West Sacramento, Calif. — Wells Fargo, in partnership with The John D. and Catherine T. MacArthur Foundation, and Opportunity Finance Network selected Rural Community Assistance Corporation (RCAC) as a finalist for the 2014 Wells Fargo NEXT Awards for Opportunity Finance: The Future of Housing Finance.
The NEXT Opportunity Award selection committee chose RCAC as a finalist for its plan to expand its Development Solutions initiative and increase the supply of safe, quality affordable housing—especially on tribal lands—by taking on an extended role as development consultant, turn-key developer, partner/owner, or lender for local nonprofit partners.
If selected as an awardee, RCAC expects to leverage its NEXT Award into nearly $75 million for Development Solutions financing activity during the next two years, while also providing training and capacity building for Native and rural communities throughout the West.
“The NEXT award would provide vital resources to enable us to translate our Development Solutions vision into reality at an accelerated pace,” explained Stan Keasling, RCAC chief executive officer.
The NEXT Awards recognizes the NEXT generation of Community Development Financial Institutions (CDFI) expanding coverage in underserved communities. In an increasingly challenging economic environment, CDFIs are needed more than ever to ensure that much-needed financial products and services are available in underserved markets in all 50 states. The NEXT Awards support CDFIs that demonstrate creativity and develop partnerships, new business models, products and opportunities that meet market needs.
“We’ve seen the group of CDFI NEXT award finalists and winners over the last several years and we are honored to be in such great company,” said Michael Carroll, RCAC Loan Fund director.
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, visit www.rcac.org.