BOSTON -- On behalf of U.S. Secretary of Education Rod Paige, Michael Sentance, the secretary's regional representative in Boston, today announced that organizations in Massachusetts, North Carolina, New York and Washington, D.C., will receive $25 million under the new "Credit Enhancement for Charter School Facilities Grant" program.

Together, these grantees will serve charter schools in California, Florida, Georgia, Massachusetts, Minnesota, New York, North Carolina, South Carolina, Tennessee, Texas, and Wisconsin, and other states, as well.

Sentance made the announcement during an event at the Renaissance Charter School in Boston, where he was joined by Gov. Mitt Romney; Lt. Gov. Kerri Healy; board of education Chairman James Peyser; Commissioner David Driscoll; Michael Hogan, executive director, Massachusetts Development Finance Agency; school officials; and others.

"Charter schools are one of the most innovative reforms in American education today," Secretary Paige said. "Yet many charter schools struggle to meet their full potential because they cannot afford suitable facilities. These grants are a good start on solving the challenges that charter schools facilities face. Congress should continue the progress by funding the President's full $100 million request for this program in 2004."

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 will receive grants under this program:

Massachusetts Development Finance Agency
75 Federal Street
Boston
Project Director:
Todd Rassiger
617-330-2000
$6 million

Center for Community Self-Help
301 West Main Street
Durham, N.C.
Project Director:
Marc Hunt
828-253-5251
$6,722,500

NCB Development Corporation
1725 Eye Street, N.W.
Washington
Project Director:
Annie Donovan
202-336-7677
$6,000,000

Local Initiatives Support Corporation
733 Third Avenue
New York, N.Y.
Project Director:
Barbara Page
(212) 455-9884
$6 million

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