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American Recovery and Reinvestment 2/17/09

Final Stimulus Bill Signed by the President -- Full Text

Construction (part of State Fiscal Stabilization Fund Legislation): Sections 14001-14013 on page 165

QZAB: Section 1522 on page 244

QSCB: Section 1521 on page 241

Summary

1) QZAB: $2.8 billion for QZAB for 2009 and 2010 (in addition to the $400 million already approved in November, 2008).

Please note; The U.S. Treasury is currently working on the state allocations for the $400 million for 2008 and $1.4 billion for 2009. We have asked them to accelerate the process, as requested by many of you. Once they release the allocations we will post it.

2) QSCB (Qualified School Construction Bond): $22 billion ($11 billion for 2009 and $11 billion for 2010). This is a new QZAB type tax credit bond for school facility construction, rehabilitation or repair or for the acquisition of land on which such a facility is to be constructed. The allocation to the states will be based on the Title 1 formula --section 1124 of the Elementary and Secondary School Act :

  • 40% of the total amount to be distributed among the 100 largest school districts (again based on the amount they received during the prior fiscal year under the Title One formula). Largest school districts are defined as those with the largest numbers of 5-17 year olds living below the poverty level or " 1 of not more than 25 local educational agencies  that the Secretary of Education determines are in particular need of assistance based on a low level of resources for school construction, a high level of enrollment growth, or such other factors as the Secretary deems appropriate." 
  • The Bill also provides an additional $200 million of annual authority for 2009 and 2010 that is allocated to Indian tribal schools by the Secretary of the Interior. QSCBs are subject to the same arbitrage provisions as the QZAB program.

3) Construction: Up to $8.8 billion (about 18.2% of the $53.6 billion “State Fiscal Stabilization Fund”), set aside for “public safety and other critical services, may include education and modernization, renovation and repairs of public school facilities and institutions of higher education facilities.”  The state governor decides how much of the state allocation would be set aside for school modernization.
For your state’s allocation from the $8.8 billion --see
www.stimulusschools.org/Total_Stimulus_Dollars_Per_State_-_Facilities.xls