Image courtesy of Peter Pitassi Architects


Affordable Housing

Asset Management

Nationwide, DRA has pioneered creative uses of public finance, revenue and asset management programs for affordable housing and local economic development. DRA has worked with public agencies to improve their asset management systems to better ensure that the fiduciary and compliance goals of the public agencies are met over the long term. The quality of risk management is a direct function of the quality of the agency’s underwriting practices, loan policies, loan approval processes and asset management systems. The agency’s systems for requiring, gathering, monitoring, and undertaking appropriate strategies to best assure compliance will determine effective asset management. DRA improves asset management systems and practices, such as:

  • refining loan policies, underwriting and asset management practices, staff and borrower training for public and private sector affordable housing lenders, emphasizing valuation, capitalization and loss mitigation of single family and multifamily mortgage portfolios;
  • developing customized asset management software for public and private sector lenders, non-profit and for-profit developers, and institutional limited partners and general partners; and,
  • clarifying goals and compliance with the dual, and often competing, public policy and fiduciary obligations of public sector affordable housing lenders.
  • Preparing loan underwriting and asset management policies, manuals and guidelines

San Diego Housing Commission

DRA provided a staffing analysis of asset management functions for the San Diego Housing Commission's (SDHC) residual receipt subordinate loan portfolio on low income rental housing projects. This portfolio, which has grown to more than half a billion dollars, represents an important management challenge for SDHC in assuring regulatory and financial compliance with the terms and condition of each residual receipts loan.

Liquidity Facility for Low Income Rental Housing Subordinate Public Loan Portfolio

DRA worked with a major national syndicator to assess the feasibility of providing liquidity for local and state housing agencies from their residual receipts, subordinate loan portfolios for low income rental housing. DRA estimates that such portfolios in aggregate total more than $50 billion in outstanding principal balance. DRA conducted substantial financial analysis on the market feasibility for such liquidity facilities for a diverse range of state and local housing agencies.