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information and documents on the history and current status of the transaction and the property. The Concord Apartments ("Project) is situated on land owned by the City, conveyed to RHF Housing, Inc., pursuant to a Ground Lease, RHF Housing, Inc., currently owns the improvements, but it must convey the improvements to the City upon expiration or termination of the Ground Lease. The Pasadena Fire and Police Retirement System ("FPRS") owns a 93% beneficial interest in the Concord asset DRA conducted a site visit of the Concord Apartments and met with RHF representatives, DRA also analyzed the feasibility of the RI -IF proposal, including the appropriateness of the proposed property sales costs, rehabilitation and other hard construction costs, other soft development costs, operating costs, reserves, rent revenue, financing, HUD -related assumptions, and other assumptions used by RHF. DRA reviewed lender debt and equity proposals to maximize debt and equity proceeds, DRA reviewed revisions to the HAP contract, HUD rent study and other documents and advised the City on the HUD closing process. DRA assisted the City in negotiations with RHF for the sale of the property and evaluating additional financial analyses to the City, resulting in estimated cash sale proceeds at $16 million to the City and FPRS at closing along with ongoing residual receipts loan payments to the City on a $10 million Seller Loan. City of Oakland Multifamily Asset Management and Production The City of Oakland Housing and Community Development engaged DRA to provide continuing consulting services regarding asset management and underwriting of the City's affordable multifamily rental and homeownership programs and portfolios. DRA has completed an assessment of the City's asset management, underwriting, loan production and documentation policies, processes, systems and functions for its affordable multifamily rental housing p-ograrn and portfolio. Specific tasks under this engagement included preparation of affordable multifamily housing loan underwriting guidelines; creation of an Excel -based financial model to assist City staff in analyzing the feasibility or proposed multifamily projects and determining the reasonableness of requested subsidies from the City; revising the City's Notices of Funding Availability for both new construction and acquisition/rehabilitation projects to best reflect the City's policies and priorities; and preparing a five-year capital plan outlining proposed City financial expenditures on affordable housing. Santa Ana Community Development Agency September 21, 2021 ii ® Proposal to Provide Multifamily Affordable Housing Advisory Services 11