SB740 Program Overview
The Charter School Facility Grant Program provides annual assistance with facilities rent and lease expenditures to charter schools that meet eligibility criteria. Successful applicants must meet a variety of requirements, including having at least 55% of their students enrolled at the charter school eligible for Free or Reduced-Price Meals (FRPM) or being located in an elementary school attendance area where at least 55% of students enrolled are eligible FRPM. The charter school also must give a preference in admissions to students who attend the local elementary school or reside in the elementary school attendance area. Charter schools are awarded per unit of classroom-based Average Daily Attendance (ADA), up to 75% of their annual facilities rent and lease costs for the school.
Reimbursable lease and rent costs are subject to the following caps:
- Multiyear Lease – Reimbursable lease costs based on prior year’s reimbursable rent + annual Cost of Living Allowance (COLA)
- New Facility Agreement - Reimbursable Lease costs based on Fair Market Rate as determined by an Independent Appraisal