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The Sallie Mae Fund makes major commitment to D.C. charter schools through Building Hope: A Charter School Facilities Fund

Building Hope celebrates first anniversary by helping five D.C. schools admit 700 new students this fall

RESTON, Va., September 8, 2004—The Sallie Mae Fund announced today it has awarded $28 million in grants to Building Hope: A Charter School Facilities Fund. Five schools have opened this academic year, creating seats for 700 District students, thanks in part to Building Hope. These grants, combined with $2 million in federal funding, will enable Building Hope to help additional charter schools expand their facilities and serve more D.C. students.

"We believe all students should have access to a higher education. Unfortunately, many students lack the critical K-12 educational foundation. This is certainly true in the District of Columbia ," said Albert Lord, Chairman and CEO of Sallie Mae and Chairman of The Sallie Mae Fund. "Charter schools provide the skills necessary for students to enter college and succeed."

To meet the growing demand for quality charter schools, Building Hope is partnering with experienced and successful charter school administrators to identify locations for charter school expansion to serve the Washington D.C. community. To date, Building Hope has worked with Caesar Chavez Public Charter School , D.C. Preparatory Academy, and Community Academy to open new campuses, and has helped E.L. Haynes Public Charter School open a new school through low-interest loans, guarantees, and grants. In addition to financial assistance, Building Hope has supplied technical assistance, providing schools with critical support ranging from site analysis and selection to lease/purchase negotiation.

"Financing and real estate expertise are critical to identify, negotiate, and acquire property in the District's highly competitive commercial real estate market," said Irasema Salcido, Founder and Principal of Cesar Chavez. "Building Hope pulled together public and private resources to eliminate real estate barriers so we can deliver a higher quality education to more D.C. students."

The Sallie Mae Fund, a charitable organization sponsored by Sallie Mae, achieves its mission—to increase access to a post–secondary education for America's students—by supporting programs and initiatives that help open doors to higher education, prepare families for their investment, and bridge the gap when no one else can. For more information visit www.salliemaefund.org.