IE gets $14 million for innovative housing solutions

The Southern California Association of Governments (SCAG) Regional Council on Thursday, Nov. 2, approved allocation of $14.29 million to support four innovative housing finance projects across the Inland Empire.

The Lasting Affordability Program, under which these funding awards are issued, represents the fourth stage of implementation of the state-funded Regional Early Action Planning grant of 2021 (REAP 2.0). Last week’s action awarded a total of $45 million to 14 projects throughout Southern California. The California Department of Housing and Community Development formally awarded SCAG $237 million in REAP 2.0 grants earlier this year to accelerate progress toward housing goals and climate commitments by strengthening the partnership between the state, its regions and local entities.

“We congratulate these awardees for the innovative approaches they’re taking to address the housing crisis and look forward to the positive impact they will have on our region moving forward,” said Curt Hagman, First Vice President of SCAG’s Regional Council and a San Bernardino County Supervisor.

The Inland Empire awardees:

RIVERSIDE COUNTY

City of Murrieta Housing Authority. Murrieta Housing Authority Revolving Loan Program ($4,100,000). Murrieta will create a revolving loan program to offer gap financing for affordable housing projects. Significant community engagement will be included to support affordable housing development in Western Riverside County. The anticipated outcomes from creating the fund include loans to fully fund six to eight affordable housing projects.

City of Desert Hot Springs. Downtown Infill Tax Increment Financing Program for Housing Supportive Infrastructure (190,000). Desert Hot Springs will study the feasibility of, and establish an Enhanced Infrastructure Financing District (EIFD) to fund housing-supportive infrastructure improvements, including water, sewer, and streetscape and open space improvements accelerating housing development. The anticipated outcome from the project is the establishment of the EIFD.

Lift to Rise. We Lift: the Coachella Valley Housing Catalyst Fund ($5,000,000). The project will expand an existing regional catalyst fund providing flexible, low-interest loans for community-prioritized affordable housing projects that are stalled due to a gap in financing. The fund includes a match that will double the REAP 2.0 investment. The anticipated outcomes from expanding the fund include fully funding nine projects with 1,150 affordable housing units.

SAN BERNARDINO COUNTY

San Bernardino Council of Governments (SBCOG). San Bernardino Regional Housing Trust ($5,000,000). SBCOG will establish the San Bernardino Regional Housing Trust, a joint powers authority serving the San Bernardino area, and will create an initial loan program providing gap funding for affordable housing projects. The anticipated outcomes from the project include formation of the trust and loans for two affordable housing projects.