Charter School Facilities Credit Enhancement Grant Program

Portal ID:
1941
Status:
Active
Opportunity Type:
  • Grant
  • Loan
Last Updated:
 | 
Categories:

Details

Purpose:

The federally-funded Charter School Facilities Credit Enhancement Grant 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. 

Description:

Designed to fund debt service reserves for the financing of acquisition, renovation, or construction of charter school facilities, or the refinancing of existing charter school facility debt. 

Eligibility Requirements

Eligible Applicants:

  • Nonprofit
  • Public Agency

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

Eligible Geographies:

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

Important Dates

Application deadline The date (and time, where applicable) by which all applications must be submitted to the grantor.
Ongoing
Expected award announcement The date on which the grantor expects to announce the recipient(s) of the grant.
Ongoing
Period of performance The length of time during which the grant money must be utilized.
Duration of Bond

Funding Details

Total estimated available funding The total projected dollar amount of the grant.
$8,300,000
Expected number of awards 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
Estimated amount per award 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
Letter of Intent Required? Certain grants require that the recipient(s) provide a letter of intent.
No
Requires Matched Funding? Certain grants require that the recipient(s) be able to fully or partially match the grant award amount with another funding source.
No
Funding Source: 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.
  • Federal

Funding Source Notes:

U.S. Department of Education’s Charter School Facilities Credit Enhancement Grant Program.• $8.3 million awarded in 2009 

Funding Method: 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.