PROVIDENCE – The Rhode Island Health and Educational Building Corp. is now searching for a new leader.
The state’s largest provider of bond financing for health and educational institutions officially began the search for a new executive director Tuesday, according to spokesperson Chris Hunter. Chairman Channavy Chhay said in a statement that Kimberly Mooers will step down as executive director of RIHEBC on Nov. 30.
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The RIHEBC board voted in August not to renew Mooers’ contract and “terminate her employment relationship,” according to the minutes of the meeting.
Reasons for Moore’s dismissal were not disclosed in the minutes, and RIHEBC has declined to say why her contract was not renewed.
“RIHEBC plays a critical role helping our state’s health and educational institutions meet their facilities needs through our bond financing and other programs,” said Chhay said in a press release announcing the job search. “For our new executive director, we hope to find an experienced professional with the vision and leadership needed to help move the organization forward, serve our clients and community, and work with RIHEBC’s talented staff. We look forward to reviewing a diverse array of applicants and selecting the right person for the job.”
In a letter to the “RIHEBC community” on Sept. 8, Chhay praised Mooers’ work.
“Kim was deeply committed to all of RIHEBC’s borrowers and grantees, large and small, throughout all five years of her service but particularly during the challenges of the COVID-19 pandemic, when she worked with the board to develop emergency loan and grant programs to aid RIHEBC’s institutions with the unexpected costs of the pandemic,” Chhay said.
During her tenure, Mooers oversaw the issuance of $1.9 billion in RIHEBC bonds to 40 borrowers, including 10 who had never borrowed through the corporation before, according to Chhay’s statement.
Of the $1.9 billion, $596 million represented refinancings which saved RIHEBC’s borrowers an estimated $90 million in debt service costs. Mooers also spearheaded the change to RIHEBC’s statute that enabled more kinds of not-for-profits to take advantage of RIHEBC programs.
RIHBEC will be accepting cover letters and resumes from applicants until Nov. 7.
