Anna Ginn
06-15-2006, 04:50 PM
LISC AWARDED $8.2 MILLION GRANT TO <?xml:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" />SUPPORT CHARTER SCHOOL FINANCING PROGRAM<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />
U.S. Department of Education provides third grant for
LISC’s Educational Facilities Financing Center
*
FOR IMMEDIATE RELEASE******************************* *********** Contact:********* Elise Balboni*
(212) 455-9884
************************************************** ************************************************** ******* *********** ebalboni@lisc.org (ebalboni@lisc.org)
*
ALBANY, NY (June 13, 2006) – Local Initiatives Support Corporation (LISC), the nation’s leading community development support organization, today announced that it has received an $8.2 million grant from the U.S. Department of Education (ED), the largest grant awarded through the 2006 Credit Enhancement for Charter School Facilities Program.* This award is in addition to $10 million LISC was awarded by the ED in 2003 and 2004, bringing LISC's total award to $18.2 million.* The funds will support LISC’s Educational Facilities Financing Center (EFFC), which provides financing for quality public charter and alternative schools in low-income neighborhoods nationwide.
*
“This grant from the U.S. Department of Education confirms LISC’s increasingly important role in charter school development,” said Elise Balboni, the EFFC’s program director, at a ceremony in Albany announcing the award. *“These federal funds will help LISC to raise additional funds from private sector lenders and other community partners to support quality public schools across the country, as we did here in Albany with KIPP Tech Valley Charter School.”
*
LISC established its Educational Facilities Financing Center in 2003 to intensify its national effort in the area of educational facilities financing as a key component of community development.* LISC invests in the development of educational funds that finance multiple school projects in specific markets and provides on-the-ground assistance to individual charter schools through its network of 33 local offices. With support from Prudential Financial and the Walton Family Foundation, the EFFC has employed its existing ED grant funds in seven unique local fund investments that will provide more than $200 million in facility financing to charter schools nationwide.
*
“The Department of Education’s Credit Enhancement Program has been indispensable in expanding the financing market for charter school facilities,” said Balboni. “With its support, LISC has been able to attract traditional lenders to the sector and create innovative models that can be replicated nationwide.”
*
“We are honored that the Department of Education continues to show confidence in our ability to bridge the facilities gap for charter schools,” said Michael Rubinger, LISC’s president and CEO. “The Department’s Credit Enhancement Program has been a major stimulant to the public-private partnerships required to unlock the flow of private capital, produce a tenable educational reform model and provide low-income Americans with quality public educational opportunities.”
*
About LISC
LISC combines corporate, government and philanthropic resources to help community-based organizations revitalize underserved neighborhoods. *Since 1980, LISC has raised more than $7.2 billion to build or rehabilitate more than 196,000 affordable homes and develop 27 million square feet of educational, community and retail space nationwide. *LISC financed its first charter school in 1997, and has since approved $45 million in financing for 70 schools throughout the country.
*
About the U.S. Department of Education’s Credit Enhancement for Charter School Facilities Program
LISC is among seven organizations to receive $36.6 million in grants under the 2006 Credit Enhancement Program.* The Program has helped provide $250 million in financing to 90 charter schools for their facilities needs.* Funds are used to guarantee capital to address the cost of acquiring, constructing and renovating charter school facilities across the country.
*
*
###
Anna M. Ginn
Vice President for Development and Communications
Local Initiatives Support Corporation
501 Seventh Ave.
New York, New York 10018
tel:** 212-455-9807
fax:* 212-687-2698
aginn@lisc.org (aginn@lisc.org)
www.lisc.org (http://www.lisc.org)
This post transferred from the cdb-l mailing list
U.S. Department of Education provides third grant for
LISC’s Educational Facilities Financing Center
*
FOR IMMEDIATE RELEASE******************************* *********** Contact:********* Elise Balboni*
(212) 455-9884
************************************************** ************************************************** ******* *********** ebalboni@lisc.org (ebalboni@lisc.org)
*
ALBANY, NY (June 13, 2006) – Local Initiatives Support Corporation (LISC), the nation’s leading community development support organization, today announced that it has received an $8.2 million grant from the U.S. Department of Education (ED), the largest grant awarded through the 2006 Credit Enhancement for Charter School Facilities Program.* This award is in addition to $10 million LISC was awarded by the ED in 2003 and 2004, bringing LISC's total award to $18.2 million.* The funds will support LISC’s Educational Facilities Financing Center (EFFC), which provides financing for quality public charter and alternative schools in low-income neighborhoods nationwide.
*
“This grant from the U.S. Department of Education confirms LISC’s increasingly important role in charter school development,” said Elise Balboni, the EFFC’s program director, at a ceremony in Albany announcing the award. *“These federal funds will help LISC to raise additional funds from private sector lenders and other community partners to support quality public schools across the country, as we did here in Albany with KIPP Tech Valley Charter School.”
*
LISC established its Educational Facilities Financing Center in 2003 to intensify its national effort in the area of educational facilities financing as a key component of community development.* LISC invests in the development of educational funds that finance multiple school projects in specific markets and provides on-the-ground assistance to individual charter schools through its network of 33 local offices. With support from Prudential Financial and the Walton Family Foundation, the EFFC has employed its existing ED grant funds in seven unique local fund investments that will provide more than $200 million in facility financing to charter schools nationwide.
*
“The Department of Education’s Credit Enhancement Program has been indispensable in expanding the financing market for charter school facilities,” said Balboni. “With its support, LISC has been able to attract traditional lenders to the sector and create innovative models that can be replicated nationwide.”
*
“We are honored that the Department of Education continues to show confidence in our ability to bridge the facilities gap for charter schools,” said Michael Rubinger, LISC’s president and CEO. “The Department’s Credit Enhancement Program has been a major stimulant to the public-private partnerships required to unlock the flow of private capital, produce a tenable educational reform model and provide low-income Americans with quality public educational opportunities.”
*
About LISC
LISC combines corporate, government and philanthropic resources to help community-based organizations revitalize underserved neighborhoods. *Since 1980, LISC has raised more than $7.2 billion to build or rehabilitate more than 196,000 affordable homes and develop 27 million square feet of educational, community and retail space nationwide. *LISC financed its first charter school in 1997, and has since approved $45 million in financing for 70 schools throughout the country.
*
About the U.S. Department of Education’s Credit Enhancement for Charter School Facilities Program
LISC is among seven organizations to receive $36.6 million in grants under the 2006 Credit Enhancement Program.* The Program has helped provide $250 million in financing to 90 charter schools for their facilities needs.* Funds are used to guarantee capital to address the cost of acquiring, constructing and renovating charter school facilities across the country.
*
*
###
Anna M. Ginn
Vice President for Development and Communications
Local Initiatives Support Corporation
501 Seventh Ave.
New York, New York 10018
tel:** 212-455-9807
fax:* 212-687-2698
aginn@lisc.org (aginn@lisc.org)
www.lisc.org (http://www.lisc.org)
This post transferred from the cdb-l mailing list