Riverbank City Council considers PLHA funding reallocation for affordable housing projects

The Riverbank City Council meeting on March 11, 2025, spotlighted a significant amendment to the Permanent Local Housing Allocation (PLHA) Plan, aimed at boosting affordable housing in the city. This initiative, rooted in California's SB2 legislation from 2017, ensures a steady stream of funding specifically designated for affordable housing projects, prohibiting the use of these funds for general city expenses.

During the meeting, officials outlined the eligible uses for the PLHA funds, which include the development, acquisition, and rehabilitation of multifamily residential housing for low to moderate-income households. Notably, the funds can also support accessory dwelling units (ADUs) and provide operating subsidies for rental units, addressing the pressing need for affordable housing options in Riverbank.

Central Valley Community Resources (CVCR) made a pivotal request to reallocate approximately $417,298 from the PLHA funds for the development of their affordable housing project. This request also included a fee waiver of about $2,160,000, aimed at facilitating the project’s financial viability. The council is now considering this proposal, which could significantly impact the local housing landscape.

The council's decision on this matter is crucial, as it will determine how effectively Riverbank can utilize its allocated funds to combat homelessness and enhance housing opportunities for its residents. With the city poised to receive these funds for the years 2021, 2022, and 2023, the outcome of this meeting could set the stage for future housing developments and support services in the community.