City of Riverside Receives $2.44 Million State Funding for Affordable Housing

By: Sharjeel Sohaib

• 

Jun 21, 2023

 • 

Utilize Our Platform

  • The acknowledgment of Riverside as a “pro-housing” city by Governor Newsom highlights the city’s commitment to expediting the housing construction process.
  • The $2.44 million in state funds received by Riverside will provide vital financial support for two affordable housing projects: Mulberry Garden Apartments and Sunrise at Bogart.
  • With the $2.44 million grant, the city can actively contribute to the state’s target of constructing 2.5 million new homes, specifically focusing on providing housing options for lower-income residents.

The City of Riverside has secured a significant boost in its affordable housing initiatives with the recent allocation of $2.44 million in state funds. This funding, awarded through the Prohousing Incentive Pilot Program, will support the development of two affordable housing projects, and create 232 additional affordable housing units. Riverside’s commitment to housing has been instrumental in earning the “pro-housing” designation from Governor Gavin Newsom, making the city eligible for such state funding.

Pro-housing and Eligibility for Funding

Governor Newsom acknowledged Riverside as a “pro-housing” city two months ago, signifying its dedication to expediting the housing construction process. This recognition opened doors for accessing state funding for supporting programs that streamline housing development.

Impact of State Funding

The $2.44 million state funding received by Riverside will serve as crucial financial support for two real estate development projects: Mulberry Garden Apartments and Sunrise at Bogart. 

Mulberry Garden Apartments, located at Mulberry and Holding streets in downtown Riverside, and Sunrise at Bogart near Five Points in La Sierra at Bushnell and Bogart avenues, will proceed with their affordable housing plans.

Grant Announcement and Southern California Comparisons

Riverside’s grant is part of a larger pool of $33.2 million in awards announced by the California Business, Consumer Services, Housing Agency, and Department of Housing and Community Development. Furthermore, despite Riverside’s lower population, the city secured funding comparable to more crowded cities like San Diego ($5 million) and Los Angeles ($4.9 million).

Fulfilling the Housing Commitment

Riverside’s Mayor Patricia Lock Dawson expressed the city’s dedication to housing and emphasized the significance of the awarded state dollars in creating housing opportunities for its residents. The funds will help cover the costs associated with the Mulberry Garden Apartments and Sunrise at Bogart projects, which aim to address the pressing need for affordable housing in the region.

Prohousing Incentive Pilot Program and State Goals

The Prohousing Incentive Pilot Program is integral to California’s ambitious plan to construct 2.5 million new homes within the next eight years, focusing on providing housing options for lower-income state residents. Riverside’s success in securing state funding demonstrates its commitment to fulfilling the state’s housing goals and supporting the well-being of its residents.

Conclusion

The City of Riverside’s receipt of $2.44 million in state funding through the Prohousing Incentive Pilot Program marks a significant milestone in its efforts to address the affordable housing crisis. With financial support, Riverside can advance the development of Mulberry Garden Apartments and Sunrise at Bogart, contributing to creating 232 new affordable housing units. 

By actively participating in statewide initiatives and securing crucial funding, Riverside exemplifies its dedication to providing safe and affordable housing options for its residents, positively impacting the community’s well-being.

0 Comments

Submit a Comment

Connecting you with the best startups, people & events in the Inland Empire.

Support Startup News & Media!


Enjoying the startup news & media? Support us!

We have big plans, and we need your help!

Startempire Wire is a community of people working together to promote innovation, entrepreneurship, and investment in the Inland Empire. We provide resources and connect people with the startup culture.

We believe that the Inland Empire has all of the ingredients for success. This region just needs a platform to show the world what it can do – And this is exactly what Startempirewire.com is doing. Our goal is to act as a megaphone to connect the dots between the best startups, events, and people in the Inland Empire.

We have big plans, and we need your help! If you are passionate about creating a thriving local startup ecosystem, then we would like to invite you to join in contributing to the community by supporting us. You can do that by supporting us financially or by being an active contributor. In return, we will give you (depending on sponsorship level) free access to our content, other level based perks &  the opportunity to connect with a network of passionate people working to build a better future for all of us.

We cover the good and the bad of entrepreneurship, startups & business events; we do it with passion and purpose. If you like what we do, support us & please consider becoming a patron. Your support is essential for independent local startup media to survive & thrive.

You can make a regular one time donation to become a sponsor at any level, or you can choose to become a monthly or event sponsor.  Every little bit counts! Thank You

Verious B. Smith III

Founder, Startempire Wire

Related Articles

OASIS Challenge: Showcasing Innovation in Sustainability

OASIS Challenge: Showcasing Innovation in Sustainability

RIVERSIDE, CA – The Southern California OASIS™ Challenge Pitch Finals, a much-anticipated event in the sustainability sector, is set to take place, spotlighting six innovative Inland Empire companies. These finalists, vying for $100,000 in grants and invaluable...

Stay Up On Startempire News

Access Premium Content

Startempire Wire premium content access is free during the beta period of our  website.  Join during beta and get a grandfathered discount when we launch.

$5 for first month then $15 per month

Get Every Update

Would you like to receive Startempire Wire updates in your inbox? Subscribe below!

"*" indicates required fields

This field is for validation purposes and should be left unchanged.

Follow Us

Follow Startempire Wire on other social media channels.

0
My cart
Your cart is empty.

Looks like you haven't made a choice yet.