Philadelphia – The U.S. Department of Education announced today that it awarded The Reinvestment Fund (TRF), $5 million to help charter schools across the mid-Atlantic with their facility needs. The award comes under the Department’s Credit Enhancement for Charter Schools Facilities Program (Credit Enhancement).
“Every child deserves a high-quality education in a safe learning environment,” said U.S. Secretary of Education Arne Duncan. “These grants help ensure that children learn in adequate facilities. The Credit Enhancement program supports charter schools, helps put the schools on stable financial footing and allows us all to continue working towards President Obama’s goal of leading the world in college graduates by the year 2020.”
The Credit Enhancement program awards grants based on a competitive preference priority that rewards applicants for targeting funds to areas with the greatest need for public school choice.
TRF has a long and successful history of financing charter school facilities in communities that serve primarily low-income students. TRF plans to use its new award to finance charter school facilities using subordinated debt, leasehold improvements loans, and loans originated through its New Markets Tax Credit Program.
“Supporting the creation and expansion of high quality charter schools that improve educational opportunity for low-income communities is core to TRF’s mission,” said Don Hinkle-Brown, TRF’s Chief Executive Officer. “We are excited that this award will allow us to continue to help charter schools that are innovating public education in the communities where we work.”
TRF is one of three different organizations that received a total of $12 million in awards. Together, the three awardees are working across the country to help charter schools obtain facilities through the purchase, lease, or donation of real property, the construction of a new facility, or the renovation, repair or alteration of existing facilities. The other two recipients are a consortium of non-profits led by Build with Purpose, and the Massachusetts Development Finance Agency.
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TRF is a national leader in rebuilding America’s distressed towns and cities, through the innovative use of capital and information. TRF has invested $1.2 billion in Mid-Atlantic communities since 1985. A CDFI, TRF finances a variety of projects and activities including food access, health care, education and housing, to build healthy communities in under-invested places. To date, TRF has lent over $252 million to 77 charter schools serving over 36,000 children in the mid-Atlantic region. TRF also provides public policy expertise by helping clients create actionable solutions and by sharing data and analysis via www.PolicyMap.com. To learn more about TRF, visitwww.trfund.com.