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Housing Funds & Transactions
As a national leader in housing fund design, HR&A stands apart with our expansive range of integrated services — from initial capital strategy to fund design to deployment and underwriting. With this full circle understanding, we design innovative funding products for local governments, housing authorities and impact investors and help them evaluate financial risks and identify feasibility to maximize public benefit. Local governments and housing authorities also engage us to select developers to create affordable homes on public land. In the last three years, we have underwritten over 30 loans for affordable housing and over $1B in housing transactions.
HR&A is supporting program design and implementation for Amazon’s Housing Fund, a $2 billion commitment to preserve existing housing and create inclusive housing developments through below-market loans and grants to developers, public agencies, and organizations. HR&A led negotiation and underwriting efforts for over 9,000 new affordable homes in the Washington DC area and will continue to support Amazon with their additional commitment of $1.4 billion.
On behalf of Westchester County’s Department of Planning, HR&A Advisors designed and implemented a new $90M fund to allocate the County’s American Rescue Plan Act (ARPA) funds. The Flex Fund is projected to support the development of approximately 1,500 new affordable homes across the county.
Since 1999, HR&A has helped the LA County Development Authority refine and administer its annual affordable housing developer Notice of Funding Availability (“NOFA”) loan programs. HR&A has provided financing reviews, loan underwriting, and project coordination, and other advisory services that have contributed to over 100 affordable housing developments across the county, including nearly 1,000 new affordable homes since 2021.
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Over 2,000 lower-income Californians have achieved homeownership through a statewide shared appreciation revolving loan fund that HR&A helped design. Our analysis of housing trends across 10 regions and development of lending parameters created a sustainable down payment assistance program addressing affordability barriers.
HR&A helped to transform San Joaquin County's approach to affordable housing investment by guiding creation of a dedicated Housing Trust Fund. Our work with the countywide San Joaquin Council of Governments (SJCOG) evaluated affordable housing needs, alternative governance models, and funding sources. This resulted in establishment of a new nonprofit, tax-exempt subsidiary of SJCOG that has secured new financial resources and is planning to make its first project funding awards in 2026.
In 2024, Los Angeles County voters approved Measure A, a historic half-cent sales tax generating over $380 million annually for affordable housing and homelessness prevention. HR&A developed the inaugural Expenditure Plan and Regional Coordination Plan for the Los Angeles County Affordable Housing Solutions Agency (LACAHSA), creating frameworks that enable 13 regional agencies to deploy this permanent funding source while maintaining regional alignment toward the goal of producing 9,000 new affordable homes over the next five years.
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