Voorhees benefits from HBCU Capital Financing Program
Denmark, S.C.- The Department of Education recently awarded Voorhees College along with six other Historically Black Colleges and Universities (HBCUs) with reimbursements from the HBCU Capital Financing program. Due to the Consolidated Appropriations Act of 2018 (Pub. L. 115-141) and the Department of Defense and Labor, Health and Human Services, and Education Appropriations Act of 2019 (Pub. L. 115-245), the seven HBCUs were provided a deferment of principal and interest
payments in the HBCU Capital Financing program for private HBCUs that demonstrated significant financial constraints. Voorhees was reimbursed $735,980.88. This deferment is the first of its kind and shows the Congress’ and Administration’s commitment to assist HBCUs in a time of need with an eye towards the students that they serve.
UNCF president and CEO Dr. Michael L. Lomax said 2018 has been a good year for HBCUs. “Not only did our institutions receive a significant increase in funding for vital programs such as the Strengthening HBCU program or ‘Title III’, but our institutions also received much needed
relief in the HBCU Capital Financing program,” Lomax said. “I have to give credit to Rep. Alma Adams and Rep. Ted Budd, both of North Carolina. They began this process and were able to significantly grow the bipartisan congressional support. Then, the Secretary of Education and
her staff implemented this new authority in the best possible way.”
President W. Franklin Evans said during this holiday season this is a wonderful gift to Voorhees.
“We are thankful for the HBCU Capital Financing program. Because of the deferment, we have an opportunity to strategize and build an even stronger foundation. This is one more step in the right direction for HBCUs to continue to prevail,” Evans said.