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. CITY OF SANTA ANA COMMUNITY DEVELOPMENT AGENCY — <br />AFFORDABLE HOUSING FINANCIAL, ANALYTICAL & ADVISORY SERVICES <br />If the City intends to utilize Housing Asset funds as one of the funding sources for the project, SB 341 <br />requires that any expenditure of Housing Asset funds must comply with the requirements set forth in <br />H&SC Section 34176,1. As part of the KMA pro forma and financial gap analysis outlined above, KMA <br />will quantify the minimum number of extremely low units and the maximum number of low income <br />units that can be assisted in order to comply with the SB 341 expenditure requirements. KMA is'also <br />available to assist the Housing Authority in preparing the annual SB 341 Report. <br />C. COMPLIANCE MONITORING:GENERAL SERVICES AND OPERATING BUDGETS <br />Affordable rental housing is typically funded with a variety of layered funding sources. These sources <br />impose Income and affordability restrictions that require clients to monitor compliance of the relevant <br />affordable standard. KMA's experience includes structuring housing projects funded with multiple . <br />assistance sources and monitoring the completed projects to ensure continuing compliance with the <br />income and affordability covenants. <br />In addition, KMA regularly reviews operating budgets, quarterly financial reports and annual audited <br />financial statements to ensure that projects are operating appropriately. I<,MA will Identify any <br />operational Issues or concerns, and is available to work with the City to address these issues with <br />project owners. <br />D. COMPLIANCE MONITORING: RESIDUAL RECEIPTS CALCULATIONS AND COMPLIANCE <br />KMA has assisted clients in the evaluation of affordable housing operations and ensuring compliance <br />with residual receipts loan repayment terms. The evaluation typically includes a review of the annual <br />audited financial statements and operating statements to determine any residual receipts payments <br />due. <br />E. REGULATORY REPORTING: SB 341 AFFORDABLE HOUSING REPORTS <br />For any project that includes Housing Asset Funds, KMA quantifies the allocation of Housing Asset <br />Funds per the expenditure requirements imposed by California Health and.Safety Code (H&SC) Section <br />34176.1. In addition, KMA has prepared a template to be used by Housing Successor staff to prepare <br />the required annual SB 341 report. KMA also prepares the report for many of our housing successor <br />agency clients. <br />Kayser Marston Associates, Inc. Page 19 <br />