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.
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.
