West Sacramento, Calif. — The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) awarded Rural Community Assistance Corporation (RCAC) $2.5 million through its Capital Magnet Fund (CMF). RCAC is among 25 CDFIs and 15 nonprofit housing organizations that received a CMF award.
The funding will enable RCAC’s Loan Fund, a certified CDFI, to provide financing for affordable housing in low-income and economically distressed communities across the rural West.
Rural housing developers often find it difficult to attract traditional lenders and investors and to obtain public subsidies. With CDFI funding, RCAC will expand its lending to offer more affordable housing loans including long-term, deferred and, in some cases, forgivable products. The funding will support long-term loans to create affordable housing for extremely low-income, very low-income and low–income rural residents.
“RCAC is pleased and excited to receive the Capital Magnet Fund award. The grant will allow our Loan Fund to continue to invest in rural communities to ensure they have access to affordable housing, and especially housing for extremely low-income households” said Stanley Keasling, RCAC chief executive officer.
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 the Pacific islands. RCAC provides a broad range of community and economic development services and lending to support local efforts. RCAC’s Loan Fund offers loans for affordable housing development, environmental infrastructure, community facilities and rural small businesses. About RCAC.
director, Communications, Development & Events
(916) 447-9832 ext. 1008