Riverside County is putting $2 million into a fund to accelerate affordable housing in the Coachella Valley.
The Riverside County Board of Supervisors has unanimously approved the $2 million allocation to the Coachella Valley Regional Housing Catalyst Fund. The fund, managed by Lift to Rise, a Coachella Valley nonprofit organization, is a revolving loan fund for pre-development costs that will assist developers in securing financing for affordable housing developments.
The $2 million is from the Riverside County Fourth District’s federal American Rescue Plan Act funding and is part of Supervisor V. Manuel Perez’s focus on using ARPA dollars to fast-track affordable housing and address homelessness.
“This fund is an innovative way of using ARPA for housing,” said Supervisor Perez. “Our goals and priorities are to get more housing built that is affordable to people at all income levels. These funds can help with the costs for infrastructure, land, and assembling the funding to get quality affordable housing developments across the finish line, which will address the housing shortage and provide the great benefit of these one-time funds for local workers and residents.”
The housing catalyst fund will be key to achieving the Lift to Rise Action Plan goal of building 10,000 affordable homes in 10 years throughout the Coachella Valley.
“We are thrilled to join with Riverside County, along with our more than 50 regional partners, to invest in affordable housing that will provide the foundation for better health and stability for our neighbors,” said Heather Vaikona, President & CEO of Lift to Rise. “This $2 million investment is a bold statement about the county’s priorities to keep our neighbors housed, and forge long-term permanent housing solutions.”