Contact: Michael Carroll, director, Lending & Housing, (916) 447-9832 ext. 1003 or mcarroll@rcac.org
West Sacramento, Calif. — In the quarter ending June 30, 2015, Rural Community Assistance Corporation (RCAC) closed 11 loans totaling more than $8.9 million to assist rural communities in Arizona, California, Nevada, Oregon and Utah with housing and community development projects.
A $3.6 million interim construction loan makes it possible to construct 30 affordable rental housing units for low-income seniors in rural Nevada. This project follows the initial construction of 30 units in 2012, all of which are now fully occupied, prompting a waiting list. The Nevada Rural Housing Authority (NRHA), established in 1973, is leading the development and has extensive experience administering energy efficiency programs, including weatherizing low-income residences and rehabilitating older rental properties. The project includes a senior center with common area amenities, such as a dining and multi-purpose room, a library, computer lab, business center, laundry room and landscaped grounds.
A $163,141 loan will support a Housing Authority of Southeastern Utah self-help project. The Murphy Lane project will include four lots; in addition to the land acquisition the loan will also fund site improvements The self-help buyers will be able to choose from six house plans, and each home will meet RCAC green lending criteria, including features such as passive solar design, continuous ridge venting, R-6 reflective sealed ductwork, energy star appliances, engineered structural materials and engineered sheet materials.
RCAC created its Loan Fund in 1988 and was later certified as a CDFI. As of June 30th, 2015, RCAC closed 787 loans which totaled $433,639,645 and leveraged more than $1.58 billion for projects in rural communities. These loans supported 71,342 individual water and wastewater connections for rural citizens, 12,809 housing units; 6,805,691 feet of community facility space; and created or retained 16,013 jobs. RCAC currently has 196 loans under management, totaling more than $61.1 million. Additionally, RCAC manages 43 loans totaling more than $40 million on behalf of other lenders and investors.
In FY14, RCAC closed 36 loans which totaled $12,765,499 in 9 states. These loans supported 1,989 individual water and wastewater connections for rural citizens, 300 housing units; 3,620,027 feet of community facility space; and created or retained 273 jobs.
Rural Community Assistance Corporation (RCAC) is dedicated to assisting rural communities achieve their goals and visions by providing training, technical assistance, advocacy and access to resources. A nonprofit organization established in 1978, RCAC serves low-income residents of rural and Native American communities and community-based organizations. RCAC staff provides direct services in collaboration with local and community partnerships in three program areas: affordable housing, environmental services, and lending. RCAC provides loans, including small business loans, technical and economic development assistance to rural communities, nonprofit organizations in 13 western states and other Pacific islands. To find out more about RCAC’s Loan Fund products, visit www.rcac.org/doc.aspx?82.
