19E - RFP - AFFORDABLE HOUSING - Laserfiche WebLink

Home Browse Search

All project proposals must contain the following minimum submission requirements: 1. Project Description. Detailed and concise narrative describing the proposed project, including at a minimum and as appropriate the rehabilitation concept for the site or a description (with photographs) of the building to be acquired, proposed building square footage, number of units /bedrooms, total parking spaces, proposed ingress and egress, proposed rents and tenant incomes, any special needs groups to be served, amenities to be provided to the tenants, and resident manager's unit. If there will not be a resident manager for a rental project, describe in detail how the project will be managed. For all projects, the narrative must also address site control, current zoning and any required zoning changes, anticipated development costs, City funds required and required City loan terms, developer access to additional funds required by the project, and proof that the property is under contract. This narrative should be accompanied by a site map showing the project's location. 2. Development Pro Forma. A detailed development pro forma that identifies the sources and uses of all funds necessary to complete the project, and that includes the project's anticipated cash flows over a period of years equal to 15 years and 30 years. The pro forma should identify important underlying assumptions that govern the cash flows, including but not necessarily limited to the amounts and frequency of loan repayments (all sources), annual rent increases, occupancy levels, operating costs as a percent of revenue, timing and amounts of replacement costs. The developer should indicate whether the cost estimates in the Sources and Uses budget assume the payment of Davis -Bacon wages and relocation benefits, if applicable. The pro forma must include a calculation of the return on investment to the developer. This will enable the City to comply with the new HUD requirement that it evaluate the reasonableness of the "level of profit or return on owner's or developer's investment in a project ". To date, HUD has provided no further guidance on this required evaluation. 3. Projected Rental Income. Include evidence that the rental income shown in the pro forma is reasonable and achievable. If proposing all rents to be for low- income households, please include a market study. 4. Section 3 and Section 504 Compliance. Describe the steps to be taken to comply with the federal requirement for maximum feasible participation of local low income residents and businesses in the development of federally funded projects. Describe how the project will be developed and operated so as to insure compliance with all relevant components of the Americans with Disabilities Act. S. Proposed Development Schedule. Taking as a starting point City Council approval of the proposed City loan, provide a proposed development schedule that includes the following milestones at a minimum: site acquisition, additional required loan commitments and funding from all other funding sources, zoning change approvals if necessary, preparation and approval of construction plans, start of construction, completion of construction, and lease -up. The schedule must reflect the fact that under the new HOME Program regulations the City cannot commit HOME funds to the project until it has completed its own underwriting, until the developer has obtained commitments for all additional required funds, and until the City and the developer have signed a loan agreement. 6. Current Tenants. Provide a listing of all tenants currently residing in the units, if applicable. 7. Exhibit B — Proposer'sStatement 8. Exhibit C — Certification of Nondiscrimination 9. ExhibitD — Non - Collusion Affidavit City of Santa Ana Community Development Agency Request for Proposals for Affordable Housing Development Page 8 19E -10