Nevada Facilities Fund
Opportunity 180 and the Equitable Facilities Fund (EFF) have partnered with the Office of Governor Joe Lombardo, Treasurer Zach Conine and the State Infrastructure Bank to create the Nevada Facilities Fund, a first-of-its kind public-private partnership that provides a dedicated facility funding resource for public charter schools looking to open or expand in Nevada.
While charter schools receive public funding per student, they must spend a significant amount of those limited per-pupil dollars on their facilities and thus face a major barrier to opening and operating high-quality schools. The Nevada Facilities Fund (NVFF) will offer high-impact and high-potential public charter schools an affordable, low-interest financing for purchasing, building or refinancing facilities, allowing more money to be spent in the classroom, not on the classroom.
Typical school borrowers will save an average of over $150,000 annually, and the Fund will create an additional 7,500 charter school seats in the Silver State.
How does it work?
The Fund infuses $100 million of new investment in the Silver State, including:
- $80 million from the Equitable Facilities Fund’s national funders and investors
- $15 million from the State Infrastructure Bank
- $5 million in privately raised philanthropy
The Fund also benefits from a $12 million Credit Enhancement Grant awarded to Opportunity 180 from the U.S. Department of Education, which will support much-needed capital access for earlier-stage school operators. These combined investments create a revolving loan fund that will recycle loan repayments to support Nevada classrooms in perpetuity. The model builds on EFF’s national loan fund, which has deployed over $1 billion in low-cost capital to high-quality public charter schools since 2018.
How can I participate?
To participate in the Fund, charter school operators will undergo a formal application process. Opportunity 180 and EFF will vet the applicants and lend to charter schools that meet a specific set of criteria. This includes serving historically underrepresented populations and expanding access to a high-quality education that prepares students for college and career success.
Where should I go next?
Interested in the learning more about the Fund? Connect with us at NVFF@opportunity180.org.