N.J. official says they will be looking for shovel-ready construction projects so money can have immediate impact
Acting Commissioner Rochelle Hendricks in this September 2010 file photo.TRENTON — New Jersey charter schools will have access to $30 million in low-interest bonds to help build new classrooms and other facilities, the state’s acting education commissioner announced today.
"For too long, charter schools have been denied equitable resources to finance construction projects needed to grow, expand and serve even more children. Other public schools have always been able to borrow money at a low interest rate," said acting Commissioner Rochelle Hendricks. "Today we begin to level the playing field by providing financial help to charters to help them build and improve facilities."
State Economic Development Authority Chief Executive Officer Caren Franzini said her agency will be looking for projects that are ready to build so the money can have an immediate impact.
Funding for projects will be awarded on a competitive basis. Schools have until Nov. 19 to apply.
New Jersey currently has 73 charter schools.
The New Jersey Charter Schools Association said the $30 million in low-cost bonds will begin to help charter schools immediately address pressing needs.
"We are pleased that the Christie administration is taking this positive step to support the healthy growth and expansion of charter schools," said Carlos Perez, chief executive officer of the New Jersey Charter Schools Association. "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."
Previous coverage:
• N.J. school funding scores high marks, but does not account for Christie's $820M budget cuts
• Gov. Christie seeks private companies to operate charter schools
• N.J. Senate panel approves giving colleges authority to regulate charter schools
• N.J. education head says multiple organizations should be able to authorize charter schools