West Sacramento, CA – During its fiscal year 2023 first quarter, Rural Community Assistance Corporation (RCAC) closed 36 loans, which totaled $7,499,147, in Arizona, California, Colorado, Montana, New Mexico, Utah and Washington. These loans supported 923 individual water and wastewater connections for rural citizens; 386 housing units; and created or retained 326 jobs.
Cabrillo Economic Development Corporation in Ojai, California received a $2.28 million housing loan to cover site acquisition costs for future development of a 40-unit multifamily housing project, Bryant Street Apartments, which will provide affordable housing for farmworkers in the area.
Alpine Village Water Company, LLC received a $30,003 construction line-of-credit loan for its well repair project in Mountain Center, California. The well repair will restore water quality in the disadvantaged community. The well water contains elevated arsenic levels; and once repaired it will be the community’s main water source.
The Watershed Research and Training Center in Hayfork, California received a $95,606 term loan to reimburse costs for three service vehicles that will be used to transport workers and equipment for its forestry management program.
RCAC created its Loan Fund in 1988 and was later certified as a CDFI. As of Dec. 31, 2022, RCAC closed 1,694 loans which totaled $794,090,105 and leveraged more than $2.735 billion for projects in rural communities. These loans supported 147,146 individual water and wastewater connections for rural citizens; 16,549 housing units; 11,656,699 feet of community facility space; and created or retained 28,309 jobs. RCAC currently has 382 loans under management, totaling more than $93,347,763. Additionally, RCAC manages 48 loans totaling more than $32 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
Julia Helmreich, director
Communications & Development
Also in this issue:
Featured case study: Blue River, Oregon
Blue River is an unincorporated community of about 850 residents in the McKenzie River Valley of Lane County, Oregon. From September to October 2020, the Holiday Farm Fire devastated the town and other riverside communities in the valley. The community-run Blue River Water District (BRWD), which had been operating since 1967, provided water supplied by a single well to about 105 active connections serving approximately 233 people. Read more