Contradictory evidence of the relationship between education funding and student achievement could reflect heterogeneous effects by revenue source or student characteristics. This study examines potential heterogeneous effects of a particular type of local revenue--bond funds for capital investments--on achievement by socioeconomic status. Comparing California school districts within a narrow window on either side of the cutoff of voter support required to pass a general obligation bond measure, I use dynamic regression discontinuity models to estimate effects of passing a bond on academic achievement among low- and high-socioeconomic-status (SES) students. Results consistently suggest that passing a bond increases achievement among low- but not high-SES students. However, these benefits for low-SES students are delayed and emerge six years after an election. Effects are larger in low-income districts and in small districts, where benefits of capital investments are experienced by a larger proportion of students.