Background
The County of Riverside has been awarded $896,722 through the Southern California Association of Governments (SCAG) Subregional Partnership (SRP) 2.0 Program to establish a Revolving Loan Fund (RLF) that expands affordable housing opportunities throughout the County.
The RLF provides low-interest financing, including short- and long-term loans, early-stage funding, and gap financing to support the development and preservation of affordable housing. As loans are repaid, the funds are reinvested into future projects, creating a sustainable source of financing that grows over time through repayments and additional grant funding.
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Eligible Project Locations
Projects must be located within eligible infill areas of Riverside County. Infill areas are defined as unused or underutilized land within existing developed communities that have access to destinations and services by transit, walking, or bicycling.
Additional guidance to help determine whether a project meets the infill definition can be found below under Resources.
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Eligible Housing Types
The RLF supports a variety of affordable housing projects, including:
- New construction of affordable mobile home communities (small or large)
- New construction of multifamily affordable rental housing
- New construction of homeless and transitional rental housing
- Acquisition and rehabilitation of affordable rental housing
- Conversion of non-residential buildings into affordable rental housing
Maximum Loan Amount
The maximum loan amount is $1,000,000 per project.
Eligible Uses of Funds
TRLF financing may be used for:
- Site acquisition and site preparation
- Predevelopment activities, including:
- Carrying costs and financing fees
- Preliminary title reports
- Architectural, engineering, and soils studies
- Environmental review and reports
- Legal and financial consulting
- Planning and permitting fees
- Appraisals and market studies
- Costs to secure additional project financing
- Short-term construction loans
- Long-term construction loans
Application Submission
Interested Applicants must submit a completed full application with supporting documents to Juan Garcia, Deputy Director, at [email protected].
Fees
- Application Fee: $500 (one-time, non-refundable)
- Loan Origination Fee: 1% of the approved loan amount