Education

Grant Expands Massachusetts Charter School Loan Guarantee Fund

In 2021, MassDevelpoment provided tax-exmept bond, enhanced with a charter school loan guarantee from the Massachusetts Charter School Loan Guarantee Fund,to renovate Springfield Preparatory Charter School's new campus.

Boston – MassDevelopment has received an $8 million grant from the U.S. Department of Education for the Massachusetts Charter School Loan Guarantee Fund, a statewide program that supports charter schools by issuing guarantees on a portion of a loan or bond made to a school to buy, renovate, or build a facility.

MassDevelopment has previously received more than $33 million from the U.S. Department of Education through five prior grants. With these grants, its own resources, and private funding, MassDevelopment has grown the Massachusetts Charter School Loan Guarantee Fund to more than $67 million.

Massachusetts housing and economic development secretary, Mike Kennealy, who serves as chair of MassDevelopment’s board of directors said, “MassDevelopment’s breadth of financing tools, including the Massachusetts Charter School Loan Guarantee Fund, helps schools build and renovate their facilities to provide an improved educational experience for students, faculty, and staff.”