Two Riverside County Cities In the Running for Arctaris $25M Opportunity Zone RFP

In June 2020, Arctaris Impact Investors announced a $25M RFP to cities across the country. Backed by the Kresge Foundation, Arctaris aims to to invest in Opportunity Zone businesses, affordable housing and public works infrastructure throughout the U.S., particularly focused on revitalizing underinvested cities and targeted rural communities. Arctaris will award commitments of up to $25M per city for up to 10 cities for community development programs – ranked on basis of both impact and financial viability.

Riverside County, California has been particularly active in seeking investments to advance its Opportunity Zone communities and currently has two cities advancing out of the forty selected. The cities of Desert Hot Springs and Coachella have both submitted detailed proposals of community development goals with each seeking the $25M investment.