Error: RE API support not installed - when using Office 2016 VBA after upgrading to 7.96

We upgraded from 7.93 to 7.96 and now the RE API being used via Excel VBA is giving errors:
"RE API support not installed" 
I click OK and receive another message: "Run-time error '-2147024770 (8007007e)': Automation error The specified module could not be found" 
I click OK and see another error: "Run-time error '91': Object variable or With block variable not set"
We are currently evaluating this issue and will update this article when we have more information. 

Steps to Duplicate

  1. With a workstation with RE 7.93 (any patch), Open Excel 2016 and enable Developer on the Ribbon
  2. In the Excel document: Developer > View Code or click Visual Basic
  3. Tools > References > add a reference to "Blackbaud Raisers Edge 7 Objects"
  4. Add the following sample code (adjust for databases other than the RE sample if needed):
    Public Sub VBATest1()
        Dim oAPI As REAPI
        Set oAPI = New REAPI
        oAPI.Init "WRE1111", "", "", 50, , amStandalone
        MsgBox oAPI.SessionContext.CurrentUserID
        Set oAPI = Nothing
    End Sub
  5. Run this sub and verify that a connection to the API is made and the current user number appears in a pop-up message box.
  6. Save the Excel 2016
  7. Upgrade The Raiser's Edge to 7.96
  8. Attempt running the same sub in Excel.  The following errors appear in-order after clicking OK on each:
    1. RE API support not installed
    2. Run-time error '-2147024770 (8007007e)': Automation error The specified module could not be found
    3. Run-time error '91': Object variable or With block variable not set

Current workaround is to use an older version of Office/Excel.  For instance, this is not seen with Excel 2010.
 

Environment

 Raiser's Edge
 7.96

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