Building Hope / America’s Charter School Finance Corporation: 2002: Grant amount: 5 million
Building Hope supports charter schools by providing business services, as well as technical and and financial facilities for educational facilities.
Financing Strategies: Direct lending and credit enhancement. Building Hope’s Credit Enhancement Program is supported by grants from the U.S. Department of Education Charter School Facilities Financing Demonstration Program and The Sallie Mae Fund. Building Hope has provided $123 million in direct loans and over $37 million in credit enhancement guarantees to support over $820 million in total projects costs.
Charter Schools Development Corporation: 5 grants: 2002 - $10 million; 2004 - $5 million; 2005 - $2 million; 2006 - $6.6 million; 2015 - $5 million
The Charter Schools Development Corporation finances the needs of charter school organizations through various programs. CSDC focuses on newer charter schools, especially schools serving predominately low income students and communities with poor-perfoming public schools. CSDC provides direct loans (CSDC Direct) and credit enhancements. See the different programs.
Boston Community Loan Fund: 1 grant: 2015 - $8 million
Focus: CA CT MA ME MI NH NJ NY PA RI VT
Boston Community Loan Fund is an initiative of Boston Community Capital, providing a variety of different loan products to “meet the credit needs of organizations and communities traditionally denied access to capital.”
California School Finance Authority : 1 grant: 2010 - $8.3 million
“The California School Finance Authority (CSFA) was created in 1985 to finance educational facilities and provide school districts and community college districts access to working capital. Since its inception, the Authority has developed a number of school facilities financing programs and most recently is focused on assisting charter schools to meet their facility needs.” The California School Finance Authority has several programs, including the Charter School Facilities Program, the Charter School Grant Program, the Charter School Facilities Credit Enhancement Program, the State Charter School Facilities Incentive Grants Program, and the Charter School Revolving Loan Fund.
Build with Purpose: 1 grant: 2012 - $8 million
Focus: CT DC DE NJ NY MA MD PA RI
Build With Purpose offers real estate solutions for non-profits, including planning, direct development and project management. Capital with Purpose, an entity affiliated with Build with Purpose, provides loans and lease guarantees for community development, a number of these loans go towards charter school financing.
Capital Impact Partners: 2 grants: 2001 - $10 million; 2003 - $8 million
Capital Impact Partners is a non-profit Community Development Financial Institution (CDFI) participating in strategic financing iniviatives and social inovation projects. Capital Impact Partners provides different loan solutions.
Capital Impact has financed of 30 % of all charter school lending nationwide.
Civic Builders Inc.: 1 grant: 2008 - $8.3 million
Focus: NJ NY
Civic Builders work to create more charter schools by providing planning and project management services, financing solutions, and development and construction services for a growing number of educational facilities.
Community Loan Fund of New Jersey : 2 grants: 2006 - $8.15 million; 2016 - $8 million
The New Jersey Community Loan Fund is an intitiative of New Jersey Community Capital, a Community Development Financial Institution (CDFI.) From their website: “In the last ten years, NJCC has become the leading charter school lender in New Jersey, providing acquisition, predevelopment, construction, mini-permanent, and permanent financing to 21 charter schools and creating or preserving over 10,800 charter school seats, 37 percent of all seats in the state. NJCC also has provided $14.4 million in loan and lease guarantees to charter schools, reduce their facility costs so that they can dedicate more resources to instruction and program design.
Hope Enterprise Corporation: 1 grant: 2014 - $8 million
Focus: AR LA MS TN
HOPE is a family of development organizations that includes the Hope Credit Union, the Hope Enterprise Corporation and the Hope Policy Institute. HOPE’s Charter School Facilities Fund is designed to strengthen charter school development in the Mid South region of Arkansas, Louisiana, Mississippi and Western Tennessee, providing financing and technical assistance. “The fund is facilitating the investment of at least $70 million over five years in the acquisition, rehabilitation and new construction of charter school facilities that will serve low-income families and distressed communities throughout the Mid South.” More info here
IFF: 2 grants: 2005 - $8 million; 2007 - $10 million
Local Initiatives Support Corporation: 4 grants: 2003 - $10 million; 2006 - $8.2 million; 2009 - $8.3 million; 2011-$15.0 million
MassDevelopment : 3 grants: 2003 - $10 million; 2012 - $5 million; 2014 - $4 million
“MassDevelopment, the state’s economic development and finance agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. Through these collaborations we help create jobs, increase the number of housing units, revitalize urban environments, and address factors limiting economic growth including transportation, energy, and infrastructure deficiencies.”
Mass Development funds real estate and equipment projects for different nonprofit organizations, including charter schools.
Raza Development Fund : 3 grants: 2001 - $5 million; 2004 - $8 million; 2006 - $1.6 million
“With a focus on lending capital, with business discipline and charity serving poor communities, we help tailor project loans with community leaders and organizations that serve Latino and poor communities.” RDF offers different financing options including pre-development loans, acquisition/land loans, construction and bridge loans, mini permanent and term loans, operating lines of credit, tenant improvement loans and New Markets Tax Credits Leverage Loans (NMTC) See more here
Texas Public Finance Authority: 1 grant: 2005 - $7 million
“Texas Public Finance Authority was created in 1984 to provide financing for the acquisition of facilities for state agencies.” TPFA provides bonds to various public entities, including charter school authorizers.
District of Columbia—Office of the State Superintendent of Education: 1 grant: 2004 - $5 million
The Office of Public Charter School Financing and Support (OPCSFS) was created under the FY 2003 Appropriations Act. It manages several charter school funding programs including the Revolving Direct Loan Fund for Public Charter School Improvement; the Revolving Credit Enhancement Fund; the Charter School Incubator Facility Initiative and other facility incentive grant programs such as the City Build Grant, the Public Facilities Grant and the Facility Modernization and Expansion Grant. It also manages the federal Charter Schools Program grant from the US Department of Education, which funds the implantation of new charter schools. Learn more here
Housing Partnership Network: 1 grant: 2007 - $15 million
Housing Partnership Network is a business collaborative of nearly 100 housing and community development nonprofits. See a list of funders and investors for HPN.
The Charter School Financing Partnership (CSFP) is a collaborative between HPN and five other CDFIs. Since 2008, CSFP has deployed over $14.5 million in credit enhancements, which to date has leveraged more than $165 million in financing for charter schools in Arkansas, California, Massachusetts, Michigan, New Jersey and New York, serving students from primarily low-income communities.
CSFP members are the Housing Partnership Network, Capital Impact Partners, the Reinvestment Fund, the Low Income Investment Fund, the Raza Loan Fund and the Community Reinvestment Fund. More info here
KIPP Foundation: 1 grant: 2006 - $6.8 million
The KIPP Foundation recruits, trains, and supports leaders to open locally - managed KIPP charter schools. There are currently 200 KIPP schools in 20 states and Washington, DC, serving approximately 80 000. The KIPP foundation has received the support of various philanthropic partners including the Walton Family Foundation and the Bill and Melinda Gates Foundation.
KIPP has additional offices in California, Illinois, and New York
Low Income Investment Fund: 3 grants: 2001 - $3 million; 2007 - $5 million; 2016 - $8 million
Focus: CA DC DE NJ NV NY OR
“LIIF provides a bridge between private capital markets and low income neighborhoods.” LIIF provides programs for affordable housing, childcare, education, green financing, health, and transit-oriented development. See more here
LIIF provides charter schools with loans and grant capital; LIIF also provides financing through New Markets Tax Credit transactions.
LIIF has additional offices in San Francisco (headquarters), Los Angeles, and Washington, DC
Michigan Finance Authority: 1 grant: 2007 - $6.5 million
The Michigan Finance Authority provides effective, low-cost options to finance projects related to public facilities, project costs, or refinancing of existing debt. MFA customers include municipalities, healthcare providers, private colleges and universities, college students, and charter schools.
Different school programs include the State Aid Note Program, the School Loan Revolving Fund, the Public School Academy State Aid Note, the Public School Academy Project, the Private/Non-Profit School Project Finance. See more under “finance programs”
Self-Help: 2 grants: 2003 - $8 million; 2006 - $2.2 million
Self-Help is a credit union designated by the U.S. Treasury Department as community development financial institution. Self-Help provides lending services to childcare facilities, public charter schools, green enterprises, healthy foods, as well as consumer loans to help improve credit. Since 1998, Self-Help has provided $238 million for the financing of charter schools, for more than 120 schools. See more here
Reinvestment Fund: 2 grants: 2005 - $10 million; 2013 - $6 million
Focus: DC DE MD NJ PA
Reinvestment Fund, a federally accredited community development financial institution (CDFI) managing over $864 from various investors, works to bring different products to low-income communities, such as affordable housing, charter schools and health centers. Reinvestment Fund’s work includes financing, policy solutions, as well as various development projects.
About this Map
Community Development Financial Institutions and Charter School Finance
This map provides a user-friendly reference guide to the community-based financial institutions acting as intermediaries between the Federal Government and charters schools through the Department of Education’s Credit Enhancement Program. By moving the slider at the bottom of the page, users will see the financial institution's name, an icon for the state in which the institution is headquartered, as well as the shaded areas indicating where that institution’s funding is made available. By clicking on the icon, users can find a description of institution and a link to its website.
The map is a joint project of the Program on Human Rights and the Global Economy (PHRGE) and the NuLawLab, both based at Northeastern University School of Law. PHRGE’s Executive Director, Kevin Murray, conceived the map and Margot de Costerd and Ethan A. Dazelle designed and researched it with the assistance of Jules Rochielle Sievert, Creative Director of the NuLawLab.
Margot de Costerd is a junior majoring in history at Smith College in Northampton, MA. Her interests include computer mapping, data visualization, and the use of technology to advance human rights.
Ethan A. Dazelle is a third-year law student pursuing a JD/MBA at University of Massachusetts School of Law. His interests include human rights, foreign policy, and researching enforcement mechanisms in international law.
The Program on Human Rights and the Global Economy (PHRGE) at Northeastern University School of Law was founded in 2005 to engage in study, promotion, implementation and constructive critique of rights-based approaches to economic development and social transformation. PHRGE supports cutting edge human rights scholarship and movement-building, with particular focus on economic, social and cultural rights, and works with students to ensure that human rights perspectives will continue to be vital to future generations of scholars and advocates.
The NuLawLab at Northeastern University School of Law was founded in 2013. It is the nation’s first U.S. law school interdisciplinary innovation laboratory. NuLawLab works to imagine, design, test, and implement pioneering approaches to legal empowerment and data representation.
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- Lending Institutions For Charter Schools