Charter School Programs
About
NMFA has programs to help charter schools in New Mexico improve their facilities to better serve their students. These programs will provide low-interest financing for construction, refinancing, long-term financing, renovation or expansion, and more to meet the needs of charter schools. The charter school programs opened December 2024.
The Charter School Facility Revolving Fund was created to make loans to charter schools to help improve their facilities. This $10 million fund is available for renovation, expansion, or other construction needs of charter school facilities. The application round for the Charter School Facility Revolving Fund closed on March 6, 2025.
NMFA’s flagship program, the Public Project Revolving Fund, is available to refinance lease-purchase agreements. Charter schools with an existing lease-purchase agreement in place and no construction needs may be eligible to refinance at a lower interest rate using the Public Project Revolving Fund. There is no deadline to apply to the Public Project Revolving Fund.
Application
Information
Following is information that may be helpful for potential applicants, but is not a list of all the requirements. The rules and policies for the program are available under the Resources section at the top right.
Eligibility
In order to be eligible to apply:
• Charter schools must have renewed their charter at least once
• Charter schools must have their lease-purchase agreement approved by PED
• Charter schools must maintain a Repair and Replacement Fund
• Charter schools must have a completed business plan and financial audits
In addition, charter schools applying to the PPRF for financing over $1 million must be on the PPRF Legislative Authorization List.
Application Rounds and Deadlines
Applications to the Charter School Revolving Loan Fund will be reviewed in a competitive round. The first round opened December 17, 2024 and closed March 6, 2025. Applications will be prioritized and ranked and loans will be underwritten and allocated according to the ranking. If funds remain after the underwriting of loans from the first round, NMFA will open another application round.
Applications to the Public Project Revolving Fund are accepted on an ongoing basis and are not prioritized or ranked.
Application Process
Step one: Complete and submit the online application at the link on this website. This is the initial intake form.
Step two: NMFA staff will determine which funding source (Public Project Revolving Fund or Charter School Revolving Loan Fund) is more appropriate for your project. They will then contact you by email and give you access to the appropriate application.
Step three: Complete and submit the financing application.
Step four, PPRF: If applying to the PPRF, NMFA staff will review your application and contact you with any questions.
Step four, CSRLF: If applying to the Charter School Revolving Loan Fund, your application must be submitted by March 6, 2025. All applications to the CSRLF will be reviewed after the application round closes on March 6, 2025. NMFA staff will contact you with questions.
Step five: NMFA lending and credit staff will underwrite your application. Underwritten applications will be enter the board approval process which includes review by internal and external committees, and a review by the NMFA Board of Directors.
Refinancing of an existing LPA - no construction
With the PPRF, NMFA can refinance your existing Lease-Purchase Agreement, most likely to a lower interest rate. Financing from the PPRF will provide long-term financing of 10-30 years, and a lower interest rate will result in savings for your school.
Construction, Expansion, or Acquisition of a Charter School Facility
The Charter School Revolving Loan Fund was created to provide charter schools with affordable financing for construction, expansion and other projects of charter schools. The CSRLF currently has $10 million available for financing. Because of this limited amount, applications will be accepted and prioritized in an application round that opens December 17, 2024 and closes March 6, 2025. All applications will be reviewed and prioritized after March 6, 2025. If funds remain after this first round, NMFA will open another application round.
PPRF Legislative Authorization
• To be eligible to apply for PPRF financing of over $1 million, an entity must first be on the “PPRF Legislative Authorization List.” This list is subject to approval by the NM Legislature.
• The PPRF Legislative Authorization List does not obligate you to apply for financing from the PPRF; it simply means you are eligible to apply.
Questions?
Contact the NMFA Lending Department at business@nmfa.net or (505) 984-1454.