Share this
Twitter
Myspace
Digg
Del.icio.us
Reddit
Slashdot
Furl
Yahoo
Technorati
Newsvine
Facebook
Export PDF
Print
E-mail
TagsNew Jersey charter schools now have the opportunity to apply for a share of $30 million in federally subsidized, low-interest bonds to help finance construction of new classrooms, state Acting Education Commissioner Rochell Hendricks announced Wednesday.
The projects will be awarded on a competitive basis and charter schools have until Nov. 19 to apply for the funding.
State Economic Development Authority CEO Caren Franzini said her agency will be looking for projects that are ready to build so that the money can have an immediate impact.
"This is the first time, to my knowledge, that the state has ever made federal school construction bonds available to help charter schools," Franzini said. "For the most part, we will be looking for projects that are already underway, with other financing in place, and the loans we will be administering will put the finishing touches on projects so they can move rapidly to conclusion."
The $30 million in low-interest bond money is expected to enable charter schools to leverage as much as 10 times the amount in private sector financing.The news that charter schools will be able to get help to finance construction projects was welcomed by the Newark Charter School Fund. In Newark, the city and the public school district have forged partnerships with local charter schools. In both 2009 and 2010, the city and the district shared more than $20 million in federal stimulus bonds with the charter schools.
"In our city, we are working together to help address the facilities needs of some of our outstanding charter schools, but more work is needed,'' Mashea Ashton, CEO of the Newark Charter School Fund, said. "The strength of the charter schools in Newark benefits all our students and families by offering high quality public school options. We are all public schools together, and we applaud the state's efforts to make these precious resources available to a greater number of charter schools in Newark and across the state."
Gov. Chris Christie is a strong proponent of charter schools as a way for urban children to escape poor public schools.
"For too long, charter schools have been denied equitable resources to finance construction projects needed to grow, expand and serve even more children," Hendricks said. "Other public schools have always been able to borrow money at a low interest rate to help them meet their facilities needs. Today, we begin to level the playing field by providing financial help to charters to help them build and improve facilities."
Carlos Perez, CEO of the New Jersey Charter Schools Association said the $30 million in low-cost bonds will help charter schools immediately address some of their most pressing needs.
"Far too many charters in New Jersey are in dire need of funding for capital projects," Perez said. "The option of borrowing with low-cost financing will allow charter schools across the state to construct new facilities, repair dilapidated buildings, modernize classrooms and address health and safety issues. This low-cost borrowing option will make it possible for us to do what charters have proven to be great at: squeezing more educational value out of each dollar invested."
– TOM HESTER SR., NEWJERSEYNEWSROOM.COM
