MassDevelopment has received $1,069,608 in grant funds from the U.S. Department of Education to help charter schools obtain facilities through the Credit Enhancement for Charter Schools Facilities Program.

The agency issues guarantees on a portion of a loan or bond made to a school to improve its facility. Through its own resources, these grants and private sources, MassDevelopment has grown the charter school loan guarantee fund to more than $38 million.

“One of the greatest barriers to charter school growth and success is access to adequate facilities,” Education Secretary Jim Peyser said in a statement. “This grant will play a critical role in providing high quality public education options for students and families.”

The Credit Enhancement program awards grants based on a competitive preference priority that rewards applicants for targeting funds to areas with the greatest need for public school choice.