PROVIDENCE – Schools and hospitals are no longer the only building projects that will benefit from financing through the Rhode Island Health and Educational Building Corp.
The quasi-public agency can now issue low-cost bonds and grants to a host of other entities, including municipalities, nonprofits, museums and day care centers under a law signed by Gov. Daniel J. McKee earlier this month.
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The law, which is based on legislation that passed in the R.I. General Assembly, aims to meet the growing need by a host of different types of organizations with construction or building renovation projects. RIHEBC originally could only finance school and health care facility building projects, but in recent years a growing number of groups and types of projects have cropped up, according to testimony from RIHEBC submitted to the R.I. House Municipal Government & Housing Committee.
Among those ineligible for financing under the prior rules: the Providence Children’s Museum, YMCAs and Boys & Girls Clubs, homeless shelters, and any city or town projects that were not for school construction.
The new law allows all of these groups to apply for grants or tax-exempt bond financing to pay for health- and education-related building projects. The expansion also has no impact on the state budget, according to RIHEBC’s testimony.
Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.
