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RAID commitments, and other services related to project transaction structuring and closing, such as financial analysis, development team selection, financing commitments, document review and closing. DRA assisted FIACC with due diligence and negotiation on a private developer's proposal to redevelop 180 units of HACC owned housing. As part of this process, we reviewed the developer's track record and financial stability as well as their pro formas and other proposal documentation. We also assessed the availability of proposed financing sources, as well as the likelihood of securing competitive financing. San Jose Inclusionary Housing and Affordable Multifamily Housing Studies DRA served as financial and development advisor to the San Jose Department of Housing, assessing the viability of adopting a citywide inclusionary housing program. As part of this assessment, DRA conducted an extensive analysis of inclusionary housing, affordable housing offsets and residual land value. This included conducting an affordability gap analysis for three income levels of San Jose owners and renters, identifying five prototypical housing developments and estimating their development cost. Budgets were established by interviewing local developers, conducting market studies of current market rent and sales prices for homes as well as land prices for vacant land, and conducting a residual land value analysis to compare the economic effect of three potential inclusionary housing requirements on the residual land value of the five prototypes studied. DRA also analyzed the economic effects of various potential incentives and offsets to offer developers for their compliance with the inclusionary requirements. Throughoutthe economic analysis, DRA conducted three public meetings with stakeholders to present the Study's methodology and assumptions and to solicit feedback and comments. DRA also presented the study's methodology and findings to the City Council. Following completion of the analysis, DRA completed an assessment of the potential policy and program design issues and options for an inclusionary program. DRA assisted City staff in drafting policy memos and recommendations for the City Council, resulting in the first successful passage of an inclusionary housing program in the City of Sari Jose. All substantive services will be performed by DRA Principals and no subcontractors will be employed. Santa Ana Community Development Agency September 21, 2021 ® Proposal to Provide Multifamily Affordable Housing Advisory Services 15