West Sacramento, Calif. — During the quarter ending Sept. 30, 2020, RCAC closed 45 loans in 11 states, which totaled $8,347,009. These loans supported 3,201 individual water and wastewater connections for rural people; 61 housing units; 2,800 feet of community facility space; and created or retained 286 jobs.
In Ronan, Montana, a $3.1 million loan funded the construction for a 24-unit affordable housing complex. An estimated $345,000 will be carried to long term financing to help keep the units affordable. The loan is in partnership with the Lake County Community Housing Association and uses Capital Magnet Funds.
In Artesia, New Mexico, a $1.3 million dollar loan to Cottonwood Rural Water Association will help pay for design engineering, water rights purchase and other related predevelopment costs for improvements to its existing water system. U.S. Department of Agriculture Rural Development obligated a $1.164 million loan and $2.872 million grant for the project.
A $166,054 loan to the Port of Chehalis in Washington will fund repairs to a stormwater retention facility that heavy rains damaged last year. The rains washed out the facility inlet and outlet, which rendered the facility inoperable.
RCAC created its Loan Fund in 1988 and was later certified as a CDFI. As of Sept. 30, 2020, RCAC closed 1,277 loans which totaled $698,391,413 and leveraged more than $2.386 billion for projects in rural communities. These loans supported 120,099 individual water and wastewater connections for rural citizens, 15,437 housing units; 11,534,242 feet of community facility space; and created or retained 22,883 jobs. RCAC currently has 471 loans under management, totaling more than $116.7 million. Additionally, RCAC manages 70 loans totaling more than $60.1 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. Learn more about RCAC’s Loan Fund products
Contact: Juanita Hallstrom
Director, Loan Fund
916/447-9832 ext. 1065