Three organizations-the KIPP Foundation, the Charter School Development Corporation, and the Local Initiatives Support Corporation-will receive a total of $21.6 million for three grants through the Charter Schools Facilities Grants program, U.S. Secretary of Education Margaret Spellings announced today. These organizations will use the funds to support charter school construction around the country.

On behalf of Secretary Spellings, Valarie Smith, the Secretary's regional representative, visited KIPP Tech Valley Charter School in Albany to award the grants.

The grants, which may be used to obtain facilities for charter schools, include:

• The KIPP Foundation in San Francisco, Calif., has been awarded a $6.8 million grant;
• The Charter School Development Corporation in Washington, D.C., has been awarded a $6.6 million grant;
• The Local Initiatives Support Corporation in New York, N.Y., has been awarded a $8.2 million grant.

Under the department's Credit Enhancement for Charter Schools Facilities Grant program, seven grants totaling $36.6 million are being provided to organizations in New York; California; Arizona; New Jersey; North Carolina; Washington, D.C.; and Texas.

"Charter schools are one of the fastest growing sources of school choice in American education today," Spellings said. "But many can't obtain financing for the facilities they need to house their schools. These grants will continue to help those who need help obtaining suitable facilities to help expand educational options to parents and students across the nation."

The purpose of this program is to provide grants to public entities and non-profit organizations to enhance the credit of charter schools to obtain facilities.

Grantees will place funds in a reserve account, which will then be used to guarantee capital to address the cost of acquiring, constructing, or renovating charter school facilities. The reserve account funds are not for the direct purchase, lease, renovation, or construction of school buildings.

The following organizations received grants under this program:

Community Loan Fund of New Jersey
16-18 West Lafayette Street
Trenton, N.J.
Project Director: David Scheck, (609) 989-7766
Grant amount: $8,150,000

Raza Development Fund
111 West Monroe Street
Suite 1610
Phoenix, Ariz.
Project Director: Mark Van Brunt,(602)417-1402
Grant amount: $1,600,000

Local Initiatives Support Services (LISC)
501 Seventh Avenue, 7th Floor
New York, N.Y.
Project Director: Elise Balboni,(212)455-9884
Grant amount: $8,200,000

Center for Community Self-Help
301 West Main Street
Durham, N.C.
Project Director: Laura Benedict, (919) 956-4430
Grant amount: $2,200,000

Charter Schools Development Corporation
1090 Vermont Avenue, Suite 800
Washington, D.C.
Project Director: Joel D. Scharfer, (202) 454-9916
Grant amount: $6,600,000

KIPP Foundation
345 Spear Street
Suite 510
San Francisco, Calif.
Project Director: Carmen Maldonado, (212) 233-5477 x13
Grant amount: $6,805,000

Texas Public Finance Authority
300 W 15th Street, Suite 411
P.O. Box 12906
Austin, Texas
Project Director: Kim Edwards, (512) 463-5544
Grant Amount: $3,055,299

###

Top

Back to June 2006