West Sacramento, Calif. — In the quarter ending June 30, Rural Community Assistance Corporation (RCAC) closed eight loans for more than $3 million to rural communities in Alaska, California, Colorado and Nevada for community development projects.
The largest loan this quarter was a $1.7 million revolving line of credit, to Lewiston Community Service District (LCSD) to provide interim financing while the district waited for California Department of Public Health (CDPH) disbursements. LCSD received a $4.5 million grant from CDPH for improvements to correct water system deficiencies including arsenic standards, and adequate storage for daily water demand and fire flow.
“We are pleased to be able to assist the Lewiston Community Services District in their mission to provide safe and reliable drinking water to their residents,” said Michael Carroll RCAC’s Loan Fund director.
RCAC created its Loan Fund in 1988 and was later certified as a CDFI. As of June 30, 2014, RCAC closed 730 loans which totaled $408,523,645 and leveraged more than $1.5 billion for projects in rural communities. These loans supported 69,051 individual water and wastewater connections for rural citizens, 12,615 housing units; 4,433,645 feet of community facility space; and created or retained 14,723 jobs. RCAC currently has 160 loans under management, totaling more than $57.8 million. Additionally, RCAC manages 49 loans totaling more than $51.3 million on behalf of other lenders and investors.
In FY13, RCAC closed 45 loans which totaled $41,521,871 in 7 states. These loans supported 4,912 individual water and wastewater connections for rural citizens, 182 housing units; 154,388 feet of community facility space; and created or retained 550 jobs.
Founded in 1978, RCAC provides a wide range of community development services for rural and Native American communities and community-based organizations in 13 western states and other Pacific Islands. RCAC has strong core services and expertise in housing, environmental infrastructure (water, wastewater and solid waste), leadership training, economic development and financing. To find out more about RCAC’s Loan Fund products, visit www.rcac.org/doc.aspx?82.