• 2009 Performance Plan MS Word (53K)
• 2008 Performance Plan MS Word (40K)
• 2007 Performance Plan
• 2006 Performance Plan
• 2005 Performance Plan
• 2004 Revised Performance Plan

• 2007 Program Performance Report MS Word (52K)
• 2006 Program Performance Report MS Word (40K)
• 2005 Program Performance Report
• 2004 Program Performance Report

Since June 6, 2002, the U.S. Department of Education has awarded 28 grants worth $205 million to 19 grant recipients. As of September 30, 2007, the cumulative accomplishments of these grantees include:

• providing 207 charter schools with access to financing to help them acquire, build, or renovate school facilities; and
• leveraging $739 million in financing for charter school facilities.

Of the 207 charter schools that have received credit enhancement through the program, five have gone into either actual or technical default. However, only one of these defaults has resulted in an actual loss in funds of just $135,000. The default rate over the life of the program is

• 2.4 percent per school;
• 0.07 percent per dollar compared to the amount of grant funds awarded ($205 million); and
• 0.02 percent per dollar compared to the amount of financing supported through the program ($739 million).

These low default rates, combined with earnings on the grant funds, enable grantees to

• recycle funds after the charter schools repay their guaranteed facility debt,
• increase the size of their grants, and
• compound their leveraging.

The amount of outstanding grant funds has grown from $205 million to $214 million as a result of earnings on the grant funds.

Implementation of the Credit Enhancement for Charter School Facilities Program: Final Report (2008) examines implementation of the Credit Enhancement for Charter School Facilities Program and documents loan activities facilitated by the program. The program makes grants to eligible public entities to help absorb some of the risk of making loans to charter schools to finance suitable facilities. The study focuses on the nine organizations that received grants in FY 2002 through FY 2004. It draws on information from program applications and annual performance reports; secondary data sources; and discussions with grantees, unsuccessful applicants, charter school facilities lenders, and nine schools assisted by grantees.

Program Highlights of Charter Schools Served Through the Credit Enhancement for Charter School Facilities Program