West Sacramento, California — The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) awarded Rural Community Assistance Corporation (RCAC) $2.9 million through its Capital Magnet Fund (CMF). RCAC is one of 48 selected awardees and one of just six that committed to invest at least half their award dollars in rural areas.
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. The funding will support long-term loans to create affordable housing for extremely low-income, very low-income and low–income rural residents.
“RCAC is thrilled to be selected for the Capital Magnet Fund in what is a competitive application process. The grant will pave the way for our Loan Fund to make even more substantial investments in rural communities facing housing and rental insecurity,” 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 program areas including affordable housing, environmental services, economic development and lending. About RCAC
Julia Helmreich, Director
Communications, Development & Events
(916) 447-9832 ext. 1004