West Sacramento, Calif. — In the quarter ending Sept. 30, 2017, Rural Community Assistance Corporation (RCAC) closed 30 loans totaling more than $10 million to assist rural communities in Arizona, California, New Mexico and Washington. One loan will support a community health nonprofit organization in central California. Another loan will support a Washington tenant organization’s manufactured housing community acquisition.
RCAC’s Loan Fund provided the nonprofit Livingston Community Health (LCH) with a $6.6 million loan to expand its services for residents in the Merced County, California area. According to the U.S. Department of Agriculture, LCH serves a high poverty, mostly agricultural region. The nonprofit is constructing a new community health campus, which will include medical, dental and administrative buildings along with related site improvements. The facilities will have green building features.
Another $600,000 loan went to Skyline Homeowners Cooperative (SHC) in rural Grant County, Washington. Formed in May 2017, the nonprofit tenant cooperative is purchasing the Skyline Mobile Home Park to make health and safety improvements and to ensure that the park remains an affordable housing option. Most residents are lower income and work in the agricultural industry.
RCAC created its Loan Fund in 1988 and was later certified as a CDFI. As of Sept. 30, 2017, RCAC closed 959 loans which totaled $485,595,886 and leveraged more than $2.296 billion for projects in rural communities. These loans supported 83,545 individual water and wastewater connections for rural citizens, 13,737 housing units; 10,601,868 feet of community facility space; and created or retained 17,357 jobs. RCAC currently has 278 loans under management, totaling more than $63.8 million. Additionally, RCAC manages 54 loans totaling more than $43.7 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. You can find more information about RCAC’s lending products here.
Contact: Juanita Hallstrom
RCAC Lending & Housing
(916) 447-9832 ext. 1065