MassDevelopment Receives $5 Million From U.S. Department of Education to Support Charter Schools
March 11, 2020
FOR IMMEDIATE RELEASE
Louisa Stone, MassDevelopment, 617-330-2089 & 857-283-3340 (cell)
MassDevelopment has received $5 million in U.S. Department of Education grant funds to help charter schools obtain and renovate facilities under the Charter School Loan Guarantee Program. The agency, which had already received more than $28 million though four 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 or build its facility. With its own resources, these grants, and private sources, MassDevelopment has grown the Charter School Guarantee Fund to more than $58 million.
The MassDevelopment Charter School Guarantee Fund has guaranteed bank loans and tax-exempt bonds since 2004. Recently, MassDevelopment has used the fund to invest in schools such as the Benjamin Franklin Classical Charter School, the Conservatory Lab Charter School, and Excel Academy Charter Schools. Since the fund’s inception, MassDevelopment has provided $70 million in guarantees, which supported financing of more than $830 million.
“We thank the U.S. Department of Education for this generous award and for its continued support of our Charter School Loan Guarantee Program,” said MassDevelopment President and CEO Lauren Liss. “This program complements our suite of financing tools for Massachusetts charter schools seeking to buy, build, or renovate school buildings and create an improved educational experience for students.”
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, banks, and communities to stimulate economic growth. During FY2019, MassDevelopment financed or managed 316 projects generating investment of more than $2 billion in the Massachusetts economy. These projects are estimated to create or support 9,743 jobs and build or preserve 1,992 housing units.