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    Institutional Service Home            Last Modified: 02/20/2024