COUNTY OF SAN DIEGO
AFFORDABLE HOUSING UNDERWRITING SERVICES


In 2016 and 2017, San Diego County retained RSG to review and evaluate responses to two NOFAs the County issued regarding funding available for eligible affordable housing projects. Capitalizing on our experience with the HOME Investment Partnerships Program, Section 8 Rental Assistance Project-Based Vouchers (PBVs), and Project-Based Veterans Affairs Supportive Housing (VASH) Vouchers, RSG analyzed application packages prepared by five developers. For each application, RSG evaluated the application for completion, assessed consistency with program regulations, performed a subsidy layering analysis to determine whether the project would be over subsidized, estimated the project’s competitiveness for tax credit funding (if applicable), and reviewed the developer’s construction cost estimates, projected cash flow, and general financing assumptions. RSG communicated directly with each developer regarding clarification, additional information, and modifications needed.

Ultimately, RSG provided the County five memos – one for each application package. The memos detailed RSG’s analysis and findings and offered a recommendation regarding whether to provide the funding amount requested by the Developer. RSG’s recommendations took into account the strengths and weaknesses of each individual project, as well as a comparative analysis of the projects competing for the same “pot” of funding.