B.R. nonprofit plays role in growing trend of private sector college dorms

With state budgets tight and demand for a college education at a high point, public universities across the country are increasingly turning to the private sector to build and finance on-campus dormitories—and a Baton Rouge nonprofit is playing a role, The New York Times reports. Provident Resources Group was tapped by the builder of a $211 million project at Montclair State University in New Jersey to finance it with tax-exempt bonds issued by the New Jersey Economic Development Authority. The builder will manage the dorm for the next 40 years or until the bonds are paid off and the title reverts to the university. The university will retain authority over student conduct within. Montclair State previously financed its capital projects with tax-exempt municipal bonds. But after a decade of ambitious construction projects, the university had a lot of debt. The New Jersey Economic Stimulus Act of 2009 gave it the authority to enter into a partnership with a private firm. Public universities that have entered into or are considering such partnerships include the University of California, Irvine; Arizona State; Portland State; and the University of Kentucky. Check out the full story here. Learn more about Provident Resources Group at its website here.