Credit Enhancement for Charter School Facilities Program rule (2005)
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The Credit Enhancement for Charter School Facilities Program rule is a significant rule issued by the U.S. Department of Education effective April 25, 2005, that administered the Credit Enhancement for Charter School Facilities program. The program aims to provide grants to eligible charter schools to meet the needs of their facilities.[1]
Timeline
The following timeline details key rulemaking activity:
- April 25, 2005: The final rule took effect.[1]
- March 24, 2005: The Department of Education published a final rule.[1]
- November 22, 2004: The Department of Education closed the comment period.[2]
- October 22, 2004: The Department of Education published a notice of proposed rulemaking and opened the comment period.[2]
Background
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Title V of the Elementary and Secondary Education Act of 1965, which was amended by the No Child Left Behind Act of 2001 (NCLBA), authorized the Credit Enhancement for Charter School Facilities program. The NCLBA aimed to support standards-based education reform drawn from the philosophy that setting high standards and establishing measurable goals for schools would improve individual outcomes for public school students. The legislation mandated that states develop standardized tests and administer assessments to all students at certain grade levels in order to receive federal funding.[3][1]
The Credit Enhancement for Charter School Facilities program aimed to provide financial assistance to eligible charter schools to assist with meeting the needs of their facilities. In response to the provisions of the NCLBA, the Department of Education issued a notice of proposed rulemaking on October 22, 2004, to administer the program. The proposed regulations also governed the Charter School Facilities Financing Demonstration Grant program, which preceded the Credit Enhancement for Charter School Facilities program.[2]
Summary of the rule
The following is a summary of the rule from the rule's entry in the Federal Register:
| “ | The Secretary issues these final regulations to administer the Credit Enhancement for Charter School Facilities program, and its predecessor, the Charter School Facilities Financing Demonstration Grant program. Under this program, the Department provides competitive grants to entities that are non-profit or public or are consortia of these entities to demonstrate innovative credit enhancement strategies to assist charter schools in acquiring, constructing, and renovating facilities through loans, bonds, other debt instruments, or leases.[1][4] | ” |
Summary of provisions
The following is a summary of the provisions from the final rule's entry in the Federal Register:[1]
| “ | The primary purpose of these regulations is to establish selection criteria for this complex program's discretionary grant competitions after FY 2004. Since we seek to award grants to high-quality applicants with high-quality plans for use of their grant funds, these criteria essentially include assessments on the quality of the applicant and the quality of the applicant's plan. The criteria also assess how applicants propose to leverage private or public-sector funding and increase the number and variety of charter schools assisted in meeting their facilities needs. The selection criteria are similar to those we have used in the two previous competitions for this program. As noted in the Background Section, this regulation also includes several provisions that govern the ongoing management of the grants already awarded in preceding fiscal years.[4] | ” |
Significant impact
- See also: Significant regulatory action
The Office of Management and Budget (OMB) deemed this rule significant pursuant to Executive Order 12866. An agency rule can be deemed a significant rule if it has had or might have a large impact on the economy, environment, public health, or state or local governments. The term was defined by E.O. 12866, which was issued in 1993 by President Bill Clinton.[1]
Text of the rule
The full text of the rule is available below:[1]
See also
External links
Footnotes
- ↑ 1.0 1.1 1.2 1.3 1.4 1.5 1.6 1.7 Federal Register, "Credit Enhancement for Charter School Facilities Program," March 24, 2005
- ↑ 2.0 2.1 2.2 Federal Register, "Credit Enhancement for Charter School Facilities Program," October 22, 2004
- ↑ Josie Canales, James Frey, Cathy Walker, Sherry Freeland Walker, Suzanne Weiss and Anna West, Education Commission of the States, "No State Left Behind: The Challenges and Opportunities of ESEA 2001," accessed February 7, 2023
- ↑ 4.0 4.1 Note: This text is quoted verbatim from the original source. Any inconsistencies are attributable to the original source.
