In its last two quarters, ending March 31, the Rural Community Assistance Corporation
lent more than $9.4 million to rural communities in California, Arizona,
Colorado, Hawaii, New Mexico and Nevada to finance important community
projects. RCAC closed 24 loans, which totaled $33,248,033 and supported 2,588
individual water and wastewater connections for rural residents; 86 housing
units; 16,732 feet of community facility space; and created or retained 132
jobs.
Since Oct. 1, 2012, RCAC made 17 environmental infrastructure and three
affordable housing loans; three operating loans to small businesses and a
loan to a medical nonprofit organization.
RCAC continues to make much-needed loans to nonprofit affordable housing
developers.
“For example, RCAC’s $4 million construction loan for Mohouli
Senior housing project provided gap financing for 60 senior living
multi-family units developed by Hawaii Island Community Development
Corporation in Hilo,” said spokeswoman Angela Terry.
RCAC fiscal year 2013 new Loan Fund investors include California United Bank,
which provided a $1 million loan; and JP Morgan Chase Bank, which awarded
RCAC’s Loan Fund a $1 million grant. Other investors renewed or increased
investments with RCAC during the last six months include Pacific Rim Bank of
Hawaii, Trinity Health Corporation, Saint Joseph Health System and Dominican
Sisters of Hope and Community Economics, Opportunity Finance Network, USDA
Rural Utilities Service and the US Treasury CDFI Fund.
Founded in 1978, RCAC provides a wide range of community development services
for rural and Native American communities, agricultural workers and
community-based organizations in 15 Western states. Visit www.rcac.org.
