201 S. Anaheim Blvd.
Tenth Floor
Anaheim, CA 92805
Tel: (714) 765-4300
Fax: (714) 765-4360
www.anaheim.net
HOUSING AUTHORITY AGENDA REPORT
City of Anaheim
HOUSING & COMMUNITY DEVELOPMENT
DEPARTMENT
DATE: JULY 28, 2026
FROM: HOUSING & COMMUNITY DEVELOPMENT DEPARTMENT
SUBJECT: PROFESSIONAL SERVICES AGREEMENT WITH KEYSER
MARSTON ASSOCIATES, INC. FOR FINANCIAL
CONSULTANT SERVICES
ATTACHMENT (Y/N): YES ITEM # 01
GOVERNMENT CODE § 84308 APPLIES: NO
RECOMMENDATION:
That the Governing Board of the Anaheim Housing Authority, by Motion, approve a Professional Services Agreement by and between the Anaheim Housing Authority and Keyser Marston Associates, Inc., for on-call financial consulting services, in an amount not to exceed $400,000, for an initial three-year term beginning July 29, 2026, with two, one-year renewal options, and authorize the Executive Director of the Anaheim Housing Authority, or her designee, to execute and administer the agreement on behalf of the Anaheim Housing Authority.
BACKGROUND:
For decades, the Anaheim Housing Authority (Authority) has partnered with affordable housing developers by serving as a gap financier for the development and preservation of affordable housing throughout Anaheim. In this role, the Authority has invested local, state, and federal funding, as well as other resources such as publicly owned land and predevelopment assistance, to help make affordable housing developments financially feasible.
Because affordable housing transactions involve complex financing structures and multiple funding sources, the Authority has historically relied on a combination of internal staff expertise and specialized financial consultants to evaluate development proposals, perform financial underwriting, and provide technical and strategic advice during project negotiations. This approach helps ensure that public investments are financially sound, appropriately leveraged, and structured to maximize long-term public benefit while protecting the Authority's financial interests.
To continue these services, the Authority conducted a competitive Request for Proposals (RFP) process to identify qualified firms with demonstrated expertise in affordable housing finance.
Professional Services Agreement with KMA, Inc. for Financial Consulting Services July 28, 2026
DISCUSSION:
On June 9, 2026, the Authority issued a Request for Proposals (RFP) for as-needed financial consulting services.
A total of seven (7) firms submitted proposals, which were evaluated by a review panel comprised of staff with experience in affordable housing finance. Proposals were evaluated using the criteria established in the RFP, including the firm's qualifications, experience, technical expertise, and ability to provide services in the following key areas:
1. Affordable housing financial structuring and advisory services, including bond financing, Low-Income Housing Tax Credit (LIHTC) transactions, layered public and private financing, utility and special revenue financing, capital lease financing, and other public financing mechanisms.
2. Project analysis and regulatory compliance, including real estate market and financial feasibility analyses, as well as knowledge of applicable federal and state affordable housing requirements, including programs administered by the U.S. Department of Housing and Urban Development (HUD), the California Tax Credit Allocation Committee (TCAC), and the California Debt Limit Allocation Committee (CDLAC).
3. Economic, financial, and demographic analysis to support project evaluation and financing decisions.
The review panel also considered the qualifications of proposed staff, the breadth of services offered, and the proposed fee schedule.
Following the competitive evaluation process, staff recommends entering into an agreement with Keyser Marston Associates (KMA) to provide the requested services. KMA was identified as the most qualified firm based on its demonstrated expertise in affordable housing finance, including:
Structuring and underwriting complex affordable housing transactions utilizing 9 percent and 4 percent Low-Income Housing Tax Credits (LIHTC), tax-exempt multifamily housing revenue bonds, and multiple public and private funding sources. Financial analysis and advisory services for affordable housing developments utilizing funding programs administered by the California Department of Housing and Community Development (HCD), the U.S. Department of Housing and Urban Development (HUD), and other state and local financing programs.
Comprehensive knowledge of affordable housing regulatory and operational requirements, including long-term compliance with affordability restrictions, operating budget analysis, financial performance monitoring, and identification of project risks.
In addition to its technical expertise, KMA has extensive experience advising California cities and counties on affordable housing finance and development. The firm has also provided financial consulting services on several of the Authority's affordable housing Professional Services Agreement with KMA, Inc. for Financial Consulting Services July 28, 2026
initiatives, giving it familiarity with the Authority's programs, financing objectives, and development priorities. This experience will enable KMA to provide efficient and informed financial analysis and advisory services with minimal onboarding.
The Agreement will become effective upon execution and remain in effect through July 27, 2029, with the option for two additional one-year extensions. The Agreement authorizes compensation in an amount not to exceed $400,000 over the initial term.
IMPACT ON BUDGET:
Sufficient funds are available in the Anaheim Housing Authority budget, which is included within the Housing and Community Development Department's FY 2026/27 budget.
Respectfully submitted,
Grace Ruiz-Stepter
Executive Director of the
Anaheim Housing Authority
Attachment:
1. Professional Services Agreement – KMA, Inc.