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inancialinstitutionsunitetosaveaffordablehousingTheRCACLoanFunditsborrowersanditsinvestorsworktogethertocreatehealthyvibrantruralcommunities.Wealsojoinx1eorceswithotherCommunityDevelopmentFinancialInstitutionsCDFIsintheOpportunityFinanceNetworktoeducateourselvesandothersaboutcommunitydevelopmentlending.TheGreatRecessionhashadasubstantialimpactonnonproftax1ex1eordablehousingdevel-opersthroughoutthecountry.Landvaluesdroppedprecipitouslyandsomedeveloperscontinuetoholdpropertytheycannotdevelop.Beingunderwaterisnotaphenomenonlimitedtohomeowners.Duringthepastx1eewyearsRCAChascollaboratedwithtwoothercommunitydevelop-mentorganizationstosupportaremarkableagencythathasbeenparticularlyhardhit.SouthCountyHousingCorporationSCHCox1eGilroyCalix1eorniahassuccessx1eullypro-ducedax1ex1eordablehousinginamarketthatisoneox1ethemostexpensiveinthecountry.Ax1eter2008SCHCx1eacedanumberox1estalledprojectsandsignifcantdebtthatitcouldnotimmediatelyrepay.Theorganizationassembledateamox1eexpertstodevelopaworkoutplantorestructureitsloans.Theresultwasaplanthatwastransparenttoalllendersandstakeholders.WiththeplanSCHCsucceededinworkingoutloanswithallox1eitscommerciallenders.AtthesametimeSCHCalsohadsignifcantdebtwiththreenonproftcommunitydevelopmentlendersRuralLISCNeighborWorksCapitalandRCAC.Togetherthethreelendersnegotiatedextendedrepaymentplansandax1eormalinter-creditoragreementandsharedlimitedsecurityx1eortheloans.Inx1eormallythecommunitydevelopmentlenderssupportedSCHCx1eoundwaystofnancenewprojectsandhelpedtheorganizationturnthecorneronrecovery.In2011SCHCcompletedtwomultix1eamilyandtwosingle-x1eamilydevelopmentsconsistingox1e136units.In2012SCHCwillhavesixprojectsand257unitsunderconstruction.Another326unitsareinpredevelopmentwithdeliveryexpectedby2014.SCHCx19spropertymanagementarmcontinuestomanage41propertiesthatserveextremelylow-tolow-incomehouseholdsatanaverageoccupancyrateox1e97percent.RCACx19scollaborationwithSCHCandtheotherlenderscontributestoSCHCx19sabilitytomakeameaningx1euldix1ex1eerenceintheruralcommunitiesweallserve.RCACx19x1aCx1cLLABx1cRAIx1cwIx1fx1aCx1fCADx1fx1cx1fRLDRx1aCx1cRIBx1ex1ax1cx1aCx1fCx19x1aABILIyx1cMAkAMAIx1bx1eLDIRCIx1fRx1eRALCx1cMMx1eIIx1awALLx1aR