West Sacramento, CA – During its fiscal year 2023 third quarter, Rural Community Assistance Corporation (RCAC) closed 35 loans, which totaled $23,719,601 in Alaska, Arizona, California, New Mexico, Utah and Washington. These loans supported 1,347 individual water and wastewater connections for rural citizens; 102 housing units; 45,541 feet of community facility space; and created or retained 409 jobs.
Lakeview Ranchos Mutual Water Company in Weldon, California received a $928,014 environmental construction loan to cover the costs to complete the final phase of its arsenic remediation project.
Rural Alaska Community Action Program, Inc. received $147,056 in Capital Magnet Fund grant funds to retain affordability and complete four homes in its Tatum self-help housing subdivision in Soldotna, Alaska.
Cottonwood Creek Charter School in Shasta County, California received a $3,447,710 construction and permanent loan to finance the construction of an 8,000 square feet multi-purpose/gym building.
RCAC created its Loan Fund in 1988 and was later certified as a CDFI. As of June 30, 2023, RCAC closed 1,764 loans which totaled $839,272,572 and leveraged more than $2.877 billion for projects in rural communities. These loans supported 152,414 individual water and wastewater connections for rural citizens; 16,789 housing units; 11,706,006 sq. feet of community facility space; and created or retained 29,358 jobs. RCAC currently has 383 loans under management, totaling more than $93,021,578. Additionally, RCAC manages 51 loans totaling more than $33 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