West Sacramento, Calif. — In the quarter ending March 31, 2020, Rural Community Assistance Corporation (RCAC) closed 16 loans which totaled $35,171,466 in six states. The loans supported two water and wastewater connections for rural citizens, 177 housing units, 39,254 feet of community facility space, and created or retained 411 jobs.
In Espanola, New Mexico, a $243,000 loan to the Family Learning Center preschool will refinance its mortgage. The preschool has owned its building since 1980, but the bank holding the mortgage was sold and did not modify the loan terms. The Family Learning Center delivers an award-winning program that holds a Five Star License from the New Mexico Children Youth and Families Department.
An $18 million loan to the Burbank Housing Development Corporation in Northern California will fund the Lantana Homes development. The homes will consist of 48 single-family housing units as part of the fire recovery efforts from the 2017 wildfires.
In Superior, Arizona, a $278,000 loan to the town will fund predevelopment expenses associated with upgrading existing wastewater facilities. The rural town needs critical upgrades to prepare for a 23 percent projected population growth in the next two decades, due to a local mine re-opening.
RCAC created its Loan Fund in 1988 and was later certified as a CDFI. As of March 31, 2020, RCAC closed 1,138 loans which totaled $666,453,461 and leveraged more than $2.336 billion for projects in rural communities. These loans supported 116,492 individual water and wastewater connections for rural citizens, 15,297 housing units; 11,470,082 feet of community facility space; and created or retained 21,134 jobs. RCAC currently has 354 loans under management, totaling more than $96.9 million. Additionally, RCAC manages 67 loans totaling more than $54 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
RCAC Lending & Housing
916/447-9832 ext. 1065