The Massachusetts Development Finance Agency has received a $3.9 million U.S. Department of Education grant to help charter schools obtain facilities under the credit enhancement for charter schools facilities program.
MassDevelopment, the state's finance and development agency, has received $19 million through three grant rounds of this program, and 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.
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 for Massachusetts schools that include 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 agency spent $2.3 billion for businesses, nonprofits, and communities in fiscal 2013.
