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World savings donates $8,000 to RCAC's affordable housing efforts
January 6, 2005
West Sacramento, Calif. — In a show of support for Rural Community Assistance Corporation’s (RCAC) continuing affordable housing efforts, World Savings recently presented the nonprofit organization with an $8,000 donation.
“We greatly appreciate this donation which serves not only to reaffirm World Savings’ commitment to helping the community, but also to further RCAC’s mission and goals in the area of affordable housing,” said William French, chief executive officer for RCAC.
RCAC Chief Financial Officer, Kevin McCumber, (left) accepts an $8,000 donation from World Savings’ Ronald Powell. The donation will be used to further RCAC’s affordable housing efforts.
Affordable housing continues to be a major problem not only in the Western United States, but throughout the nation. In fact, according to the National Low Income Housing Coalition, the median fair-market price of a two-bedroom rental unit in the U.S. requires the renter to have an income of $12.47 per hour — 233 percent of the current federal minimum wage of $5.15 per hour.
RCAC will use the World Savings donation to support the agency’s affordable housing technical assistance program which provides information, training and support to nonprofit housing developers in 13 Western states.
Specifically, RCAC plans on combining World Savings’ contribution with other funding sources to support a series of intensive affordable housing training workshops for leaders of various nonprofit agencies attempting to provide affordable housing to low- and very low-income individuals and families.
Headquartered in West Sacramento, California, and serving 13 western states, RCAC is a nonprofit agency that provides technical assistance and training to rural communities seeking to develop a wide range of local services including, among other things, community facilities, affordable housing and water treatment facilities. The organization operates a loan fund with $50 million in lending capital that provides low interest loans and grants to further these communities’ goals.
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