Harris provides Affordable Housing Services for the Cities of Hawthorne and Garden Grove related to developers’ proposals for financial feasibility, regulation compliance, and due diligence for affordable housing developments. Services for this project include review and evaluation of developers’ proposals and pro formas for consistency with various funding sources, including Low Income Housing Tax Credits (LIHTC), State loans and grants, and project-based voucher requirements. Harris also checks for full and correct leveraging of all available financial sources to justify the subsidy request.
Harris reviews developers’ construction cost estimates, projected cash flow, and general financing assumptions. The projects reviewed include acquisition, rehabilitation, and new construction projects, including permanent supportive housing. Harris assisted both cities with reviewing the Regional Housing Needs Allocation (RHNA) methodology. Furthermore, Harris assists the City of Hawthorne with a comprehensive approach to matching available funding in compliance with applicable restrictions to the highest priority affordable housing efforts, including new construction and rehabilitation of City-owned housing. Both cities use Harris economic and financial insights and expertise so that available city funding is invested efficiently and effectively in affordable housing.