Schools of Hope Revolving Loan Program.

(1) The Schools of Hope Revolving Loan Program is established within the Department of Education to provide assistance to hope operators, as defined in s. 1002.333, to meet school building construction needs and pay for expenses related to the startup of a new charter school. The program shall consist of funds appropriated by the Legislature, money received from the repayment of loans made from the program, and interest earned.

(2) Funds provided pursuant to this section may not exceed 25 percent of the total cost of the project, which shall be calculated based on 80 percent of the cost per student station established by s. 1013.64(6)(b) multiplied by the capacity of the facility.

(3) The department may contract with a third-party administrator to administer the program. If the department contracts with a third-party administrator, funds shall be granted to the third-party administrator to create a revolving loan fund for the purpose of financing projects that meet the requirements of subsection (4). The third-party administrator shall report to the department annually. The department shall continue to administer the program until a third-party administrator is selected.

(4) Hope operators that have been designated by the State Board of Education and have executed a performance-based agreement pursuant to s. 1002.333 shall be provided a loan of up to the amount provided in subsection (2) for projects that are located in the attendance area of a persistently low-performing school or within a 5-mile radius of such school and primarily serve students from the persistently low-performing school. A hope operator is not eligible for funding if it operates in facilities provided by the school district for a nominal fee, or at no charge, or if it is directly or indirectly operated by the school district.

(5) The department shall post on its website the projects that have received loans, the geographic distribution of the projects, the status of the projects, the costs of the program, and student outcomes for students enrolled in the school of hope receiving funds.

(6) All repayments of principal and interest shall be returned to the loan fund and made available for loans to other applicants. Beginning July 1, 2027, when the funds of the Schools of Hope program established in s. 1002.333 fall below $25 million, the third-party administrator shall transfer from the loan fund to the program an amount that provides for maintaining a balance of $25 million in the program.

(7) Interest on loans provided under this program may be used to defray the costs of administration and shall be the lower of:

(a) The rate paid on moneys held in the fund; or

(b) A rate equal to 50 percent of the rate authorized under the provisions of s. 215.84.

(8) Notwithstanding s. 216.301 and pursuant to s. 216.351, funds allocated for this purpose which are not disbursed by June 30 of the fiscal year in which the funds are allocated may be carried forward for up to 5 years after the effective date of the original appropriation.