IE Business Daily Business news for the Inland Empire.
Riverside County has agreed to help speed up the development of affordable housing in the Coachella Valley.
The board of supervisors Wednesday unanimously approved putting $2 million into the Coachella Valley Regional Housing Catalyst Fund, according to a statement.
The money will be taken from the Fourth District’s federal American Rescue Plan Act funding, which is used to fast-track affordable housing and address homelessness.
“This fund is an innovative way of using ARPA for housing,” Fourth District Supervisor V. Manuel Perez said in the statement. “Our goal is 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.”
The housing catalyst fund is managed by Lift to Rise, a Coachella Valley nonprofit. It Is a revolving loan fund for pre‑development costs that helps developers secure financing for affordable housing, according to the statement.
