ID H0545

Repeals the existing Public Charter School Debt Reserve provision and replaces it with a Public Charter School Revolving Loan Fund established in the state treasury to finance facility purchases, improvements, and construction for qualifying charter schools.

Designates the Idaho Housing and Finance Association as the loan issuer responsible for establishing guidelines, procedures, and loan terms for applicants and managing the fund.

Requires eligible charter schools to demonstrate commitment letters from financial institutions, nonprofits, community development financial institutions, or qualified underwriters covering at least 80% of project financing, with a minimum $1,000,000 in private or public grant support available.

Limits loans to a maximum of $2,500,000 per school on a first-come, first-served basis, with schools paying a one-time fee of 0.5% of the loan amount plus annual fees not exceeding 30 basis points of the principal.

Requires participating schools to authorize direct payment of state educational support program funds to lenders before forwarding remaining funds to the school, with this payment directive being irrevocable.

Becomes effective July 1, 2022.