West Sacramento, Calif. – RCAC received more than $1.75 million as part of the annual U.S. Department of the Treasury Community Development Financial Institutions Fund (CDFI Fund) awards.
The awards are provided through the CDFI Fund’s CDFI Program and the Native American CDFI Assistance Program (NACA Program). This year, more than $195.4 million was given to 185 certified and emerging CDFIs that serve low-income and native communities.
RCAC’s Loan Fund will use the grant to help fill financing gaps and serve those traditionally neglected by conventional markets. Our loan fund offers a comprehensive array of loan products for affordable housing development, environmental infrastructure, community facilities and businesses in rural locations.
“We are very pleased to receive this award,” said Michael Carroll, RCAC’s director, lending and housing. “CDFI Fund financial assistance is a cornerstone of our capital strategy to serve rural communities because of its flexibility and favorable terms.”
Since its creation in 1994, the CDFI Fund has awarded more than $1.4 billion in financial and technical assistance awards through the CDFI Program. The economic impact of these awards is noteworthy: Recipients of last year’s awards alone reported financing 17,732 affordable housing units and 6,558 businesses, and provided more than 293,000 individuals with financial literacy education and other training.
RCAC created its Loan Fund in 1988 and was later certified as a CDFI. In June 2012, RCAC received a CARS™ rating of AAA+2. RCAC’s AAA rating indicates that CARS™ found RCAC has clear mission alignment with strategies, activities and data that guide its programs and planning; and that RCAC uses its resources effectively to benefit its target populations or communities in line with its mission. The “plus” rating recognizes RCAC’s many advocacy and public policy activities. A score of 2 deems a CDFI fundamentally sound, and places RCAC in a select group of financially strong CDFIs.
Founded in 1978, RCAC provides a wide range of community development services for rural and Native American communities and community-based organizations in 13 western states and other Pacific Islands. RCAC has strong core services and expertise in housing, environmental infrastructure (water, wastewater and solid waste), leadership training, economic development and financing. To find out more about RCAC’s Loan Fund products, visit www.rcac.org/doc.aspx?82.
To access information on the CDFI award program and the list of this year’s award recipients, please click here: http://www.cdfifund.gov/docs/2014/CDFI/2014%20CDFI%20Program%20Award%20Book.pdf