This bill creates a low-interest loan program at the Department of Agriculture to help certain child care providers in rural communities renovate, retrofit, expand, or adapt buildings so more child care is available. The program starts 1 year after the bill becomes law. "Covered child care providers" must meet state licensing and criminal background check requirements and may include other providers the Secretary approves. A "child care desert" is a census tract where either there are no licensed child care providers or the number of children is at least three times the number of licensed child care slots.
The Secretary of Agriculture (through the Deputy Under Secretary for Rural Development) runs the program. Applicants send an application to the Secretary. The Secretary must tell applicants within 30 days if the application is complete and must approve or deny within 90 days after receiving the application. Loans can be used for renovation, retrofitting, expansion, and adaptation of structures; up to 10 percent of a loan may be used for pre-development (planning and design). Loan interest is set at the Treasury constant maturity rate for a comparable maturity plus 0.125 percent. Loans may have terms up to 25 years. The Secretary must report annually to specified congressional committees with information on loans made, activities funded, child care slots created or preserved, staff employed, demographic data, and pre-kindergarten providers assisted.
No publicly available information on total program funding or overall cost estimates. The bill specifies loan terms and costs that apply to individual loans: interest equals the Treasury constant maturity rate for a comparable loan plus 1/8 of 1 percent, repayment schedules are set by the Secretary, and loan terms may not exceed 25 years. Up to 10 percent of a loan may be used for pre-development activities.
No publicly available information.
No publicly available information.