San Gabriel Valley Regional Housing Trust Technical Advisory Services and Revolving Loan Fund

Harris’ Community Development + Housing team currently provides advisory services for the San Gabriel Valley Regional Housing Trust (SGVRHT). The SGVRHT is a joint powers authority that includes the cities of Alhambra, Arcadia, Azusa, Baldwin Park, Claremont, Covina, Diamond Bar, Duarte, El Monte, Glendora, Irwindale, La Canada Flintridge, La Verne, Monrovia, Montebello, Pasadena, Pomona, San Gabriel, South El Monte, South Pasadena, Temple City, and West Covina.

Services that Harris provides to the SGVRHT include assistance on grant applications, evaluation and ranking of affordable housing loan applications, preparing commitment letters and loan documents/agreements, and researching potential funding sources. To date, Harris has helped secure more than $2 million in Local Housing Trust Fund (LHTF) grant funding (a third application for an additional approximately $1 million is pending State review) and to award more than $11.6 million to 10 developments for the creation of more than 550 affordable housing units. Through this work, Harris staff has developed a great understanding of regional goals and objectives, as well as financial resources and proposed affordable housing projects. In addition, Harris staff have participated in SGVRHT Board meetings and presentations.

Harris is also leading the SGVRHT through the creation of a Revolving Loan Fund to provide $7.8 million in early stage loans for affordable housing developments. Through this project, Harris staff have presented to member cities.