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City of East Palo Alto Inclusionary and Multifamily Affordable 11ousing Studies DRA serves as development and financial advisor to the City of Cast Palo Alto. DRA prepared a nexus study examining the legality and basis for establishing a rational nexus between market - rate residential development and the need for affordable housing in the City of Cast Palo Alto. DRA also prepared an economic impact analysis of alternative fee levels, in terms of the potential reduction in residual land value, the increase in rents required to support the fees, and the potential impact on investor returns. This assignment led to the City's adoption of a nexus fee on new residential development. Subsequent to the passage of AB1505 reinstating the ability of municipalities to impose inclusionary housing requirements on rental housing, DRA calculated the in lieu fee representing the economic equivalent of the City's on -site inclusionary housing requirements. These fees were adopted in place of the City's nexus fees. DRA also prepared a Comprehensive Affordable Housing Strategy for the City. The Strategy includes studies of the City's demographics and affordable housing needs; a summary of federal, State and local resources available; real estate market conditions; and the need and current resources available to the City's homeless. Based on these analyses, DRA provided policy options and affordable housing recommendations to address East Palo Alto's needs. DRA also advises on specific affordable housing developments in the City. Most recently, DRA reviewed the City's rights to approve first mortgage refinancing on the Courtyard at Bay Road City of Denver Nexus, Multifamily Asset Management and Project Underwriting DRA has served as advisor to the City and County of Denver on asset management of both the City's affordable single-family homeownership and multifamily rental housing programs.. DRA also prepared residential and non-residential nexus fee studies to support fees on both residential and non-residential development in the City. The City's multifamily housing portfolio includes nearly 3,000 units created through the City's inclusionary housing program and through investment of local funds. Denver engaged DRA to conduct an assessment of the City's asset management, underwriting, loan production and documentation processes, systems and functions for its affordable multifamily rental housing program and portfolio. DRA's work products and recommendations for affordable multifamily housing included: Santa Ana Community Development Agency September21, 2021 r ® Proposal to Provide Multifamily Affordable Housing Advisory Services 13