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Billionaire Bill Gates, chairman of microsoft corp. smiles during a taping at Columbia University on Thursday, Nov .12, 2009 in New York.

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Gates Foundation helps charter schools

Offers 30 million dollars in Houston

Updated: Friday, 13 Nov 2009, 2:31 PM MST
Published : Friday, 13 Nov 2009, 2:17 PM MST

    The Bill & Melinda Gates foundation is offering $30 million to help charter schools in Houston get $300 million in tax-exempt bonds to build more schools.

    The money will help one charter organizations — KIPP Houston — but the foundation says it is willing to help other groups get financing as well.

    The credit support agreement is the foundation's first attempt to use "non-traditional means" to support its other investments in global health, global development and U.S. programs such as education.

    The Seattle-based foundation plans to invest a total of $400 million in similar program-related investments over the next two years. The foundation may also offer low-income loans, loan guarantees and equity investment.

    The Gates Foundation was created in 2000 by the Microsoft chairman and his wife.

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