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Dept. of Education awards LISC $8.3MM to support development of charter school facilities

10 Jun 2009 - LISC

The Department of Education awards $8.3 million to LISC, to help fund the organization's efforts in charter school development

NEW YORK (June 10, 2009)—The U.S. Department of Education has awarded the Local Initiatives Support Corporation (LISC) $8.3 million through its Federal Credit Enhancement for Charter Schools Facilities Program. Those dollars will support LISC's work to improve educational opportunities for children in disadvantaged communities.

LISC is the nation's leading community development support organization, having invested more than $9 billion over the last three decades to help transform struggling neighborhoods into good places to live, work, do business and raise families. This is the third Department of Education grant of its kind to LISC, for a total of $26 million. LISC was the only grantee in this round.

"You can not create a healthy, sustainable community without making sure families have access to a quality education for their children," commented Michael Rubinger, LISC president and CEO. "Schools are fundamental. When they are deteriorating, crime-ridden and failing, it is almost impossible for students to succeed. Our goal is to support innovative alternatives that respond to local need and give kids the best chance to thrive and grow."

LISC will use this new federal grant to leverage capital from financial institutions and support the development of charter school facilities. In some cases, that will mean direct loans to schools for acquisition, construction or leasehold improvement needs. In others, LISC will credit enhance bond issuances for charter schools. To date, LISC has provided nearly $100 million in financing to help 90 charter schools develop, expand or enhance their facilities.

"This grant is critical to the work that we do," commented Reena Bhatia, LISC vice president of education programs. "Most of these schools not only improve the educational outlook for students, they reinforce revitalization efforts within the broader community. With this grant, the Department of Education is offering children in troubled neighborhoods new classroom opportunities that can help them flourish," she said.

About LISC

LISC combines corporate, government and philanthropic resources to help nonprofit community development corporations revitalize distressed neighborhoods. Since 1980, LISC has raised more than $9 billion to build or rehab more than 244,000 affordable homes and develop 36 million square feet of retail, community and educational space nationwide. LISC support has leveraged nearly $28 billion in total development activity. For more information, visit www.lisc.org.

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Related Links

> LISC Educational Facilities Financing Center

Article Type: Press Release