NEF offering U.S. schools $100 million to build CyberLearning Academies

(From the NEF press release)
NEF Offers $100 Million Matching Grant to School Districts

To Help Disadvantaged School Districts Nationwide Receive $1 Billion Federally Aided Funds to Avert Fiscal Crisis

ALEXANDRIA, VA. November 20, 2008 --Dr. Appu Kuttan, Chairman of the National Education Foundation (NEF), the nonprofit leader in bridging the digital and academic divides, announced today a nationwide $100 million matching grant initiative for schools.

With most states awash in red ink and with several states proposing to cut K-12 education funds, NEF is working to leverage a $1 billion dollar U.S. Treasury program that permits the states to allow school districts to borrow money at zero interest to support the critical needs of disadvantaged schools — the most vulnerable group in the current fiscal crisis.

This Federal program is known as Qualified Zone Academy Bonds (QZAB). NEF has teamed up with banks to make it possible for all eligible schools -- those with 35% of students on free or reduced lunch -- to receive QZAB funds for renovation, equipment, curriculum, professional development etc. NEF also donates the 10% match required, and helps to build a world class CyberLearning Academy that enables students to acquire key 21st Century workforce skills. Continued, with info on applying....