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.
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