Apply for QZAB grant
1. Find out if your school is eligible.
A school is eligible to apply for a QZAB 25-year zero interest bond if:
a) The school is a public school that provides education and training below the college level,
b) The school is willing to operate a special academic program in cooperation with businesses to enhance the academic curriculum and increase graduation and employment rates, and
c) either (i) the school is located in an empowerment zone or enterprise community (including empowerment zones designated or authorized to be designated under the Act), or (ii) it is reasonably expected that at least 35% of the students at the school will be eligible for free or reduced-cost lunches under the school lunch program established under the National School Lunch Act.
2. Call Dr. Kuttan at National Education Foundation at 703-823-9999 to discuss QZAB. Or Email: email@example.com
3. Once you determine you’re eligible and have the needed information on QZAB, here are the steps to apply:
- Select any school/schools, as a Qualified Zone Academy. (U.S. Department of Housing and Urban Development)
- Once the Qualified Zone Academy is established, determine projects’ scope (anything except new construction).
- Once the size and scope of school projects are determined, locate a “Qualified Contributor,” a business/nonprofit partner, to supply a 10% matching grant.
- With steps 1-3 completed, the state department of education should be notified and an application for allocation submitted.
- Get an allocation from the state department of education.
- Get the QZAB program approved by the local government if required.
- After the QZAB allocation has been approved, the school district must locate a “Qualified Buyer” (bank, insurance company etc.) who is willing to take the debt and a Federal tax credit instead of an interest check.
- Issue the QZAB to the qualified buyer and secure QZAB funds.
Note: The total cost of issuing the QZAB bonds cannot exceed 2% of the QZAB bond proceeds, as per U.S. Department of Treasury’s QZAB regulations.
APPLICATION FORM (Complete and Submit)
You can apply for up to $30 million QZAB allocation.
Please indicate your interest in any or all of the following: