West Sacramento, Calif. — In the quarter ending June 30, 2019, Rural Community Assistance Corporation (RCAC) closed 18 loans totaling $24.7 million to support rural communities in California, Nevada, New Mexico, Idaho, Oregon and Washington. In California, one loan helped a rural community water district finance water meter installations. Another loan helped a rural Oregon community combine and redevelop its city hall and library.
A $900,000 RCAC bridge loan helped the Malaga County Water District in Fresno County, California, when state funding for water meter installations was delayed. The district, established in 1947, operates the water system, sewage collection, treatment system, and park and recreational facilities for the unincorporated community of Malaga. Under California Proposition 1, the district was installing meters for all its users, relying on its own resources for interim financing. RCAC’s loan will allow the district to continue to make timely payments to the contractor and pay for other eligible project expenses while waiting for state reimbursements.
In Maupin, Oregon, a $1.4 million RCAC loan will support a new civic center and library construction. Since 2005, Maupin’s city leaders have worked on a combined city hall, meeting space and library in the heart of the business district. The current facilities are old, undersized and need replacement. The project will serve many needs for Maupin’s residents and those living in the South Wasco County surrounding area.
RCAC created its Loan Fund in 1988 and was later certified as a CDFI. As of June 30, 2019, RCAC closed 1,083 loans, which totaled $578,969,903 and leveraged more than $2.163 billion for projects in rural communities. These loans supported 101,088 individual water and wastewater connections for rural citizens; 14,776 housing units; 11,360,555 feet of community facility space; and created or retained 19,647 jobs. RCAC currently has 343 loans under management, totaling more than $90.5 million. Additionally, RCAC manages 52 loans totaling more than $41.4 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. RCAC’s Loan Fund products >>
Contact: Juanita Hallstrom
RCAC Lending & Housing
916/447-9832 ext. 1065