2024 Credit Enhancement

2024 Credit Enhancement

The program is to award grants to eligible entities that help charter schools address the cost of acquiring, constructing and renovating facilities by enhancing the accessibility and availability of loans and bond financing. The program provides grants to eligible entities to permit them to enhance the credit of charter schools so they can access private-sector and other non-Federal capital in order to acquire, construct and renovate facilities.

The federally-funded Charter School Facilities Credit Enhancement Grant Program was created from a $20 million grant awarded in 2023  through the federal “Expanding Opportunity through Quality Charter Schools Program- Credit Enhancement (CE) Program” (ALN#84.354A) grant competition in 2023.  This program provides grants to fully or partially fund debt service reserve accounts on bond transactions issued through the Authority. The grant is intended to reduce the overall cost of borrowing for charter schools as it eliminates the need to fund the reserve through bond proceeds.

Details

• Agency: State Treasurer's Office
• Type: Grant
• Funding Source: Other
• Estimated Available Funds: $20,000,000
• Estimated Awards: Dependant on number of submissions received, application process, etc.
• Award Amount: Dependant on number of submissions received, application process, etc.
• Funding Method: Advance(s)
• Matching Funds: Not Required
• Geography: Funds are available to charter schools operating in the state of California.  

Categories

Education

Eligible Applicants

Nonprofit; Public Agency