The New Jersey Economic Development Authority last week approved the state’s first qualified school construction bond issue, a $19 million transaction that will help finance the expansion of a charter school in Newark.

The federal government allocated $27.25 million of QSCBs to the city, with the North Star Academy Charter School of Newark receiving up to $19 million of that bonding capacity. Newark is the only municipality in New Jersey to receive federal QSCB borrowing capacity.

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