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Loan Fund helps communities in crisis

May 12, 2009

 

For Immediate Release         

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In its second quarter ending March 31, RCAC continued to make much-needed loans to rural communities, including: an emergency loan that will help a community in Washington complete urgent repairs to its water system; predevelopment loans to California and New Mexico organizations to assist with wastewater projects; and a Colorado predevelopment loan for a community land trust housing project. Often, such communities have nowhere else to turn for predevelopment and emergency financing.

“Despite the economy and the ongoing tightening of credit markets, RCAC continues to offer critical predevelopment financing with flexible terms for essential projects in low-income, rural communities,” said Michael Carroll, RCAC Loan Fund director. 

Rural Community Assistance Corporation (RCAC) created its Loan Fund in 1988 and was later certified as a CDFI. As of March 31, 2009, RCAC has closed 530 short- and long-term loans which totaled $260,190,339 and leveraged $1,108,355,322 for rural projects. These loans supported 27,159 individual water and wastewater connections for rural citizens; 10,835 housing units; and 817,593 square feet of community facility space.

 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 $66 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/doc.aspx?82.

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