Construction and maintenance of school facilities are big cost drivers for schools, and the quality of school facilities can make a difference in student learning and health. Notably, school building construction is the second-highest capital expenditure of state and local funds, trailing only investments in infrastructure like roads. Ensuring access to safe, modern learning environments for all students is a critical and often overlooked aspect of school funding policy at the state level. A 2021 analysis estimates an annual shortfall of $85 billion in school facilities funding and recommends districts nearly double their spending on maintenance, operations, and capital construction. This brief discusses: (1) the importance of school facilities for student equity; (2) local roles in capital funding; (3) states' differing approaches to facilities funding; and (4) funding charter school facilities.