Budget proposal includes $15M for Coachella Valley Housing Catalyst Fund

The Coachella Valley’s Housing Catalyst Fund, which is aimed at expediting development of affordable housing units, would receive $15 million under the latest iteration of the state’s proposed budget, the community group that helps administer the effort announced on Monday.

The Coachella Valley Housing Catalyst Fund is a partnership between nonprofit Lift to Rise, the Low Income Investment Fund, Rural Community Assistance Corporation and Riverside County Supervisor Manuel Perez that aims to increase housing stability and create paths to economic mobility for local residents.

Lift to Rise President and CEO Heather Vaikona said the organization and the Housing Authority of the County of Riverside set a 10-year goal to increase the supply of affordable housing by 10,000 units. With the catalyst fund, affordable housing developers can apply for a low-interest loan, get their projects moving and pay that money back once they have unlocked other sources of funding.

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