IE Business Daily Business news for the Inland Empire.
Riverside has established a Local Affordable Housing Trust Fund, the 42nd such fund created in California.
The city council voted recently to create the fund and apply for $1.5 million in state and federal funds set aside for municipalities that have been designated “pro-housing,” according to a statement on Riverside’s website.
The housing trust fund will get half of the revenue generated by future sales of city property that were originally acquired with money from Riverside’s general fund. With that, Riverside officials hope to create more “workforce” housing.
“Riverside recognizes that affordable housing is one of the most pressing issues in our city, region and state,” Mayor Patricia Lock Dawson said in the statement. “This approach demonstrates that Riverside is serious about exploring all ways to make housing more affordable for our residents.”
The housing trust fund will also serve as matching funds to obtain government grants, and it will lend money to private or nonprofit developers for affordable housing projects, among other potential uses, according to the statement.
