MassDevelopment Receives $8M Grant To Support Charter Schools
In 2021, MassDevelopment provided a $13,350,000 tax-exempt bond enhanced with a loan guarantee for charter schools from the Massachusetts Charter School Loan Guarantee Fund, to renew the new Springfield Preparatory Charter School campus.
February 11, 2022 : Vocero Hispano
BOSTON, MA – MassDevelopment received a grant from $8 million from the Department of United States education for the guarantee fund charter school loans of Massachusetts, a program state that supports schools charter by issuing guarantees on a part of loan or bond made to a school to buy, renew or build a facility. MassDevelopment has previously received more than $33 million from the Department of Education of the U.S. through five previous grants. With these grants, their own resources and private funding, MassDevelopment has increased the Guarantee Fund for Charter School Loans of Massachusetts, created in 2004, to more than $67 million.
“Massachusetts is home of educational institutions first level of all kinds prepare our youth for success in future opportunities academics and work,” said Mike Kennealy, Secretary of Housing and Economic Development of Massachusetts, who serves as Chairman of the Board MassDevelopment Directive.
“The variety of tools MassDevelopment Financials, including the Guarantee Fund for
Charter School Loans of Massachusetts, helps schools to build and renovate its facilities to provide an enhanced educational experience for students, the faculty and staff."
“MassDevelopment is proud to manage the Loan Guarantee Fund for Massachusetts Charter Schools, which provides the financial support that charter schools need as they seek to create state-of-the-art campus for their students,” said MassDevelopment President and CEO Dan Rivera. “Thanks to the United States Department of Education for grant us a grant $8 million that will continue to make this type of support possible.”
Since the inception of the Fund in 2004, MassDevelopment has provided $83.4 million in guarantees, supporting 53 projects of charter schools. Recently, MassDevelopment has used the fund to invest in Springfield Preparatory Charter School, Excel Academy Charter Schools and Conservatory Lab Charter School.
In addition to the fund loan guarantee for charter schools, MassDevelopment offers exempt bonds of taxes to help the Massachusetts charter schools to fund capital projects. For more information, visit massdevelopment.com.
MassDevelopment, the development finance agency and the state land bank, works with companies, organizations without for-profits, banks and communities to stimulate growth economy across the Commonwealth. During fiscal year 2021, MassDevelopment financed or managed 416 projects that generated an investment of more than $1.86 billion in the Massachusetts economy. It is estimated that these projects create or support 6,578 jobs and will build or maintain 1,909 housing units.