California's K-12 school facilities require significant new and ongoing investments. Funding for facilities comes mostly from local sources, and depends crucially on local property wealth. The state provides some funding for facilities through the School Facility Program (SFP), which usually requires local matching contributions. The authors begin this report by examining historical trends in SFP funding and then look at differences in SFP funding across districts and student demographics. Next, they calculate how much certain student groups are targeted by facility improvements within districts. They estimate the relationship between SFP funding and current facility conditions, examining differences in the level and timing of funding across school sites in the same district that ever received SFP funding. The authors conclude this report with a brief discussion of policy implications and recommendations. [The authors received research support from Joseph Herrera. For the Policy Brief, see ED617948. For the technical appendices, see ED617950.]