Charter School Facilities Credit Enhancement Grant Program
Eligible Use of Program Funds
- Program funds must be applied toward funding the primary debt service reserve requirement for debt issued by or through the Authority for an awardee charter school. The program covers debt issued by or through the Authority to acquire, renovate or construct charter school facilities, or refinance existing charter school facility debt.
- The Authority may award up to $1.5 million per application.
- The term of repayment for any financing in conjunction with a program award shall not exceed the useful life of the financed asset.
- The grant award shall be held in trust by the Authority or an Authority-approved financial institution, solely for authorized purposes and shall not be released to awardee charter schools without the Authority’s or trustee’s approval. Conditions for release of the grant funds throughout the term of the financing will be determined by the Authority, in collaboration with all lending parties, prior to closing of the financing.
- Awarded reservation of funds shall be released and returned to the Authority when the funds are no longer needed for the authorized purposes.
- Awarded reservations will expire if the charter school does not use the funds within six months of Authority approval.