The Northway Village Council in Alaska obtained a $134,400 loan to finish constructing a multi-purpose community building. The council had encountered unforeseen problems during construction, which increased costs beyond available funding. With RCAC’s loan, the remote Alaskan Native village completed this valuable community project.
In Colorado, a $27,890 feasibility loan to the Lake Forest Mutual Water Company helped the community finance environmental and engineering studies needed to fund water system upgrades. Once completed, the studies will allow the community to apply for U.S. Department of Agriculture (USDA) Rural Development financing for the necessary improvements.
Other loans will finance housing, water infrastructure and community development projects.
RCAC created its Loan Fund in 1988 and was later certified as a CDFI. As of September 30, 2016, RCAC closed 880 loans which totaled $459,912,914 and leveraged more than $1.811 billion for projects in rural communities. These loans supported 76,034 individual water and wastewater connections for rural citizens, 13,150 housing units; 10,278,717 feet of community facility space; and created or retained 16,491 jobs. RCAC currently has 244 loans under management, totaling more than $68 million. Additionally, RCAC manages 47 loans totaling more than $48.8 million on behalf of other lenders and investors.
Founded in 1978, RCAC provides training, technical and financial resources and advocacy so rural communities can achieve their goals and visions. RCAC serves rural communities in 13 western states and western Pacific islands. Services are available to communities with populations of fewer than 50,000, other nonprofit groups, tribal organizations, farmworkers, colonias and other specific populations. 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 and nonprofit organizations in its service region. To find out more about RCAC’s Loan Fund products, visit http://www.rcac.org/programs-services/
Contact: Michael Carroll
RCAC Lending & Housing
916/447-9832 ext. 1003