For Immediate Release: February 1, 2019
PROVIDENCE, R.I. – The Rhode Island Health and Educational Building Corporation (RIHEBC) announced the issuance of $9.5 million in Educational Institution Revenue Bonds on behalf of Achievement First Rhode Island.
The tax-exempt bonds closed on January 31, 2019 and will be used to refinance $6.5 million in existing debt, finance capital improvements at the Achievement First Providence Mayoral Academy Elementary and Middle Schools and capital improvements for the future home of Achievement First Iluminar for the 2019-2020 school year.
Achievement First is a nonprofit network of high-quality, free, public charter schools in three states. It serves 1100 students in Providence, North Providence, Cranston and Warwick.
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.