Texas Mezzanine Fund ($11.5 million NMTC allocation; $1 million source loan)
CDFI Partner: Clearinghouse CDFI
Large Bank: Wells Fargo
Paul Quinn College (PQC) is located in a severely distressed area of Dallas, TX. The funds will be used to construct a 50,000 sq. ft. dormitory and gymnasium/community space. The dormitory totals 30,000 sq. ft. and will be an adaptive development of a 60-year old building currently owned by PQC. The dorm will contain 34 student suites that will provide housing for 134 students. Directly adjacent to the dormitory will be a 20,000 sq. ft. community facility that will contain a gymnasium, office space, and meeting rooms to be used by both the local community and student population.
In order to be affordable to LMI students, in addition to public and private grants and scholarships, PQC college utilizes a unique work-study program with a twofold purpose.
- To provide an underserved population of students with access to an affordable college education with minimal student loan debt (post-graduation debt goal is $15k or less).
- To prepare graduates for employment opportunities during and post-graduation. Students are placed in jobs/internships, both on campus and off, that are appropriate based on experience and maturity.
The success of the work study program has led to increased student enrollment and the need for additional student housing and facilities.
This marks another historic day in the history of Paul Quinn College as we embark on erecting the first new building constructed on the campus in over 40 years.
CFO, Paul Quinn College
I would like to echo Bruce’s sentiments and thank you for making this project a reality. I know that it was not easy - nothing ever is in this part of town or for the people we serve. That is the reality we fight on a daily basis. Therefore, it is something special when other people are willing to climb into this particular ring with us and make the dreams of our students and this community their dreams. Each of you in one way or another have done that with this project. You looked upon this dream and said “I believe.” You looked upon our students and said “I believe in you.”
Michael J. Sorrell, Ed.D
President, Paul Quinn College