WASHINGTON–(BUSINESS WIRE)–Building Hope, a non-profit foundation dedicated to creating high-quality K-12 charter school opportunities for students through its expertise in real estate, finance and operational services, today announced that Building Hope Finance has been awarded a grant of $33 million through the U.S. Department of Education’s Credit Enhancement for Charter School Facilities Program. The funding will allow Building Hope to help charter schools access funding necessary to acquire, construct, and renovate facilities at a reasonable cost.
These highly competitive grant funds are typically awarded to only six to 10 entities each year as part of the Department of Education’s efforts to create and replicate high-quality public charter schools and to help those schools find suitable facilities. The funds are aimed at helping schools attract and gain access to private lending sources. This is the largest individual Credit Enhancement grant awarded to an entity from the Department of Education, in the history of the Credit Enhancement Program.
“This grant will continue Building Hope’s efforts in aiding charter schools and providing the resources, facilities, and credit structures needed to build sustainable education alternatives where they are needed most,” said Bob Marshall, banking executive and member of Building Hope’s board of directors. “The ultimate impact to our partners and their communities is that more doors will be open for even more children to learn.”
“This grant funding is critical for young charter schools because lenders and landlords often request additional guarantees or credit support in order to finance or lease to schools without established track records,” said President of Building Hope Finance Robin Odland. “We will use this grant to guarantee loans for charter schools so they can finance or lease facilities. This grant ultimately benefits students and communities, often in areas of great need.”
The Credit Enhancement for Charter School Facilities Program provides grants to entities like Building Hope to permit them to enhance the credit of charter schools, so that the charter schools can access capital efficiently for their facilities. The grant capital helps charter schools with projects necessary to commence or continue charter school operations by:
- Acquiring or leasing property for charter school operations.
- Constructing, renovating, altering, or repairing existing facilities.
- Assessing school sites and funding predevelopment costs for a school facility.
As a grant recipient, Building Hope will use the funding to guarantee leases and loans to charter schools and to facilitate financing to charter schools located in Florida, Idaho, Nevada, Texas, and Washington, D.C.
“The proof of the power of this kind of federal investment in charter schools is the work that Building Hope does every day,” said Building Hope Vice President of Finance Lance Helming. “Since 2003, we have leveraged $482 million in loans, credit enhancements and equity investments to support more than $2 billion in school construction costs, benefitting nearly 200,000 students across the country.”
About Building Hope
Building Hope is a national non-profit that empowers advancements in education through our work with charter schools providing unparalleled facility financing, real estate development, and operational services. We believe a facility should never be the barrier preventing a child from attending a great school. During our 20-year history, Building Hope has invested more than $482 million in high-impact charter schools serving nearly 200,000 children.
For more information, visit www.buildinghope.org.
