How much funding does Credit Enhancement Grant (Facilities Access) provide?

Credit Enhancement Grant (Facilities Access) provides $10,550,000 in funding.

When is the deadline for Credit Enhancement Grant (Facilities Access)?

This grant has a rolling deadline or the deadline has not been announced.

Credit Enhancement Grant (Facilities Access)

NEW SCHOOLS FOR ALABAMA

Foundation One-time Grants for Charter Schools Grants for Education Grants for Capital Funding

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Funding Amount

$10,550,000

Deadline

Rolling / Open

Grant Type

foundation

Overview

Credit Enhancement Grant

Overview: A substantial grant from the U.S. Department of Education awarded to New Schools for Alabama to address the critical challenge of affordable facilities access for charter schools in Alabama.

Award Amount: $10.55 million

Funding Source: U.S. Department of Education

Award Date: October 2024

Geographic Scope: Alabama

Purpose:

Guarantee a portion of loans to charter schools

Increase access to low-cost financing for school facilities

Create sustainable model for supporting charter school growth

Enable charter schools to access affordable, well-structured loans

Expected Impact:

Expected to leverage up to $50 million in additional lending capital

Addresses long-standing barrier of affordable facilities access

Supports growth of high-quality charter schools across the state

Enables schools to provide safe, innovative learning environments

Key Features:

Credit enhancement mechanism (loan guarantees)

Sustainable financing model

Access to low-cost capital for school facilities

Support for expansion of excellent charter schools

Project Leadership:

Spearheaded by: Chris Reynolds, Senior Advisor to NSFA

Organization Background: New Schools for Alabama is a 501(c)(3) nonprofit, public charity organization created to serve kids in Alabama. The organization supports the growth of excellent public charter schools in Alabama to ensure that every child has access to a quality public education.