The Rhode Island Health and Educational Building Corporation (“RIHEBC”) has developed this Strategic Plan to provide a detailed approach to carry out its mission of providing assistance to the nonprofit health and educational organizations and municipalities which obtain financing for critical capital projects. These organizations contribute to an improved quality of life for the State’s residents. The plan articulates the vision and guiding principles which RIHEBC will use to meet its goals and be responsible to its stakeholders comprised of the nonprofit and municipal entities, governmental agencies and the General Assembly as well as the residents of the State.
Background and History
Established by the General Assembly in 1966 when it recognized the need to assist educational institutions, the Corporation was given broad powers to assist in providing financing for educational facilities to accommodate the projected increases in the college and university enrollment levels in the State. In 1968, additional legislation changed the Corporation's name to its present name, and the Corporation's powers were expanded to enable it to assist hospitals in the State with the financing of healthcare facilities. Since 1968, the Corporation's powers have been repeatedly expanded to provide assistance to non-profit health associations and cooperative hospital service organizations. In the 90s, the Corporation's powers were expanded to allow it to provide financial assistance to a broad range of non-profit healthcare providers. In 2003, RIHEBC’s legislation was amended by the General Assembly and it became the designated issuer of bonds for school projects by cities and towns eligible for State Aid. In 2011, RIHEBC recognized a trend of more collaboration between various healthcare and educational institutions and between public and private entities. In order to continue to assist these institutions, the Corporation’s legislation was changed to include different types of organizations which may form joint ventures or partnerships with the institutions to expand their educational or healthcare activities. Since its establishment as a self-supporting agency, RIHEBC has provided over $7.1 billion in financing to eligible borrowers and currently oversees $3.1 billion in active financing. It has become the preeminent issuer for tax exempt financing in the State and has developed extensive knowledge and expertise in providing such financing. RIHEBC’s expertise and assistance has become more important to its clients due to the increasing complexity and scrutiny imposed by federal agencies and Congress on the use of tax exempt financing. The Agency will continue to implement and adopt its strategic plan for the benefit of its stakeholders.
To aid eligible institutions in the educational and healthcare fields in Rhode Island gain access to capital. To remain proactive in developing cost effective programs, offering staff assistance, and providing technical resources that benefit these institutions.
To be a vital partner working in partnership with nonprofit organizations and communities in the State to ensure that every resident will have access to the highest quality facilities and services available in the nation for their healthcare and educational needs.
Goal 1: Superior Client Service Action 1.1: Cost Effective and Timely Financing Action 1.2: Post Issuance Compliance Action 1.3: Strengthen Client and Investor Relations
Goal 2: Programs and Services that Meet the Demands of a Changing Market Action 2.1: Evolve Existing Programs Action 2.2: Develop/Implement New Programs Action 2.3: Provide Grants and Other Financial Assistance Action 2.4: Develop New Market Sectors
Goal 3: Partner in Public Policy Action 3.1: Leadership in Creation of Public Policy Action 3.2: Collaboration with Other State Entities and Advocacy Groups on Common Interests Action 3.3: Public Advocacy on Behalf of Constituents
Goal 4: Effective and Sustainable Organization Action 4.1: Board Development and Agency Oversight Action 4.2: Staff and Management Development Action 4.3: Optional Organizational Design and Technological Capabilities