City of Newport Beach PlanetBids #26-50

Newport Beach Solicits Financial Institutions for Residential Utility Undergrounding Loan Program

The City of Newport Beach is seeking proposals from financial institutions to create and manage a residential loan program for utility undergrounding improvements. - Government Buyer: - City of Newport Beach, Administrative Services Department, Purchasing Division - Vendors and OEMs: - No specific OEMs or product manufacturers are named; eligible vendors include banks, credit unions, and other lending entities - Products/Services Requested: - Design, funding, administration, and offering of a residential loan program for eligible property owners - Loan amounts may be up to approximately $55,000 per property - Services include loan origination, underwriting, servicing, payment processing, delinquency management, customer service, and regulatory compliance - Unique or Notable Requirements: - No City funding, guarantees, or credit support will be provided - Flexible repayment structures (e.g., deferred principal, flexible payment options) to accommodate homeowners with liquidity constraints - Borrower protections must be included - The City may enter into non-exclusive agreements with one or more proposers - Proposals must be valid for 180 days - Place of Performance: - City of Newport Beach

Description

The City of Newport Beach is seeking proposals from qualified financial institutions, banks, credit unions, or other lending entities to design, fund, administer, and offer a residential loan program. This program aims to assist eligible property owners with costs related to utility undergrounding improvements by providing private financing options without reliance on City funding or guarantees. The City intends to enter into non-exclusive agreements with one or more selected proposers and reserves the right to make multiple awards. Final agreement terms are subject to City and/or City Council approval.

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