But amid the rising prices, a new trend has emerged: Hundreds of new income-restricted apartments across the valley are in the works — a major uptick that housing experts are crediting to regional collaboration and creative funding sources. The new developments are planned in several valley cities, including Rancho Mirage, Palm Desert, Indio and Coachella …
Officials from Lift to Rise credit the sharp uptick to a wide range of factors, such as increasing regional partnerships and more project approvals by local city councils. They’ve also tried to address a major barrier to development — obtaining funding — by creating [We Lift: The Coachella Valley’s Housing Catalyst Fund], a loan program designed to bridge funding gaps for projects.
‘It’s the local financing solution that is kind of recognizing that we’re not getting nearly enough resources from the state, from federal government, to produce the kind of the level of affordable housing that’s needed,’ [Lift to Rise’s Ian Gabriel] said, adding that the valley often struggles to compete with urban coastal areas for state funding.
Since 2021, the We Lift catalyst fund has committed more than $26 million in loans to help build almost 900 new units of affordable housing. With more than $44 million in capitalization from local government, state, and private funders, the catalyst fund provides low-interest loans to developers working on affordable housing in the Coachella Valley. As loans are repaid, the money is returned to the fund and used to support more projects.