 |
|
|
|
|
|
|
|
|
|
 |
|
||||||||
 |
 |
 |
 |
 |
 |
 |
|
||
 |
 |
 |
|
||||||
 |
 |
 |
|
||||||
 |
|
||||||||
 |
|
 |
|
 |
|
 |
|
 |
|
 |
|
 |
|
 |
|
 |
|
|
|
 |
 |
 |
|
 |
|
||
 |
|
||
 |
|
||
 |
|
||
 |
|
FUND FOR SCHOOLS AND COMMUNITIES (FSC)
BACKGROUND ON FSC
In 2006 LIIF launched The Fund for Schools and Communities (FSC), a $35 million fund dedicated to providing loans for facilities to charter schools throughout California. LIIF partnered with The Annie E Casey Foundation, the Local Initiatives Support Corporation, Citicorp USA, Merrill Lynch, and the Prudential Corporation to create FSC. The investments in the fund are also supported by a grant to LIIF from the U.S. Department of Education Credit Enhancement to Charter School Facilities Program, providing a safe and attractive mechanism for financial institutions to invest in charter schools.
To date, FSC has lent $14 million for the development of four schools at two sites in Los Angeles. The loans have supported Partners to Uplift Communities (PUC) and the Alliance for College Ready Public Schools.
KEY TERMS
FSC's terms include:
Purpose: Acquisition/construction, renovations, mini-permanent loans
Amount: Up
to $7 million (exceptions considered on a case by case basis)
Repayment
Period: Up to seven years
Amortization: Up to 25 years
Equity
Requirement: 10% of appraised value
FOR MORE INFORMATION AND LOAN APPLICATION, PLEASE CONTACT:
Southern California: Amber
Carter, 213-627-9611, ext 103
Northern California: Deborah
Leland, 415-772-9094, ext 357