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Investment Department, the LA County Community Development Commission, the Housing
<br />Authorities of the Cities of Los Angeles, Riverside, and Richmond, California, and the Cities and
<br />former Redevelopment Agencies of Oakland, Berkeley, Pasadena, Oceanside, and Poway, to
<br />name a few.
<br />DRA has advised on projects using many layers of financing provided by both the private and
<br />public sectors. DRA has a sophisticated understanding of complex financial transactions and
<br />structuring, as well as the real estate business acumen to best support all forms of affordable
<br />housing financing. We are expert in Low Income Housing Tax Credits (LIHTC), conventional
<br />and tax-exempt financing, HOME, California State funding programs from CaIHFA, HCD and
<br />other sources, inclusionary, density bonus, accessory dwelling unit (ADU) and other
<br />affordable housing laws and policies, RAID, Section 18, Project -Based Vouchers, ACC and PFS
<br />contracts, GSE debt structures, FHA, Ginnie Mae, private mortgage insurance and custom
<br />made credit enhancement programs, construction, permanent and mezzanine financing,
<br />property tax abatements, and tax rules regarding credits, depreciation and capital gains.
<br />DRA maintains a proprietary financial model that analyzes affordable housing projects and
<br />provides the data needed to prepare projections, evaluate economics, and perform financial
<br />sensitivity analyses for debt, equity, public sector financing, bond transactions, tax incentives,
<br />credit enhancement and pricing forthose projects. This model is capable of sensitivity analyses
<br />and quantification of thefinancial gaps in a wide range of affordable multifamily, single family,
<br />and mixed -use housing financial structures. The model quantitatively measures the economic
<br />value of alternative rent subsidy, capitalized subsidy, credit enhancement, rent vouchers,
<br />property Tax abatements, and other financial structures. This analysis incorporates 9 percent
<br />and 4 percent LIHTC, conventional and tax-exempt debt (as they affect project financial
<br />feasibility; not with respect to issuance of municipal securities), tax increment financing,
<br />HOME, AMP and CDBG grants and loans, as well as rent and operating subsidies, and
<br />financially advantageous ground leases and residual receipts notes.
<br />DRA also maintains excellent working relationships with all of the affordable housing funding
<br />agencies, lenders and investors active in financing affordable rental housing throughout
<br />California. These include the California Tax Credit Allocation Committee (TCAC), the
<br />California Debt Limit Allocation Committee (CDLAC), California Department of Housing and
<br />Community Development (HCD), California Housing Finance Agency (CaIHFA), the San
<br />Francisco Federal Home Loan Bank, CaIPERS and all major bank and LIHTC investors active
<br />in the State.
<br />Significantly, DRA has long-established relationships with many affordable housing
<br />professionals and financial institutions worldwide. We are able to tap into those resources to
<br />validate or challenge interpretations and assumptions. These relationships include lenders,
<br />Santa Ana Community Development Agency September 21, 2021
<br />® Proposal to Provide Multifamily Affordable Housing Advisory Services 5
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