New York A 2669: Relates to establishing the New York state education equity fund and authorizing the dormitory authority of the state of New York to invest to cover capital costs for charter schools

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A02669 Summary:

BILL NOA02669 

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SAME ASNo Same As

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SPONSORCunningham

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COSPNSRAlvarez, Gibbs

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MLTSPNSR

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Add §99-ss, St Fin L; amd §§1678, 1680 & 1676, Pub Auth L

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Establishes a New York state education equity fund; authorizes the dormitory authority of the state of New York (DASNY) to invest $75 million in a public-private partnership revolving loan fund for loan financing to cover capital costs for the construction and improvements of public charter schools.

Go to top A02669 Actions:

BILL NOA02669 

&nbsp

01/21/2025referred to education

01/07/2026referred to education

Go to topA02669 Committee&nbspVotes:

Go to topA02669 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA02669 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 2669

 2025-2026 Regular Sessions

 IN ASSEMBLY

 January 21, 2025
 ___________

 Introduced by M. of A. CUNNINGHAM, ALVAREZ, GIBBS -- read once and
 referred to the Committee on Education

 AN ACT to amend the state finance law and the public authorities law, in
 relation to establishing the New York state education equity fund and
 authorizing the dormitory authority of the state of New York to invest
 to cover capital costs for the construction and improvements of public
 charter schools

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. The state finance law is amended by adding section 99-ss to
 2 read as follows:
 3 § 99-ss. New York state education equity fund. 1. There is hereby
 4 established in the joint custody of the state comptroller and the
 5 commissioner of taxation and finance a fund to be known as the "New York
 6 state education equity fund". Such fund may be known and cited as the
 7 "education equity fund".
 8 2. As used in this section, the following words and phrases shall have
 9 the following meanings, unless a different meaning is plainly required
 10 by the context:
 11 (a) "Applicant" shall mean an education corporation, applying for
 12 financing of capital costs pursuant to this section.
 13 (b) "Authority" shall mean the dormitory authority of the state of New
 14 York.
 15 (c) "Capital costs" shall mean costs associated with establishing or
 16 operating education corporation facilities including, but not limited
 17 to, all costs, including closely related ancillary costs, related to the
 18 financing, refinancing, leasing, planning, design, construction, recon-
 19 struction, rehabilitation, improvement, and equipping of facilities to
 20 be leased or owned by education corporations.
 21 (d) "Education corporation" shall mean a charter school education
 22 corporation formed pursuant to article fifty-six of the education law,

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD05618-01-5

 A. 2669 2

 1 which is not in probationary status, does not have an expired charter,
 2 whose charter has not been non-renewed, or whose charter has not been
 3 revoked.
 4 (e) "Education equity fund" shall mean the New York state education
 5 equity fund authorized to be established pursuant to this section.
 6 (f) "Low educational outcomes" shall mean racial disparities in educa-
 7 tional outcomes, low kindergarten through grade twelve academic achieve-
 8 ment, low high school graduation rates, or low college attendance,
 9 persistence, and graduation rates as demonstrated by data available from
 10 the state education department or United States department of education.
 11 (g) "Minority-led education corporation" shall mean an education
 12 corporation:
 13 (i) governed by a board of trustees of which at least fifty-one
 14 percent of the trustees are minority group members; and
 15 (ii) the highest ranking officer or employee of the education corpo-
 16 ration is a minority group member.
 17 (h) "Minority group member" shall mean a United States citizen or
 18 permanent resident non-citizen who is and can demonstrate membership in
 19 one of the following groups:
 20 (i) Black persons having origins in any of the Black African racial
 21 groups;
 22 (ii) Hispanic persons of Mexican, Puerto Rican, Dominican, Caribbean,
 23 Cuban, Central or Sout