California School Finance Authority

Charter School Facilities Credit Enhancement Grant Program

Designed to fund debt service reserves for the financing of acquisition, renovation, or construction of charter school facilities, or the refinancing of existing charter school facility debt.

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If you have any questions about the Charter School Facilities Credit Enhancement Grant program, please contact CSFA.

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The Charter School Facilities Credit Enhancement Grant Program is an $8.3 million program awarded by the U.S. Department of Education that serves to fund debt service reserves for the financing of acquisition, renovation, or construction of charter school facilities, or the refinancing of existing charter school facility debt.

Unlike traditional public schools, charter schools typically do not receive funding from their local school districts to purchase, lease, or improve facilities. Securing financing can be problematic for new charter schools because they often lack assets to pledge and operating histories that lenders can rely on to evaluate a loan application. As a result, charter schools frequently operate in temporary space that is poorly suited to their educational mission. The program is intended to absorb some of the risks of making loans to charter schools for their facility needs.

The California School Finance Authority (CSFA) was awarded this grant in 2009, and exceeded its leverage goal of 10:1 with an actual leverage ratio of 17:1.

*There is no current capacity under this Program as all $8.3 million was committed to current awardees. CSFA will notify the public via its ListServ should any funding become available.