Rural loan program helps folks in several states


In its last two quarters, ending March 31, the Rural Community Assistance Corporation

lent more than $9.4 million to rural communities in California, Arizona,

Colorado, Hawaii, New Mexico and Nevada to finance important community

projects. RCAC closed 24 loans, which totaled $33,248,033 and supported 2,588

individual water and wastewater connections for rural residents; 86 housing

units; 16,732 feet of community facility space; and created or retained 132

jobs.

Since Oct. 1, 2012, RCAC made 17 environmental infrastructure and three

affordable housing loans; three operating loans to small businesses and a

loan to a medical nonprofit organization.

RCAC continues to make much-needed loans to nonprofit affordable housing

developers.

“For example, RCAC’s $4 million construction loan for Mohouli

Senior housing project provided gap financing for 60 senior living

multi-family units developed by Hawaii Island Community Development

Corporation in Hilo,” said spokeswoman Angela Terry.

RCAC fiscal year 2013 new Loan Fund investors include California United Bank,

which provided a $1 million loan; and JP Morgan Chase Bank, which awarded

RCAC’s Loan Fund a $1 million grant. Other investors renewed or increased

investments with RCAC during the last six months include Pacific Rim Bank of

Hawaii, Trinity Health Corporation, Saint Joseph Health System and Dominican

Sisters of Hope and Community Economics, Opportunity Finance Network, USDA

Rural Utilities Service and the US Treasury CDFI Fund.

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 15 Western states. Visit www.rcac.org.

 

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