R.I. Health and Educational Building Corp. issues $2.3B in financing over last 10 years

THE R.I. Health and Educational Building Corp. has released a report detailing $2.3 billion in financing the organization has provided for health and educational construction projects over the last decade.
THE R.I. Health and Educational Building Corp. has released a report detailing $2.3 billion in financing the organization has provided for health and educational construction projects over the last decade.

PROVIDENCE – Celebrating its 50th anniversary this month, the quasi-governmental R.I. Health and Educational Building Corp. released a report this week detailing $2.3 billion in financing the organization has provided for health and educational construction projects over the last decade.

The report breaks down RIHEBC’s economic impact in the state, detailing construction projects the entity has helped finance from 2006-2015. Projects include higher-education classrooms and dorms, traditional and charter public school facilities, general medical and surgical facilities, children hospitals and more.
These projects boosted labor market growth, annually supporting 1,091 direct jobs, and 2,335 jobs including indirect and induced impacts, according to the report. The organization estimates the projects supported $134 million in labor income and $193 million in gross domestic product annually.
“Even during challenging economic times, when financing options are limited, RIHEBC is committed to supporting our state’s health and educational institutions,” Robert Donovan, executive director, said in a statement. “We are pleased to help so many institutions, from small health care facilities to large colleges, reach their goals and continue their important work in Rhode Island.”
The report highlights projects at Bishop Hendricken High School, Rhode Island’s only remaining all-boys Catholic high school, and Women & Infants Hospital in Providence. RIHEBC provided the high school with a $2.1 million fixed-rate bond to finance construction of six classrooms totaling 6,000 square feet and a 16,000-square-foot gym. In 1984, the organization provided Women & Infants a $44.5 million tax-exempt bond to build a new facility on Dudley Street in Providence, followed by a $38.2 million tax-exempt bond in 2008 for the construction of a five-story pavilion to augment capacity for the hospital’s neonatal intensive care unit.
“For more than 30 years, we have been fortunate to be able to rely on the support of RIHEBC, enabling us to continue to grow and expand our services for the women and newborns of our region,” said Mark R. Marcantano, president and chief operating officer at Women & Infants, in a statement. “We are so very grateful for their ongoing commitment to not only Women & Infants Hospital, but to the entire Rhode Island health care industry.”

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