Scholarship Prep in Santa Ana, part of a charter school group serving homeless and foster youth in Southern California, will benefit from the sale of up to $30 million in revenue bonds, state officials announced Tuesday.
State Treasurer Fiona Ma announced the authorization, along with $26 million for the Caliber Beta Academy in San Pablo.
Proceeds of the bonds for Scholarship Prep Santa Ana will be used to build a facility for the grade school, allowing the opening of a high school in the facilities currently leased by the grade school.
“At a time when schools are struggling to meet the demands of COVID-19, this financing gives a boost to schools serving low-income students in California, helping them provide an excellent education in up-to-date facilities,” Ma said.
The offering of the bonds is expected to occur this month. Details will be made available once the offering is scheduled by the underwriter, Stifel Nicolaus & Company.
Scholarship Prep Santa Ana was founded in 2016. About 88 percent of its students come from low-income families and nearly 10 percent are homeless and foster youth. Its students have outperformed the local and state performance averages for both math and English, according to state officials.