|
c) Financial Capacity. Description of the developer's financial strength and ability to obtain project
<br />financing, and to provide sufficient equity for the successful completion of the proposed project.
<br />i) Include a description of current relationships with major lending institutions.
<br />ii) Any developer that is selected for recommendation to City Council, or if a partnership, the team
<br />members who will retain an ownership interest in the project, will be required to submit complete
<br />financial statements for the last three years. Because of the possibility of public records requests,
<br />the City cannot guarantee that these statements will remain confidential.
<br />d) References. Include a list of at least three references from public agency partners and professional
<br />lenders/investors with full names, contact information, and,identification of the project(s) worked on.
<br />SOQs must be limited to a maximum of 25 pages, excluding'front and back covers, section dividers, and
<br />exhibits. f
<br />2) Project Description. Detailed and concise narrative describing tFie,proposed project, including at a
<br />minimum and as appropriate the development concept foe the site or`a.description (with photographs) of
<br />the building to be acquired or developed, proposed building square footage; number of units and bedrooms
<br />per unit, total parking spaces, proposed ingress and egress, proposed affordability levels, any special
<br />needs groups or target population to be served, amenities to be provided to the tenants, and resident
<br />manager's unit. If there will not be a resident manager�for a rental,project, describein detail how the
<br />project will be managed.
<br />For all projects, the narrative must also,,address site control; current zoning and any required zoning
<br />changes, anticipated development costs, City`and'Authority funds,required, requested City and Authority
<br />loan terms, developer access to additionaf funds required for the project, and proof that the property is
<br />under contract. This narrative should be accompanied by a'site map showing the project's location.
<br />The narrative must include a description of the various sources of financing that will be needed to
<br />complete the project as,,both a 4%;Low-Income Housing Tax Credit deal and as a 9% Low -Income
<br />Housing Tax Credit deal. The•narrative should provide a projected tie breaker score for 9% Low -Income
<br />Housing,Tax Credits with a -best •case,and'worst\case scenario based on the financing stack being
<br />pursued, with a relative comparison to the most recent tie breaker scores for the type of project being
<br />proposed in the last three 9%tax credit rounds. Clearly state if the project will be ready to apply for 9%
<br />Low -Income Housing Tax Credits during. FY 2018 — 2019. This should include evidence of progression
<br />towards planning entitlements and other requirements necessary for the tax credit application. Clearly
<br />state if the project will be competing with another project owned by the developer in Orange County for
<br />an upcoming 96/6.1_owdncome'Housing Tax Credit round, including a comparison of the projected tie
<br />breaker scores for boh,projects.
<br />w
<br />3) Development Pro Forma. `Identify'the sources and uses of all funds necessary to complete the project,
<br />including the project's anticipated cash flows over a period of years equal to 15 years and 30 years. The
<br />pro forma should identify important underlying assumptions that govern the cash flows, including but not
<br />necessarily limited to, the amounts and frequency of loan repayments (all sources), annual rent increases,
<br />occupancy levels, operating costs as a percent of revenue, timing and amounts of replacement costs. The
<br />cost estimates in the Sources and Uses budget should assume the payment of Davis -Bacon prevailing
<br />wages and relocation benefits, if applicable. The pro forma must include a calculation of the return on
<br />investment to the developer.
<br />4) Projected Rental Income. Include evidence that the rental income shown in the pro forma is reasonable
<br />and achievable. If proposing all rents to be at low-income, include a market study that supports that this is
<br />achievable.
<br />City of Santa Ana Community Development Agency
<br />Request for Proposals for Affordable Housing Development
<br />Page 10
<br />19D-14
<br />
|