Westchester County’s Housing Flex Fund

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. 

HR&A began with analyzing the County’s housing market conditions and evaluating existing affordable housing programs administered by the County, public housing authorities, local municipalities, and other public entities. HR&A conducted a series of interviews with key local and regional housing developers to understand their development pipelines and any barriers they felt obstructed the development of workforce and affordable housing development in the county. Based on a combination of these quantitative and qualitative findings, HR&A recommended the creation of a new two-year Housing Flex Fund, designed to meet the market’s short-term needs and strengthen the affordable housing system in the long-term. 

 

In preparation for the project’s implementation phase, HR&A analyzed the financial proformas of 10 recently completed affordable housing deals and modeled 15 alternative funding scenarios to understand how the Housing Flex Fund could impact forthcoming housing deals — including Low-Income Housing Tax Credit (LIHTC) and non-LIHTC deals alike. HR&A recommended an approval process that built on the strengths of existing funding processes while providing greater flexibility and an expedited funding timeline.  

 

Working in close consultation with County staff, HR&A established an approval process and project scoring criteria. The scoring criteria and approval process ensure that the Housing Flex Fund will maximally achieve the County’s public policy goals. HR&A also supported the County in scoring all of the applications received and underwriting selected potential projects for investment. 

 

Explore 

Learn more about the Housing Flex Fund on Westchester County’s website 

 

Press 

Westchester County launches Housing Flex Fund NY Real Estate Journal  

Westchester $100M program expected to increase new affordable housing units — Westfair Business Journal 

Amazon Housing Equity Fund

HR&A is supporting program design and implementation for Amazon’s Housing Equity 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 minority-led 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.  

HR&A Advisors has been working with Amazon since 2020 to help develop and implement the Amazon Housing Equity Fund, which was founded to help increase affordable housing opportunities in locations where Amazon has a significant presence. In cities like Washington D.C., Nashville, Austin, and Seattle, among others, we have helped Amazon address affordable housing shortages via subsidized loans, grants, and partnerships with local governments and nonprofits. Since helping design and then launch the program in January 2021, we have supported Amazon’s efforts to preserve 21,000+ homes and have underwritten and closed over $1B in housing transactions for the public sector and impact investors. A key tenant of the AHEF is also to provide access to capital for minority-led developers, resulting in 62% of these transactions supporting BIPOC-led developers.  

 

To develop a large-scale portfolio investment strategy for housing affordability, HR&A created an affordable housing finance summary of potential investment strategies, conducted a landscape analysis of peer investments in housing, worked with Amazon to refine investment goals and priorities, and developed a clear and concise financial framework to evaluate potential investment options. HR&A conducted an initial market scan in target geographies, assessed the housing need in those geographies to evaluate programmatic components, and conducted high-level financial analysis to test investment portfolio scenarios. 

 

After the first phase leveraging Amazon’s initial $2 billion investment to preserve 21,000+ homes and positively impact 46,000+ residents, Amazon committed an additional $1.4 billion for a second phase.  

 

Explore 

Check out the Amazon Housing Equity Fund’s website 

Learn about Amazon’s second round of $1.4 billion in funding 

2024 Amazon Housing Equity Fund Impact Report 

 

Press 

Q&A with Senthil Sankaran, Managing Principal, Amazon Housing Equity Fund — UrbanLand Magazine

Amazon Promised to Deliver Affordable Housing. How’s It Doing? — Bloomberg

Everything you need to know about Amazon’s Housing Equity Fund—a $3.6 billion commitment to help people access affordable housing — Amazon

Op-Ed: A Simple Housing Fix for Wake County —  INDYweek

City of Boston Downtown Office Conversion Study

HR&A supported the Boston Planning and Development Agency (BPDA) in studying the feasibility of converting vacant downtown offices to residences through subsidies, tax incentives, and expedited permitting, which resulted in the City launching an office conversion pilot program. Since its launch in October 2023, the program has received applications proposing 400 new homes, and in 2024 the City extended the pilot with $15 million in new funding from the State. 

This study is part of an ongoing effort by the City of Boston to generate strategies and initiatives that can revitalize Boston’s Downtown in the wake of the COVID-19 pandemic. Shifts in how we work, office space utilization and commuting patterns have resulted in lower tax revenue for the City of Boston as well as less foot traffic to support retail options and a safe and active street-level experience. HR&A analyzed potential new uses for vacant and underperforming office buildings, the costs associated with conversion, incentives for spurring conversions, and the impacts of repositioning office buildings on the city, its workers, residents, and visitors.  

 

Based on our findings, HR&A recommended an actionable tax abatement to successfully convert vacant Downtown office spaces to viable uses. The project entailed data review and market analysis; building type inventory and reuse assessment; stakeholder interviews; financial analysis; funding strategies; and policy recommendations. 

 

Explore 

Read the full Study 

Learn about the Program 

Mayor Wu Announces Extension of Office to Residential Conversion Program with Partnership From The State 

 

Press 

Converting Boston’s offices to housing is tricky, but it’s starting to happen — WBUR  

Boston’s downtown office to residential conversion program gets $15M state boost — Boston Herald 

Boston extends office-to-housing conversion program until 2025 — Axios 

Why converting Boston’s empty offices to homes is harder than it looks — Axios 

New Haven Inclusionary Housing Framework

In response to input from residents, affordable housing advocates and developers, the City of New Haven engaged HR&A to develop an inclusionary zoning policy that ensures long-term affordability, inclusive growth, and thriving neighborhoods. Over 50 affordable homes have been approved since the ordinance’s approval in 2022.  

HR&A reviewed existing real estate market conditions, assessed potential incentive tools, and engaged key public and private sector stakeholders across neighborhoods to understand the housing landscape throughout New Haven. This informed our financial pro forma analyses to evaluate development scenarios for a range of building typologies and submarkets.  

 

Our analysis measured the impact of an Inclusionary Zoning policy at different levels of housing affordability and assessed various land use and financial incentives that could maximize affordable housing production. Based on these findings, HR&A created an inclusionary policy for New Haven that balances housing policy priorities by targeting inclusionary requirements to align with local market strength, and we assisted the City in developing a framework and manual for implementation and administration of the policy.   

 

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Ordinance and map 

 

Press 

“Inclusionary” Housing Law Passes New Haven Independent 

City officials and advocates reflect on two terms of Elicker’s housing policy — Yale News  

State of Maine Housing Study

HR&A worked with the Maine Governor’s Office of Policy Innovation to develop a study to understand housing needs and deficits along with their impacts on Maine’s economy. Our study found that 76,400–84,300 new homes need to be built within the next 7 years to maintain Maine’s economic growth.

After the plan helped establish a deeper understanding of housing needs across the state, we launched a public data portal, which maps the housing crisis across the State to help highlight each region’s specific needs and measure progress toward the study’s recommended housing production goals.  

 

HR&A engaged stakeholders through a Technical Working Group that provided input and feedback throughout the analysis. The study analyzed existing housing production gaps across the state and projected future housing needs based on job and population growth. We explored different regions across the State of Maine, and our Study functions as a municipal planning tool to support Maine’s LD 2003 legislation, which aims to reduce barriers to housing production across the state.  

 

Explore 

Mills Administration and MaineHousing Announce Launch of New Statewide Housing Data Portal 

Maine Housing Data Portal 

 

Press 

“This is how much new housing Maine needs to fix crisis” — Bangor Daily News 

“Maine needs 84,000 new homes in the next 7 years, report finds”   Portland Press Herald 

“Maine needs at least 84,000 new homes within seven years, study says” — Maine Public 

 “Housing crisis worse than ever: New study calls for 80,000+ new homes in Maine” — 13 WGME 

Charlottesville Affordable Housing Plan

HR&A developed an Affordable Housing Plan for the City of Charlottesville that centers racial equity and regional collaboration to guide the city’s investments in affordable housing programs and policies. Charlottesville has made significant progress on the Plan’s three major initiatives including: dedicating $10M a year to affordable housing, building inclusive governance throughout the City’s housing ecosystem, and adopting progressive, inclusionary zoning reforms — all of which are shaping a denser, more economically diverse Charlottesville. 

As part of the planning process, we worked with multiple stakeholder groups to understand the existing affordable housing landscape in Charlottesville — assessing existing challenges and building consensus around proposed solutions. With this input, the HR&A team developed a robust Affordable Housing Plan that included actionable solutions stakeholders were already invested in. The City approved the plan in March 2021, and our work informed related efforts to update the City’s comprehensive plan and zoning code. 

 

Following the Affordable Housing Plan’s adoption, we continued working with the City and the planning team to evaluate the feasibility of a new inclusionary zoning policy. The team used a series of financial models based on Charlottesville’s existing market conditions and land use plans to determine the feasibility of requiring affordable housing production as a percentage of all new housing development by offering density bonuses or other incentives. We tested various scenarios for incentives and affordability requirements as well as multiple development types.  

 

The team also reviewed the Future Land Use Map’s requirements and established market and development assumptions to evaluate the rate of change of the policy’s impact on property value and new housing production. The final recommendations of the study were implemented into Charlottesville’s new Inclusionary Zoning (IZ) Policy, which was unanimously approved by the City Council in December 2023. 

 

Explore 

Read the Plan 

 

Press 

“It’s finally here: Charlottesville has a new zoning ordinance”— Charlottesville Tomorrow 

Con Edison Building Decarbonization Incentive Strategy and Marketing

Since 2020, HR&A has supported Con Edison’s strategy for incentivizing building decarbonization throughout New York City and Westchester County. Leveraging our deep experience in New York City real estate and our quantitative modeling capabilities, we are helping Con Edison achieve the ambitious goals of New York State’s Climate Leadership and Community Protection Act (CLCPA), which commits the State to reducing greenhouse gas emissions by 85% by 2050.

The CLCPA, called “one of the world’s most ambitious climate plans” by the New York Times, also mandates that at least 35% of the benefits of clean energy and energy efficiency investments go to disadvantaged communities. Investor-owned utilities like Con Edison are key partners in CLCPA implementation, deploying incentive dollars to encourage building owners to eliminate the use of on-site fossil fuels and invest in energy efficiency. Combining our in-depth knowledge of New York City real estate and housing regulations with our sophisticated quantitative modeling skills, HR&A has helped Con Edison better understand the barriers and motivations of different types of building owners and more efficiently deliver energy savings and greenhouse gas reductions. We approached this work through an equity lens, focusing on the unique challenges facing buildings that serve low- and moderate-income (LMI) households.
HR&A’s support for Con Edison’s decarbonization programs has included several components:

      • LMI Program Tactical Support: analyzing the market size, geographic distribution, and physical characteristics of the LMI housing market; matching buildings to promising energy efficiency measures; and introducing Con Edison to the owners of several of the largest LMI portfolios. 
      • LMI Program 10-year Strategy: developing a long-term strategy to meet the State’s decarbonization goals, expand Con Edison’s sales efforts, standardize its offerings, and create new financing options in partnership with LMI housing lenders to provide energy savings for tens of thousands of LMI buildings. 
      • LMI Electrification Model: understanding the financial impact of building electrification through development of individual building pro-forma based on market segmentation to measure the changes in net operating income (NOI), tenant and owner utility costs, and greenhouse gas (GHG) emissions due to electrification; and estimating the scale of subsidies necessary to achieve full building electrification while mitigating potential cost shifts to tenants. 
      • Building Envelope Upgrade Market Study: strategizing on increasing the volume of energy-efficient building envelope upgrades measures through development of a quantitative model of the energy, greenhouse gas, and financial impacts of envelope upgrades across an array of building typologies; engaging in a series of targeted interviews and focus groups to understand motivations and barriers around envelope improvements; and issuing a set of strategic recommendations for how Con Ed can incentivize more investment in envelope upgrades within the marketplace. 
      • Multifamily Program Marketing and Outreach Strategy: developing an actionable marketing strategy to increase uptake of Con Edison’s decarbonization incentives through tailored messaging strategy based on market segmentation, improving the recruitment and retention of contractors, and participating in Con Edison’ multifamily incentive program.  

    HR&A’s work has helped Con Edison set interim targets for its building energy efficiency program and develop program requirements to spearhead the clean energy transition. In 2023 alone, Con Edison deployed $263 million dollars in decarbonization incentives, half of which was in State-designated Disadvantaged Communities. HR&A’s analysis for Con Edison shows that building electrification and energy efficiency investments, especially in the LMI multifamily housing sector, can have a tremendous impact on reduction of greenhouse gas emissions and set Con Edison on a path to achieve the State’s decarbonization targets. 

New York City Public Solar Program

To accelerate New York City’s equitable clean energy transition, HR&A has been helping the Mayor’s Office of Climate and Environmental Justice (MOCEJ) and the Office of the Comptroller to assess the feasibility of Public Solar NYC (PSNYC) — NYC’s first public solar program targeted to Low-to-Moderate Income residents. The City’s new solar program has already secured $250 million in federal funding and will contribute to a more climate-resilient and equitable NYC.

While New York City’s density and building stock present specific challenges to solar installations, the main obstacles are driven by the complex relationships between real estate economics, legal frameworks and relationships, regulations and codes, and energy economics that are often uncertain. This problem is especially heightened in low- to moderate-income communities, where homeowners lack resources to access clean energy transition incentives. HR&A is leading a phased effort with the City to understand and quantify these barriers, design a program with tailored solutions, successfully apply for the Solar for All funding, and create an implementation plan for NYC’s transformative new solar program.

 

For the first phase of the project, HR&A led a multidisciplinary team to analyze operational, financial, and legal feasibility for solar implementation. HR&A supplemented the analysis with stakeholder interviews to understand challenges and opportunities to streamline solar installation process for customers, conducted a market analysis of the NYC building stock to prioritize neighborhoods for targeted outreach. On Earth Day 2023, NYC Mayor Eric Adams released PlaNYC: Getting Sustainability Done, which included a commitment to a public solar financing project for low-income homeowners in environmental justice communities, informed by HR&A’s study.

 

During the second phase of the project, HR&A supported the City of New York on its successful application for the Solar for All grant, part of the $27 billion dollar Federal Greenhouse Gas Reduction Fund. The State’s application secured millions of dollars that led to the creation of PSNYC, a new program that targets specific barriers to solar deployment for disadvantaged communities and low-income households.

 

HR&A developed a detailed financial program for a publicly funded solar program that was structured to revolve profits from solar leasing and community solar programs back into the program to ensure the fund could be self-sustaining. HR&A also developed a detailed implementation plan for the establishment of an entity to administer the public solar program. The implementation plan describes the responsibilities and funding across several phases: marketing and outreach, system installation, and operations for both the public leasing and community solar programs.

 

HR&A continues supporting the City in the successful implementation of PSNYC as they receive new funding from the Federal Government.

 

 

Learn more about the Solar for All grant award in this EPA Announcement 

Reimagine Ravenswood: Just Transition Site Reuse Planning in Long Island City

The Long Island City northern waterfront currently hosts the Ravenswood Generating Station, the largest fossil fuel plant in New York City, providing over 20% of the City’s local power capacity. After Rise Light & Power committed to transforming it into a renewable energy hub, the Office of the Queens Borough President brought on HR&A to lead “Reimagine Ravenswood,” a community-driven site reuse, neighborhood improvement, and workforce development planning process to guide a just transition to an inclusive clean energy economy in western Queens.

The work will advance New York’s climate goals and yield significant benefits for union labor and environmental justice in Queens, serving a population of over two million residents. HR&A’s efforts are supported by funding from the NYSERDA Just Transition Site Reuse Planning Program, matched by Rise Light and Power.
 
Stakeholder engagement played a central role in the community planning process, with the community participating through a steering committee, public workshops, focus groups, and a public survey. In addition, the team, in partnership with Fu Wilmer Design, conducted both an evaluation of the existing site and an economic analysis of opportunities for talent development and business development in green industry, small manufacturing, technology, life sciences, the arts, and other growing industries in Western Queens.

 

The engagement and analysis are informing alternative site reuse plans for the power plant parcel, community revitalization strategies for the broader neighborhood, inclusive workforce development strategies focused on green jobs and other growing sectors, and a focused action plan and timeline for reimaging the site and its connection to the surrounding neighborhood.

 

Explore 

NYSERDA Just Transition Site Reuse Planning Program 

 

Press 

Ravenswood Generating Station is going green, Borough President launches community study — LIC Post 

NYC Climate Adaptation Roadmap

HR&A supported the New York City Mayor’s Office of Climate and Environmental Justice (MOCEJ) to develop the AdaptNYC initiative, including a Climate Adaptation Roadmap, a led a multi-disciplinary team to summarize and forecast climate impacts to New Yorkers through 2100, including how particular hazards (extreme heat, extreme storms, chronic flooding) will impact people’s health, homes, mobility, economy, culture, and community. The work addressed systemic and institutional racism disproportionately impacting New Yorkers of color.

Alongside the analysis we conducted with engineering firm Arcadis and local nonprofit planning firm Hester Street, we conducted stakeholder engagement which included an advisory group of environmental justice advocacy organizations to elevate historically marginalized and disinvested communities. With these quantitative and qualitative inputs, HR&A designed a prioritization framework to equip City staff with tools to evaluate potential policy pathways for climate adaptation, centered on racial and social equity.
 
HR&A supported the development of a public-facing website that makes climate science and New York City’s adaptation measures accessible to New Yorkers.