To date, the Historically Black College and University (HBCU) Capital Financing Loan Program has originated 134 loans to 52 HBCUs, including 16 public HBCUs and 36 private HBCUs. These colleges and universities have used their loan proceeds to refinance previous capital project loans, to renovate existing facilities, to build new facilities, or to achieve any combination of the three.
On December 27, 2020, the President signed into law the “Consolidated Appropriations Act, 2021 (Pub. L. 116-260) provides that the Secretary of Education repay, for each institution of higher education that is a participant in the HBCU Capital Financing Program, the institution’s outstanding balance of principal, interest, and fees on the disbursed loan amounts on closed loan agreements as of December 27, 2020. Through this Act, there were 75 loans discharged and 11 loans which remained.
Through repayments and refunding, there are currently 28 loans outstanding to 17 colleges and universities with loan amounts ranging from $6 million to $226.5 million. These institutions have received loans totaling approximately $1.22 billion. Public HBCUs have received about $488 million in loan proceeds and private HBCUs have received about $736 million in loan proceeds. There are 14 active construction projects.
Loan Transactions
| 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
2017 | 2016 | 2015 |
2014 | 2013 | 2012 | 2011 |
|2010 | 2009 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | 1999 | 1997 | 1996 |
2024
Florida Agricultural and Mechanical University – February 2024 - $97,500,000
- Program loan:
- Construct new student housing facility
- 30-year fixed rate financing
2023
Benedict College – November 2023 - $10,000,000
- Program loan:
- Campus wide energy performance upgrades
- 30-year fixed rate financing
Tuskegee University – November 2023 - $35,000,000
- Program loan:
- Renovate existing student housing facilities
- 30-year fixed rate financing
The University of the Virgin Islands – August 2023 - $29,000,000
- Program loan:
- Construct new medical academic facility
- Reconstruct existing research and performing arts facilities
- Purchase furniture, fixture, and equipment
- 30-year fixed rate financing
Morehouse College – February 2023 - $58,500,000
- Program loan:
- Construct new student center
- Various capital improvements
- 30-year fixed rate financing
Howard University – January 2023 - $226,500,000
- Program loan:
- Construct new STEM building
- 30-year fixed rate and variable rate financing
Virginia Union University – January 2023 - $19,500,000
- Program loan:
- Renovate existing student housing and academic facilities
- Various capital improvements
- Finance a portion of acquisition cost
- Refinance debt
- 30-year fixed rate and variable rate financing
2022
Morgan State University – December 2022 - $65,000,000
- Program loan:
- Renovate campus buildings and deferred maintenance
- 30-year fixed rate financing
Dillard University – October 2022 - $41,000,000
- Program loan:
- Construct new student housing facility
- 30-year fixed rate financing
Fisk University – August 2022 - $34,250,000
- Program loan:
- Construct new Health Services and Training Center
- Construct new student housing facility
- 30-year fixed rate financing
Meharry Medical College – March 2022 - $39,750,000
- Program loan:
- Construct new living learning center and parking facility
- 30-year fixed rate financing
2021
Miles College – October 2021 - $15,000,000
- Program loan:
- Refinance debt
- 20-year fixed rate financing
Southern University at Baton Rouge – September 2021 - $69,000,000
- Program loan:
- Construct new student center
- Construct new student housing facility
- 30-year fixed rate financing
Bethune-Cookman University – June 2021 - $108,000,000
- Program loan:
- Refinance debt
- Bring student housing on the institution’s Balance Sheet
- Renovate existing student housing and academic facilities
- 30-year fixed rate financing
West Virginia State University – May 2021 - $40,500,000
- Program loan:
- Refinance debt
- Bring student housing on the institution’s Balance Sheet
- 30-year fixed rate financing
2020
Morehouse School of Medicine – December 2020 - $12,500,000
- Program loan:
- Finance a portion to construct new Health & Wellness Center
- 25-year fixed rate financing
Morgan State University – October 2020 - $69,750,000
- Program loan:
- Refinance debt
- Construct new public safety facility and dining facility
- Renovate existing student housing and academic facilities
- Finance a portion to construct new 670-bed student housing facility
- 30-year fixed rate financing
Meharry Medical College – August 2020 - $48,500,000
- Program loan:
- Deferred campus maintenance
- Construct new living learning center and parking facility
- 20-year fixed rate for the deferred maintenance; 30-year fixed rate financing for the living Learning center
Xavier University of Louisiana – June 2020 - $100,000,000
- Program loan:
- Construct a 500-bed dormitory and a mechanical substation
- Deferred maintenance related to building systems (HVAC, electrical and plumbing) and buildings that house such facilities
- 25-year fixed rate financing for the housing facility; 20-year fixed rate for the deferred maintenance
2019
Johnson C. Smith University – December 2019 - $18,000,000
- Program loan:
- Refinance debt
- 15-year fixed rate financing
The University of the Virgin Islands – November 2019 - $47,000,000
- Program loan:
- Refinance debt
- Finance the cost of acquisition and create a Research and Technology Business Innovation Center
- Finance a portion to construct a new Research Center building and Medical Simulation Center building
- 30-year fixed rate financing
Florida Memorial University – October 2019 - $44,000,000
- Program loan:
- Refinance debt
- 30-year fixed rate financing
Alabama Agricultural and Mechanical University – September 2019 - $70,000,000
- Program loan:
- Construct new student center
- Renovations
- 30-year fixed rate financing
Florida Agricultural and Mechanical University – March 2019 - $125,700,000
- Program loan:
- Construct new student housing facility
- Refinance debt
- 30-year fixed rate financing
2018
Southern University at Baton Rouge – December 2018 - $27,000,000
- Program loan:
- Refinance debt
- 21-year fixed rate financing
Morgan State University – November 2018 - $25,000,000
- Program loan:
- Construct new public safety facility
- Refinance debt
- 30-year fixed rate financing
Morehouse College – June 2018 - $45,000,000
- Program loan:
- Refinance debt
- Renovate existing student housing and academic facilities
- 20-year fixed rate financing
Alabama State University – March 2018 - $152,000,000
- Program loan:
- Refinance debt
- 24-year fixed rate financing
2017
Morehouse School of Medicine – October 2017 - $27,500,000
- Program loan:
- Renovate and expand medical academic facility
- Refinance debt
- 30-year fixed rate financing
Southern University at Shreveport – September 2017 - $12,500,000
- Program loan:
- Refinance debt
- 22-year fixed rate financing
Tuskegee University – August 2017 - $28,000,000
- Program loan:
- Refinance debt
- 10-year fixed rate financing
2016
Grambling State University – November 2016 - $100,000,000
- Program loan:
- Refinance debt
- 30-year fixed rate financing
South Carolina State University – September 2016 - $36,600,000
- Program loan:
- Refinance debt
- 19-year fixed rate financing
Jarvis Christian College – July 2016 - $25,000,000
- Program loan:
- Construct new student housing facility
- Renovate existing student housing facilities
- Refinance debt
- 30-year fixed rate financing
2015
Livingstone College – December 2015 - $48,000,000
- Program loan:
- Construct new physical education academic facility and new addition to science building
- Refinance debt
- 30-year fixed rate financing
Alabama Agricultural and Mechanical University – September 2015 - $96,000,000
- Program loan:
- Construct new living learning center and renovate existing student housing facilities
- Refinance debt
- 30-year fixed rate financing
T.A. Lawson State Community College – July 2015 - $21,000,000
- Program loan:
- Construct new Academic Success Center and Automotive Training Center
- 30-year fixed rate financing
Philander Smith College – June 2015 - $14,727,000
- Program loan:
- Refinance debt
- 26-year fixed rate financing
The University of the Virgin Islands – February 2015 - $19,000,000
- Program loan:
- Construct new medical school building and simulation center
- 30-year fixed rate financing
2014
Arkansas Baptist College – December 2014 - $30,035,000
- Program loan:
- Refinancing debt
- 30-year fixed rate financing
Texas College – September 2014 - $19,000,000
- Program loan:
- New and renovated student housing facilities as well as a student activity center
- 30-year fixed rate financing
Johnson C. Smith University – August 2014 - $26,150,000
- Program loan:
- New Science Technology Engineering and Mathematics College and Research Center
- Refinancing of debt
- 30-year fixed rate financing
Voorhees College – June 2014 - $18,500,000
- Program loan:
- Refinance debt
- Renovation student housing
- Campus Center and other academic facilities
- 25-year fixed rate financing
Grambling State University – May 2014 - $7,500,000
- Program loan:
- Construct a Kinesiology, wellness, and student center
- 25-year fixed rate financing
St. Augustine's University – February 2014 - $23,000,000
- Program loan:
- Refinance debt
- 20-year fixed rate financing
2013
Morehouse College – September 2013 - $19,000,000
- Program loan:
- Refinance debt
- 20-year fixed rate financing
Philander Smith College – July 2013 - $10,900,000
- Program loan:
- Campus Center
- 30-year fixed rate financing
Benedict College – June 2013 - $56,000,000
- Program loan:
- Campus Center and other academic facilities
- 25-year average fixed rate financing
Claflin University – June 2013 - $30,000,000
- Program loan:
- Refinance debt
- New student housing and renovations
- 25-year average fixed rate financing
Hampton University – May 2013 - $60,065,000
- Program loan:
- Refinance debt
- 25-year fixed rate financing
Clark-Atlanta University – January 2013 - $14,025,000
- Program loan:
- Refinance debt
- 8-year fixed rate financing
2012
Stillman College – September 2012 - $40,000,000
- Program loan:
- Refinance debt
- 25-year fixed rate financing
Texas Southern University – September 2012 - $60,000,000
- Program loan:
- Construct new student housing
- 22-year fixed rate financing
Meharry Medical College – August 2012 - $60,000,000
- Program loan:
- Construct a student center
- Build new student housing
- Renovate campus buildings and deferred maintenance
- 30-year fixed rate financing
LeMoyne Owen College – July 2012 - $13,450,000
- Program loan:
- Finance the constructing of a new 336 bed suite-style living learning center
- 30-year fixed rate financing
Florida Memorial University – June 2012 - $16,060,000
- Program loan:
- Refinance debt
- Construction of a new wellness education center
- Construction of a new science annex building
- 30-year fixed rate financing
Virginia Union University – April 2012 - $17,000,000
- Program Loan used to construct a Living Learning Center
- 30-year fixed and variable rate financing
Huston Tillotson University – February 2012 - $17,850,000
- Program loan:
- Renovation of two dormitories,
- Other campus capital improvements, and
- Refinance of current debt.
- 30-year fixed rate financing
2011
Texas Southern University - September 2011 - $64,180,000
- Program loan:
- Refinanced of outstanding indebtedness
- 25-year fixed rate financing
University of the Virgin Islands - June 2011 - $60,000,000
- Program loan:
- Refinanced of outstanding indebtedness
- Financed new student housing facility
- Financed new laboratories, classrooms, and faculty offices
- Financed renovation campus facilities
- 30-year fixed rate financing
Wiley College - April 2011 - $24,400,000
- Program loan:
- Refinanced of outstanding indebtedness
- Financed new student housing facility
- Financed new science building
- Financed renovation student union and campus facilities
- 30-year fixed rate financing
2010
Wilberforce University - September 2010 - $24,552,000
- Program loan:
- Refinancing of outstanding indebtedness
- 25-year fixed rate financing
Tuskegee University – July 2010 - $68,000,000
- Program loan:
- Financed new student housing facility
- Financed new science building
- Financed renovation academic buildings and student housing facilities
- 30-year fixed rate financing
Bennett College for Women - June 2010 - $9,500,000
- Program loan:
- Refinancing of outstanding indebtedness
- 20-year fixed rate and variable rate financing
Harris Stowe State University – April 2010 - $17,315,000
- Program loan:
- Financed new student housing facility
- 30-year fixed rate financing
Lane College - March 2010 - $29,000,000
- Program loan:
- Refinancing of outstanding indebtedness
- 20-year fixed rate and variable rate financing
Shaw University - February 2010 - $30,100,000
- Program loan:
- Refinancing of outstanding indebtedness
- 20-year fixed rate financing
2009
Florida Memorial University - September 2009 - $28,000,000
- Program loan:
- Program financed new student housing facility
- Refinancing of outstanding indebtedness
- 30-year fixed rate financing
Bennett College for Women - September 2009 - $21,000,000
- Program Loan financed new student housing, academic buildings, and renovations
- 30-year fixed rate and variable rate financing
Talladega College - September 2009 - $12,000,000
- Program loan:
- Renovation of existing facilities
- Program financed new student housing facility
- Refinancing of outstanding indebtedness
- 30-year fixed rate financing
2007
Southern University at New Orleans - June 2007 - $44,000,000
- Program financed new student housing facility
- A pledge of net revenues of the Southern University of New Orleans Student Housing System
- 30-year variable rate financing capped at 1 percent
Tougaloo College - June 2007 - $28,560,000
- Program loan:
- Refinancing of outstanding indebtedness
- Renovation of existing facilities
- Modernization of campus facilities
- General obligation of the university, secured by mortgages, lien on all revenue
- 30-year variable rate financing capped at 1 percent
Xavier University - June 2007 - $165,000,000
- Program loan:
- Refinancing of outstanding indebtedness
- Renovation of existing facilities
- Reimbursement to borrower for eligible remediation and rehabilitation outlays
- General obligation of the university, secured by mortgages, lien on all revenue, portion of endowment
- 30-year variable rate financing capped at 1 percent
Dillard University - June 2007 - $160,000,000
- Program loan:
- Refinancing of outstanding indebtedness
- Renovation of existing facilities
- Construction of science and professional schools building
- Reimbursement to borrower for eligible remediation and rehabilitation outlays
- General obligation of the university, secured by mortgages, lien on all revenue, portion of endowment
- 30-year variable rate financing capped at 1 percent
Allen University - June 2007 - $19,000,000
- Program financed new student housing facility and residence hall improvements
- Secured by general obligation of the university on parity with existing creditors, net revenue pledge of entire student housing and a first mortgage on 5 buildings
- 30-year variable rate financing with a cap
Tuskegee University - May 2007 - $28,000,000
- Program loan:
- Renovation of existing facilities
- Modernization of campus facilities
- Revenue of mortgaged facilities
- General obligation of the university, secured by mortgages, lien on all revenue
- 30-year fixed rate financing
Clark-Atlanta University – May 2007 - $20,000,000
- Program loan:
- Renovation of existing facilities
- Modernization of campus facilities
- Secured by general obligation of the university, pledge of all revenue and mortgages
- 30-year fixed rate financing
2006
Harris Stowe State University - June 2006 - $15,500,000
- Program financed new student housing facility
- Secured all student housing revenue
- 30-year fixed rate financing
2005
South Carolina State University - June 2005 - $42,000,000
- Program financed new 780 bed student housing facility
- Also refinanced existing student housing revenue bonds
- Secured by net revenue pledge of entire student housing revenue system
- 30-year fixed rate financing
2004
Miles College - July 2004 - $7,835,000
- Program financed new men's dormitory
- Financing structured in conjunction with bank loan on other college projects, requiring management of inter-creditor issues, including security and parity debt
- Secured by general obligation of the college, lien on revenues of the student housing facility and mortgage
- 30-year fixed rate financing
Tuskegee University - February 2004 - $12,056,000
- Refinanced taxable bond issue used to finance the university's Kellogg Conference Center
- Provided substantial debt service savings which created ability to finance an additional $1.2 million of renovation projects
- Secured by general obligation of the university and a mortgage on the conference center
- Structured as 23-year financing with $2 million deferred principal variable rate financing
Shaw University - January 2004 - $10,015,000
- First loan structured on a 100 percent variable rate basis
- Program loan:
- Refinanced bond issue which had a balloon provision
- Refinanced a note on a satellite campus
- Refinanced an existing Department of Education mortgage
- Provided small amount of new money
- Secured by general obligation of the university, pledge of all revenues and mortgages
- 20-year variable rate financing
2003
Clark-Atlanta University - November 2003 - $23,905,000
- First financing to include a variable rate component
- Financing structured primarily to offer substantial debt service savings
- Secured by general obligation of the university, pledge of all revenue and mortgages
- Fixed rate loan portion structured consistent with term of refinanced bonds through 2015; variable rate loan portion amortizes through 2020
Livingstone College - November 2003 - $12,000,000 and November 2001 - $1,000,000
- Projects included:
- Refinancing ($7.00 million)
- Student housing renovation
- Administrative/classroom renovation
- General obligation of the college, secured by mortgage and lien on all revenues
- 17-year fixed rate on financing; 30 year fixed rate on new projects financing
2002
Virginia Union University - April 2002 - $8,218,000
- Loan included:
- Refinancing
- HVAC upgrades
- Building Renovations
- Loan secured by general obligation of the university, a first lien on revenues and a mortgage
- 30-year fixed rate financing
Tuskegee University - March 2002 - $23,875,000
- Provided financing for:
- Campus infrastructure projects
- Residence hall improvements
- Loan secured by general obligation of the university, a first lien on certain student housing revenues and mortgages
- 30-year fixed rate financing
2001
Bennett College - July 2001 - $8,700,000
- First financing completed by Commerce Capital Access Program Corporation
- Project included:
- Refinancing
- Storm drainage
- Network/telephone upgrades
- Roof repair
- General obligation of the college, secured by mortgage and lien on all revenue
- 30-year fixed rate financing
2000
Barber-Scotia College - December 2000 - $7,000,000
- Last financing completed by Eddie Mac
- Financed renovation of Faith Hall, a 23,000 square foot student housing facility
- General obligation of the college, secured by a mortgage and lien on all revenue
- 30-year fixed rate financing
1999
Lincoln University - October 1999 - $13,850,000
- Loan retired through a refinancing by Aaa/AAinsured tax-exempt bond issue in 2004
- Project included:
- Refinancing and renovation of the university's Urban Center in Philadelphia
- Deferred campus maintenance and computer software and hardware upgrades
- General obligation of the university, secured by a mortgage on the Urban Center
- 25-year fixed rate financing for the Urban Center; 15-year fixed rate for the deferred maintenance
Bethune-Cookman College - May 1999 - $15,500,000
- Project included:
- Student center
- Auditorium
- Mass communications building
- Loan secured by general obligation of the college, lien on all revenues and a mortgage
- 30-year fixed rate financing
Tougaloo College - May 1999 - $8,200,000
- Project included:
- Four new student housing facilities
- Furniture purchase
- Refinancing of lease for HVAC system
- Loan secured by general obligation of the college, pledge of net revenues of the financed dormitories and a mortgage
- 10-year fixed rate refinancing
- 30-year fixed rate new project financing
1997
Bethune-Cookman College - July 1997 - $4,795,000
- Provided financing for a new 200 bed student housing facility
- Loan secured by general obligation of the college, pledge of net revenues and covenant to maintain minimum level of unrestricted net assets equal to 150% of debt
- 30-year fixed rate financing
1996
West Virginia State College - September 1996 - $3,500,000
- First HBCU Program loan
- Program financed renovation of student housing
- Loan secured by pledge of net revenues and negative pledge on the student housing system
- 30-year fixed rate financing