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Walton Family Foundation Gives $250M to Charters in Little Rock, 16 Other Cities

2 min read

The Walton Family Foundation on Tuesday announced it will give $250 million to K-12 public charter schools in 17 cities, including Little Rock, as it aims to meet “growing demand for high-quality public school options.”

The foundation, created by the family of Wal-Mart Stores Inc.’s late founder Sam Walton, described the effort, called the “Building Equity Initiative,” as a “first-of-its-kind nonprofit effort to provide charter schools with access to capital to create and expand facilities.” It said the only one in three states with charter schools provide public money for facilities.

It said that by 2027, the initiative will help public charter schools serve at least 250,000 more students across the country.

“Before opening their doors, charter schools must find suitable and affordable spaces where teachers can teach and children can learn,” said Marc Sternberg, the director of the Walton Family Foundation’s K-12 Education Program. “In many cities, this is the biggest barrier to creating high-quality educational options for children and families.

“The Building Equity Initiative intends to level the capital and policy barriers that prevent charter schools from growing to meet demand from families and communities,” he said.

The program aims to provide low-interest loans to national and regional not-for-profit lenders, which will help finance facilities for charter schools. It also aims to create a bigger network of resources — real estate experts, lenders, financiers, technical assistance providers — that charter schools can use when finding facilities.

The foundation said it will partner with Civic Builders, a nonprofit charter facilities developer, to manage the initiative.

In addition to Little Rock, these cities will receive money for charter schools:

  • Atlanta
  • Boston
  • Camden
  • Denver
  • Houston
  • Indianapolis
  • Kansas City
  • Los Angeles
  • Memphis
  • New Orleans
  • New York City
  • Oakland
  • Oklahoma City
  • San Antonio
  • Tulsa
  • Washington, D.C.
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