NY A02669

Establishes the New York State Education Equity Fund to provide capital financing for public charter school facilities, with up to $75 million available for investment in private debt/equity funds or not-for-profit loan funds and up to $125 million for direct grants to eligible applicants

Sets a goal that 60% of funding or 60% of awardees each fiscal year go to minority-led charter schools located in communities with racial disparities in educational outcomes, low academic achievement, or high rates of economically disadvantaged students

Authorizes the Dormitory Authority of the State of New York (DASNY) to acquire property, design and construct facilities, enter lease agreements, and provide non-recourse loans to charter schools at interest rates not exceeding prime plus half the statutory maximum

Limits grant eligibility to charter schools operating three or fewer schools, while loan financing is available to those operating ten or fewer schools; schools in probationary status, with expired charters, or with revoked charters are ineligible

Requires DASNY to submit annual reports detailing applications received, financing awarded, geographic distribution of funded facilities, and progress toward the 60% equity goal, with reports due to the Governor and legislative leaders by December 30 each year