February 13, 2020
WHEFA Bond Financing Helps Hmong American Peace Academy Construct and Refinance in Milwaukee
Bonds Underwritten by Robert W. Baird & Co.
The project will create approximately 25 permanent jobs with an annual payroll of $1,700,000. Approximately 100 construction jobs will be created as well. 9 total jobs will be retained with an annual payroll of approximately $755,000.
Hmong American Peace Academy employs approximately
20 full-time equivalents in Wisconsin.
Bond financing facilitated by WHEFA will be used to help Hmong American Peace Academy (“HAPA”) finance costs associated with the construction and equipping of an approximately 98,000 square foot, 3-story high school facility with 39 classrooms. The high school facility will include space for approximately 850-900 students and is expected to be completed in time for the start of the 2021-22 school year. Proceeds of the bond financing were also used to refinance certain other taxable indebtedness. HAPA is a nonprofit charter school serving students in grades 4K-12. This tax-exempt financing process has enabled HAPA to operate more effectively by financing and refinancing its capital expenses at lower interest rates (all-in true interest cost of 3.53%).
WHEFA is proud to continue its mission of assisting all eligible Wisconsin nonprofit institutions to obtain and maintain access to tax-exempt financing in order to finance or refinance their capital improvement and expansion needs.