School Revolving Renovation Program

  • Created in 1998 by the Maine State Legislature, the School Revolving Renovation Loan Fund (SRRF) provides interest free loans and partial loan forgiveness to eligible school systems for health, safety and compliance improvements to school facilities, as well as other Department of Education-approved projects.

    Eligible Borrowers

    All school systems.

    Project & Financial Manager

    The Bond Bank and the Department of Education (DOE) jointly administer the SRRF program. The Bond Bank serves as the administrator and financial manager and DOE serves as the project manager for the program.

    Eligible Projects

    Examples of eligible projects include but are not limited to:

    • Air quality issues
    • Roof repair or replacement
    • Asbestos removal
    • ADA compliance
    • Learning space upgrades
    • Non-health and safety compliance renovations
    • Other DOE-approved renovation projects

    Project Eligibility Process

    DOE determines project eligibility and ranking. Once DOE issues the project eligibility certificate, the school may submit an application to the Bond Bank for financing.

    Application Deadline

    Applications are accepted continuously during the year.

    Interest Rates & Loan Forgiveness

    0% maximum interest rate. The loan forgiveness rate is based on the district’s state share percentage of debt service, within a set minimum and maximum percentages.

    Minimum/Maximum Loan Amount

    There is no minimum.

    Issuance Costs & Fees

    The borrower is responsible only for local bond counsel fees.

    Term

    The term is subject to the loan amount before forgiveness and must comply with the useful life policy and DOE regulations.

    • Up to 5 years for loan amounts $500,000 or less
    • Up to 10 years for loan amounts greater than $500,000

    Repayment Schedule

    Flexible. However, it must be in compliance with DOE regulations, and the first payment must be made within one year of the loan closing date.

    Prepayment

    Loans are prepayable without penalty.

    Receipt of Funds

    Funds must be requisitioned with documentation supporting expenses.

    Download a printable PDF versions of the information above.

  • School Revolving Renovation - Prepaid Application

    (use this application for projects that are already complete)

    Prepaid SRRF Application (Fillable)
    Prepaid SRRF Application

    Bond Counsel

    Local bond counsel serves a critical role in confirming the legality of debt issuances. Engaging counsel in the early stages will ensure that they will be able to provide a legal opinion, which is a loan program participation requirement.
    Download a printable PDF version of our approved list of bond counsel.

    For more information on the SRRF program visit the Department of Education site at School Revolving Renovation Fund | Department of Education (maine.gov)

    Contact Information

    • Toni Reed
      Senior Program Officer
      (207) 622-9386 ext. 213
    • Makenzie Kempster
      Program Coordinator
      (207) 622-9386 ext. 208
    • Madison Purdy
      Program Assistant
      (207) 622-9386 ext. 221