Charter School Facility Grant Program (Senate Bill (SB) 740 Program)
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
| Funding Round | Annual COLA | Amount per unit of ADA |
|---|---|---|
| 2017-18 | 1.56% | $1,117 |
| 2018-19 | 2.71% | $1,147 |
| 2019-20 | 3.26% | $1,184 |
| 2020-21 | 2.31% | $1,211 |
| 2021-22 | 1.70% | $1,232 |
| 2022-23 | 6.56% | $1,313 |
| 2023-24 | 8.22% | $1,421 |