Message From The ED

Dear RIHEBC Community:

I am pleased to present this, RIHEBC’s 3rd Quarter Newsletter, showcasing our transaction closings, including the historic State of RI/Central Falls High School Project Bond Issue, our very first HELP loan closing, and our Rhode Trips.

Enjoy! And here’s wishing you all a very Happy Fall and endless amounts of pumpkin spice products!

Yours truly,

Kim Mooers

(401) 831-3770

RIHEBC Closes On Over $288 Million In Bond Financings In Q3 2023

City of Warwick

September 13, 2026

$20,000,000

Capital Improvements

Renovation of school facilities throughout the district.

Exeter-West Greenwich Regional School District

August 22, 2023

$5,540,000

Capital Improvements

Renovation of school facilities throughout the district.

Central Falls

August 17, 2023

$93,520,000

New Construction

Construction, furnishing, and ‎equipping of a new 123,844 square-foot Central Falls High School facility.

Brown University

July 27, 2023

$96,535,000

Refunding

Refunding of Brown University’s RIHEBC Series 2013 bonds. $15.5 million in net present value savings to the University.

Town of Cumberland

July 26, 2023

$74,125,000

Refunding

Construction and renovation of school facilities across the district.

RIHEBC Closes On First HELP Loan

In early August we closed on our first Health & Education Loan Program (HELP) loan!

The $25,000 loan was made to the Rhode Island Computer Museum for the purchase of four F24 Kit Cars. These electric vehicles are assembled and then raced by students of all ages as part of a school’s project-based learning / STEM curriculum.

School districts interested in purchasing F24 Kit Cars for their students may be eligible for a HELP loan, too.

For information on the F24 Kit Cars, click here and contact Dan Berman, Executive Director of the Rhode Island Computer Museum: 401-741-6997, or dan@ricomputermuseum.org.

For information on HELP loans, contact Kim Mooers, Executive Director of RIHEBC: 401-831-3770 x107, or kmooers@rihebc.com.

Rhode Trip Visits To Learning Community, Meeting Street, Thundermist & Achievement First

We've had a busy Q3 getting out to visit our borrowers to see their facilities in-person. In July, we toured the Learning Community's public charter school in Central Falls and Meeting Street's beautiful new Eddy Street facility in Providence, funded in part with RIHEBC tax exempt bonds.

In July we were also invited to the ribbon cutting of Thundermist Health Center's new West Warwick Dental Clinic. Thanks to a $73,000 RIHEBC Capital Grant Program grant, the clinic has brand new sterilization equipment that will be part of putting smiles on patients’ faces for years to come.

Finally, in September we visited Achievement First’s Providence Mayoral Academy, upgraded with funding from a RIHEBC bond financing.

Clockwise from top right: The Learning Community in Central Falls, Meeting Street's Eddy Street facility in Providence, Thundermist Health Center's West Warwick Dental Clinic, Achievement First Mayoral Academy in Providence.

RIHEBC In The News

‘Huge step’ taken for new Central Falls High School, Boston Globe

Kim Mooers, executive director of the Rhode Island Health and Educational Building Corporation, said that with the state’s credit supporting the bonds, the city was able to secure financing at a lower cost for the high school project. The bonds sold at a premium of $7.79 million, yielding just over $100 million for project costs, she said . . .

Channavy Chhay, chair of the Rhode Island Health and Educational Building Corporation board of directors, said, “RIHEBC was honored to facilitate and issue this bond to construct a new high school in Central Falls, marking a significant step towards advancing the educational infrastructure in the city.”

State closes $93.5M bond to finance new Central Falls High School, Providence Business First

The Rhode Island Health and Educational Building Corp. has closed on a $93.5 million bond to finance the construction of a new Central Falls High School.

New high school to be built in Central Falls, WPRI-12

The Rhode Island Health and Educational Building Corporation (RIHEBC) recently closed on a $93,520,000 bond that will finance the construction, furnishing and ‎equipping of a new 123,844 square-foot high school at the corner of Lonsdale and Higginson avenues.

Rhode Island secures $93 million bond for new high school in Central Falls, NBC-10

The Rhode Island Health and Educational Building Corporation closed on a $93 million bond issued to finance the construction of a new high school in Central Falls. The new 123,844 square-foot high school will be located at the corner of Lonsdale Avenue and Higginson Avenue. It will replace the existing Central Falls High School that was built in 1927.

RI Computer Museum Wins $25K HELP Loan for Electric Kit Cars, Warwick Post

“At the Rhode Island Computer Museum, part of our mission is inspiring young people interested in future careers in computer, science, and technology fields,” said Berman. “This $25,000 HELP loan from RIHEBC will allow us to meet our mission by purchasing F24 Kit Cars, a fun and engaging project-based learning package for young students to learn critical STEM skills while building and racing electric cars. Obtaining traditional bank financing for this program proved challenging, and that is why we are so thankful for RIHEBC’s HELP loan program.”

RIHEBC's Programs

Tax-exempt bonds for capital projects and refinancings in excess of $4 million with a term in excess of 10 years. Learn more.

Equipment leases for equipment purchases and capital projects in excess of $1 million with a term of 10 years or less. Learn more.

Loans for eligible organizations with operating budgets of $10 million or less who face challenges obtaining traditional financing from banks and credit unions. Learn more.