1) QZAB: $2.8 billion for QZAB
for 2009 and 2010 (in addition to the $400 million already approved
in November, 2008).
Please note; The U.S. Treasury is currently working
on the state allocations for the $400 million for 2008 and $1.4
billion for 2009. We have asked them to accelerate the process,
as requested by many of you. Once they release the allocations we
will post it.
2) QSCB (Qualified School Construction Bond): $22
billion ($11 billion for 2009 and $11 billion for 2010). This is
a new QZAB type tax credit bond for school facility construction,
rehabilitation or repair or for the acquisition of land on which
such a facility is to be constructed. The allocation to the states
will be based on the Title 1 formula --section 1124 of the Elementary
and Secondary School Act :
- 40% of the total amount to be distributed among
the 100 largest school districts (again based on the amount they
received during the prior fiscal year under the Title One formula).
Largest school districts are defined as those with the largest
numbers of 5-17 year olds living below the poverty level or " 1
of not more than 25 local educational agencies that
the Secretary of Education determines are in particular
need of assistance based on a low level of resources for school
construction, a high level of enrollment growth, or such other
factors as the Secretary deems appropriate."
- The Bill also provides an additional $200 million
of annual authority for 2009 and 2010 that is allocated to Indian
tribal schools by the Secretary of the Interior. QSCBs are
subject to the same arbitrage provisions as the QZAB program.
3) Construction: Up
to $8.8 billion (about 18.2% of the $53.6 billion “State
Fiscal Stabilization Fund”), set aside for “public safety
and other critical services, may include education and modernization,
renovation and repairs of public school facilities
and institutions of higher education facilities.” The
state governor decides how much of the state allocation would be
set aside for school modernization.
For your state’s allocation
from the $8.8 billion --see www.stimulusschools.org/Total_Stimulus_Dollars_Per_State_-_Facilities.xls