Single Multifamily Bond Tax Counsel Services

The Vendor is required to provide a single family mortgage revenue bond program pursuant to the act for the purpose of assisting in financing the costs of acquisition of residences within the state by eligible borrowers.
- This program offers interest rates at or below conventional market rates through the sale of tax-exempt and taxable mortgage revenue bonds.
- Provide specialized legal advice regarding the IRS code as it applies to the agency's single family and multifamily bond financing activities and to the programs funded with the proceeds of bonds, particularly with respect to the structure of proposed new issues of bonds and the structure and operation of the new programs relating to such bonds.
- Provide required tax opinions evidencing compliance of each new issue of bonds with applicable provision of the IRS code, and the adequacy of program documents and operating procedures/policies of the agency to reasonably assure compliance with such code provisions including, among others, targeted area designations, borrower income limitations and home sale price limitations.
- Review and approve the detailed procedures to be followed by the agency in calculating the bond yield and the mortgage yield associated with each new issue of bonds and each new bond-financed loan program.
- Review the bond/mortgage yield calculations prepared by the agency's financial advisor for each new issue of bonds for the purpose of determining the extent to which such calculations may be relied upon in preparing the arbitrage certificate for such bonds. 
- Prepare the arbitrage certificate relating to each new issue of bonds and deliver such certificate prior to closing.
- Assist the department (or agency) on 32-year and 10-year rule analysis, matters related to federal recapture tax, cross calling, and universal cap requirements, as needed.
- Prepare and file required IRS and state forms.
- Provide information regarding IRS letter rulings, interpretive releases, regulatory changes, or other actions affecting mortgage revenue bonds and mortgage loan programs.
- Contract Period/Term: 2 years