Walmart Founder's Heirs $250M Fund Helping Support Oakland School

OAKLAND (CBS/AP) -- A foundation run by the heirs of Walmart founder Sam Walton has announced a $250 million initiative to support charter schools in 17 U.S. cities, including one right here in the Bay Area.

The Walton Family Foundation on Tuesday announced its Building Equity Initiative aimed at helping charter schools establish and expand facilities. The foundation says it will initially focus on urban areas but will expand to help public charter schools serve at least 250,000 more students by 2027.

The initiative will help charter schools get financing for facilities by providing low-interest loans through not-for-profit lenders.

Oakland is one of the cities that will benefit from the funding.

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