West Sacramento, Calif. — During the quarter ending June 30, 2020, RCAC closed 94 loans, which totaled $23,590,943 in 11 states. The loans funded 79 housing units; 22,106 feet of community facility space; 406 individual water and wastewater connections for rural citizens; and created or retained 1,463 jobs. RCAC has provided $9,277,006 in Paycheck Protection Program (PPP) loans to 98 borrowers.
In Grand County, Utah, a $4.6 million loan to the Wingate Village Development will finance the construction of 22 units of affordable housing. RCAC and the Housing Authority of Southeastern Utah are partners on the project. The development will provide much needed relief in the community which has nearly 100 percent rental occupancy rates.
In Napa, California, a $125,000 loan to a local water company will finance the drilling of a new well. This will reduce the current high levels of iron in the local water supply and in turn eliminate contaminates that have clogged filters and disrupted home based plumbing systems due to the failing well.
RCAC created its Loan Fund in 1988 and was later certified as a CDFI. As of June 30, 2020, RCAC closed 1,232 loans which totaled $690,044,404 and leveraged more than $2.369 billion for projects in rural communities. These loans supported 116,898 individual water and wastewater connections for rural citizens, 15,376 housing units; 11,531,442 feet of community facility space; and created or retained 22,597 jobs. RCAC currently has 436 loans under management, totaling more than $110 million. Additionally, RCAC manages 69 loans totaling more than $55 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
Contact:
Juanita Hallstrom , Director
RCAC Lending & Housing
916/447-9832 ext. 1065
jhallstrom@rcac.org
