PROVIDENCE, R.I. – On April 7th, the Rhode Island Health and Educational Building Corporation (RIHEBC) closed on a $70.95 million bond issue for Achievement First Rhode Island. Proceeds will be used by Achievement First to:
• Purchase and renovate the Achievement First Iluminar Mayoral Academy Elementary School building and property (85 Garfield Ave, Cranston). Improvements will include building an addition with a new gym and additional enrichment classroom space.
• Acquire and renovate a permanent home for Achievement First Providence High School (currently incubating at 315 Laurel Hill Ave, Providence), for students entering from Achievement First middle schools.
• Refund 2019 RIHEBC bonds issued on behalf of Achievement First, which were used for the initial renovation at 85 Garfield, and for improvements at AF Providence Elementary and Middle Schools located at 370 Hartford Avenue
“RIHEBC is proud to provide financing assistance to Achievement First to help meet their growing facilities needs through this $70 million bond issue,” said Kim Mooers, Executive Director of RIHEBC.
“RIHEBC has been a tremendous partner helping us meet our facilities needs as Achievement First Rhode Island continues to grow to serve more students from some of Rhode Island’s highest need communities,” said Jillian Fain, Director of External Relations for Achievement First. “This bond issue will allow us to purchase and renovate two school buildings so that we can provide our students and teachers with the highest quality learning environments they need to succeed and thrive.”
Since 2006, RIHEBC has provided more than $2 billion in bond financing for public school facilities projects across Rhode Island.
The R.I. Health and Educational Building Corporation for the past 56 years has provided financing for non-profit health and educational institutions in the state as well as municipalities for school projects. It has issued over $8 billion in tax exempt bonds and is the largest financing agency of the state. rihebc.com – Twitter: @RIHEBC1