NJ Charter Schools Get $125 Million Boost
Charter schools across New Jersey now have access to $125 million in Qualified School Construction Bonds for construction, expansion and enhancement. The Christie Administration made the announcement today.
Investors who purchase the Qualified School Construction Bonds receive federal income tax credits at prescribed tax credit rates instead of interest. So, the tax credit rates allow a school to borrow without incurring interest costs.
"Governor Christie has made expanding and providing effective educational choices for students and their families a top priority," said Economic Development Authority Chief Executive Officer Michele Brown. "This low-cost borrowing will help charter schools create facilities and classrooms of the 21st century, offering our students the opportunity to compete in an increasingly competitive global community."
The full Notice of Availability of Qualified School Construction Bond Allocation for Charter School Projects in New Jersey can be accessed here.
Find more information on the eligibility requirements and for a list of eligible bond counsel firms here.