Where: Dolan Springs, Arizona
Need: Mt. Tipton Water Company, Inc. needed to replace a failed well, but lacked the required funds.
Solution: An RCAC gap loan to the water company allowed it to finish equipping and testing the new well.
Dolan Springs is an unincorporated community approximately 40 miles north of Kingman, Arizona in Mohave County. Most of the approximately 2,300 residents are very-low income. According to the 2000 Census, the MHI for Dolan Springs was $17,358, just 55 percent of the $31,521 MHI for Mohave County.
Dolan Springs is an unincorporated community.
Water is provided to the residents by Mt. Tipton Water Company, Inc., which was facing a water shortage after a well collapsed during maintenance on the well casing. Mt. Tipton had no choice but to immediately begin replacing the failed well, even though it did not have the necessary funds to complete the $108,000 project.
While Mt. Tipton had about $43,000 on hand and had another $30,000 from American Recovery and Reinvestment Act (ARRA) funds, it was still shy a large portion of the funding that it needed. An RCAC loan of $35,000 filled the gap in funding needed to finish equipping and testing the new well.
RCAC structured the intermediate term loan so that it was affordable to the small water system and approved and funded the loan in time to keep the project going and ultimately the water flowing.