West Sacramento, CA – During its fiscal year 2022 fourth quarter, Rural Community Assistance Corporation (RCAC) closed 28 loans, which totaled $11,271,172 in Alaska, Arizona, California, Colorado, Hawaii, Idaho, Montana, New Mexico, Nevada, Oregon, Utah and Washington. These loans supported 1,701 individual water and wastewater connections for rural citizens; 190 housing units; 13,044 feet of community facility space; and created or retained 345 jobs.
North Peak Mutual Water Company in Julian, California received a $100,000 intermediate environmental loan, which will support a new water well site purchase and costs to drill and connect it to address recurring water supply shortages.
Kauai Housing Development Corporation (KHDC) in Kalaheo, Hawaii received a $290,000 affordable housing loan for its Hale Kupuna Elderly Housing project. KHDC is working to convert 88,000 cesspools at Hale Kupuna into wastewater treatment systems; and the loan will cover a portion of the cesspool replacement project so that KHDC can maintain needed reserve levels and maintain affordability for low-income senior residents.
Community Housing Improvement Program, Inc. (CHIP) received a $3,152,323 housing loan to cover site acquisition costs for a 53-lot self-help housing subdivision in Corning, California called Magnolia Meadows.
RCAC created its Loan Fund in 1988 and was later certified as a CDFI. As of Sept. 30, 2022, RCAC closed 1,659 loans which totaled $786,590,958 and leveraged more than $2.698 billion for projects in rural communities. These loans supported 146,223 individual water and wastewater connections for rural citizens; 16,163 housing units; 11,656,699 feet of community facility space; and created or retained 27,983 jobs. RCAC currently has 393 loans under management, totaling more than $103,404,459. Additionally, RCAC manages 50 loans totaling more than $33 million on behalf of other lenders and investors.
Founded in 1978, RCAC provides training, technical and financial resources and advocacy so rural and Indigenous 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 program areas including affordable housing, environmental services, economic development and lending. To learn more about RCAC, visit http://www.rcac.org
Media contact:
Julia Helmreich, director
Communications & Development
(916) 529-7563
jhelmreich@rcac.org
