West Sacramento, Calif. — In its Fiscal Year 2020, RCAC closed 25 loans which totaled $9,946,078 in six states. These loans supported 3,793 individual water and wastewater connections for rural citizens, 191 housing units; 14,734 feet of community facility space; and created or retained 557 jobs.
In San Luis Obispo, California, a $150,000 loan to United Cerebral Palsy of San Luis Obispo (UCP) will support expanding UCP’s vehicle fleet. UCP’s “Ride-On” service provides transportation for children and adults with developmental disabilities. UCP provides over 250,000 rides annually.
In Maricopa, Arizona, a $1.6 million loan to Maricopa Mountain Domestic Water Improvement District (MMDWID) will fund construction costs for water system improvements. MMDWID will construct two distribution systems within the District’s boundaries to connect users to the system, which eliminates the need for those residents to haul water.
In Reno, Nevada, a $250,000 line of credit to Opportunity Alliance Nevada will help support a rental assistance program in Clark County, Nevada. Opportunity Alliance Nevada is a nonprofit that provides training, financial coaching, mentorship and advocacy.
RCAC created its Loan Fund in 1988 and was later certified as a CDFI. As of December 31, 2020, RCAC closed 1,302 loans which totaled $708,337,491 and leveraged more than $2.468 billion for projects in rural communities. These loans supported 123,892 individual water and wastewater connections for rural citizens, 15,628 housing units; 11,548,976 feet of community facility space; and created or retained 23,440 jobs. RCAC currently has 440 loans under management, totaling more than $116.6 million. Additionally, RCAC manages 58 loans totaling more than $49 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
