Multi-Million Dollar Grant to Help Fund New Charter Schools in L.A.

CNS - Three Los Angeles-area public charter school operators received $23.3 million in grants from the Eli and Edythe Broad Foundation to help fund 17 new charter campuses in the area.

“High-quality public charter schools in Los Angeles are showing dramatic results in improving student achievement, and we need to do what we can to make sure the best models are available to as many students as possible,” philanthropist and foundation founder Eli Broad said.

The recipients of the grants are KIPP (Knowledge Is Power Program), Aspire Public Schools and Pacific Charter School Development Inc.

KIPP will receive $12 million to expand its open-enrollment public charter schools in Los Angeles from two to six by 2010. The money will help start two elementary schools and two middle schools in under-served areas of Los Angeles.

Aspire Public School will receive $5 million to open 13 public charter schools over the next four years, serving the communities of Huntington Park and Carson.

Pacific Charter School Development will receive $6 million interest-free loans to leverage more than $30 million in project financing to create more than 6,000 campus seats in Los Angeles’ under-served neighborhoods over the next 10 years. PCSD will also receive $333,000 for operations.

“Eli Broad is upping the ante in Los Angeles for high-quality public charter schools, and all of our students are being dealt a winning hand,” said Ray Cortines, Los Angeles Deputy Mayor for Education, Youth and Families. “Los Angelenos will benefit for a long time to come from this generous investment.”

The Broad Foundation has invested $56 million in Los Angeles charter schools since 2000, serving about 25,000 students, officials said.

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