The Walton Family Foundation has announced that the Equitable Facilities Fund (formerly the Charter Impact Fund) will issue $100 million in A-rated tax-exempt bonds to finance facilities projects at public charter schools.
Created in 2018 as part of the foundation's Building Equity Initiative — a $250 million effort launched in 2016 to help charter schools access the capital needed to build, expand, or renovate their facilities — EFF provides long-term, low-cost facility loans to high-performing charter schools, enabling them to maximize the resources they dedicate to their students. Since 2018, the revolving loan fund has committed more than $158 million in low-interest loans — at terms comparable to those received by traditional public school districts — in support of eleven public charter projects in seven states.
According to EFF's Preliminary Official Statement (410 pages, PDF), $91.955 million in Series 2019A Bonds, with the Arizona Industrial Development Authority as conduit issuer, and $19.08 million in Series 2019B, with the California Infrastructure and Economic Development Bank as conduit issuer, will be issued in minimum denominations of $5,000 and multiples thereof, supporting the education of an estimated thirty thousand public charter school students.
"This next step for the Building Equity Initiative will help public charter schools more easily and affordably access facilities and free up resources to go where they belong, with teachers and students," said Walton Family Foundation board member Alice Walton.
"Every high-quality public school deserves equitable, permanent financing," said EFF founder and CEO Anand Kesavan. "This is what we're striving to provide at EFF — with a proven approach that has the potential to positively impact thousands of students. That's the beauty of it. We're combining traditional investment structures and cutting-edge philanthropy and putting it all to work against educational inequity."
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