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Faced with cuts to its available grant money, the West Virginia School Building Authority is considering new methods to help fund counties’ school construction and renovation projects.
The Charleston Gazette-Mail reports that the School Building Authority voted Monday to have their staff examine the possibilities of having the authority loan its money to school systems for projects, as well as starting a leaseback program.
Counties across the state submit project proposals to SBA, which distributes general revenue, bond proceeds and lottery money. The SBA board currently can only pick some of the projects to fund each year because of the authority’s limited grant money.
SBA Executive Director David Sneed says the low-interest loans could come from the SBA’s $50 million annual main “needs” fund.
