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2024 Credit Enhancement

Grantor:
State Treasurer's Office
Portal ID:
175863
Status:
Active
Open Date:
10/1/24 10:00
Opportunity Type:
  • Grant
Last Updated:
 | 
Categories:

Details

Purpose:

The program is to award grants to eligible entities that help charter schools address the cost of acquiring, constructing and renovating facilities by enhancing the accessibility and availability of loans and bond financing. The program provides grants to eligible entities to permit them to enhance the credit of charter schools so they can access private-sector and other non-Federal capital in order to acquire, construct and renovate facilities.

Description:

The federally-funded Charter School Facilities Credit Enhancement Grant Program was created from a $20 million grant awarded in 2023  through the federal “Expanding Opportunity through Quality Charter Schools Program- Credit Enhancement (CE) Program” (ALN#84.354A) grant competition in 2023.  This program provides grants to fully or partially fund debt service reserve accounts on bond transactions issued through the Authority. The grant is intended to reduce the overall cost of borrowing for charter schools as it eliminates the need to fund the reserve through bond proceeds.

Eligibility Requirements

Eligible Applicants:

  • Nonprofit
  • Public Agency

Please refer to https://www.treasurer.ca.gov/csfa/enhancement/use

Eligible Geographies:

Funds are available to charter schools operating in the state of California.

 

Important Dates

The date on which the grantor expects to announce the recipient(s) of the grant.
Ongoing
The length of time during which the grant money must be utilized.
Duration of Bond

Funding Details

The total projected dollar amount of the grant.
$20,000,000
A single grant opportunity may represent one or many awards. Some grantors may know in advance the exact number of awards to be given. Others may indicate a range. Some may wish to and wait until the application period closes before determining how many awards to offer; in this case, a value of “Dependent” will display.
Dependent
Grant opportunities representing multiple awards may offer awards in the same amount or in varied amounts. Some may wish to wait until the application period closes before determining per-award amounts; in this case, a value of “Dependent” will display.
Dependent
Certain grants require that the recipient(s) provide a letter of intent.
No
Certain grants require that the recipient(s) be able to fully or partially match the grant award amount with another funding source.
No
The funding source allocated to fund the grant. It may be either State or Federal (or a combination of both), and be tied to a specific piece of legislation, a proposition, or a bond number.
  • Other

Funding Source Notes:

U.S. Department of Education’s Credit Enhancement for Charter School Facilities Program (ALN 84.354A) • $20 million awarded in 2023
 

The manner in which the grant funding will be delivered to the awardee. Funding methods include reimbursements (where the recipient spends out-of-pocket and is reimbursed by the grantor) and advances (where the recipient spends received grant funds directly).
  • Advance(s)

Funding Method Notes:

The term of repayment for any financing in conjunction with a program award shall not exceed the useful life of the financed asset. 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.

How to Apply

State agencies/departments recommend you read the full grant guidelines before applying.

Resources

For questions about this grant, contact:
Katrina Johantgen, 1-213-620-4608, kjohantgen@treasurer.ca.gov

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