Neighborhood Schools Act

Summary

Neighborhood Schools Act - Directs the Administrator of the Small Business Administration to establish a program to award loan guarantees to eligible public charter schools to guarantee to lending institutions payment of principal and interest on loans made to such schools for capital projects. Makes a school eligible to receive a loan guarantee if it submits an application with: (1) certifications that it is a public charter school as defined by the jurisdiction where it is located, and that it does not have access to funding for the project involved through the financing methods available to other public schools in the jurisdiction; (2) assurances that it will be unable to obtain financing for the project at a reasonably affordable rate of interest unless it is awarded such a loan guarantee; and (3) a business plan for the school including reasonable assurances that it will repay the loan for which the guarantee will be made. Limits the cumulative total of the principal of the loans outstanding at any time for which loan guarantees have been made under the program. Authorizes appropriations.

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 16 March 2000

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• Introduced in House (PDF)

  Introduced in House · EN · 16 March 2000

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• Introduced in House

  summary · EN · 16 March 2000

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