(CNS) – Officials gathered Wednesday to celebrate the $15 million state budget victory for the Coachella Valley’s Housing Catalyst Fund, which is aimed at expediting development of affordable housing units.
The celebration was held at 1 p.m. Wednesday with Assemblyman Eduardo Garcia, D-Coachella, at the Lift to Rise Office at 73-710 Fred Waring Drive.
The allocation will help fund 2,500 affordable housing units in the area over the next two years, advancing the goal of 10,000 new affordable housing units by 2028, according to a statement from Lift to Rise.
More than 1,250 units are already under development, but were in need of additional funding before construction could begin, according to the organization. The fund also aims to reduce the number of rent-burdened households by 30%, increase housing stability and create economic mobility for local residents.
“The Coachella Valley is ground zero for California’s housing crisis but can serve as an inspiring example for how communities can innovatively solve affordable housing issues,” Lift to Rise President and CEO Heather Vaikona said in a company statement from late June. “This allocation is the product of the wills and persistence of thousands of community residents, years of shared work of more than 70 local partners in the Coachella Valley.”
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