The Iowa Department of Education is pleased to announce the availability of the application for Qualified Zone Academy Bonds (QZABs) Authority. The Federal Taxpayer Relief Act of 1997 created the Qualified Zone Academy Bond (loan) Program to provide low or no interest financing for renovating school buildings and purchasing equipment.
These are financial instruments that provide low or no interest bonds (loans), which are subsidized by the federal government in the form of tax credits to the bondholder. To qualify, the school:
- must establish a partnership with a business
- must have at least 35 percent of the students attending be eligible for free or reduced price lunches
- must have the students subjected to the same academic standards and assessments as other students
- must be designed in cooperation with business to enhance the academic program