Message From The ED

Dear RIHEBC community:

The third quarter of 2022 has come and gone with lightning speed, bringing with it a sharp rise in municipal market interest rates and volatile market conditions. Inflation, construction materials cost increases, and supply chain issues continue to reverberate throughout the entire economy, let alone RIHEBC’s corner of the world. With only two RIHEBC bond issues in the third quarter, and two more in the pipeline, it would seem these higher interest rates and negative economic factors are prohibitive of issuing bonds. This isn’t just a Rhode Island problem; nationwide, municipal bond issuance is down 15% year over year.

We all hope these negatives will reverse or at least stabilize so that schools, colleges, and healthcare entities can proceed with mission-critical capital projects. In the meantime, we continue to work on implementing a small loan program that will benefit some of the state’s not-for-profits that are now eligible under RIHEBC’s expanded enabling legislation. Read more here. We are working to have this program up and running by the beginning of 2023.

RIHEBC’s third quarter also saw a change in leadership at the Board level. In July, Channavy Chhay (see more below) was elected the new chair of the Board, replacing Scott Davis, who had served as chair since August of 2021. We welcome Channavy and look forward to her insights and leadership, and we send our gratitude to Scott Davis for his commitment to RIHEBC and his thoughtful leadership while chair. We are very pleased to continue to have Scott as a board member.

As always, I am available by phone or email to discuss any questions, concerns, or suggestions anyone has on RIHEBC and its programs. My contact info is at the bottom of this newsletter.

On to the fourth quarter, the holiday season, and, with high hopes, a better economy and bond market.

Kim Mooers

Executive Director

(401) 831-3770

kmooers@rihebc.com

RIHEBC Awards $100,000 Capital Grant to Mercymount Country Day School for Roof Replacement Project

On September 21st, we presented a $100,000 Capital Grant Program ceremonial check to Mercymount Country Day School in Cumberland for a roof replacement project on the school’s main building.

“The roof on our main school building is over 50 years old and has been starting to fail,” said Sister Rayleen Giannotti, Principal of Mercymount Country Day School. “That’s why we are so thrilled to receive this $100,000 Capital Grant from RIHEBC so we can completely replace the roof and continue to provide our students with a warm and dry learning environment. On behalf of our students, parents, teachers, and staff, I want to thank RIHEBC for this generous grant funding for a mission critical project at Mercymount Country Day School.”

Channavy Chhay Elected New RIHEBC Board Chair

On July 27th, Board members voted to name Channavy Chhay as the new Chair of RIHEBC's Board of Directors. Channavy has served as the Executive Director of the Center for Southeast Asians (CSEA) in Providence since 2011. She is the first woman of color to serve as RIHEBC Board Chair.

RIHEBC "Rhode Trip" Takes Us to East Providence High School & Pawtucket School Renovations

As part of our ongoing "Rhode Trip" to get out and visit projects for which RIHEBC has provided bond financing, during Q3 we visited East Providence's beautiful new high school, and the recently renovated Potter Burns and Nathanael Greene elementary schools in Pawtucket.

Clockwise from top left: Nathanael Greene Elementary School, East Providence High School, a renovated classroom in Potter Burns Elementary School

RIHEBC Closes On Over $172 Million In Bond Financings In Q3 2022

Brown University

07/27/2022

$87,220,000 

Capital Improvements

Construction, furnishing and equipping of Brook Street Residence Halls and Churchill House; Renovation to, furnishing and equipping of Lincoln Field Building.

Town of Johnston

09/29/2022

$85,000,000

Capital Improvements

Will finance the construction, additions, renovation, improvement, alteration, repair, furnishing and equipping of schools and school facilities in the Town.

RIHEBC In The News

RIHEBC awards $100K grant to Mercymount Country Day School, Providence Business News

The Rhode Island Health and Educational Building Corp. recently awarded a $100,000 grant to Mercymount Country Day School to help pay for a roof replacement. The funding comes through the organization’s Capital Grant Program, which helps eligible institutions with capital projects or equipment purchases that are related to their missions.

A financial remedy to R.I.’s aging schools, Providence Business News

RIHEBC, a quasi-public agency designed to provide institutions cost-effective access to capital through tax-exempt bond issues, began running the school program in 2006, after the General Assembly passed legislation requiring the corporation to issue bonds specifically for school construction projects while at the same time making these projects eligible for state aid to subsidize bond services.

Since its launching, the program has issued more than $2 billion in bonds for school construction projects across approximately 75 projects, which ranged in scope from renovations to the construction of new buildings, said Kimberly W. Mooers, RIHEBC executive director.

Brown University receives $87.2M in state bonds for new Brook Street dorm, other facilities, Providence Business News

Brown University said it’s completing three construction projects, including a new 125,000-square-foot dormitory on Brook Street, with the help of $87.2 million in state bonds recently provided by the Rhode Island Health and Educational Building Corp.

Rhode Island's quasi-public bond financing agency can now support museums, city projects and more, Providence Business First

The quasi-public entity that provides tax-exempt bond financing for school and hospital building projects in Rhode Island can now serve more organizations. Gov. Dan McKee signed a bill on June 27 to expand the powers of the R.I. Health and Educational Building Corporation. It can now work with organizations including museums, performing arts centers, libraries, homeless shelters, childcare centers, community service providers, recreation centers and municipalities.

Grants will pay for Eleanor Briggs School roof, homeless outreach, Warwick Beacon

The RIHEBC grant of $100,000 will allow Thrive to replace the roof of The Eleanor Briggs School which has fallen into disrepair over the years due to lack of funding. Michael Foley, Director of The Eleanor Briggs School, said, “We are grateful to RIHEBC for providing us with this funding to make critical improvements to our school in order to ensure the health and safety of the children and staff for years to come.”