Friday, Sep 9 2011 12:45PM
A new affordable housing complex opened in Grantsville, Utah, thanks to a loan provided by RCAC.
An affordable housing complex in Tooele County, Utah, recently opened after receiving a Rural Community Assistance Corporation (RCAC) loan.
The 24-unit Clark Cove Cottages complex in Grantsville was completed in August, and will house low- and very low-income residents. The apartments were built with a construction loan provided by RCAC's Loan Fund. The project is one of many funded by RCAC to create more affordable housing options for rural residents with limited incomes in the western United States. Permanent financing for the project is provided by USDA Rural Development, the Utah Department of Community and Culture’s Olene Walker Housing Loan Fund, and Enterprise Community Investment, Inc.
"RCAC's Loan Fund continues to address critical
rural community development needs — from safe drinking water to fire safety to affordable housing," Michael Carroll, RCAC Loan Fund director, said in April when the Clark Cove Cottages loan and others offered by RCAC were announced. "Each loan we make not only addresses important needs, but creates or retains jobs."
Tenants of Clark Cove Cottages can use Section 8 vouchers to assist with rent payments as long as the unit meets all requirements of the program. There are eight income limits renters can fall into based on family size, which determines eligibility for leasing at the property. Financing from state and federal sources allows tenants at the complex to rent at a low fixed rate.