The QZAB program is a way for school districts to obtain interest free financing for renovation, repair projects, and other needs. CDE does not provide the funding, but provides authorization to a school district to obtain the interest free financing if the school district qualifies. Some of the requirements are as follows:
35% or more of the school's students must qualify for free and reduced lunch;
Programs established with QZAB must have the goal of enhancing the academic curriculum, increasing graduation and employment rates or better preparing students for college and the workforce;
Each school must enter into a partnership with a private entity or entities. The partner must contribute at least 10 percent of the net present value of the amount of money borrowed;
NEW: At least 10% of the financing must be contracted within 6 months after issuance. 100% of the QZAB must be spent within 3 years of date of issuance.
NEW: Arbitrage restrictions have been modified in 2008 so that reserve accounts may be created provided they meet the criteria requirements per H.R. 1424.
For additional information, please contact Anna Fitzer - 303-866-6184.
CDE is currently accepting applications for Qualified Academy Bond Program (QZAB) allocations. $10,590,000 of Colorado's CY2013 & 14 allocation is currently available and will be awarded to qualified applicants in the order that applications are received, until the available allocation is depleted.