The Rural Community Assistance Corporation (RCAC) was awarded a $2.9 million Capital Magnet Fund grant by the Department of the Treasury's Community Development Financial Institutions Fund on February 22, 2021. The Capital Magnet Fund program aims to create and preserve affordable housing for low-income families and economically distressed communities by attracting private capital. RCAC will use the grant to support financing that preserves and rehabilitates affordable housing, consistent with the program's goal of drawing private funds to serve underserved populations. The two-year project grant will allow RCAC to leverage an estimated $29 million in private capital for community development and affordable housing projects across the United States.
Generated 1/6/24, 10:53 AM