West Sacramento, Calif. — In the quarter ending Dec 30, 2019, Rural Community Assistance Corporation (RCAC) closed 16 loans totaling $21.4 million to support rural communities in Arizona, California, Colorado, Hawaii, Idaho, Nevada, New Mexico, Oregon, Utah, Washington and Wyoming.
Mountainlands Community Housing Association obtained a $2.7 million loan to acquire and develop a 21-lot subdivision in Summit County, Utah. Lots will be sold to participants in the U.S. Department of Agriculture Rural Development (USDA RD) Mutual Self-Help Housing Program.
In Maui County, Hawaii, Habitat for Humanity Maui (HHM) used a $2.72 million loan to purchase and renovate a new building for its ReStore (a second-hand and building supply store), its administrative offices and construction storage facilities. After the loan closed, HHM secured a second, long-term RCAC loan for an additional $2.76 million; guaranteed under the USDA Community Facility Re-Lending program. HHM is an established affordable housing provider that also assists existing low-income homeowners with needed home repairs.
A $100,000 line-of-credit loan to Progress House Inc. will bridge cash flow while it transitions to new revenue streams. Progress House Inc. has provided alcohol and other drug recovery services for the past 40 years. It offers services to communities and individuals affected by addiction regardless of income, such as residential treatment, outpatient counseling services, sober living homes and batterer’s intervention.
RCAC created its Loan Fund in 1988 and was later certified as a CDFI. As of Dec. 31, 2019, RCAC closed 1,122 loans, which totaled $631,281,995 and leveraged more than $2.25 billion for projects in rural communities. These loans supported 110,654 individual water and wastewater connections for rural citizens, 15,120 housing units; 11,470,082 feet of community facility space; and created or retained 20,723 jobs. RCAC currently has 351 loans under management, totaling more than $89 million. Additionally, RCAC manages 65 loans totaling more than $52 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 Director
916/447-9832 ext. 1065