Gates Foundation helps Houston charter schools

By Associated Press

Summary

The Bill & Melinda Gates foundation is offering $30 million to help charter schools in Houston get $300 million in tax-exempt bonds to build more schools.

Story Published: Nov 12, 2009 at 6:10 PM PST

Story Updated: Nov 12, 2009 at 6:10 PM PST

Gates Foundation helps Houston charter schools

Microsoft co-founder Bill Gates speaks at the "Get Schooled" conference and premiere hosted by the Bill & Melinda Gates Foundation and Viacom in Los Angeles, Tuesday, Sept. 8, 2009. (AP Photo/Jae C. Hong)

SEATTLE (AP) - The Bill & Melinda Gates foundation is offering $30 million to help charter schools in Houston get $300 million in tax-exempt bonds to build more schools.

The money will help one charter organizations - KIPP Houston - but the foundation says it is willing to help other groups get financing as well.

The credit support agreement is the foundation's first attempt to use "non-traditional means" to support its other investments in global health, global development and U.S. programs such as education.

The Seattle-based foundation plans to invest a total of $400 million in similar program-related investments over the next two years. The foundation may also offer low-income loans, loan guarantees and equity investment.

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