Who May Apply: (by category) Institutions of Higher Education (IHEs)

Who May Apply: (specifically) Only eligible institutions designated by the secretary of education as Historically Black Colleges and Universities (HBCUs) are eligible to borrow from this program. An eligible institution is a Title III Part B institution as defined in Section 322(2) of the Higher Education Act of 1965 (HEA).

The HEA Section 322(a) of the Higher Education Act of 1965, as amended (HEA), defines an HBCU as "... any historically black college or university that was established prior to 1964, whose principal mission was, and is, the education of Black Americans, and that is accredited by a nationally recognized accrediting agency or association determined by the secretary of education to be a reliable authority as to the quality of training offered or is, according to such an agency or association, making reasonable progress toward accreditation."

Services

The investment banking firm Commerce Capital Markets, Inc. (CCM) was selected as the Designated Bonding Authority (DBA) to administer the HBCU Capital Financing Program. Through an assignment agreement between CCM and Commerce Capital Access Program Corporation (CCAP), CCAP will administer the HBCU Capital Financing Program. CCAP's responsibilities include: program development, marketing the program, review and approval of loan applications, executing loan agreements, monitoring compliance with federal and state codes, monitoring construction and enforcement of the loan agreement.