West Sacramento, Calif. — In the quarter ending June 30, 2018, Rural Community Assistance Corporation (RCAC) closed 11 loans totaling nearly $6.5 million to assist rural communities in California, Hawaii and New Mexico. For example, one loan will support construction of a birthing clinic in rural New Mexico. Another loan will support a short-term emergency shelter in California for victims of domestic violence, sexual assault or child abuse. RCAC also provided a loan guarantee to finance the acquisition and rehabilitation of a 24-unit affordable housing complex in Nevada.
The nonprofit midwifery clinic Breath of My Heart Birthplace in Espanola, New Mexico will use its $300,840 loan to expand and renovate its building. The clinic serves low-risk pregnant women, in particular Medicaid recipients. The new facility will allow the owners to gain licensure through the New Mexico Department of Health.
A $75,000 loan to Lassen Family Services, Inc. in Susanville, California, is a revolving line of credit to help cover expenses during gaps between grants. Lassen Family Services, Inc. provides various community housing services, including a short-term emergency shelter for victims of domestic violence and sexual assault or child abuse; temporary residential shelter for the homeless, runaway youths and parents and families caught in crises; and transitional housing and assisted living for low-income individuals and families in rural northern California.
RCAC issued a loan guarantee for more than $3.6 million to Nevada Rural Housing Authority, which will rehabilitate an affordable 24-unit apartment complex in Tonopah. The rehabilitation will bring the units, which are habitable but worn, up to modern standards and will bring significant improvement to the area.
RCAC created its Loan Fund in 1988 and was later certified as a CDFI. As of June 30, 2018, RCAC has closed 1,011 loans which totaled $526,427,853 and leveraged more than $2.057 billion for projects in rural communities. These loans supported 86,423 individual water and wastewater connections for rural citizens, 14,126 housing units; 10,851,804 feet of community facility space; and created or retained 18,502 jobs. RCAC currently has 303 loans under management, totaling more than $69.3 million. Additionally, RCAC manages 55 loans totaling more than $52.3 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/
