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Financing Facilities for a Better Future

RIHEBC Issues $3.7 million in Educational Institution Revenue Bonds on Behalf of Mount Saint Charles Academy

PROVIDENCE, R.I. – The Rhode Island Health and Educational Building Corporation (RIHEBC) announced the issuance of $3.7 million in Educational Institution Revenue Bonds on behalf of Mount Saint Charles Academy.

The tax-exempt bonds closed on May 1, 2019 and will be used to design, construct, and furnish a 19,000 square foot residence hall on the Academy’s campus in Woonsocket.

“With the construction of this residence hall, Mount Saint Charles is going back in its history to move into the future.  We’re again attracting students from a wider geographical area. Student housing is part of the equation and part of our future. It’s a bright future fueled by innovative new programs” said the Academy’s President Alan Tenreiro.

Mr. Tenreiro also commended RIHEBC saying that “the leadership and team at RIHEBC worked extremely hard for Mount as a borrower, ensuring the lowest possible rate for our construction project.  The expert process was user friendly from the very beginning.”  

A rendering of the new residence hall at the Mount Saint Charles Academy, Woonsocket

Mount Saint Charles Academy is a private, Roman Catholic, co-educational academy operated in the tradition of the Brothers of the Sacred Heart, serving grades 6 through 12.

RIHEBC is Rhode Island’s largest municipal and non-profit financing entity, with more than $8.7 billion in bonds issued over the past 52 years.

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About The Rhode Island Health and Educational Building Corporation
The Rhode Island Health and Educational Building Corporation (RIHEBC) mission is to assist eligible borrowers to secure funding for capital projects, especially tax-exempt debt financing. Eligible borrowers include municipalities, public school districts, and public and private nonprofit educational and healthcare organizations. RIHEBC endeavors proactively to develop cost-effective, efficient, and user-friendly financing programs. RIHEBC provides borrowers access to high quality professional and technical resources, including staff expertise and assistance.  For more information visit www.rihebc.com.