Chinese Investors Finance Low-Quality Charter School in North Carolina by Diane RavitchQuicklink submitted By Susan Lee Schwartz Permalink
Chinese investors put up $3 million to start up a new charter school in No.Carolina. They did it in exchange for green cards! No. Carolina opened itself to rapid charter school expansion, so a growing number of startup schools are turning to charter-school finance companies to pay for facilities. This means tax money from is flowing across the country and around the globe to repay debts and cover outsourced services. The $3 million came through the EB-5 program, which provides green cards to foreign investors who create U.S. jobs. Although charter school salaries are paid with public money, an Arizona-based company called Education Fund of America offers the opportunity to invest in charter schools, claim the job-creation visa benefit and rely on government support of such schools to secure the investment. Is a foreign-financed charter school a public school?
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