MassDevelopment Receives $1 Million from U.S. Department of Education to Support Charter Schools

August 13, 2015

FOR IMMEDIATE RELEASE

Contact: Kelsey Abbruzzese, MassDevelopment, 617-330-2086 & 617-448-9077 (cell)
kabbruzzese@massdevelopment.com

MassDevelopment has received $1,069,608 in U.S. Department of Education grant funds to help charter schools obtain facilities under the Credit Enhancement for Charter Schools Facilities Program (Credit Enhancement). The Agency, which had already received $20 million through three prior grant rounds of this program, will help charter schools by issuing guarantees on a portion of a loan or bond made to a school to improve its facility. With its own resources, these grants, and private sources, MassDevelopment has grown the charter school loan guarantee fund to more than $38 million.

“One of the greatest barriers to charter school growth and success is access to adequate facilities,” said Education Secretary Jim Peyser. “This grant will play a critical role in providing high quality public education options for students and families.”

The Credit Enhancement program awards grants based on a competitive preference priority that rewards applicants for targeting funds to areas with the greatest need for public school choice. MassDevelopment has used its guarantee program to invest in Massachusetts schools such as Lowell Community Charter Public School, KIPP Academy Charter School and MATCH Charter Public School in Boston, Christa McAuliffe Regional Charter Public School in Framingham, and Rising Tide Charter Public School in Plymouth. In total, MassDevelopment has provided almost $600 million in bonds, loans, and guarantees to charter schools in the Commonwealth.

“We thank the U.S. Department of Education for its continued confidence in our guarantee program,” said MassDevelopment President and CEO Marty Jones. “Over the past several years, MassDevelopment has helped 22 charter schools across the Commonwealth upgrade and expand their educational facilities, thereby providing first-rate learning environments for students and faculty.”

MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2014, MassDevelopment financed or managed 314 projects generating investment of more than $2.9 billion in the Massachusetts economy. These projects are projected to create more than 6,300 jobs and build or rehabilitate more than 1,600 residential units.