City of San Diego PlanetBids #HDP-27-10-04

Financial advisory and tax-credit syndication services for an affordable senior housing project

The San Diego Housing Commission opportunity seeks financial advisory and tax-credit syndication support for a proposed affordable senior housing development in San Diego. - Buyer and project parties - Government buyer: San Diego Housing Commission; no specific sub-agency or office is identified. - Housing Development Partners (HDP) is identified as seeking proposals. The project entity is HDP University Senior L.P., a partnership involving affiliates of Housing Development Partners and Wakeland Housing and Development Corporation. - Project: approximately 99 affordable senior housing units at 5202 University Avenue, San Diego. - OEMs and vendors - No OEMs, hardware, or specific service-provider vendor are identified. Housing Development Partners and Wakeland Housing and Development Corporation are named project parties, not selected consultants. - Requested services - Financial feasibility analysis; review of the development budget, operating pro forma, sources and uses, and project assumptions. - Evaluate California Tax Credit Allocation Committee (TCAC) and California Debt Limit Allocation Committee (CDLAC) requirements and project competitiveness, including comparison of 9% LIHTC/tax-exempt bond financing with 4% LIHTC financing. - Develop funding-gap, capital-stack, and financing strategies; assess state and other funding sources, including the Federal Home Loan Banks Affordable Housing Program. - Prepare lender and investor projections; support lender and investor selection, negotiations, loan sizing, rates, forward-lock terms, and construction interest reserves. - Support TCAC application submission, lender commitment or term sheet, investor letter of intent, construction loan closing, tax-credit syndication closing, permanent loan closing and conversion, and TCAC Form 8609 submission. - Optional, separately authorized services: tax-exempt bond financing support, state financing program applications, and other additional services. - Notable requirements - Proposers must provide not-to-exceed fees by milestone and for the overall project, as well as hourly rates by staff classification; optional services are priced separately. - The consultant acts in an advisory capacity and cannot commit the partnership to financing or investment terms without written authorization. Legal and tax opinions and other separately licensed work are excluded unless provided by appropriately qualified professionals. - No product part numbers or quantities apply.

Description

The solicitation seeks proposals from qualified firms to provide affordable housing financial advisory and tax credit syndication services for the 5202 University Avenue project in San Diego. The project is an affordable senior housing development being advanced with a combination of public and private financing, potentially including tax-exempt bonds and Low-Income Housing Tax Credits. The RFP lists work phases such as financial feasibility, tax credit application, loan and investor commitments, and construction, syndication, and permanent loan closings. Proposals must be submitted electronically through PlanetBids.

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