West Sacramento, Calif. — In the quarter ending March 31, 2019, Rural Community Assistance Corporation (RCAC) closed 24 loans/grants totaling $12.3 million to support rural communities in Arizona, California, Colorado, New Mexico, Oregon, Utah and Washington. In California, one loan helped to finance, renovate and open a grocery store on Tribal lands. Another loan financed a utility vehicle purchase to measure snow levels in rural Trinity County and help forest restoration efforts; and another loan in rural Utah County provided emergency funding for an affordable housing project during the federal government shutdown.
A $1.4 million loan helped the Hoopa Valley Tribe in Humboldt County, California, finance a commercial building renovation and grocery store startup. The store will meet the demand created after another grocery store closed in 2016. The store will primarily serve Hoopa Valley Tribal members that have had to travel an hour round trip to buy groceries. Fresh meats and produce and a variety of healthy foods will be available. Also, 20 new full time jobs will be created on the reservation.
The Watershed Research and Training Center in Trinity County, California, used its $19,600 RCAC loan to purchase a utility vehicle to assist in its quarterly snow survey operation as well as other activities. Under a U.S. Forest Service contract, the center determines regional water levels. The center is dedicated to creating local restoration jobs and a culture of land stewardship.
A $500,000 loan provided emergency funding for Rural Housing Development Corporation, Provo, Utah, to continue work on two self-help housing subdivisions, Wasatch Vista and Winegar Estates, and supported the construction of 27 self-help homes in Utah County, Utah. The short-term line of credit enabled RHDC to continue construction during the federal government shutdown while U.S. Department of Agriculture Rural Development staff were furloughed.RCAC created its Loan Fund in 1988 and was later certified as a CDFI. As of March 31, 2019, RCAC closed 1,064 loans which totaled $554,370,595 and leveraged more than $2.126 billion for projects in rural communities. These loans supported 89,170 individual water and wastewater connections for rural citizens, 14,595 housing units; 11,244,569 feet of community facility space; and created or retained 18,984 jobs. RCAC currently has 332 loans under management, totaling more than $77.8 million. Additionally, RCAC manages 53 loans totaling more than $41.8 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 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 collaboration with local and community partnerships in three program areas: affordable housing, environmental services, and lending. RCAC provides loans, including small business loans, technical and economic development assistance to rural communities and nonprofit organizations in its service region. About RCAC’s Loan Fund products
Contact:
Juanita Hallstrom
RCAC Lending & Housing
916/447-9832 ext. 1065
jhallstrom@rcac.org
