$21.6 Million in Charter Schools Facilities Grants Announced
From Education Newsfeed:
Three organizations-the KIPP Foundation, the Charter School Development Corporation, and the Local Initiatives Support Corporation-will receive a total of $21.6 million for three grants through the Charter Schools Facilities Grants program, U.S. Secretary of Education Margaret Spellings announced today.
On behalf of Secretary Spellings, Valarie Smith, the Secretary's regional representative, visited KIPP Tech Valley Charter School in Albany to award the grants.
The Local Initiatives Support Corporation in New York, N.Y., has been awarded a $8.2 million grant.
Under the department's Credit Enhancement for Charter Schools Facilities Grant program, seven grants totaling $36.6 million are being provided to organizations in New York; California; Arizona; New Jersey; North Carolina; Washington, D.C.; and Texas.
Grantees will place funds in a reserve account, which will then be used to guarantee capital to address the cost of acquiring, constructing, or renovating charter school facilities.
The reserve account funds are not for the direct purchase, lease, renovation, or construction of school buildings.
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