The City of Rialto received a $374,469.26 Formula Grant award on October 25, 2024 from the U.S. Department of Housing and Urban Development's Home Investment Partnerships Program (CFDA 14.239). This program provides formula grants to state and local governments to expand affordable housing opportunities for low- and very low-income Americans through a range of activities including rehabilitation of owner-occupied housing, homebuyer assistance, rental housing acquisition/construction, and tenant-based rental assistance. The City of Rialto will use these HOME funds to finance affordable housing initiatives that benefit households at or below 80% of the area median income, with at least 90% of HOME-assisted rental units and tenant-based rental assistance serving those at or below 60% of the area median income. The funding requires the City to reserve at least 15% for projects owned, developed, or sponsored by Community Housing Development Organizations. No specific sub-award details were provided in the grant information.