The company said it would give $50 million in grants to community-development financial institutions to support charter schools. It will also provide about $175 million in debt financing and about $100 million in “new markets tax-credit equity” for charter schools, according to a press release. It estimates the financing will help underwrite about 40 charter schools. The program is aimed at schools that already have a strong academic track record and have had their charter renewed at least once, or at established charter operators that want to launch new schools.
The company took out a full-page advertisement in The New York Times yesterday announcing the initiative. It also ran an ad in The Washington Post.