What is CRIA?
California State Assembly Bill 2 was adopted in 2015 which allows for the formation of Community Revitalization and Investment Authorities, or CRIAs. CRIA districts are a potential game changer for local cities like Riverside, as it can allow completion of vital community identified projects that the general fund just cannot absorb. This can help improve our local community by allowing an alternate source of funding for projects at a time when existing funding sources are limited or becoming more competitive.
Community Revitalization and Investment Authorities are a valuable tool that can allow local government to improve the quality of life for its citizens without undue financial burden. By working within our community to identify areas of improvement within the City, and by utilizing the CRIA framework, the City of Riverside has a unique opportunity for responsible community reinvestment.
How is a CRIA District Formed?
A CRIA district is formed by a resolution of the Riverside City Council, which creates a governing board that must consist of three council members and two members of the public who live or work within the CRIA boundary. After its formation, a CRIA must adopt a revitalization plan which identifies the specific activities the CRIA will carry out and finance, and limits activities to only the designated areas defined by the plan. Community identified projects that a CRIA might undertake may include improvements to existing infrastructure, construction of new infrastructure, building parks and open space, remediating contaminated properties, providing financial assistance to small businesses and entrepreneurs, and constructing affordable housing.
Community Revitalization and Investment Authorities are a valuable tool that can allow local government to improve the quality of life for its citizens without undue financial burden. By working within our community to identify areas of improvement within the City, and by utilizing the CRIA framework, the City of Riverside has a unique opportunity for responsible community reinvestment.