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Charter schools and Renaissance schools now have a way to support construction projects through low-interest loan programs. Gov. Phil Murphy signed legislation Tuesday authorizing the funding program.
Harry Lee, president and CEO of the New Jersey Public Charter School Association, called this a “groundbreaking” move because the state has never funded capital improvement projects for charter schools. He said that.
“This is a big step in the right direction,” he said. “Putting the Charter Facility Financing Program on the agenda is a huge win for urban charter school students and their families.”
According to the association’s research, $900 million is needed over the next 10 years to address charter school construction needs.
The state Economic Development Department will administer the new loan program. The total amount of the fund will be allocated during the budgeting process.
Ultimately, this is a compromise from the original proposal, intended to give charter and renaissance schools the ability to compete for capital improvement projects alongside traditional public schools not in School Development Authority or SDA districts. It was.
The SDA district is one of the poorest districts in the state. A series of court decisions charged the state with putting these districts on a par with wealthy neighborhoods. The original proposal would have created a fund specifically for schools in SDA districts.
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