West Sacramento, Calif. — During the quarter ending March 31, 2018, Rural Community Assistance Corporation (RCAC) closed 16 loans totaling nearly $15 million to assist rural communities in California, Hawaii, Nevada and Utah.
The Utah loans will support affordable housing in Heber City and a charter school expansion in Erda, Toole County.
A $3,141,490 loan funded the land purchase and site development for a 55-unit affordable housing subdivision, Southfield Station, in Heber City. The development will include a park, walking path and other amenities. Southfield Station is significant for Wasatch County, as there is a need for “essential employee” or affordable workforce housing in the area, which encompasses resorts and many high-end subdivisions.
Excelsior Academy in Toole County received a $9.95 million site acquisition and construction loan to purchase a five-acre parcel and construct a 54,976 square foot addition to the school. The new addition will expand Excelsior’s current capacity from 695 students to 1,250 students and is planned to house the junior high grades (6 – 8). The five acre site is immediately adjacent to Excelsior’s existing school facility.
RCAC created its Loan Fund in 1988 and was later certified as a CDFI. As of March 31, 2018, RCAC closed 1,000 loans which totaled $519,969,273 and leveraged more than $2.048 billion for projects in rural communities. These loans supported 86,421 individual water and wastewater connections for rural citizens, 13,972 housing units; 10,786,223 feet of community facility space; and created or retained 18,021 jobs. RCAC currently has 305 loans under management, totaling more than $73.3 million. Additionally, RCAC manages 55 loans totaling more than $52.3 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. To find out more about RCAC’s Loan Fund products, visit http://www.rcac.org/programs-services/
Julia Helmreich, director
Communications, Development & Events
(916) 447-9832 ext.