Official Text and Analysis.

Creates the Early Learning Facilities Revolving Account (ELFRA) to provide grants and loans for the planning, renovation, purchase, and construction of early learning facilities..

Establishes prioritized criteria for ELFRA awards to school districts and other eligible organizations.

Changes the entitlement date in the intent section for the Early Childhood Education and Assistance Program (ECEAP) from 2021 to 2023. Requires the Department of Early Learning (DEL) to create a process by which projects receiving grants or loans can be preapproved under existing licensing standards related to facility requirements. The licensing standards accepted in the preapproval are the standards that must be met upon project completion. Creates the Early Learning Facilities Development Account in addition to the Early Learning Facilities Revolving Account. Revenues to the Early Learning Facilities Revolving Account also include taxable bond proceeds and can be used for grants or loans. Only tax- exempt bond proceeds may be deposited into the Early Learning Facilities Development Account and expenditures from the account must be used to provide state matching funds for early learning facilities grants only. The accounts are allowed to maintain the earnings on investments. Proceeds into the accounts may be used for purchase as well as planning, renovation, and construction of early learning facilities.