West Sacramento, Calif. — The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) awarded Rural Community Assistance Corporation (RCAC) $4.5 million through its Capital Magnet Fund (CMF). RCAC is one of 59 selected awardees and one of nine that committed to investing 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. Amid a deepening housing crisis exacerbated by the lingering impact of the pandemic, 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 extremely pleased to be selected by the Capital Magnet Fund after a highly competitive application process,” said Suzanne Anarde, RCAC chief executive officer. “The grant clears the path for our Loan Fund to make transformative investments in rural communities and create homeownership opportunities for struggling families who need it most.”
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. To learn more about RCAC, visit http://www.rcac.org
Julia Helmreich, Director
Communications, Development & Events
(916) 447-9832 ext. 1004