N.J. charter schools get access to low-interest bonds
New Jersey will offer charter schools access to $30 million in low-interest federally subsidized bonds to build classrooms and complete other construction projects, Christie administration officials announced Wednesday.
New Jersey will offer charter schools access to $30 million in low-interest federally subsidized bonds to build classrooms and complete other construction projects, Christie administration officials announced Wednesday.
The funding will enable charters to join other public schools that borrow at a low rate for capital projects, according to acting Education Commissioner Rochelle Hendricks.
"Today we begin to level the playing field by providing financial help to charters to help them build and improve facilities," Hendricks said in a statement.
It is believed to be the first time the state has provided federal school construction bonds to charters, said Caren Franzini, chief executive officer of the state Economic Development Authority.
The federal government had not previously given the state funds for such construction, said Laura Jones, an agency spokesman.
The state will look "for projects that are already under way, with other financing in place," Franzini said. "The loans we will be administering will put the finishing touches on projects so they can move rapidly to conclusion."
Charter schools have until Nov. 19 to apply for the funding, which will be awarded on a competitive basis.
Carlos Perez, chief executive officer of the New Jersey Charter Schools Association, said the money was welcome.
"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," Perez said in a statement.
New Jersey has 73 charter schools, according to a state education official.
