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• Perform analyses in relation to the City's Housing Opportunity Ordinance and inclusionary housing fund. Complete subsidy layering analysis for multi -family projects. • Review construction budgets formulti-family projects. • Conduct annual financial oversight of HOME Projects. Review Capital Needs Assessments. Attend City Council, Housing Authority, and/or Community Redevelopment and Housing Commission meetings, as needed. The Authority issues tax exempt mortgage revenue bonds for the purpose of developing or preserving affordable housing within the City. These bonds are considered "conduit" obligations. While the Authority issues the bonds, the project owner is always the borrower and has sole responsibility for repayment. There can be no recourse to either the Authority or the City. The Authority requires the services of highly qualified and experienced financial advisors to insure that these issuances are fiscally sound, that they protect the interests of both the City and the Authority, and that they meet all applicable requirements of Federal and State law. Of particular importance is the ability of the selected firm(s) to provide quality services at reasonable cost with the objective of protecting the Authority's and the City's interests and their affordable housing objectives through participation only in transactions which applicable standards of fiscal prudence. The services will include, but not be limited to, the following: • Preparation of a feasibility analysis to determine whether it is economically advisable to proceed with any given bond issuance. The analysis will include but not be limited to an evaluation of the financial strength of the proposed project, including its projected income and expenses, an evaluation of any additional sources of security for the bonds in addition to the project that may be required or advisable, and an evaluation of the developer's financial condition and experience. • Identification, analysis and recommendations on all substantive matters pertinent to the proposed transaction, including advice in areas of industry -specific knowledge that may affect the financing and the interests of the City and the Authority. Assessment of the optimal use of housing assistance programs and funding sources that may be available in connection with a particular bond financing. These may include but not be limited to HOME Program funds, Low Income Housing Tax Credits, other federal and state programs, and local programs such as the City's inclusionary housing funds that may be available. • Assistance in preparation of legal documentation for the financing. Participation in all meetings prior to the bond issuance. Assistance in the preparation and presentation of reports on proposed financing to the City and the Authority. Assistance in review and decision -making with respect to issues that may arise after the issuance of the bonds and construction of the project. • Upon request, recommendations and advice regarding the City's and the Authority's policies and procedures relating to affordable housing. City of Santa Ana Community Development Agency Request for Qualifications — Affordable Housing Financial, Analytical and Advisory Services Page 11