The vendor is required to provide financial advice and structuring assistance on a wide range of act affordable housing topics related to the conversion of agency properties to other ownership and operational structures.
- Financial advisory services related to leasing and developing several non-residential LIPH and non-LIPH properties, a vacant lot (approximately 6 acres) associated with an LIPH property on main street in town and also approximately 20 acres of mostly cleared land near the state river in the southern end of town which used to be an LIPH development.
- Agency manages 247 units in its low-income public housing portfolio.
- Agency may also require services related to its role as a bond issuer (conduit and in furtherance of its own transactions) and related to the potential purchase of properties for its own or its to be formed instrumentality portfolios.
- Agency is fully open to the exploration of alternative ownership structures, creative financing options and other suggested avenues to meet these goals.
- General recommendations to inform agency in its efforts to determine the feasibility and the structuring of each property using the conversion option with the “best fit” based on each property’s unique circumstances.
- Utilizing competitive procurement where possible or through a subcontracting relationship, provide all forms of physical needs assessment, market studies, rad e-tools and similar reports. agency is in the process of soliciting for an authority wide physical needs assessment.
- Identify the best grouping of properties into one or multiple rad applications, demolition and disposition process bundles or other conversion measure.
- The analysis will include projected post-conversion revenues, development of financial strategies and options to carry out conversion, and a comparative analysis showing the revenue potential for future state portfolios as compared to current revenues.
- Monitor, oversee, and submit required items to meet act-required demolition/disposition process or other applicable milestones.
- Participate in communications with agency and act rad staff to help converting properties move through the rad financing plan and rad conversion commitment issuance processes.
- Participate in communications with agency, act, lender or other parties to help converting properties move through the demolition and disposition process or other applicable processes; and facilitate the rad, demolition and disposition process or other closing process, serving as a liaison between the parties, their attorneys and other consultants.
- Assist agency staff or prepare all relevant determinations related to financing applications (i.e., hard cost development thresholds, income averaging, etc.).
- Contract Period/Term: 3 years
- Questions/Inquires Deadline: April 24, 2025