Project Acceleration Notes and Credit Enhancement Alternatives Grant

The Project Acceleration Notes and Credit Enhancement Alternatives (PANACEA) Program, funded by an $8 million federal grant, aims to enhance financing for California charter schools' facilities. This initiative supports the purchase, construction, and renovation of such facilities and operates alongside the Charter School Facilities Program. The program is designed to expedite the development of permanent charter school facilities by providing necessary credit enhancements, ensuring broader access to quality education for students.

NOTE: Grants under the Program shall be available and awarded on a rolling first-come, first-served basis to the extent that funding and appropriations are available, and the requirements of the Program are satisfied. The Application review process will remain open only to the extent of available funding.
Project Acceleration Notes and Credit Enhancement Alternatives
The federally-funded Project Acceleration Notes and Credit Enhancement Alternatives (PANACEA) Program was created from an $8 million grant awarded through the federal “Expanding Quality Charter Schools Program – Grants for Credit Enhancement for Charter School Facilities” (CFDA #84.354A) grant competition in September 2017. This program enhances financing to charter schools to accelerate the development of permanent charter school facilities. Through the same federal grant program, in June 2019, the Authority applied for, and in August 2019 was awarded, a $20 million grant for the Charter Access to Bank Loan Enhancement (Charter ABLE) Program.
Purpose
Designed to help provide credit enhancement to facilitate the financing of the purchase, construction, and/or renovation of facilities for California public Charter Schools. Funds awarded under the Program will be used in conjunction with funding provided through the Charter School Facilities Program (CSFP) or the Authority’s Conduit Financing Program (Non-CSFP).