The Secretary intends to use the grant slate developed for the Credit Enhancement for Charter School Facilities program in Fiscal Year (FY) 2003 to make new grant awards in FY 2004. The Secretary takes this action because high-quality applications remain on last year's grant slate. Furthermore, the Secretary is supplementing all four FY 2003 grant recipients and the top three scoring applicants under the FY 2001 grant competition for the Charter School Facility Financing Demonstration Grant program (the antecedent program to the Credit Enhancement for Charter School Facilities program) to their full grant request levels.
Background: On April 3, 2003, we published a notice inviting applications for new awards under the Credit Enhancement for Charter School Facilities program. This notice indicated that the selection criteria and competitive preference priority contained in the notice would apply to the FY 2003 grant competition only.
We received a significant number of applications for grants under the Credit Enhancement for Charter School Facilities program in FY 2003, and made four new grants. Because several high-quality applications were received, some of these applicants did not receive funding last year. Limited funding is available for new awards under this program in FY 2004. In order to conserve funding and time that would have been required for a peer review of new applications submitted under the program, we intend to select additional grantees in FY 2004 from the existing slate of applicants. This slate was developed during the FY 2003 competition using the selection criteria and competitive preference priority included in the April 3, 2003 notice. No changes to selection criteria or competitive preference priority will be required by this action.