West Sacramento, CA – During its fiscal year 2023 second quarter, Rural Community Assistance Corporation (RCAC) closed 35 loans, which totaled $21,462,866, in Arizona, California, Colorado, Idaho, Montana, New Mexico, Nevada, Oregon, Utah and Washington. These loans supported 1,618 individual water and wastewater connections for rural citizens; 137 housing units; 3,766 feet of community facility space; and created or retained 640 jobs.
Long Valley Charter School in Lassen County, California received a $2,725,000 interim construction loan to acquire the school campus that it had leased since 2010 as well as additional renovation costs.
Northwest Meadowbrook I, LLC received a $3,628,066 affordable housing rehabilitation loan and a $500,000 Capital Magnet Fund (CMF) term loan to renovate a 24-unit affordable multifamily complex in John Day, Oregon.
Myers Flat Mutual Water System (MFMWS) received a $1,765,641 environmental construction loan to pay for contractor invoices while MFMWS awaits a $2,071,078 grant from the State Water Resources Control Board to upgrade its aging infrastructure.
RCAC created its Loan Fund in 1988 and was later certified as a CDFI. As of March 31, 2023, RCAC closed 1,729 loans which totaled $815,552,971 and leveraged more than $2.773 billion for projects in rural communities. These loans supported 148,764 individual water and wastewater connections for rural citizens; 16,686 housing units; 11,660,465 feet of community facility space; and created or retained 28,949 jobs. RCAC currently has 387 loans under management, totaling more than $93,408,687 million. Additionally, RCAC manages 51 loans totaling more than $33.5 million on behalf of other lenders and investors.
RCAC partners with rural and Indigenous communities to achieve their vision and well-being through technical assistance, training, financial resources and advocacy. 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.
Julia Helmreich, director
Communications & Development