West Sacramento, Calif. —The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) awarded Rural Community Assistance Corporation (RCAC) $3.75 million through its Capital Magnet Fund (CMF). RCAC is among 38 organizations that received a CMF award.
Oversubscribed public subsidies and small scale projects make it difficult to develop housing that is affordable for low- and extremely low-income rural households. The funding will enable RCAC’s Loan Fund, a certified CDFI, to provide financing for affordable housing in low-income and economically distressed communities across the rural West. RCAC will provide gap construction, acquisition, rehabilitation and homeownership financing.
“Like the vast majority of the country, the rural West is facing an affordable housing crisis. Aged housing stock, combined with a lack of new affordable housing units, contribute to rural communities’ inability to meet demand. We are pleased to receive the Capital Magnet Fund award, which will enable us to provide affordable financing for critically needed housing in rural communities,” said Suzanne Anarde, RCAC chief executive officer.
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. About RCAC
Julia Helmreich, director
Communications, Development & Events
(916) 447-9832 ext.