West Sacramento, Calif. — In an ongoing effort to serve communities and nonprofit affordable housing developers, effective immediately, RCAC’s Loan Fund has reduced short-term interest rates by 0.5 percent. New rates are 5 percent for a two-year loan, 5.25 percent for a three-year loan. In addition, for all new loans committed before Jan. 31, 2015, we will further reduce the rate by another 0.25 percent for the first 18 months of the loan.
“RCAC has been very fortunate in securing more low cost capital and we want to pass along that benefit to our rural clients and communities,” said Michael Carroll, director, lending and housing.
For more information, please contact a RCAC loan officer in your area.
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.