West Sacramento, Calif. — In the quarter ending March 31, 2017, Rural Community Assistance Corporation (RCAC) closed 20 loans totaling more than $6 million to assist rural communities in Arizona, California, Hawaii and New Mexico. Two of the loans went to Habitat for Humanity Maui, Inc. (a short-term, permanent loan) and one to the North Park Housing Corporation.
Habitat for Humanity Maui, Inc. will use a $2.72 million loan from RCAC to purchase and rehabilitate an existing building for its corporate offices and “ReStore.” The Restore obtains donated, recycled and reusable building materials from contractors and building supply companies and resells them at discounted prices to the public. Since the ReStore opened in 2005, it has outgrown its 2,500 square foot leased space. The new facility is just a block and a half from the current location in Wailuku, Maui, Hawaii.
Self-Help Enterprises (SHE) owns the North Park Apartments Housing Corporation in Oildale, California. RCAC provided $1.2 million in construction financing that will enable the corporation to make timely payments to contractors/vendors for energy conservation-related improvements. These improvements include solar panels atop carports, new windows, energy saving appliances and other energy related upgrades.
RCAC created its Loan Fund in 1988 and was later certified as a CDFI. As of March 31, 2017, RCAC closed 940 loans, which totaled $468,002,051 and leveraged more than $2.218 billion for projects in rural communities. These loans supported 78,331 individual water and wastewater connections for rural citizens, 13,444 housing units; 10,539,512 feet of community facility space; and created or retained 16,868 jobs. RCAC currently has 254 loans under management, totaling more than $64.1 million. Additionally, RCAC manages 52 loans totaling more than $43.3 million on behalf of other lenders and investors.
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 provides loans, including small business loans, technical and economic development assistance to rural communities and nonprofit organizations in its service region. To find out more about RCAC’s Loan Fund products, visit https://www.rcac.org/programs-services/
RCAC Lending & Housing
916/447-9832 ext. 1003