City of Compton Community Redevelopment Agency

Transcription

1 City of Compton Community Redevelopment Agency Request for Applications for the Community Housing Development Organization (CHDO) Program and Non-Profit Affordable Housing Developer Participation in the Neighborhood Stabilization Program (NSP) Program Fiscal Year Exhibit 3

2 Table of Contents Section I General Guidelines Introduction Funding Availability Technical Assistance Application Submission Competitive Review Process Section II Documents Organization Profile Certification Signature Sheet Section III Application Application Checklist Project Profile Project Proposal Outline Application Evaluation Criteria Page 2 of 13

3 Section I General Guidelines Introduction This package includes information and forms needed to apply for a grant under the Community Housing Development Organization (CHDO) Program funded through the U.S. Department of Housing and Urban Development (HUD) and administered by the City of Compton s Community Redevelopment Agency (Agency). CHDOs must further the housing goals of the Agency, by accomplishing the following (but not limited to): 1. To develop viable urban communities by providing decent housing. 2. To increase homeownership affordability and opportunities. 3. To expand economic development principally for low-and moderate-income persons. This application package is also being used to solicit non-profit affordable housing developers for participation in the City s Neighborhood Stabilization Program (NSP). Funding Availability This application applies to Fiscal Year , which begins July 1, 2011 and ends June 30, Applications are invited from previously designated CHDOs of the City of Compton, new organizations who desire to be designated as a CHDO, and non-profit affordable housing developers seeking to participate in the City s NSP program. The Agency reserves the right to increase or decrease the number of grants offered from one year to the next, or offer no grants, at its sole discretion. Technical Assistance Available by appointment. Application Submission An original and five (5) copies of the application are required. Applications submitted prior to February 28, 2011, will receive priority funding, while those received after this date will receive funding as available. Applications should be mailed to: Brandy Adair, Project Manager Compton Community Redevelopment Agency 205 S. Willowbrook Ave. Compton, CA Incomplete applications will be returned without further consideration. A checklist and complete instructions are provided for your convenience. All applications must be typewritten. Documents are to be single-spaced, and must follow all Application guidelines. Competitive Review Process Applications should be developed with a great deal of attention to detail and completeness. Specific evaluation criteria and elements are provided in this document to assist applicants in developing their proposals. Members of the evaluation team will be looking for viable projects that are comprehensive, complete and that have: High impact on priority needs Measurable results Applications should be thorough, well written and professional in presentation in order to qualify for the most points. Proposals must follow the guidelines provided. Applicants should have the necessary operating funds, human resources (capital) and should also seek other funding, where necessary to implement a project. Page 3 of 13

4 Section II Documents Organization Profile CHDO Organization Information: Name: Address: City, Zip: Phone No.: Fax No.: Project Manager Information: Project Manager: Phone No.: Fax No.: address: Developer Information: Developer: Phone No.: Fax No.: address: Property Management Team Information: Property Manager: Phone No.: Fax No.: address: Page 4 of 13

5 Sponsor/Partner Information: Sponsor/Partner: Phone No.: Fax No.: address: Certification Signature Sheet We, the undersigned, do hereby certify that the information in this CHDO Application for the fiscal year is true and accurate, and has been approved by the Board of Directors of this non-profit agency for submission to the City of Compton Community Redevelopment Agency for funding consideration. Executive Director Date Board Chair Date Board Secretary Date Submit the following documents as Exhibits A through H: Exhibit A Exhibit B Exhibit C Exhibit D Exhibit E Exhibit F Exhibit G Exhibit H Articles of Incorporation By-laws Current 501(c)(3) or 501(c)(4) from IRS Current Entity Status from the Franchise Tax Board Current Financial Statements Description of Board of Directors (names, addresses, experience; note which members meet the low-income requirement) Minutes of board meeting authorizing submittal of this application Organization Mission Statement We understand that additional information may be requested to assist in the evaluation of our application. Page 5 of 13

6 Section III Application Application Checklist This checklist is provided to assist you in organizing your application. Please include each item on the checklist in your proposal, and place a check mark on the appropriate line, indicating that it has been included in your package. Submit one original and five copies of the application. This checklist must be included with your application. Order of Application Organization Profile Certification Signature Sheet Exhibits A through H (CHDO Documentation) Project Profile Project Proposal a. Description of Proposed Project b. Site and Project Readiness c. Development and Operating Budgets d. Financial Feasibility e. Development and Property Management Teams Page 6 of 13

7 Project Profile Project Information: Project Title: Project Location: Housing Type: Homeownership Rental Project Type: Acquisition & New Construction Acquisition & Rehabilitation Acquisition Only New Construction Only Rehabilitation Only Other Project Site: Is the proposed Project Location currently owned by the Applicant? Yes No If the proposed Project Location is not owned by the Applicant, please indicate the current ownership status of the property, details regarding any proposed acquisition of the site, and the authority under which you are submitting this proposal for construction or rehabilitation of the property: Funding Request: Total Project Amount: $ Amount Requested: $ Page 7 of 13

8 Project Overview: Give a brief overview of the project, including proposed improvements, proposed clientele to be served, and any nearby amenities: Page 8 of 13

9 Project Proposal Outline Description of Proposed Project Provide a narrative description of the critical elements of your proposed project, addressing all of the following applicable issues, and presented in the order of the following prescribed sequence: Type of activity proposed Rental or Homebuyer (Purchase) New construction, acquisition, rehabilitation, etc. Housing Units Total number of units in project Number of market rate units Number of HOME-assisted units by bedroom size Number of 1 st Time Homebuyer opportunities Expected household income of occupants Number of households to be served upon project completion Proposed Occupancy by household size and unit size upon project completion Proposed rents and utility allowances for rental projects; or proposed sale prices for homebuyer projects Proposed Project Location Provide the physical address and Legal Description of the proposed project location site Provide a detailed description of the current improvements on the site, and the date of their construction. If the site is unimproved, please describe previous uses and improvements. If the site is improved and occupied, please provide existing ownership/tenant information (for projects involving acquisition/rehabilitation of existing units), including household income and current rent/utility payment information for all rental tenants. Please provide a description of the current condition of the property, and attach current photographs of the site.. Provide a description of any known or suspected environmental contamination or contaminants on the site. Provide a description of all nearby amenities that are easily accessible from the proposed project location. Proposed Improvements Provide a detailed description of the scope of work to be performed under the proposed project. Site & Project Readiness Site Readiness Please provide verification of ownership documentation, and indicate the date of acquisition. Provide the status of any land use requests/approvals required for implementation of the proposed project. Please provide the status of any required environmental reviews necessary for the implementation of the project. Page 9 of 13

10 Please provide a description of how all Federal and State requirements related to the implementation of the project will be addressed (e.g.: relocation, Davis Bacon, environmental, etc.) Project Schedule Provide a schedule of Performance and Project Schedule Provide a listing of the milestones to be accomplished during the implementation of this project. Provide a table of major activities to be performed during the implementation of this project, and a detailed schedule for accomplishment of each listed activity. Provide the status of other project related funding requests. Development and Operating Budgets Financial Feasibility Please provide a line item estimate of the total project cost. Indicate the amount of HOME funds being requested. Provide a narrative description of the how the HOME funds requested from the Agency will be used (e.g., construction loan, permanent financing, down payment assistance, rehabilitation costs, construction, marketing, etc.). Estimate of cash flow requirements from project start up to completion. Based on the proposed improvements, provide either: a cost per unit, or cost per square foot of floor space. Describe the functionality, architectural interest, and cost reasonableness of the project Provide a Sources and Uses Statement (Development & Rehabilitation) Describe all proposed sources (private, public, and Applicant funds) of funds and the dollar amount(s) for each respective source, and Describe all uses of funds (including acquisition costs, rehabilitation or construction costs, financing costs, and professional fees) associated with the project. Provide a summary Sources and Uses table which is inclusive of the above detailed narrative. Provide a list of Financial Institutions that may be sources of funding for the project (Construction or Permanent Financing) Income and Expense Statement (Operating) For rental properties that are currently owned and operational, please provide the following: All sources of income and all adjustments to gross income, such as vacancy allowance, write-offs, and concessions, etc. for the past three (3) years. All operating expenses, including rental costs, administrative expenses, management fees, real estate taxes, etc. for the past three (3) years. For proposed rental properties that represent new undertakings by the Applicant, please provide the following: A proforma estimate of all anticipated sources of income and all adjustments to gross income, such as vacancy allowance, write-offs, and concessions, for the first five (5) years of rental operations. A proforma estimate of operating expenses, including rental costs, administrative expenses, management fees, real estate taxes, etc. for the first (5) years of rental operations. Dependent on the proposed project, the Agency may request additional supporting documentation to the Sources and Uses Statement such as: Commitment letters with all terms and conditions for mortgages, grants, subordination agreements, bridge (interim) loans and investment tax credits (historical, low-income, if applicable) Earnest money agreement, option or closing statement for land and/or building(s) Page 10 of 13

11 Preliminary cost estimate Property Appraisal Development and Property Management Teams Description of Development Team Provide names, addresses, telephone numbers, fax, and addresses for the development team Provide resumes for each member of the development team. Developer Qualifications Description of previously completed projects. A listing key staff assigned to this project, inclusive of resumes. Financial Statements (audited financial statements or federal tax returns) List of References Information about the Property Management Team Company name, phone number, fax, and address. Experience and track record in managing comparable projects. Proof of adequate staffing to manage the project. Evidence of non-discriminatory housing practices. List of References Bonus Points Readiness to proceed; project schedule and timeline of major activities. Completed a previous HOME funded project. Project has component to increase knowledge/expertise of proposed resident (e.g. homebuyer counseling, home maintenance classes, etc.). CHDO principal office is located in the City of Compton References from other organizations, agencies or clients. Page 11 of 13

12 Application Evaluation Criteria Proposals will be reviewed and evaluated based on the criteria and weights listed below. Category Maximum Points 1. Financial Feasibility 40 Points 2. Target Population 25 Points 3. Developer Capacity 25 Points 4. Project Description 15 Points 5. Bonus Points 5 Points Total 110 Points Basis for Awarding Points 1. Financial Feasibility 40 Points Maximum a. Grant/Subsidy requested is 50 percent (50%) or less of Total Development Cost up to 15 points b. Financial Commitments up to 15 points c. Reasonable budget, development and operating costs up to 10 points 2. Target Population Need 25 Points Maximum a. Rentals: 50 percent or more of units are affordable at 50 percent Area Median Income (AMI) up to 8 points Homeowners: 25 percent or more of units are affordable at 50 percent AMI up to 8 points b. Affordability Period Extends Beyond Minimum Requirements up to 4 points c. Project addresses the Agency s housing goals up to 10 points d. Evidence of Supportive Services to meet specific target population need up to 5 points Minimum Required Period of Affordability Rehab or Acquisition of existing structures with HOME investment per unit of: Less than $15,000 $15,000 - $40,000 $40,000 or more Refinance of Rehabilitation Project: Any amount New construction, including acquisition of new units: Any amount Period of Affordability 5 years 10 years 15 years 15 years 20 years Page 12 of 13

13 Income Limits (2011) No. of Persons in Household Extremely Low- Income (30% of Area Median Income) Low- Income (50% of Area Median Income) HOME 60% of Area Median Income Moderate- Income (80% of Area Median Income) 1 $17,400 $29,000 $34,800 $46,400 2 $19,900 $33,150 $39,780 $53,000 3 $22,400 $37,300 $44,760 $59,650 4 $24,850 $41,400 $49,680 $66,250 5 $26,850 $44,750 $53,700 $71,550 6 $28,850 $48,050 $57,660 $76,850 7 $30,850 $51,350 $61,620 $82,150 8 $32,850 $54,650 $65,580 $87, Median Income for Los Angeles County: $63, Developer Capacity 25 Points Maximum a. Developer s Experience up to 15 points Full 15 points awarded for successful completion of 3 or more similar projects. b. Capacity/Staffing/Financial Strength up to 10 points Evidence of successful, on time and within budget completion of three or more similar projects, and/or Development team that has strong experience in related projects. 4. Project Description 15 Points Maximum a. Project Location Within walking distance of grocery/drug stores, and transportation centers located in proximity to job centers b. Needs of Residents Characteristics of unit meet specific needs of population (e.g. unit size, amenities, number of bedrooms, supportive services, etc.) c. Project Presentation 5. Bonus Points - 5 Points Maximum a. Readiness to proceed; project schedule and timeline of major activities b. Completed a previous HOME funded project c. Project has component to increase knowledge/expertise of proposed resident (e.g. homebuyer counseling, home maintenance classes, etc.) d. CHDO principal office is located in the City of Compton e. Provided references from other organizations, agencies or clients Page 13 of 13