The Times-Standard - 'Congressman Mike Thompson announces award for rural assistance organization'

North Coast Congressman Mike Thompson, D-St. Helena, announced Friday that the Rural Community Assistance Corporation will receive $2 million as part of a program through the U.S. Treasury Department.

The funds will allow the corporation 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,” Thompson said in a press release. “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 Management Fund,” said RCAC CEO Stan Keasling in the release from Thompson's office. “RCAC will leverage the funding with private capital to provide financing for badly needed affordable housing and community facilities in rural communities.”

According to the release, 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. Such projects are part of the RCAC's comprehensive community revitalization scheme.