“Cashing in on Charter Schools” explores the many ways that charter operators exploit taxpayers: how charter operators and real estate developers are cashing in. “Interest-only mortgages with rates that grow each year. Multimillion dollar fees for paying off loans early. Property that quickly doubles in price; & buildings sold with markups as high as 70% Deals like these by N J charter schools, or the private groups that support them. highlight how tax dollars meant for public education can reap profits for investors.State education officials say they have no authority to review financing or lease agreements struck by charter schools before they are signed. And they don’t police the private organizations, often called “Friends of" groups, that are created to support charter schools by owning or financing their real estate and, in many cases, enter into contracts on a school’s behalf.
At dianeravitch.net
