MassDevelopment has received a $2,328,612 U.S. Department of Education grant to help charter schools obtain facilities under the Credit Enhancement for Charter Schools Facilities Program (Credit Enhancement).

The agency, which has received $15 million through three grant rounds of this program, will help charter schools by issuing guarantees on a portion of a loan or bond made to a school to improve its facility. With its own resources, these grants and private sources to provide loan guarantees for Massachusetts charter schools, MassDevelopment has a fund of more than $21 million for this guarantee program.

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.

"MassDevelopment’s charter school facilities loan guarantee program has significantly leveraged private investment into public school facilities, providing a crucial service to charter schools seeking long-term sustainability for their educational programs," Massachusetts Department of Elementary and Secondary Education Commissioner Mitchell Chester said in a statement. "We appreciate the U.S. Department of Education’s continuing support for the development of facilities for the growing number of public school students served by Massachusetts’ high-quality charter schools."