Charter School Facilities Credit Enhancement Grant Program

The 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. The program is 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. Eligible applicants include nonprofit and public agencies, and funds are available to charter schools operating in the state of California. • The grant program has $8.3 million in total estimated available funding. • The expected number of awards and estimated amount per award are dependent on various factors. • The funding source is federal, and the funding method is through advances. • The term of repayment for any financing in conjunction with a program award shall not exceed the useful life of the financed asset.