MassDevelopment has received a $3,917,629 U.S. Department of Education grant to help charter schools obtain facilities under the Credit Enhancement for Charter Schools Facilities Program (Credit Enhancement). The Agency, which has received $19 million through three 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 its facility. With its own resources, these grants, and private sources to provide loan guarantees for Massachusetts charter schools, MassDevelopment has a fund of more than $25 million for this guarantee program.
"MassDevelopment's charter school facilities loan guarantee program continues to serve as a valuable resource for charter schools seeking long-term facilities for their educational programs," said Massachusetts Commissioner of Elementary and Secondary Education Mitchell D. Chester. "The program also serves as an important engine for local economic development. We appreciate the U.S. Department of Education's ongoing support for and confidence in the Commonwealth."
The Credit Enhancement program awards grants based on a competitive preference priority that rewards applicants for targeting funds to areas with the greatest need for public school choice. MassDevelopment has used its guarantee program to invest in Massachusetts schools such as Abby Kelley Foster Charter Public School in Worcester, Cape Cod Lighthouse Charter School in East Harwich, Christa McAuliffe Regional Charter Public School in Framingham, and Rising Tide Charter Public School in Plymouth.
"The Commonwealth's educated workforce is one of its most important assets thanks to the quality and variety of our schools," said MassDevelopment President and CEO Marty Jones. "We thank the U.S. Department of Education for its belief in our guarantee program and look forward to helping more Massachusetts charter schools."
MassDevelopment, the state's finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2013, MassDevelopment financed or managed 350 projects generating investment of more than $2.4 billion in the Massachusetts economy. These projects are projected to create more than 7,000 jobs and build or rehabilitate 800 residential units.