WASHINGTON, DC – October 21, 2010 – (RealEstateRama) — Today Congressman Mike Thompson announced that the Rural Community Assistance Corporation will receive $2 million as part of the CDFI’s Capital Magnet Fund Program through the Treasury Department. These funds will allow the Rural Community Assistance Corporation (RCAC) to support local single and multifamily affordable housing projects in rural areas.
“By securing these funds for our district’s most vulnerable communities, we can offer some much-needed assistance for those having trouble keeping a roof over their head,” said Congressman Thompson. “Projects like these will help stimulate the economy by creating jobs and affordable housing opportunities.”
The Rural Community Assistance Corporation (RCAC) assists rural communities through technical assistance, training, and financing. The RCAC targets distressed areas that have been hit the hardest by foreclosures and provides loans to nonprofit lenders for the development of affordable housing.
“We are thrilled to receive this award from the brand new Capital Magnet Fund. RCAC will leverage the funding with private capital to provide financing for badly needed affordable housing and community facilities in rural communities,” said Stan Keasling, CEO of RCAC.
In addition, a quarter of the funds will be used for community facilities, such as charter schools, clinics, and child care centers, to serve these affordable housing communities. These projects are part of the RCAC’s comprehensive community revitalization scheme.
