CBIA Effort Secures New Construction Money for School Facilities

Responding to CBIA’s urging to maintain a healthy and solvent new construction account and provide a buffer against increased school construction costs to builders and future homebuyers, the State Allocation Board (SAB) this week agreed to shift an additional $225 million into the School Facility Program, New Construction Account – shoring up that account and providing potential funding for new school projects.

In 1998, CBIA worked closely with education advocates and others to create the School Facilities Act, which has served as a funding model that ensures the financial burden for school construction costs does not fall square on the backs of homebuilders, but rather shared amongst the beneficiaries including school districts and the State.

Action taken Wednesday by the SAB infuses money into the School Facility Program at a critical time as homebuilders continue to advance the need for a statewide school facilities bond.

 

For more information, contact Richard Lyon or Jason Bryant