Credit Enhancement for Charter School Facilities

 

To provide grants to eligible entities to leverage funds through credit enhancement initiatives in order to assist charter schools in using private-sector capital to acquire, construct, renovate, or lease academic facilities.

General information about this opportunity
Last Known Status
Active
Program Number
84.354
Federal Agency/Office
Office of Innovation and Improvement, Department of Education
Type(s) of Assistance Offered
B - Project Grants
Program Accomplishments
Fiscal Year 2016 No Current Data Available.
Fiscal Year 2017 No Current Data Available.
Fiscal Year 2018 No Current Data Available.
Fiscal Year 2019 No Current Data Available.
Authorization
Elementary and Secondary Education Act of 1965 (ESEA), as amended, Section 4304
Who is eligible to apply/benefit from this assistance?
Applicant Eligibility
A public entity, such as a State or local government entity, a private nonprofit entity, or a consortium of such entities may apply.
Beneficiary Eligibility
Public charter schools as defined in ESEA Section 4310.
Credentials/Documentation
Not applicable.
What is the process for applying and being award this assistance?
Pre-Application Procedure
Preapplication coordination is required. This program is eligible for coverage under E.O. 12372, "Intergovernmental Review of Federal Programs." An applicant should consult the office or official designated as the single point of contact in his or her State for more information on the process the State requires to be followed in applying for assistance, if the State has selected the program for review. Preapplication coordination is required. Environmental impact information is not required for this program. This program is eligible for coverage under E.O. 12372, "Intergovernmental Review of Federal Programs." An applicant should consult the office or official designated as the single point of contact in his or her State for more information on the process the State requires to be followed in applying for assistance, if the State has selected the program for review.
Application Procedure
2 CFR 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards applies to this program. Applications must be prepared and submitted in accordance with a notice published in the Federal Register. By the due date, eligible applicants must submit to the Department of Education a complete application that addresses the purposes of the program, the selection criteria, any priorities included in the application notice, and all required assurances and signatures.
Award Procedure
The Department of Education awards these grants on a competitive basis. The program office notifies successful applicants of awards and negotiates and awards grants. Contact the program office for more information.
Deadlines
Contact the headquarters or regional location, as appropriate for application deadlines
Approval/Disapproval Decision Time
The range of approval/disapproval time is approximately 60 to 120 days following the application deadline.
Appeals
The General Education Provisions Act hearing procedures regarding recovery of funds are applicable to this program.
Renewals
The Department has historically made only one-time awards under this program.
How are proposals selected?
The selection criteria contained in EDGAR, 34 CFR 75.209 and 75.210 are used to evaluate applications. For additional information contact the program office.
How may assistance be used?
Grant recipients must deposit the funds received under this program (other than funds used for administrative costs) in a reserve account established and maintained by the entity for this purpose. Amounts deposited in such an account must be used by the entity to help charter schools access private-sector capital for acquiring, renovating, or constructing facilities. Reserve accounts must be used for one or more of the following purposes: (1) Guaranteeing, insuring, and reinsuring bonds, notes, evidences of debt, loans, and interests therein; (2) Guaranteeing and insuring leases of personal and real property; (3) Facilitating financing by identifying potential lending sources and encouraging private lending and other similar activities that directly promote lending to, or are conducted for the benefit of, charter schools; and (4) Facilitating the issuance of bonds by charter schools or by public entities for the benefit of charter schools, which may be accomplished by providing technical, administrative, and other appropriate assistance, including the recruitment of bond counsel, underwriters, and potential investors and the consolidation of multiple charter school projects within a single bond issue.
What are the requirements after being awarded this opportunity?
Reporting
Not applicable.
Auditing
The financial records of each eligible entity receiving a grant under this subpart shall be maintained in accordance with generally accepted accounting principles and shall be subject to an annual audit by an independent public accountant.
Records
In accordance with the General Education Provisions Act and the Education Department General Administrative Regulations (EDGAR), certain records must be retained for 3 years after the end of the grant.
Other Assistance Considerations
Formula and Matching Requirements
Statutory formula is not applicable to this assistance listing.

Matching requirements are not applicable to this assistance listing.

MOE requirements are not applicable to this assistance listing.
Length and Time Phasing of Assistance
Funds under this program are available for the Department of Education to obligate by September 30 of the fiscal year in which they are appropriated. Once these funds are obligated, they must be expended from the Federal account in five years. In addition, two years after the grantee's receipt of grant funds, the Secretary may collect any or all funds in a reserve account if the grantee has not made substantial progress or is no longer using the funds for their specified purpose. Electronic transfer.
Who do I contact about this opportunity?
Regional or Local Office
None/Not specified.
Headquarters Office
Ellen Safranek
Department of Education, Office of Innovation and Improvement, Charter Schools Program, 400 Maryland Ave., SW.
Washington, DC 20202 USA
ellen.safranek@ed.gov
Phone: (202) 453-7660
Website Address
http://www.ed.gov/programs/charterfacilities/index.html
Financial Information
Account Identification
91-0204-0-1-501
Obligations
(Project Grants) FY 18$39,922,000.00; FY 19 est $44,900,000.00; FY 20 est $95,000,000.00; FY 17$56,250,000.00; FY 16$16,000,000.00; -
Range and Average of Financial Assistance
Range: $8,000,000-$12,000,000. Average: $10,000,000.
Regulations, Guidelines and Literature
Education Department General Administrative Regulations (EDGAR), Parts 74, 75, 77, 79, 80, 81, 82, 85, 86, 97, 98, and 99.

 


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