West Sacramento, Calif. — In the quarter ending Sept. 30, 2019, Rural Community Assistance Corporation (RCAC) closed 25 loans that totaled $30.8 million to support rural communities in California, Idaho, Nevada, New Mexico, Oregon, Utah and Washington. In Utah, one loan partially financed construction for a 66-unit affordable apartment complex. Another loan helped a rural Idaho community finance water meter installations, which enabled community members to pay for their meters over time. A third loan funded a rehabilitation center in California.
RCAC is participating with other lenders in the Ogden, Utah $5.97 million loan, which will fund the Landing at Five Points Apartments’ construction. The 66-unit complex will include units for low- and very low-income households, domestic violence victims, families with developmental disabilities, veterans and people experiencing homelessness. Ogden has one of the lowest median household incomes in Utah, yet it is the fastest growing county in the state, which creates a great need for affordable housing.
Trow Creek Water Association in Port Hill, Idaho received a $35,000 loan to finance water meter installations in the small, unincorporated community. The meters will allow residents to be charged for actual water usage, which results in significant conservation. RCAC’s loan will also allow community members to pay for meter installations over time.
In Placerville, California, a $4.5 million loan will fund renovations for an employment and human services center for people living with intellectual and developmental disabilities. Mother Lode Rehabilitation Enterprises (MORE) owns the facility, which was originally a bowling alley. Renovations will provide much needed additional space and make the building ADA compliant for the first time.
RCAC created its Loan Fund in 1988 and was later certified as a CDFI. As of Sept. 30, 2019, RCAC closed 1,106 loans, which totaled $609,806,356 and leveraged more than $2.2 billion for projects in rural communities. These loans supported 110,644 individual water and wastewater connections for rural citizens, 15,001 housing units; 11,389,803 feet of community facility space; and created or retained 20,534 jobs. RCAC currently has 343 loans under management, totaling more than $86 million. Additionally, RCAC manages 61 loans totaling more than $47.3 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 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. Find out more about RCAC’s Loan Fund products >>
Juanita Hallstrom, director
RCAC Lending & Housing
(916) 447-9832 ext. 1065