The vendor is required to provide low interest loans to developers for rehabilitation or new construction of affordable multifamily rental housing developments for families and seniors with incomes generally below 60 % of the area median.
- These developments are typically financed using a combination of federal low-income housing tax credits, state rental housing funds, federal home funds and tax-exempt mortgage revenue bonds.
- Underwriting for two primary project financing types:
• Projects financed with 9% low-income housing tax credits (“9% tax credits”) and rental housing funds (“RHF”) or other department -controlled resources; and 
• Projects financed with tax-exempt bonds and 4% tax credits. 
• These projects may also include rental housing works (“RHW”) or other department funding sources.
- Responsibilities
1. Determine threshold or eligibility compliance
• Financing proposals from developers to determine that they comply with program threshold or eligibility requirements by evaluating the application package material submitted, comparing the proposals to program guidelines and completing a threshold analysis worksheet.
2. Conduct site inspections
• Inspect project sites and application materials related to the construction, market, site and neighborhood to determine that the work proposed, site conditions and neighborhood characteristics meet program guidelines.
3. Determine project selection compliance
• Review financing proposals to determine compliance with program selection/rating criteria by evaluating application materials submitted, completing a project evaluation worksheet indicating the criteria met, and presenting projects to an internal review committee.
4. Submission kit review and underwriting of financing proposals
• Review appraisals and market studies, qualifications, financial statements and credit reports of development team members, underwriting pro forma, and other required documentation to determine compliance with program requirements.
• Review also development team capacity, viability, feasibility and acceptability of proposals, and acceptable financial risk of financing requests by comparing the information provided to program guidelines which include department qualified allocation plan and multifamily rental housing program guide. 
• Applicants will make use of department submission kit packages.
5. Tax-exempt bond projects - prepare project recommendations
• For tax-exempt bond projects only, compose project summaries providing descriptions of the project, market financing terms, risk analysis, unique policy implications and development team data, obtain appropriate program approvals, and present the project with recommendations to housing finance review committee for review and approval.
6. Prepare program documents and close financing
• Compose program documents relating to allocations, tax reservations and progress reports.
• Documents such as binding agreements, commitments, closing documents and grant agreements to allocate financing to projects will be prepared by the office.
- Contract Period/Term: 5 years
- Pre-Proposal Conference Date: June 18, 2025
- Questions/Inquires Deadline: July 03, 2025