West Sacramento, Calif. — RCAC’s Loan Fund continues to close loans at a record-breaking pace, providing much needed financing for community development. At the close of Fiscal Year 2008, RCAC’s loan fund had closed 55 loans totaling $41,723,190 which tops the Fund’s annual number of both closed loans and dollar volume since its inception in 1988. These funds are expected to leverage more than $127 million in project funds in the West.
"I am very proud to be a part of the loan fund team. I think the loan fund staff all deserve a gold medal for 2008," said Michael Carroll, RCAC Loan Fund Director. "We will continue to aggressively seek additional investments into our Loan Fund to ensure that we can continue to meet significant community development financing needs in the rural West."
From July to September, RCAC’s Loan Fund provided financing for a new health center, 142 affordable housing units, 18 green build multifamily units for low-income seniors, one 21 unit multifamily project for farm workers and a 96-bed migrant farm worker housing facility. More than $3.5 million was provided to improve substandard water and wastewater facility infrastructures. Eighteen loans were closed this quarter for a total of $17,458,782.
Rural Community Assistance Corporation (RCAC) created its Loan Fund in 1988 and was later certified as a Community Development Financial Institution. As of Sept. 30, 2008, the Loan Fund had closed 490 long- and short-term loans for more than $236 million and leveraged more than $1 billion for rural projects in the West. The Loan Fund provides low-interest loans for affordable housing, community facilities, water and wastewater systems and more. Today, the RCAC Loan Fund is capitalized at more than $64 million.
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 13 western states. RCAC has strong core services and expertise in housing, environmental infrastructure (water, wastewater and solid waste), leadership training, economic development and financing. To find out more about RCAC and its Loan Fund products, visit www.rcac.org/Loans/.Press release with charts.