U.S. Dept. of Education Issues Grant for Charter Schools

Boston – MassDevelopment has received $5 million in U.S. Department of Education grant funds to help charter schools obtain and renovate facilities under the Charter School Loan Guarantee Program.

The agency, which had already received more than $28 million though four prior grant rounds of this program, will help charter schools by issuing guarantees on a portion of a loan or bond made to a school to improve or build its facility. With its own resources, these grants, and private sources, MassDevelopment has grown the Charter School Guarantee Fund to more than $58 million.

The MassDevelopment Charter School Guarantee Fund has guaranteed bank loans and tax-exempt bonds since 2004. Recently, MassDevelopment has used the fund to invest in schools such as the Benjamin Franklin Classical Charter School, the Conservatory Lab Charter School, and Excel Academy Charter Schools. Since the fund’s inception, MassDevelopment has provided $70 million in guarantees, which supported financing of more than $830 million.