Item D3 D.3
G BOARD OF COUNTY COMMISSIONERS
County of Monroe Mayor Sylvia Murphy,District 5
The Florida Keys l'U � � Mayor Pro Tern Danny Kolhage,District 1
�pw° Michelle Coldiron,District 2
Heather Carruthers,District 3
David Rice,District 4
County Commission Meeting
July 17, 2019
Agenda Item Number: D.3
Agenda Item Summary #5354
BULK ITEM: No DEPARTMENT: Planning/Environmental Resources
TIME APPROXIMATE: STAFF CONTACT: Juanita Jones (305) 289-2560
NA
AGENDA ITEM WORDING: Approval to submit an application and pay an application fee of
$1,500 for disaster recovery grant funding to the Florida Housing Finance Corporation (FHFC) for
land acquisition and new construction of affordable workforce rental housing utilizing Community
Development Block Grant - Disaster Recovery funding. The grant request is for up to $8 million
dollars for new construction grant funding, and up to $2.1 million dollars for land acquisition
funding related to the redevelopment of Howard's Haven and Conch Key park sites and the Key
Largo Atlantic Blvd. site.
ITEM BACKGROUND:
Hurricane Irma, a Category 4 hurricane, made landfall in the Florida Keys on September 10, 2017,
caused the destruction of or major damage to over 4,000 homes. Many of these structures housed the
local workforce prior to the storm, exacerbating the Florida Keys' affordable workforce housing
crises in the Florida Keys.
Congress appropriated $616 million for the State of Florida in the aftermath of Hurricane Irma. The
Department of Economic Opportunity ("DEO") developed a Community Development Block Grant
- Disaster Recovery ("CDBG-DR") Action Plan and set aside $95 million for the Florida Keys for
various programs. Of the $95 million, $10 million has been set aside for land acquisition and $25
million has been set aside for new construction of workforce rental housing for low to moderate-
income households earning up to 80% of Area Medium Income (AMI), with a requirement that a
small percentage of the units be set aside for Extremely Low Income (ELI).
The $35 million Monroe County set-aside funds will be awarded to applicants through the Florida
Housing Finance Corporation's ("FHFC") competitive bid process. A draft Request for Applications
("RFA") was issued on June 12, 2019, and is expected to be finalized for a release date of July 2,
2019 and a due date of August 6, 2019. The RFA is seeking submittals of funding request for land
acquisition and construction of affordable workforce housing development projects. Due to the
complexity and competitive nature of the grant application process, the BOCC approved and we
have retained the assistance of a highly specialized consultant, Hana Eskra, to prepare and submit
the grant applications.
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The County has been working with the Monroe County Land Authority and with the Monroe County
Housing Authority on several sites for potential acquisition and development for workforce housing.
All of the required land at Howard's Haven (Big Pine Key), Conch Key, and in Key Largo, is now
either owned or under a purchase contract. The County's legal staff has prepared a ground lease
between it and the Monroe County Housing Authority for land control of each site in addition to the
construction and property management of the rental units.
This competitive application entails a funding request for the acquisition and redevelopment of two
trailer parks;
• Howard's Haven park site— 10 (1-bedroom units);
• Conch Key park site(s) — 8 (1-bedroom units) and 2 (2-bedroom units);
• County-owned site located at Atlantic Blvd. in Key Largo — 5 (3-bedroom units that can be 1
eased individually or as a whole).
Relocation may also be required for the existing residents on the sites.
The application includes a funding request of $7,041,205 for the development/construction of the
project and $2,002,000 for the land acquisition. This item requests the Board to approve the
submission of this application to the FHFC as well as to pay the required application fee of$1,500.
The following table shows the breakdown of funds requested and the make-up of each development.
Also attached are site plans for each park/site. Staff are still working with DEO, HUD, and FHFC to
determine whether these sites can he prioritized as County Workforce Housing and we will continue
to work on that through the upcoming months.
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The following excerpt from DEO's CDBG-DR Action Plan, approved by the Federal Department
Housing and Urban Development (HUD) and to be administered by the FHFC, describes the
program:
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M a XirrLJrn subsiidy I imlits will I follow the a pl)Iica]D I e HO E Investment Partnership Progiiarn per-L)III R Iirnits and
wilIll tairge,t low and nnoderate-linoorrme IhOUsehollds.The, I created Under this prograrn, at a nAnilmuni,wifll
friflow the establisheid HOME Progirani Re,nt schedJUle or any otheir fUnding SOLHI used to finance the
development withi a rnore restrictive rent schedi-Ale and willl be set-aside for the recIJILdred CIDIBGI-D,R affordability
periiod plus the,Ionger affordability perilods required by the ad:diflonall filhancing source(Such as FHFC or local
Tax-Exemll,')t Fonds and/or Low-income Housing Taix Ciredits,for examplle). In the event one,progirarn has less
re,strlictive requireirnents,the more stringent prograrn ireqUillerneIIIIAS WHIl apply to EIII alH recjtdlrenients are
n,iet.To be,considered fOl funding,eligible ap1plicants w1flIl be required to show ablililty to proceed with
CGIII)III, deirnonstrate experience in developing and managing affordable,housing!in size aind scope,of the
proposed development and have a,flinancling structure that Ileverages CDBG-IDIR funding.To ensure,feasibility,
the proposed development will Ibe underwi1tten !in accordance Mth, UinderwrRilng standards in 1pllaceat FHFC.
Any new hOUSillig construction will meet elevation reClUirements pe,ii, the IFedlDruary 9,2018 Federal Register
Notice,aind the IhdFIIIP j,')urchase reqUilrements 1priorr to the,commencement of construction activffies,in comjj,')Ilance
with page 6,1 and page,65 of the, Federal Register INotice,., Detailled policies aind procedUreswill1l be developed at a
later date,by FHPC.
Allocation for Activity:$80,0100,0010,
Elilgible,Appi Elligible Appkants mvilll lincllude for-profit and nonprofilt hriUsing developers, and public
housing aLAtl101'itliec.WiltllieXpe,l'ieiiice�de,vellopilng and n,ranaiging mental properUes,iin size and scope,of the
proposed developrnent. Locall govenniments may 1partner with these entities iin applying for these funds.
Eligibility Criteria:The proposed developments rnJUSt fielp address the unrinet need iin the HUD-lidendfied most-
impacted and d list I,essed areas, or other areas fi-nipacteid by the storms and deer ned as a priority by the State
AIll developments funded wlifll be reqUir"ed to rneet the foHoviling ciftei la:
• Green Building Standards,
• Eneii gy Efficiency Stainclaii ds
• Accessiilblililty and Visitablifilty Standards
• Resiliency Standards
Miaxilmiuimi Awairdl:$8,000,000
Responsible Entity for Administering: Flodda HOUsing Finance Corporatilon
Eligibility: 105(a)(4)
National Objective:: Low-and moderate-lincome benefilt
Workforce Affordable Rental New Construction:: FundlIng for Small Rental Developments
It its not feasible to finance new rental development Mth Tax-Ill Bond Flinancing iin sorne:areas of the State
impacted by the storm; this is,partiCUllarly true,for snmallheir Mess Ir)opullated countles Hentified by HILPID as,the
nirjst-1lmjjr')acted and fflstressed areas.This is primarily due to the need for snIaller properties whe,re,Tax-Exempt
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Brind finan6ng N not cost effective. In these areas,CDBG-DIR will be used to provide stand-allone or the primary
source of funds needed to finance the develolorne nt.CID BG-DIR fUnds willl Ilse provided as,ze ro-Interest,fo rgivable
loans.
Developments,in this strategy will I be 50 units or less to en su re project Viabill ity. KaXiIRIUM SSubsidy 11irnits w1ill
follow the applicable HOME Investment Partnership Prograrn per-unit Hmilts and will target Ilow and moderate-
income households.The LJ11itS Created under this program,at a,minimUrn,wdl follow the,established HOME
Program Rent schedulle or any other funding Source used to finance the developrnent with a rnore restrictive
rent schedulle and will be set-asilde for the,iequilired CIDBG-DR affordability period plus ain aidditionall extended
use period required by FHFC.In the event one prograrn has less restdctive requirements,the more stringent
program requirements will apply to ensure gill requireirnents,are rnet.To be considered for funding,eligible
applicants will be reqUilred to show abillAy to proceed with consti action aind dernonstrate eXpen I ence,in
develloping afforda,ble housing iin size and scope of the proposed devellopment.To ensure feasibility,,the
proposed development will be Underwritten in accordance With Underwi ilting standards!in place at PIHFC.
Allocation for Activity:$20,000,000,
Eligible Applicants:iEliigiblle Applicants will include private for-pirriflit and nonprofit housing devellopers,and
public housing aUth0l fidesWith expedience develloping and managing rentall properties iin silze and scope of the
proposed development. Locall governments may partner with these entities for funds.
Elligibiflity Cirl The proposed develop,rnents must hellp address the unmet need iin the HIJID-Identified most-
irnpacted and clistressed area,or other areas impacted by the storms,and deemed as a priority by the State
A.1111 developments funded willl be iregUired to rneet the following crilte6a�:
• Green BuillcHing Standards
• Energy Efficiency Standai ds
• Accessiibillity and Visita,bililty Standards
• Re,sillie,ncy Standards
Maximum Award:$5,000,000
Responsible E'ntity for Adlm inistering Florida Housing Finance Coi poration
Elligriblifity: 105(a)(4)
National Objective, Low-and rnoderate4ncome benefit
Land Acquisition for Affordable Workforce HlousinE
Funding to purchase land for the development of affordable housing is allso needed to address,the worlkfo,rce
housilng needs iini communities around the state.Thils,ils especially true in the I'llarida IKeys,and other areas of the
state where scarcity of land drives trip the cost and can malke it diffiCLJ]t to develop properties that the workforce
of a community can rent at an affordable rate. DEO,in partnership with IFHIFC,will mianage a,program that willll
provide funding for the purchase of laind with a priority for fon-nall public/private commitments to develop
affordable housing.Properties will be,underwrittein to ensure the approorilate level subsildy is recelved.This
program maiy be used to complement the Workforce Affordable Rentaill New Construction Programs to ensure
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that a,ffordab Ile hous,ing needs can be met in areas where land !I s scarce.The land may be owned sepa rate Iyfrom
the affordable housling developments and will be,subject to deed restrictions,to ensure,(long-team affordability.
Allocation for Activity: $20,000,000
Elligible Applicants: Eligible Applicants will include for-profit and nonprofilt housing,developers, local
governments and public I authorities with experience developing and mianaging rental properties,lin
similar size and scope of the,proposed development.
Eiiigibility Criteria: Thie proposed purchase of land must hellp aiddiress the unimet needs,in the HIJID-lidentified
most-impacted and distress,ed areas,or gather areas,impacted by the storms aind deemed as a priority by the
state.
Maximum Award:$5,000,000
Responsible Entity for AdInn in iste ring:: Florida Housing Finance Corporation
Elligibility: 105(a)(4)
National Objective: I and moderate-lincomie benefit
PREVIOUS RELEVANT BOCC ACTION: N/A
CONTRACT/AGREEMENT CHANGES:
NA
STAFF RECOMMENDATION: Approval.
DOCUMENTATION:
6-12-19-draft-of-rfa-2019-1 01
stateofflactionplanfordr
Final Key Largo Site Plan at park 5 - 3 bedroom units
Final Conch Key-Monahan and Howards Haven
Copy of BOCC CDBG-DR presentation table JRJ
FINANCIAL IMPACT:
Effective Date: Pending.
Expiration Date:
Total Dollar Value of Contract:
Total Cost to County: Up to $1,500
Current Year Portion: Up to $1,500
Budgeted: Yes
Source of Funds: 50500-530340
CPI:
Indirect Costs:
Estimated Ongoing Costs Not Included in above dollar amounts:
Revenue Producing: Yes If yes, amount: Up to $10 million
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Grant: $
County Match: $
Insurance Required:
Additional Details:
REVIEWED BY:
Cheryl Cioffari Completed 06/23/2019 3:23 PM
Emily Schemper Skipped 06/23/2019 3:23 PM
Assistant County Administrator Christine Hurley Completed
07/01/2019 10:36 AM
Peter Morris Completed 07/01/2019 11:06 AM
Budget and Finance Completed 07/01/2019 2:28 PM
Maria Slavik Completed 07/01/2019 2:29 PM
Kathy Peters Completed 07/01/2019 3:10 PM
Board of County Commissioners Pending 07/17/2019 9:00 AM
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6-12-19 Draft
REQUEST FOR APPLICATIONS 2019-101
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COMMUNITY DEVELOPMENT BLOCK GRANT - DISASTER RECOVERY
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FINANCING FOR WORKFORCE HOUSING FOR HURRICANE RECOVERY
IN MONROE COUNTY
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Issued By: C0
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FLORIDA HOUSING FINANCE CORPORATION
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Issued:July 2,2019
Due:August 6,2019
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SECTION ONE
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INTRODUCTION
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Under this Request For Applications (RFA), an estimated $25 million Community Development Block
Grant—Disaster Recovery(CDBG-DR) Program funding will be made available for construction of
Workforce Housing (Development Funding), PLUS an additional $10 million in CDBG-DR Funding will be 2
made available for acquiring land for those Developments that help address the unmet Workforce
Housing need in Monroe County(Land Acquisition Program Funding). Land acquired using CDBG-DR
funding will remain affordable in Perpetuity. This RFA is specifically for Monroe County Developments. o
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Applicants that are selected to receive funding will be invited to enter credit underwriting and will be
expected to complete the credit underwriting process, including Board approval of the credit
underwriting report,within 12 months of the date of the invitation to enter credit underwriting.
Florida Housing Finance Corporation, herein afterwards referred to as 'the Corporation', is soliciting
applications from qualified Applicants in accordance with the terms and conditions of this RFA, inclusive
of all Exhibits, applicable laws, rules and regulations, Rule Chapters 67-53, F.A.C. and 67-60, F.A.C., and
the Corporation's generally applicable construction and financial standards.
SECTION TWO
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DEFINITIONS
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Capitalized terms within this RFA shall have the meaning as set forth within this RFA, in Exhibit B, and
Rule Chapters 67-53, F.A.C., and 67-60, F.A.C., or in applicable federal regulations.
SECTION THREE
PROCEDURES AND PROVISIONS
Unless otherwise stated within the RFA, the Application package,forms and other information related to
this RFA may be found on the RFA Website at https://www.floridahousing.org/programs/developers-
multifamily-programs/competitive/2019/2019-101 (also available by clicking here .
A. Submission Requirements
1. Application Deadline
The Application Deadline is 3:00 p.m., Eastern Time, on August 6, 2019.
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2. Completing the Application Package
a. Downloading and completing the documents provided by the Corporation
Download and complete the following documents found on the RFA Website:
(1) The Application (Exhibit A of the RFA);
(2) The Development Cost Pro Forma; and
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(3) The Principals of the Applicant and Developer(s) Disclosure Form (Form
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Rev. 08-16) ("Principals Disclosure Form"). A Principals Disclosure Form
that was approved during the Advance Review Process, which is
described in Section Four A.3.c. of the RFA, may be used to satisfy this
requirement, provided the form was approved for the type of funding
being requested (i.e. Housing Credits or non-Housing Credits).
The download process may take several minutes. Applicants should save these
three documents with a file name that is unique to the specific Application.
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b. Creating the All Attachments Document
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In addition to the three documents described in a. above, the Application
Package also includes one copy consisting of all of the applicable completed
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Attachments described in the RFA("All Attachments Document").
Compile all of the attachments described in the RFA into one pdf file separated
by pages labeling each Attachment to create the All Attachments Document.
This may be accomplished by merging the documents using a computer
program such as Adobe Acrobat Pro or by scanning all of the attachments
together.
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Note: The Corporation has provided sample pages that may be used to separate
the attachments on the RFA Website. If any of the attachments are not 2
applicable,the Applicant should insert a page stating "Not Applicable" behind
the separation page.
3. Uploading the Application Package
The Application Package consists of Exhibit A,the Development Cost Pro Forma,the
Principal Disclosure Form, and the All Attachments Document. To upload the
Application Package:
a. Go to the webpage RFA Website.
b. Click the link to login and upload the Application Package. Note: A username
and password must be entered. If the Applicant has not previously created a
username and password,the Applicant will need to create one prior to the
upload process. CM
C. After successfully logging in, click"Upload Application Package." Enter the
Development Name and click "Browse"to locate the following completed
documents saved on the Applicant's computer:
(1) The Application (Exhibit A) in Word format; CM
(2) The Development Cost Pro Forma in Excel format;
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(3) The Principals Disclosure form in Excel format. (If the Applicant
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received an approved Principals Disclosure Form through the Advance
Review Process, the approved form is what should be uploaded);
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(4) The All Attachments Document in a pdf format.
The average file size is 1.0 MB and should take a moment or two to upload.
Larger files may take longer to upload. There is a file size limit of 15 MB, but this
may be able to be reduced without reducing the number of pages submitted.
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Examples of factors that affect file size include the resolution of the scanner or
scanning the documents in color or as a graphic/picture.
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d. After the four documents are displayed in the Upload webpage, click"Upload
Selected Files"to electronically submit the documents to the Corporation by the
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Application Deadline. Then the Uploaded Application (consisting of all four
documents comprising the Application Package), and its assigned Response
Number will be visible in the first column.
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Note: If the Applicant clicks "Delete" prior to the Application Deadline,the Application
will no longer be considered a Submitted Application and the Applicant will be required
to upload the Application Package again in order for these documents to be considered
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an Uploaded Application. This will generate a new Response Number.
4. Submission to the Corporation
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By the Application Deadline, provide to the Corporation the following:
a. A sealed package containing a printed copy of the final Application Package
housed in a 3-ring-binder with numbered divider tabs for each attachment. The
final assigned Response Number should be reflected on each page of the
printed copy of the Application Package; and
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b. The required non-refundable Application fee, payable to Florida Housing
Finance Corporation (check or money order only).
• The Application Fee for Priority I Applications is$1,500.
• The Application fee for Priority II and III Applications is$3,000.
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The Applicant should label the outside of the shipping box with the applicable RFA
number.The Corporation will not consider faxed or e-mailed Applications.
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After 3:00 p.m., Eastern Time, on the Application Deadline, each Application for which a
hard copy, an electronically submitted copy, and the Application Fee are received by the
Application Deadline will be assigned an Application number. In addition, these
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Applications will be assigned a lottery number by having the Corporation's internal
auditors run the total number of Applications received through a random number
generator program.
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The printed copy of the Application Package must be addressed to:
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Marisa Button
Director of Multifamily Allocations
Florida Housing Finance Corporation
227 N. Bronough Street, Suite 5000,Tallahassee, FL 32301
If the hard copy of the Application Package is not identical to the electronically
submitted Application Package, the electronically submitted Application Package will be
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utilized for scoring purposes.
Pursuant to subsection 67-60.004(2), F.A.C., any Applicant may request withdrawal of its
Application from a competitive solicitation by filing a written notice of withdrawal with
the Corporation Clerk. For purposes of the funding selection process,the Corporation
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shall not accept any Application withdrawal request that is submitted between 5:00
p.m., Eastern Time, on the last business day before the date the Review Committee
meets to make its recommendations until after the Board has taken action on the
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Review Committee's recommendations, and such Application shall be included in the
funding selection process as if no withdrawal request had been submitted. Any funding
or allocation that becomes available after such withdrawal is accepted shall be treated
as Returned Funding and disposed of according to Section Five B. of the RFA. CO
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B. This RFA does not commit the Corporation to award any funding to any Applicant or to pay any
costs incurred in the preparation or delivery of an Application. 2
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C. Florida Housing reserves the right to:
1. Waive Minor Irregularities; and
2. Accept or reject any or all Applications received as a result of this RFA.
D. Any interested party may submit any inquiry regarding this RFA in writing to the Director of C3
Multifamily Allocations via e-mail at RFA_2019-101_Questions@floridahousing.org (also
accessible by clicking here)with "Questions regarding RFA 2019-101" as the subject of the
email. All inquiries are due by 5:00 p.m., Eastern Time, on Tuesday,July 23, 2019. Phone calls or
written inquiries other than at the above e-mail address will not be accepted.The Corporation
expects to respond to all inquiries by 5:00 p.m., Eastern Time, on Friday,July 26, 2019, and will
post a copy of all inquiries received, and their answers, on the RFA Website. The Corporation
will also send a copy of those inquiries and answers in writing to any interested party that
requests a copy.The Corporation will determine the method of sending its answers, which may
include regular United States mail, overnight delivery, fax, e-mail, or any combination of the
above. No other means of communication, whether oral or written, shall be construed as an
official response or statement from the Corporation.
E. Any person who wishes to protest the specifications of this RFA must file a protest in compliance
with Section 120.57(3), Fla. Stat., and Rule Chapter 28-110, F.A.C. Failure to file a protest within
the time prescribed in Section 120.57(3), Fla. Stat., shall constitute a waiver of proceedings
under Chapter 120, Fla. Stat. E
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F. By submitting this Application, including all applicable attachments thereto, each Applicant
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agrees to the terms and conditions outlined in the RFA and certifies that:
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1. Public Records. Any material submitted in response to this RFA is a public record
pursuant to Chapter 119, Fla. Stat. Per Section 119.071(1)(b)2.,the sealed Applications
received by the Corporation are exempt from disclosure until such time as the Board o
provides notice of an intended decision or until 30 Calendar Days after the opening of
the sealed Applications, whichever is earlier.
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2. Noninterference. At no time during the review and evaluation process, commencing
with the Application Deadline and continuing until the Board renders a final decision on
the RFA, may Applicants or their representatives contact Board members or Corporation
staff, except Corporation legal staff, concerning their own or any other Applicant's
Application. If an Applicant or its representative does contact a Board or staff member
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in violation of this section,the Board shall, upon a determination that such contact was
made in an attempt to influence the selection process, disqualify the Application.
3. Requirements. Proposed Developments funded under this RFA will be subject to the
requirements of the RFA, inclusive of all Exhibits, the Application requirements outlined _
in Rule Chapter 67-60, F.A.C, and the Compliance requirements of Rule Chapter 67-53,
F.A.C.
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4. Modifications. Any modifications that occur to the Request for Application will be
posted on the web site and may result in an extension of the deadline. It is the 2
responsibility of the Applicant to check the website for any modifications prior to the
Application Deadline.
G. The Corporation expects to select one or more Applications to award the funding contemplated
by this RFA. Any such Applications will be selected through the Corporation's review of each
Application, considering the factors identified in this RFA.
SECTION FOUR
INFORMATION TO BE PROVIDED IN APPLICATION
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Provided below are the instructions to be used in completing Exhibit A of this RFA. Unless stated
otherwise, all information requested in the RFA pertains to the Development proposed in this
Application.
A. Exhibit A Items
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1. Required Certification and Acknowledgement
a. Applicant Certification and Acknowledgement form
An Applicant Certification and Acknowledgement form, executed by the Authorized
Principal Representative, must be included as Attachment 1 to Exhibit A to indicate the
Applicant's certification and acknowledgement of the provisions and requirements of
the RFA. The Applicant Certification and Acknowledgement form is provided on the RFA
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Website. Note: If any version of the Applicant Certification and Acknowledgement form
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other than the version included in this RFA,the form will not be considered.
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b. Land Owner Certification and Acknowledgement form (Priority I and II Applications only)
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To be considered a Priority I or 11 Application, a Land Owner Certification and
Acknowledgement form, executed by the Authorized Land Owner Representative, must
be included as Attachment 1 to Exhibit A to indicate the Land Owner's certification and
acknowledgement of the provisions and requirements of the RFA. The Land Owner o
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Certification and Acknowledgement form is provided on the RFA Website.
2. Demographic Commitment U)
The Demographic Commitment must be Workforce households at or below 80%of the Area
Median Income, serving general occupancy. CL
3. Applicant/Developer/Management Company/Contact Person
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a. Applicant Information
(1) State the name of the Applicant entity and select the type of organizational
structure of the Applicant. co
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(2) State whether the Application qualifies as Priority 1, 11 or Ill. If the Application is
a Priority I or 11 Application, state the name of the Local Government, Public
Housing Authority, Land Authority, or Community Land Trust ("Land Owner")for
use in the Land Owner Award Tally, and, if applicable,will be the recipient of the
Land Acquisition Program Funding. If no selections are made, the Application
will qualify as a Priority Ill Application.
(a) Priority I Applications Qualifications
C)
(i) Applicant Structure
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The Applicant entity is a Local Government, a Public Housing
Authority, Land Authority, or Community Land Trust as defined
in Exhibit B;
OR
The Applicant entity is Single Purpose Legal Entity that is a Joint
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Venture with an ownership structure that consists of a Local o
Government, a Public Housing Authority, Land Authority, or
Community Land Trust AND a Single Purpose Legal Entity that
meets the definition of a 100% Non-Profit Entity as defined in
Exhibit B.
(ii) Ownership of Land
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A Local Government, Public Housing Authority, Land Authority,
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or Community Land Trust holds 100 percent ownership in the
land ("Land Owner") and, if applicable, be the recipient of the
Land Acquisition Funding. The affordable housing Development
must be owned by the Applicant. The Applicant will be the
recipient of the Development Funding.
The proposed Land Owner may or may not be the same Local
Government or Public Housing Authority that is part of the
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Applicant structure.
State the name of the Local Government, Public Housing
Authority or Land Trust/Authority that will be the Land Owner.
This will be used to describe the Land Owner Award Tally
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described in the Funding Selection Process and, if applicable,
will be the recipient of the Land Acquisition Funding. If the
Community Land Trust holds 100 percent ownership in the land,
the Community Land Trust must demonstrate that it qualifies as
a Community Land Trust by providing, as Attachment 2, the
Articles of Incorporation demonstrating that one of the
purposes is of the Land Trust entity is to preserve affordable co
housing.
(iii) Affordable into Perpetuity 2
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The proposed Development must be affordable in Perpetuity.
For purposes of this RFA, Perpetuity means 99 years or more.
(iv) Funding
• Development Funding - Must apply for Development
Funding. The maximum request is the lesser of$8,000,000
or Total Maximum Per Unit CDBG-DR Rental FHFC Subsidy >
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Limit for Monroe County.
• Land Acquisition Program Funding— May apply for up to
$5,000,000 to assist with land acquisition costs although
this is not required for Priority I Applications. All Priority I
Applicants must commit to making the land affordable into
Perpetuity.
0
(v) Selection Process
Eligible Priority I Applications will be selected for funding first
and will continue to be selected for funding if Applications can
be fully funded. Priority 11 or III Applications will not be selected
for funding unless there is funding remaining and no eligible
Priority I Applications can be fully funded. E
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(b) Priority II Applications Qualifications
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(i) Applicant Structure
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The Applicant entity is Single Purpose Legal Entity that is a Joint
Venture with an ownership structure that includes a Local
Government, a Public Housing Authority, Land Authority, or a
Community Land Trust AND a Single Purpose Legal Entity that
includes a For Profit Entity as defined in Exhibit B.
to
(ii) Ownership of Land
U)
A Local Government, Public Housing Authority, Land Authority,
or Community Land Trust holds 100 percent ownership in the
land ("Land Owner") and, if applicable, be the recipient of the CL
Land Acquisition Funding. The affordable housing Development
must be owned by the Applicant. The Applicant will be the
recipient of the Development Funding.
The proposed Land Owner may or may not be the same Local
Government or Public Housing Authority that is part of the
co
Applicant structure.
State the name of the Local Government, Public Housing
Authority or Land Trust/Authority that will be the Land Owner.
This will be used to describe the Land Owner Award Tally
described in the Funding Selection Process and, if applicable,
will be the recipient of the Land Acquisition Funding. If the
Community Land Trust holds 100 percent ownership in the land,
the Community Land Trust must demonstrate that it qualifies as
a Community Land Trust by providing, as Attachment 2, the
Articles of Incorporation demonstrating that one of the
purposes is of the Land Trust entity is to preserve affordable
housing.
(iii) Affordable into Perpetuity
The proposed Development must be affordable in Perpetuity.
For purposes of this RFA, Perpetuity means 99 years or more.
(iv) Funding
• Development Funding- Must apply for Development
Funding. The maximum request is the lesser of$8,000,000
or Total Maximum Per Unit CDBG-DR Rental FHFC Subsidy
Limit for Monroe County.
• Land Acquisition Program Funding— May apply for up to
$5,000,000 to assist with land acquisition costs although
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this is not required for Priority I Applications. All Priority I
0
Applicants must commit to making the land affordable into
Perpetuity.
4-
0
(v) Selection Process
Eligible Priority 11 Applications will be selected for funding after
all Priority I Applications that can be fully funded are selected.
Priority 11 Applications will continue to be selected for funding if
to
Applications can be fully funded. Priority III Applications will not
be selected for funding unless there is funding remaining and no
eligible Priority I or 11 Applications can be fully funded.
(c) Priority III Application Qualifications
CL
All Applications that are not otherwise deemed a Priority I or Priority 11
Application will be deemed a Priority III Application.
0
(i) Affordability Period
50 years
CO
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(ii) Funding
• Development Funding-All Applicants must apply for
Development Funding. The maximum request amount is
the lesser of$8,000,000 or Total Maximum Per Unit CDBG-
DR Rental FHFC Subsidy Limit for Monroe County(which
may include land acquisition expenses not eligible for Land
Acquisition Program Funding).
• Land Acquisition Program Funding- Priority III Applicants C3
are not eligible for Land Acquisition Program Funding.
0
(iii) Selection Process
Eligible Priority III Applications will be selected for funding after
all Priority I and 11 Applications that can be fully funded are
selected. Priority III Applications will continue to be selected for
funding if the Application can be fully funded.
3 If the Applicant is a Single Purpose Legal Entity,the Applicant must be a legally
( ) pp � 8 p 8 Y, pp � 8 Y
formed entity [i.e., limited partnership, limited liability company, etc.] qualified
to do business in the state of Florida as of the Application Deadline. Evidence
from the Florida Department of State, Division of Corporations, that the
Applicant satisfies the foregoing requirements must be included as Attachment
2 to Exhibit A. Such evidence may be in the form of a certificate of status or
other reasonably reliable information or documentation issued, published or
made available by the Florida Department of State, Division of Corporations.
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(4) Non-Profit Application
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(a) Non-Profit Application Qualifications
State whether the Applicant meets the definition of a Non-Profit Entity
as stated in Exhibit B for purposes of this RFA. To qualify (i)the
question in Exhibit A must be answered demonstrating that the
Applicant meets the definition of Non-Profit as set out in Exhibit B; and
(ii) the required information stated below is provided.
to
Provide the following information for the Non-Profit entity that meets
the definition stated in Exhibit B as Attachment 3: U)
(i) The IRS determination letter;
CL
(ii) The names and addresses of the members of the governing
board of the Non-Profit entity; and
2
0
(iii) The articles of incorporation demonstrating that one of the
purposes of the Non-Profit entity is to foster low-income
housing.
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(b) 100% Non-Profit Application Qualifications
State whether the Applicant meets the definition of a 100% Non-Profit
Entity as stated in Exhibit B for purposes of this RFA. To qualify(i)the
question in Exhibit A must be answered demonstrating that the
Applicant meets the definition of 100% Non-Profit as set out in Exhibit
B; and (ii)the required information stated below is provided.
The Applicant's Non-Profit and 100% Non-Profit status will be verified during
credit underwriting. If this cannot be verified,the Applicant will no longer be t�
considered a Non-Profit Applicant and/or 100% Non-Profit Applicant and
funding awarded under this RFA may be rescinded.
(5) Community Land Trust Experience
If the Applicant is a Single Purpose Legal Entity that is a Joint Venture with an
ownership structure that consists of a Community Land Trust, the Community
CM
Land Trust must provide the following as Attachment 3:
• The Community Land Trust must provide its Articles of Incorporation
demonstrating it has existed since September 10, 2017 or earlier; and
• The Community Land Trust must provide a list of at least two Developments
CM
and/or a list of units that equals at least 50 percent of the units in the
proposed Development that the Community Land Trust has developed. If
the list consists of Developments, at least one Development must consist of
at least 50 percent of the units in the proposed Development.
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b. General Developer Information
(1) State the name of each Developer, including all co-Developers. A developer is
r_
any individual, association, corporation,joint venture, or partnership which
possesses the skill, experience, and credit worthiness to successfully produce
affordable housing as required in the Application. U)
0
(2) Each Developer entity identified (that is not a natural person) must be a legally
formed entity qualified to do business in the state of Florida as of the
Application Deadline. For each stated Developer entity that is not a natural
person, provide, as Attachment 4 to Exhibit A, evidence from the Florida
Department of State, Division of Corporations, that the Developer satisfies the
foregoing requirements. Such evidence may be in the form of a certificate of CL
status or other reasonably reliable information or documentation issued,
published or made available by the Florida Department of State, Division of
Corporations.
(3) Affordable Housing Experience
To qualify for this funding preference, at least one Principal of the Developer co
entity, or if more than one Developer entity, at least one Principal of at least
one of the Developer entities, must demonstrate experience in the completion;
(i.e., the certificate of occupancy has been issued for at least one building), of at
least one affordable rental housing development consisting of a total number of
units no less than 50 percent of the total number of units in the proposed
Development. This must be demonstrated by providing as Attachment 4 to
Exhibit A, a prior experience chart. If providing experience acquired from a
previous affordable housing Developer entity, the person stated in the chart
below must have been a Principal of that Developer entity as the term was
defined at that time. to
The Developer experience chart must include the following information:
Prior General Development Experience Chart
Name of the natural person Principal with the required experience:
Name of Developer Entity(for the proposed Development)for which the above individual is a Principal:
Name of Location Federal Program that Total Year Federal Programs such as cm
Development (City&State) Provided Financing Number Completed Davis Bacon requirements
(HOME forexample) of Units and Environmental Review
requirements applied? (Y/N)
(4) Federal Funding Experience Preference
Applications with less than 8 units will automatically qualify for the Federal
Funding Experience Preference.
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Applications with 8 or more units will qualify for the Federal Funding Experience
0
Preference if at least one Principal of the Developer entity, or if more than one
Developer entity, at least one Principal of at least one of the Developer entities, o
demonstrates experience in the chart above in the completion; (i.e., the
certificate of occupancy has been issued for at least one building), of at least
one affordable rental housing development consisting of at least eight total
units that was financed with federal funding and required all federal programs
such as Davis Bacon requirements and Environmental Review requirements.
0
C)
C. Principals Disclosure for the Applicant and for each Developer (5 points)
(1) Eligibility Requirements
To meet the submission requirements, upload the Principals of the Applicant
CL
and Developer(s) Disclosure Form (Form Rev. 08-16) ("Principals Disclosure
Form") as outlined in Section Three above.
Disclosing the Applicant Entity Principals on the Principal Disclosure Form, as
defined in Exhibit 8:
(a) Disclose all of the Principals of the Applicant (first principal disclosure
CO
level).A Principal that is a Local Government or Land Authority need
only be disclosed at the first principal disclosure level and no other
disclosure is required;
a
(b) Disclose all of the Principals of all the entities identified in paragraph (a)
above (second principal disclosure level);
(c) Disclose all of the Principals of all of the entities identified in paragraph
(b) above (third principal disclosure level). Unless the entity is a trust,
all of the Principals must be natural persons; and
to
(d) If any of the entities identified in (c) above are a trust, disclose all of the
Principals of the trust(fourth principal disclosure level), all of whom
must be natural persons.
Disclosing the Developer Principals on the Principal Disclosure Form, as defined
in Exhibit 8:
CM
(a) Disclose all of the Principals of the Developer(first principal disclosure
level); and
0
(b) Disclose all of the Principals of all the entities identified in paragraph (a)
above (second principal disclosure level).
CM
The Principals Disclosure Form is available on the RFA Website.
(2) Point Item
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5 points will be awarded if the uploaded Principal Disclosure Form was stamped
0
"Approved" during the Advance Review Process provided it is still correct as of
Application Deadline. The Advance Review Process for Disclosure of Applicant
and Developer Principals is available on the RFA Website and also includes
samples which may assist in completing the required Principals Disclosure Form.
Note: It is the sole responsibility of the Applicant to review the Advance Review
Process procedures and to submit any Principals Disclosure Form for review in a
timely manner in order to meet the Application Deadline.
to
(3) For purposes of the following, a material change shall mean 33.3 percent or
more of the Applicant, a general partner of the Applicant, or a non-investor
member of the Applicant, and a non-material change shall mean less than 33.3
percent of the Applicant, a general partner of the Applicant, or a non-investor
CL
member of the Applicant.
The name of the Applicant entity stated in the Application may be changed only
by written request to Corporation staff and approval of the Board after the
Applicant has been invited to enter credit underwriting.
The Applicant entity shall be the borrowing entity and cannot be changed in any
CO
way(materially or non-materially) until after loan closing. After loan closing, (a)
any material change will require review and approval of the Credit Underwriter,
as well as approval of the Board prior to the change, and (b) any non-material 2
change will require review and approval of the Corporation, as well as approval
of the Board prior to the change. Changes to the Applicant entity(material or
non-material) prior to the loan closing or without Board approval after the loan
closing may result in disqualification from receiving funding and may be deemed
a material misrepresentation. Changes to the officers or directors of a Public
Housing Authority will not result in disqualification.
The Principals of each Developer identified in the Application, including all co-
Developers, may be changed only by written request to Corporation staff and
approval of the Board after the Applicant has been invited to enter credit
underwriting. In addition, any allowable replacement of an experienced
Principal of a Developer entity must meet the experience requirements that
were met by the original Principal.
d. General Management Company
(1) Required for all Developments
Provide the name of the General Management Company for the Development.
The requirements of the General Management Company are outlined in Exhibit
G.
(2) Required for Developments consisting of more than 25 units
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If the Development consists of more than 25 units, Applicants must
0
demonstrate that the listed Management Company has experience in the
management of at least two affordable rental housing properties (i.e., o
properties funded through an affordable housing program such as Housing
Credits,Tax-Exempt Bonds, HOME, SAIL, etc.), at least one of which consists of a
total number of units no less than 50 percent of the total number of units in the
proposed Development, for at least two years each. Provide, as Attachment 5,
the required prior experience chart for the Management Company or a principal
of the Management Company reflecting the required information.
The prior experience chart must include the following information:
U)
Prior General Management Experience Chart
Name of Management Company or a Principal of the Management Company with the Required Experience: CL
Name of Location Currently Managing Length of Time Total
Development (City&State) or (Number of Number
Formerly Managed Years) of Units
0
e. Contact Person
(1) Enter the information for the required Authorized Principal Representative. The co
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Authorized Principal Representative (a) must be a natural person Principal of the
Applicant listed on the Principal Disclosure Form; (b) must have signature
authority to bind the Applicant entity; (c) must sign the Applicant Certification
and Acknowledgement form submitted in this Application; (d) must sign the Site
Control Certification form submitted in this Application; and (e) if funded, will
be the recipient of all future documentation that requires a signature.
(2) A separate Operational Contact Person may be included, if desired. If provided,
the Operational Contact Person will be the recipient of any general
correspondence associated with the Development activities that does not to
require a signature. If an Operational Contact Person is not provided, the
Authorized Principal Representative will be the recipient of any such
documentation.
4. General Proposed Development Information
a. State the name of the proposed Development.
b. Development Category must be new construction, with or without acquisition. All units
must consist entirely of new construction units. Rehabilitation of existing units is not
allowed. Demolition of current structures is allowed.
C. Development Type
Select the Development Type for the proposed Development. For mixed-type
Developments, indicate the type that will comprise the majority of the units in the
Development.
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• Single Family Homes including modular homes that are installed b certified
g Y g Y
contractors
• Garden Apartments (a building comprised of 1, 2 or 3 stories, with or without an o
elevator)
• Duplexes
0
• Quadraplexes
For purposes of determining the number of stories, each floor in the building(s) should
be counted regardless of whether it will consist of retail, parking, or residential.
to
d. Resiliency Preference
(1) Applications that select the Single Family Homes Development Type will
automatically qualify for the Resiliency Preference. CL
(2) To qualify for the Resiliency Preference by qualifying for"Enhanced Structural
Systems Construction" or"ESS Construction",the proposed Development must
meet at least one of the specifications listed below.
4-
(a) For all buildings all of the following structural elements must consist of
100 percent poured concrete/masonry, 100 percent steel, or a
combination adding up to 100 percent of concrete/masonry and steel, CO
as verified during credit underwriting: all exterior walls and other
0
external load-bearing elements, as well as the floor of the lowest story
of the building that contains residential, commercial or storage space 2
(other than parking), and any under-floor/under-ground supports for
that lowest story's floor.
For the purposes of determining "ESS Construction,"there is no
requirement regarding the materials to be used in the roof of the
building.
C)
These qualifying criteria specifically exclude face brick or brick veneer
from qualifying as ESS Construction for purposes of this RFA unless the
proposed Development otherwise meets the requirements in (1) or(2)
above.
For purposes of this RFA, the Corporation will consider an Application to
meet the ESS Construction Requirement if the answer to question 4.d.
CM
of Exhibit A is "Yes."This will be verified during the credit underwriting
process. If this cannot be verified the Development will no longer be
considered ESS Construction, and funding awarded under this RFA may
be rescinded.
e. State whether construction has commenced as of Application Deadline. Note: If"Yes",
CM
all rules and regulations in 24 CFR Part 92,which includes cross-cutting Federal
Regulations, will apply.
5. Location of Proposed Development
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a. County
0
4-
This RFA is open only to Developments located in Monroe County, excluding the portion o
of Monroe County included within the designated exterior boundaries of the Everglades
National Park and areas north of said Park.
0
b. Provide the Address of the Development site
U)
Indicate (1)the address number, street name, and name of city, and/or(2)the street
name, closest designated intersection, and either name of city or unincorporated area
of county. If the proposed Development consists of Scattered Sites, this information
must be provided for each of the Scattered Sites.
C. State whether the Development consists of Scattered Sites.
CL
If the proposed Development consists of Scattered Sites, the following conditions must
be met:
2
0
(1) Site control and Ability to Proceed must be demonstrated in the Application for
all Scattered Sites; and
(2) All Scattered Sites must be located within Monroe County excluding the portion CO
of Monroe County included within the designated exterior boundaries of the
Everglades National Park and areas north of said Park.
a
d. Latitude/Longitude Coordinates
Provide latitude and longitude coordinates for each site including, if applicable, each of
the Scattered Sites, stated in decimal degrees, rounded to at least the sixth decimal
place.
Note: 30.443900, -84.283960 is an example of decimal degrees format, represented to
six decimal places.
0
6. Number of Units and Buildings
a. State the total number of units in the proposed Development.
All proposed Developments must consist of a minimum of 5 total units. There is no
maximum number of units. Note: A single family home is considered one unit.
Note:The total number of units stated in the Application may be increased after the
Applicant has been invited to enter credit underwriting, subject to written request of an
Applicant to Corporation staff and approval of the Corporation.
b. Set-Aside Commitments
(1) Workforce Units
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The Applicant must commit to set aside 100 percent of the total units at or
0
below 80 percent Area Median Income (AMI).
0
(2) Extremely Low-Income (ELI) Set-Aside Units
r_
At least 10 percent of the total units must be set-aside at or below 25 percent
AMI as Extremely Low-Income (ELI) Set-Aside Units.
U)
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(3) Link Units for Persons with Special Needs
All Developments must commit to set-aside at least 50 percent of the ELI Set-
Aside units (i.e., at least 5 percent of the total units) as Link Units for Persons
with Special Needs.
CL
At least one member of each Link unit's household shall be referred by a Special
Needs Household Referral Agency(Referral Agency) with which the owner
executes a Link Memorandum of Understanding (MOU) approved by the
Corporation. The current list of designated Special Needs Household Referral
Agencies for each county is published on the Corporation's Website at
http://apps.floridahousing.org/StandAlone/SpecialNeeds/ContentPage.aspx?PA
GE=Link%20lnitiative%20Page (also accessible by clicking here). The Applicant CO
must execute a Link Memorandum of Understanding (MOU)with at least one of
the Special Needs Household Referral Agencies serving Monroe County.The
deadline for the Corporation's approval of the fully executed Link MOU will be
stated in the invitation to enter credit underwriting.
Additional requirements for the Link Units for Persons with Special Needs are
described in Exhibit E of the RFA.
C. Unit Mix
C)
Complete the Unit Mix Chart listing the total number of bedrooms per unit,the total
number of bathrooms per unit (including half-baths, if applicable), the total number of
units per bedroom type, and the number of units that are ELI Set-Aside units. All units
in the proposed Development must be listed, including all manager/employee units and
all market rate units, if applicable.
No more than 25 percent of the total units may be comprised of Zero Bedroom units.
If additional space is required, enter the information in the Addenda. Note: During
credit underwriting, the credit underwriter will verify that the ELI Set-Aside units are
distributed across the unit mix on a pro-rata basis.
d. State the anticipated number of residential buildings.
The number of residential buildings stated in the Application may be changed only by
written request to Corporation staff after the Applicant has been invited to enter credit
underwriting.
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e. Compliance Period
0
(1) Compliance Requirement for Priority I and II Applications o
4-
The HUD affordability period requires units to be set aside for 20 years. By o
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submitting its Application, the Applicant agrees and acknowledges that the o
proposed Development will include the required income and set-aside units
committed to in the Application in Perpetuity. For purposes of this RFA, U)
Perpetuity means at least 99 years. Applicant will be responsible for compliance 0
monitoring fees for 50 years.
(2) Compliance Requirement for Priority III Applications U)
The HUD affordability period requires units to be set aside for 20 years. The
Corporation is adding 30 years of an extended affordability period to the HUD CL
affordability period for Priority III Applications, for a total Set Aside
Commitment of 50 years for Priority III Application. Applicant will be
responsible for compliance monitoring fees for 50 years.
Note: The Compliance Period committed to in this section includes the units set aside
for the Demographic Commitments made in this RFA,which includes the commitments
for Link Units and ELI Households. Although the percentage of units committed to must CO
remain in effect for the entire Compliance Period,the particular units designated for the
Demographic Commitment and AMI commitment must not be limited to the same units
throughout the Compliance Period. Doing so may cause the Development to be in
noncompliance.
7. Readiness to Proceed
a. Site Control
Applicants must demonstrate site control as of Application Deadline by providing the
properly executed Site Control Certification form (Form Rev. 08-18) as Attachment 6.
Attached to the form must be documents that meet the conditions outlined below:
Priority I or II Applications seeking Land Acquisition Program Funding Requirements
The land must be affordable into Perpetuity. This RFA provides funding to purchase
land or provides reimbursement to Applicants that have purchased land since
September 10, 2017, the date Hurricane Maria made landfall. No Affiliate or Principal of
the Applicant or Developer seeking CDBG-DR Land Acquisition Program Funding
reimbursement may have owned the land at any time prior to September 10, 2017.
Note: There is no guarantee of funding or purchase reimbursement, even for Applicants
that are selected for funding.To be eligible for funding or reimbursement, other
conditions such as an environmental review and approval during credit underwriting,
among others, must be met.
Land Acquisition Program Funding for the future purchase of land
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(1) The Site Control documentation must include an eligible contract with a Local
0
Government, Public Housing Authority, Land Authority, or Community Land
Trust as the buyer. An eligible contract must meet all of the following
conditions:
0
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(a) It must have a term that does not expire before a date that is 6 months
after the Application Deadline or that contains extension options
exercisable by the purchaser and conditioned solely upon payment of
additional monies which, if exercised,would extend the term to a date
to
that is not earlier than a date that is 6 months after to the Application
Deadline;
U)
(b) It must specifically state that the buyer's remedy for default on the part
of the seller includes or is specific performance;
CL
(c) The purchase price must be included;
0
(d) The buyer must be the Local Government, Public Housing Authority,
Land Authority, or Community Land Trust; and
(e) The owner of the subject property must be the seller, or is a party to co
one or more intermediate contracts, agreements, assignments, options,
or conveyances between or among the owner,the Applicant, or other
parties,that have the effect of assigning the owner's right to sell the 2
a
property to the seller. Any intermediate contract must meet the criteria
for an eligible contract in (a) through (d) above.
(2) The Site Control documentation must include an appraisal demonstrating that
the appraised value of the land meets or exceeds the purchase price. The
purchase price must be based on the post-disaster value of the land, consistent
with applicable cost principals.The pre-disaster value may not be used.The
Corporation may seek a re-appraisal by an independent third party if needed. If
the appraisal demonstrates that the purchase price exceeds the fair market
value, the only land costs that can be included in the Total Development Cost or
awarded through Land Acquisition Program Funding will be the appraised value,
which will be confirmed in credit underwriting;
(3) For Applicants that are not also the Land Owner, include a lease between the
CM
Land Owner and the Applicant entity. The lease payments must equal $10 a
year or less. The lease must have an unexpired term of at least 50 years after
the Application Deadline.
Land Acquisition Program Funding for reimbursement
CM
(1) The Site Control documentation must include a deed or certificate of title AND a
to
copy of the underlying purchase contract.The deed or certificate of title (in the
event the property was acquired through foreclosure) must meet the following: 0
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(a) The Deed must be recorded in Monroe County and show the Local
0
Government, Public Housing Authority, Land Authority, or Community
Land Trust as the sole Grantee;
0
and
(b) A copy of the underlying purchase contract, executed no earlier than
September 10, 2017.
0
C)
(2) The Site Control documentation must include an appraisal demonstrating that
the appraised value of the land meets or exceeds the purchase price. If the
appraisal demonstrates that the purchase price exceeds the fair market value,
the only land costs that can be included in the Total Development Cost or
awarded through Land Acquisition Program Funding will be the appraised value,
CL
which will be confirmed in credit underwriting;
(3) For Applicants that are not also the Land Owner, include a lease between the
Land Owner and the Applicant entity. The lease payments must equal $10 a
year or less. The lease must have an unexpired term of at least 50 years after
the Application Deadline.
co
Priority I and II Applications that are not seeking Land Acquisition Program Funding
The land must be affordable into Perpetuity. Applicants must demonstrate site control 2
as of Application Deadline by providing the properly executed Site Control Certification
form (Form Rev. 08-18). Attached to the form must be documents that meet the
conditions outlined below:
(1) If the Applicant is purchasing the land, the Site Control documentation must
include an eligible contract that meets all of the following conditions:
(a) It must have a term that does not expire before a date that is 6 months
after to the Application Deadline or that contains extension options
exercisable by the purchaser and conditioned solely upon payment of
additional monies which, if exercised,would extend the term to a date
that is not earlier than a date that is 6 months after to the Application
Deadline;
(b) It must specifically state that the buyer's remedy for default on the part
of the seller includes or is specific performance;
0
(c) The buyer must be the Local Government, Public Housing Authority,
Land Authority, or Community Land Trust; and
(d) The owner of the subject property must be the seller, or is a party to
one or more intermediate contracts, agreements, assignments, options,
or conveyances between or among the owner,the Applicant, or other
parties, that have the effect of assigning the owner's right to sell the
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property to the seller. Any intermediate contract must meet the criteria
0
for an eligible contract in (a) through (c) above.
0
(2) If the Local Government, Public Housing Authority, Land Authority, or
Community Land Trust already owns the land, the Site Control documentation
must include a Deed or Certificate of Title. The deed or certificate of title (in the 2
event the property was acquired through foreclosure) must be recorded in
Monroe County and show the Local Government, Public Housing Authority, U)
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Land Authority, or Community Land Trust as the sole Grantee. There are no
to
restrictions on when the land was acquired.
(3) For Applicants that are not also the Land Owner, include a lease between the
Land Owner and the Applicant entity. The lease payments must equal $10 a
year or less. The lease must have an unexpired term of at least 50 years after
CL
the Application Deadline.
Priority III Applications
0
(1) If the Applicant is purchasing the land, the Site Control documentation must
include an eligible contract must meet all of the following conditions:
co
(a) It must have a term that does not expire before a date that is 6 months
after to the Application Deadline or that contains extension options
exercisable by the purchaser and conditioned solely upon payment of 2
additional monies which, if exercised,would extend the term to a date
that is not earlier than a date that is 6 months after to the Application
Deadline;
(b) It must specifically state that the buyer's remedy for default on the part
of the seller includes or is specific performance;
(c) The Applicant must be the buyer unless there is an assignment of the to
eligible contract, signed by the assignor and the assignee, which assigns
all of the buyer's rights, title and interests in the eligible contract to the
Applicant; and
(d) The owner of the subject property must be the seller, or is a party to
one or more intermediate contracts, agreements, assignments, options,
or conveyances between or among the owner,the Applicant, or other
parties,that have the effect of assigning the owner's right to sell the
property to the seller. Any intermediate contract must meet the criteria
for an eligible contract in (a) through (c) above.
(2) If the Applicant already owns the land, the Site Control documentation must
include a deed or certificate of title. The deed or certificate of title (in the event
the property was acquired through foreclosure) must be recorded in Monroe
County and show the Applicant as the sole Grantee. There are no restrictions
on when the land was acquired.
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(3) If the Applicant is leasing the land, the Site Control documentation must include
0
a Lease. The lease must have an unexpired term of at least 50 years after the
Application Deadline and the lessee must be the Applicant. The owner of the
subject property must be a party to the lease, or a party to one or more
intermediate leases, subleases, agreements, or assignments, between or among
the owner,the Applicant, or other parties, that have the effect of assigning the
owner's right to lease the property for at least 50 years to the lessee.
U)
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b. Ability to Proceed
to
Demonstrate the following Ability to Proceed elements as of Application Deadline, for
the entire proposed Development site, including all Scattered Sites, if applicable, as
outlined below. The Florida Housing Ability to Proceed Verification forms are provided
on the RFA Website. Note:The Applicant may include the Florida Housing Ability to
CL
Proceed Verification forms that were included in a previous RFA submission for the
same proposed Development, provided (i)the form(s) used for this RFA are labeled
Form Rev. 08-18, (ii)the forms are dated within 12 months of the Application Deadline,
(iii) none of the information entered on the form and certified to by the signatory has
changed in anyway, and (iv)the requirements outlined in this RFA are met. If the
Applicant provides any prior version of the Florida Housing Ability to Proceed
Verification form(s), the form(s)will not be considered. co
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(1) Appropriate Zoning. Demonstrate that as of the Application Deadline the entire
proposed Development site is appropriately zoned and consistent with local 2
land use regulations regarding density and intended use or that the proposed
Development site is legally non-conforming by providing, as Attachment 7 to
Exhibit A, the applicable properly completed and executed verification form:
(a) The Florida Housing Finance Corporation Local Government Verification
that Development is Consistent with Zoning and Land Use Regulations
form (Form Rev. 08-18); or
C)
(b) The Florida Housing Finance Corporation Local Government Verification
that Permits are Not Required for this Development form (Form Rev. 08-
18).
Note: With regard to the terms "Rate of Growth Ordinance (ROGO)"
and "Building Permit Allocation System (BPAS)," as used by different
jurisdictions within the Florida Keys Area of Critical State Concern, for
purposes of the verification forms outlined in (a) and (b) above, all
references on these forms to "Rate of Growth Ordinance (ROGO)" shall
be considered by the Corporation to have the same meaning as
"Building Permit Allocation System (BPAS)."
(2) Availability of Electricity. Demonstrate that as of the Application Deadline CM
electricity is available to the entire proposed Development site by providing as
Attachment 8 to Exhibit A:
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(a) The properly completed and executed Florida Housing Finance
0
Corporation Verification of Availability of Infrastructure—Electricity
form (Form Rev. 08-18); or
0
(b) A letter from the electricity service provider that contains the name of
the Development location and is dated within 12 months of the 2
Application Deadline. The letter may not be signed by the Applicant, by
any related parties of the Applicant, by any Principals or Financial U)
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Beneficiaries of the Applicant, or by any local elected officials.
to
(3) Availability of Water. Demonstrate that as of the Application Deadline water is
available to the entire proposed Development site by providing as Attachment 9
to Exhibit A: CL
(a) The properly completed and executed Florida Housing Finance
Corporation Verification of Availability of Infrastructure—Water form
(Form Rev. 08-18); or
0
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(b) A letter from the water service provider that contains the Development
location and the number of units and is dated within 12 months of the
Application Deadline. The letter may not be signed by the Applicant, by
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any related parties of the Applicant, by any Principals or Financial
Beneficiaries of the Applicant, or by any local elected officials.
(4) Availability of Sewer. Demonstrate that as of the Application Deadline sewer
capacity, package treatment or septic tank service is available to the entire
proposed Development site by providing as Attachment 10 to Exhibit A:
(a) The properly completed and executed Florida Housing Finance
Corporation Verification of Availability of Infrastructure—Sewer
Capacity, Package Treatment, or Septic Tank form (Form Rev. 08-18); or
C)
(b) A letter from the waste treatment service provider that contains the
Development location and the number of units and is dated within 12
months of the Application Deadline. The letter may not be signed by
the Applicant, by any related parties of the Applicant, by any Principals
or Financial Beneficiaries of the Applicant, or by any local elected
officials.
CM
(5) Availability of Roads. Demonstrate that as of the Application Deadline paved
roads either (i) exist and will provide access to the proposed Development site
or (ii)will be constructed as part of the entire proposed Development by
providing as Attachment 11 to Exhibit A:
(a) The properly completed and executed Florida Housing Finance CM
Corporation Verification of Availability of Infrastructure—Roads form
(Form Rev. 08-18); or
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(b) A letter from the Local Government that contains the Development
0
location and is dated within 12 months of the Application Deadline. The
letter may not be signed by the Applicant, by any related parties of the o
Applicant, by any Principals or Financial Beneficiaries of the Applicant,
or by any local elected officials.
8. Construction Features
U)
All units are expected to meet all requirements as outlined below. The quality of the 0
construction features committed to by the Applicant is subject to approval of the Board of
Directors. Additionally, all Developments must meet the Housing Quality Standards provided by
HUD on the webpage
https://www.hud.gov/program_offices/public_indian_housing/programs/hcv/hqs (also
available by clicking here).
CL
All features and amenities committed to and proposed by the Applicant that are not unit-
specific shall be located on each of the Scattered Sites, or no more than 1/16 mile from the
Scattered Site with the most units, or a combination of both.
a. Federal Requirements and State Building Code Requirements for all Developments
All proposed Developments must meet all federal requirements and state CO
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building code requirements, including the following, incorporating the most
recent amendments, regulations and rules:
a
Florida Accessibility Code for Building Construction as adopted pursuant
• to Section 553.503, Florida Statutes;
• The Architectural Barriers Act of 1968;
• The Fair Housing Act as implemented by 24 CFR 100;
• Section 504 of the Rehabilitation Act of 1973*; and
• Titles II and III of the Americans with Disabilities Act of 1990 as
implemented by 28 CFR 35. C3
*All Developments must comply with Section 504 of the Rehabilitation Act of 1973,as
implemented by 24 CFR Part 8("Section 504 and its related regulations").All Developments must
meet accessibility standards of Section 504. Section 504 accessibility standards require a
minimum of 5 percent of the total dwelling units,but not fewer than one unit,to be accessible for
individuals with mobility impairments. An additional 2 percent of the total units,but not fewer
than one unit,must be accessible for persons with hearing or vision impairments.
To the extent that a Development is not otherwise subject to Section 504 and its related
regulations,the Development shall nevertheless comply with Section 504 and its related
regulations as requirements of the Corporation funding program to the same extent as if the
Development were subject to Section 504 and its related regulations in all respects.To that end,
all Corporation funding shall be deemed "Federal financial assistance"within the meaning of that
term as used in Section 504 and its related regulations for all Developments.
Federal and state law and building code regulations requires that programs,activities,and
facilities be readily accessible to and usable by persons with disabilities.Florida Housing requires
that the design,construction,or alteration of its financed Developments be in compliance with
federal and state accessibility requirements.When more than one law and accessibility standard
applies,the Applicant shall comply with the standard(2010 ADA Standards,Section 504,Fair
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Housing Act,or Florida Building Code,Accessibility)which affords the greater level of accessibility
for the residents and visitors. Areas required to be made accessible to mobility-impaired
residents and their visitors,including those in wheelchairs,shall include,but not be limited to,
accessible routes and entrances,paths of travel,primary function areas,parking,trash bins,mail
and package receiving areas for residents, pool and other amenities,including paths of travel to
amenities and laundry rooms,including washers and dryers.
The above documents are available on the RFA Website.
U)
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b. General Features
to
(1) The following General Features must be provided for all proposed
Developments:
• Broadband infrastructure which includes cables, fiber optics, wiring, or
other infrastructure, as long as the installation results in accessibility in each CL
unit;
• Termite prevention;
• Pest control;
• Window covering for each window and glass door inside each unit;
• Cable or satellite TV hook-up in each unit and, if the Development offers
cable or satellite TV service to the residents, the price cannot exceed the
CO
market rate for service of similar quality available to the Development's
residents from a primary provider of cable or satellite TV;
• Single Family Homes must have washer and dryer hook ups in each of the
Development's units. All other Development Types must have washer and
dryer hook ups in each of the Development's units or an on-site laundry
facility for resident use. If the proposed Development will have an on-site
laundry facility, the following requirements must be met:
o There must be a minimum of one Energy Star certified washer and one
Energy Star certified dryer per every 15 units. To determine the
required number of washers and dryers for the on-site laundry facility; e,
divide the total number of the Development's units by 15, and then
round the equation's total up to the nearest whole number; and
o If the proposed Development consists of Scattered Sites, the laundry
facility shall be located on each of the Scattered Sites, or no more than
1/16 mile from the Scattered Site with the most units, or a combination
of both.
• At least two full bathrooms in all 3 bedroom or larger units; andCM
• Bathtub with shower in at least one bathroom in at least 90 percent of the
units.
0
(2) A full-size range and oven in all units.
C. Required Accessibility Features, regardless of the age of Development
CM
(1) Required Accessibility Features in all Units
• Primary entrance doors on an accessible route shall have a threshold
with no more than a %-inch rise;
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• All door handles on primary entrance door and interior doors must have
lever handles;
• Lever handles on all bathroom faucets and kitchen sink faucets;
• Mid-point on light switches and thermostats shall not be more than 48
inches above finished floor level; and
• Cabinet drawer handles and cabinet door handles in bathroom and
kitchen shall be lever or D-pull type that operate easily using a single
closed fist.
0
to
(2) All Developments must provide reinforced walls for future installation of
horizontal grab bars in place around each toilet/shower, or a Corporation-
approved alternative approach for grab bar installation.The installation of the
grab bars must meet or exceed the 2010 ADA Standards for Accessible Design, CL
Section 604.5.1 (Side Wall) and 604.5.2 (Rear Wall).
At the request of and at no charge to a resident household, the Development
shall purchase and install grab bars around each tub/shower unit and toilet in
the dwelling unit. The product specifications and installation must meet or
exceed 2010 ADA Standards for Accessible Design. The Development shall
inform a prospective resident that the Development, upon a resident CO
household's request and at no charge to the household, will install grab bars
around a dwelling unit's tub/shower unit, pursuant to the 2010 ADA Standards.
At a minimum, the Development shall inform each prospective lessee by .
including language in the Development's written materials listing and describing
the unit's features, as well as including the language in each household's lease.
d. Required Green Building Features in all Developments
(1) All units must have the features listed below:
• Low or No-VOC paint for all interior walls (Low-VOC means 50 grams
per liter or less for flat; 150 grams per liter or less for non-flat
paint);
• Low-flow water fixtures in bath rooms—WaterSense labeled
products or the following specifications:
o Toilets: 1.28 gallons/flush or less,
o Urinals: 0.5 gallons/flush,
o Lavatory Faucets: 1.5 gallons/minute or less at 60 psi flow rate,
o Showerheads: 2.0 gallons/minute or less at 80 psi flow rate;
• Energy Star certified refrigerator;
• Energy Star certified dishwasher;
• Energy Star certified ventilation fan in all bathrooms;
• Water heater minimum efficiency specifications:
o Residential Electric:
■ Up to 55 gallons= .95 EF or.92 UEF; or
■ More than 55 gallons= Energy Star certified; or
■ Tankless= Energy Star certified;
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o Residential Gas (storage or tankless/instantaneous): Energy
Star certified,
o Commercial Gas Water Heater: Energy Star certified;
• Energy Star certified ceiling fans with lighting fixtures in bedrooms;
• Air Conditioning (choose in-unit or commercial):
o Air-Source Heat Pumps— Energy Star certified:
>_ 8.5 HSPF/>_15 SEER/>_12.5 EER for split systems
>_ 8.2 HSPF>_15 SEER/>_12 EER for single package equipment
0
including gas/electric package units C)
o Central Air Conditioners—Energy Star certified:
■ >_15 SEER/>_12.5 EER*for split systems
■ >_15 SEER/>_12 EER*for single package equipment including
gas/electric package units.
NOTE:Window air conditioners and portable air conditioners are not CL
allowed. PTACs/ PTHPs are allowed in studio and 1 bedroom units;
o Package Terminal Air Conditioners (PTACs)—minimum Energy
Efficiency Ratio (EER) required by the Florida Building Code—Energy
Conservation standards (current edition)
Capacity Min.Standards for Min.Standards for
co
BTU h New Construction Replacement Units'
14.0-(0.3 x 10.9-(0.213 x Capa/1000) 2
All Capa/1000) EER EER
o Package Terminal Heat Pumps (PTHPs)—minimum Energy Efficiency
Ratio (EER) and Coefficient of Performance (COP) required by the
Florida Building Code— Energy Conservation standards (current
edition):
to
0
Capacity Min.Standards for Min.Standards for
New Construction
(BTU/h) Replacement Units'
All 14.0-(0.3 x 10.8-(0.213 x Capa/1000)
Cooling Capa/1000) EER EER
All 3.2-(0.026 x 2.9-(0.026 x Capa/1000)
Heating Capa/1000)COP COP
NOTES:
a. "Cap" =The rated cooling capacity of the project in Btu/h.
Where the unit's capacity is less than 7000 Btu/h, use 7000 4)
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Btu/h in the calculation.Where the unit's capacity is greater o
than 15,000 Btu/h, use 15,000 Btu/h in the calculations.
0
b. Replacement unit shall be factory labeled as follows:
"MANUFACTURED FOR REPLACEMENT APPLICATIONS ONLY:
NOT TO BE INSTALLED IN NEW CONSTRUCTION PROJECTS."
Replacement efficiencies apply only to units with existing
sleeves less than 16 inches in height and less than 42 inches in
width. o
C)
o Geothermal Heat Pumps—Energy Star certified with the following
minimum efficiency performance;
CL
Product Type(single stage models) EER COP
Water-to-Air
Closed Loop Water-to-Air 17.1 3.6
Open Loop Water-to-Air 21.1 4.1
Water-to-Water
CO
Closed Loop Water-to-Water 16.1 3.1
0
Open Loop Water-to-Water 20.1 3.5
DGX
DGX 16.0 3.6
o Electric Chillers,Air-Cooled and Water-Cooled- Minimum efficiency
values required by the Florida Building Code—Energy Conservation
standards (current edition); >
0
Minimum Efficiency
Path A path B
Equipment Size Units (Full-Load
Type Optimized (Part-Load
Application Optimized
s
Applications)
EER >_10.1 FL >_9.7 FL
Air-cooled <150 t (Btu/W) >13.7 IPLV >_15.8 IPLV
Air-cooled >_150 t
EER >_10.1 FL >_9.7 FL
(Btu/W) >14.0IPLV >_16.11PLV
Water-cooled, <_0.75 FL <_0.78 FL
displacement <75 t kW/t <_0.60 IPLV <_0.50 IPLV
kW/t <_0.72 FL <_0.75 FL
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>_75 t
Water-cooled, and <_0.561PLV <_0.491PLV
displacement <150 t o
>_150 t <_0.66 FL <_0.68 FL
Water-cooled, o
displacement and kW/t <0.541PLV <_0.441PLV
<300 t
>_300 t <_0.61 FL <_0.62 FL
Water-cooled, and kW/t
displacement <600 t <_0.52 IPLV <_0.41 IPLV
0
Water-cooled, <_0.56 FL <_0.58 FL
>_600 t kW/t
displacement <_0.501PLV <_0.381PLV
Water-cooled, <_0.61 FL <_0.69 FL
<150 t kW/t
centrifugal <_0.551PLV <_0.441PLV
Water-cooled,
>_150 t <_0.61 FL <_0.63 FL CL
centrifugal <300 t and
kW/t <_0.55 IPLV <_0.40 IPLV
Water-cooled,
>_300 t <_0.56 FL <_0.59 FL
centrifugal and kW/t<400 t <0.521PLV <_0.391PLV
Water-cooled,
>_400 t <_0.56 FL <_0.58 FL
and kW/t CO
centrifugal <600 t <_0.50 IPLV <_0.38 IPLV
Water-cooled, <_0.56 FL <_0.58 FL
>_600 t kW/t
centrifugal <_0.501PLV <_0.381PLV
NOTE:All other equipment types shall follow Florida Building Code-
Energy Conservation, current edition requirements.
Rating Terms:
EER-energy efficiency ratio
C)
FL-full load
IPLV- integrated part load value
• Caulk, weather-strip, or otherwise seal all holes, gaps, cracks,
penetrations, and electrical receptacles in building envelope; and
• Insulate heating and cooling system ducts and seal airtight in
accordance with section C403.2.9 of the Florida Building Code-
Energy Conservation (current edition)
(2) In addition to the required Green Building features outlined in (1) above,
proposed Developments must achieve one of the following Green Building
Certification programs: Leadership in Energy and Environmental Design (LEED);
Florida Green Building Coalition (FGBQ or ICC 700 National Green Building
Standard (NGBS). CM
9. Resident Programs
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The quality of the Resident Programs committed to by the Applicant is subject to approval of the
0
Board of Directors. The availability of the Resident Programs must be publicized on an ongoing
basis such as through community newsletters, bulletin board posts, or flyers.
4-
0
For all proposed Developments that consist of less than eight units, there is no requirement to
select any Resident Program. For proposed Developments that consist of eight to 25 units, it is a 2
requirement that at least one Resident Program be selected; a Resident Program may be
conducted off-site if accommodations are made so that residents can attend without incurring
transportation expense. For all proposed Developments that consist of more than 25 units, it is
to
a requirement that at least two of the Resident Programs be selected and offered on-site. The
eligible resident programs which may be selected are as follows:
U)
a. After School Program for ChildrenCL
This program requires the Applicant or its Management Company to provide supervised,
structured, age-appropriate activities for children during after school hours, Monday
through Friday.
0
4-
b. Adult Literacy
The Applicant or its Management Company must make available, at no cost to the
CO
resident, literacy tutor(s)who will provide weekly literacy lessons to residents in private
space. Various literacy programming can be offered that strengthens participants'
reading, writing skills, and comprehension, but at a minimum, these must include
English proficiency and basic reading education.
Training must be held between the hours of 8:00 a.m. and 7:00 p.m. and electronic
media, if used, must be used in conjunction with live instruction. If the Resident
Program is offered on site, and if the Development consists of Scattered Sites,this
resident program must be provided on the Scattered Site with the most units.
C. Employment Assistance Program
The Applicant or its Management Company must provide, at no cost to the resident, a
minimum of quarterly scheduled Employment Assistance Program workshops/meetings
offering employment counseling by a knowledgeable employment counselor. Such a
program includes employability skills workshops providing instruction in the basic skills
necessary for getting, keeping, and doing well in a job. The instruction must be held
between the hours of 8:00 a.m. and 7:00 p.m. and include, but not be limited to, the
following:
0
• Evaluation of currentjob skills;
• Assistance in setting job goals;
• Assistance in development of and regular review/update of an individualized plan
for each participating resident;
• Resume assistance;
• Interview preparation; and
• Placement and follow-up services.
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Electronic media, if used, must be used in conjunction with live instruction.
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d. Family Support Coordinator
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A Family Support Coordinator must be provided at no cost to the resident. The Family
Support Coordinator shall assist residents in assessing needs and obtaining services,
with the goal of promoting successful tenancies and helping residents achieve and
maintain maximum independence and self-sufficiency. Responsibilities shall include
linking residents with public and private resources in the community to provide needed
to
assistance, develop and oversee on-site programs and activities based on the needs and
interests of residents, and support residents in organizing group activities to build
community and to address and solve problems such as crime and drug activity. The
duties of the Family Support Coordinator shall not be performed by property
management staff. The Coordinator shall be on-site and available to residents at least
CL
20 hours per week, within the hours of 9 a.m. and 8 p.m. The Coordinator may be an
employee of the Development or, through an agreement, an employee of a third-party
agency or organization that provides these services.
4-
e. Financial Management Program
The Applicant or its Management Company shall provide a series of classes to provide
CO
residents training in various aspects of personal financial management. Classes must be
held at least quarterly, consisting of at least two hours of training per quarter, and must
be conducted by parties that are qualified to provide training regarding the respective 2
topic area. If the Resident Program is offered on site, and if the Development consists
of Scattered Sites,the Resident Program must be held on the Scattered Site with the
most units. Residents residing at the other sites of a Scattered Site Development must
be offered transportation, at no cost to them, to the classes. The topic areas must
include, but not be limited to:
• Financial budgeting and bill-paying including training in the use of technologies and
to
web-based applications; �
• Tax preparation including do's and don'ts, common tips, and how and where to file,
including electronically;
• Fraud prevention including how to prevent credit card and banking fraud, identity
theft, computer hacking and avoiding common consumer scams;
• Retirement planning &savings options including preparing a will and estate
planning; and
• Homebuyer education including how to prepare to buy a home, and how to access
to first-time homebuyer programs in the county in which the development is
located.
Different topic areas must be selected for each session, and no topic area may be
repeated consecutively.
10. Funding
a. Corporation Funding E
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(1) CDBG-DR Funding
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(a) CDBG-DR Funding Request Amounts
4-
State the amount of CDBG-DR Funding it is requesting in Exhibit A, as
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well as on the Development Cost Pro Forma.
(i) Priority I or II Applications may request up to$5 million out of
$10 million dollars available in Monroe County for Land
Acquisition Program Funding, subject to appraisal in credit
underwriting, in addition to the Development Funding request
amount.
(ii) All Applications must request Development Funding. The
maximum amount of Development Funding is the lesser of the CL
following:
• $8 million; or
0
• The Total Maximum Per Unit CDBG-DR Rental FHFC Subsidy
Limit for Monroe County as stated below:
CO
o $217,058 per Zero Bedroom Unit
o $248,828 per 1 Bedroom Unit
o $302,572 per 2 Bedroom Unit .
o $391,432 per 3 Bedroom Unit
o $418,592 per 4 Bedroom Unit
(b) Loan Terms
The loan shall be non-amortizing and shall have an interest rate of zero
percent per annum. The loan will not require payment for as long as
the proposed Development remains in Compliance. The loan will be
forgiven after 20 years. The terms and conditions of the loan are
further outlined in Exhibit E of this RFA.
(c) Additional adjustments, if applicable
During the scoring process, if the Applicant states a request amount
that is greater than the amount the Applicant is eligible to request, the
Corporation will reduce the amount down to the maximum amount the
Applicant is eligible to request. The Applicant's request amount will be
reviewed for compliance with the per unit limit and per Development
limit, as well as its contribution to the percentage of Total Development
Cost limitation below.
If a reduction in the request amount is needed and a funding shortfall is
created in either the Construction/Rehab and/or the Permanent
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Analysis of the Applicant's Development Cost Pro Forma,the amount of
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the adjustment(s),to the extent needed and possible, will be offset by
increasing the deferred Developer fee up to the maximum eligible
amount as provided below.
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(3) Other Corporation Funding
(a) If the Development has received funding from the Predevelopment
Loan Program (PLP),the Corporation file number and amount of funding
to
must be listed. Note: PLP funding cannot be used as a source of
financing on the Construction/Rehab Analysis or the Permanent
Analysis.
(b) List any other Corporation funding that is intended to be utilized as a
CL
source of financing for the proposed Development.
b. Non-Corporation Funding Proposals
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Unless stated otherwise within this RFA, in order for funding, other than Corporation
funding and deferred Developer fee, to be counted as a source on the Development
Cost Pro Forma, provide documentation of all financing proposals from both the
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construction and the permanent lender(s), and other sources of funding. The financing
proposals must state whether they are for construction financing, permanent financing,
or both, and all attachments and/or exhibits referenced in the proposal must be 2
included. Insert documentation for each source as Attachment 12 to Exhibit A and
continue with sequentially numbered attachments for each additional funding source.
Evidence for each funding source must be behind its own sequentially numbered
attachment.
For purposes of the Application, the following will not be considered a source of
financing: net operating income, capital contributions,fee waivers or any portion of any
fees that are reimbursed by the local government. Also, fee waivers and any portion of
any fees that are reimbursed by the local government cannot be considered as
Development costs.
Financing proposal documentation, regardless of whether the documentation is in the
form of a commitment, proposal, term sheet, or letter of intent, must meet the
following criteria. Evidence for each funding source must be behind its own numbered
attachment. CM
(1) Each financing proposal shall contain:
• Amount of the construction loan, if applicable;
• Amount of the permanent loan, if applicable;
• Specific reference to the Applicant as the borrower or direct recipient; and CM
• Signature of all parties, including acceptance by the Applicant.
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Note: For ALL Applicants, eligible Local Government financial commitments can
0
be considered without meeting the requirements of(i)through (iv) above if the
Applicant provides the properly completed and executed Local Government
Verification of Contribution—Grant Form and/or the Local Government
Verification of Contribution—Loan Form.
(2) Financing that has closed
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If the financing has closed in the Applicant's name, provide a letter from the
0
lender acknowledging that the loan has closed. The letter must also include the
following information:
U)
• Amount of the construction loan, if applicable;
• Amount of the permanent loan, if applicable; and
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• Specific reference to the Applicant as the borrower/direct recipient/
mortgagee.
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(3) If the financing proposal is not from a Regulated Mortgage Lender in the
business of making loans or a governmental entity, evidence of ability to fund
must be provided. Evidence of ability to fund includes: (i) a copy of the lender's
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most current audited financial statements no more than 17 months old; or(ii) if
the loan has already been funded, a copy of the note and recorded mortgage.
The age of all financial statements is as of the Application Deadline. In 2
evaluating ability to fund, the Corporation will consider the entity's unrestricted
current assets typically used in the normal course of business. Assets
considered restricted include, but are not limited to, pension funds, rental
security deposits, and sinking funds. Financing proposals from lenders who
cannot demonstrate ability to fund will not count as a source of financing.
Financial statements must be included in the Application. Note: This provision
does not apply to deferred Developer fee.
to
In the case where the seller of the Development's property is providing a seller's >
0
note (purchase money mortgage)to help finance the Applicant's acquisition of
the property, evidence of its ability to fund the amount of the seller's note is not
needed so long as the Application includes a letter from the seller that meets
the financing proposal criteria outlined in (4)(a) above and the amount of the
seller's note is equal to or less than the purchase price of the property.
(4) If a financing proposal shows an amount less than the corresponding line item
on the Development Cost Pro Forma, only the financing proposal amount will be
considered as a funding source. However, if a financing proposal shows an
amount greater than the corresponding line item on the Development Cost Pro
Forma, up to the total amount of the financing proposal amount may be utilized
as a funding source, if needed.
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(5) The loan amount may be conditioned upon an appraisal or debt service
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coverage ratio or any other typical due diligence required during credit
underwriting.
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(6) Financing proposals may be conditioned upon the Applicant receiving the
funding from the Corporation for which it is applying.
(7) If a financing proposal has a provision for holding back funds until certain
conditions are met,the amount of the hold-back will not be counted as a source
to
of construction financing unless it can be determined that the conditions for the
release of the hold-back can be met prior to or simultaneous with the closing of
the Development's permanent financing.
(8) Grant funds are contributions to the Development, other than equity,which
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carry no repayment provision or interest rate. A commitment for grant funds
will be considered a commitment for scoring purposes if the commitment is
properly executed and, if applicable, evidence of ability to fund is provided.
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C. Development Cost Pro Forma
All Applicants must complete the Development Cost Pro Forma listing the
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anticipated expenses or uses, the Detail/Explanation Sheet, if applicable, and the
Construction or Rehab Analysis and Permanent Analysis listing the anticipated
sources (both Corporation and non-Corporation funding). The sources must equal 2
or exceed the uses. During the scoring process, if a funding source is not
considered and/or if the Applicant's funding Request Amount is adjusted
downward, this may result in a funding shortfall. If the Applicant has a funding
shortfall, it will be ineligible for funding.
The Development Cost Pro Forma must include all anticipated costs of the Development
construction, rehabilitation and, if applicable, acquisition, including the Developer fee
and General Contractor fee, as outlined below. Waived or reimbursed fees or charges
are not considered costs to the Development and therefore, should not be included on
the Development Cost Pro Forma. Note: deferred Developer fees are not considered
It fees."
Developer fee and General Contractor fee must be disclosed. In the event the
Developer fee and/or General Contractor fee are/is not disclosed on the Development
Cost Pro Forma, the Corporation will assume that these fees will be the maximum
allowable and will add the maximum amount(s)to Total Development Cost. If an
Applicant lists a Developer fee, General Contractor fee, or contingency reserve that
exceeds the stated Application limits,the Corporation will adjust the fee to the
maximum allowable. As stated below,Applicants may not enter any amounts pertaining
to operating deficit reserves. The Corporation will not consider any operating deficit
reserves listed on the Development Cost Pro Forma. CM
Unless stated otherwise in this RFA, except for deferred Developer fee, the
Application requires complete information on all sources of Development funding
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and the proposed uses of those funds. All loans, grants, donations, syndication
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proceeds, etc., should be detailed in the Application as outlined above. The total of
monetary funds determined to be in funding proposals must equal or exceed uses.
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(1) Developer Fee
Developer Fee, is limited to 16 percent of the Development Cost stated on
the Development Cost Pro Forma in Column 3 of Item C, rounded down to
the nearest dollar. If the maximums stated in (i) or (ii)are exceeded, the
to
Corporation will adjust the amount down to the maximum allowed.
Additionally, the Corporation may further adjust the Developer Fee on
Acquisition Costs, and/or Developer Fee on Non-Acquisition Costs stated on
the Development Cost Pro Forma and used to calculate the Developer Fee
in Item D of the Development Cost Pro Forma. The conditions for such
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adjustments are stated below:
• If the amount of Developer fee on Acquisition Costs is more than the
amount allowed in (i) above, AND if the amount of Developer fee on
Non-Acquisition Costs is less than the amount allowed in (ii) above,the
Corporation will reduce the amount of Developer fee on Acquisition
Costs to the maximum allowed amount, and increase the amount of :3
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Developer fee on Non-Acquisition Costs by the amount reduced in the
Developer fee on Acquisition Costs, up to the maximum allowed
amount. 2
a
• If the amount of Developer fee on Non-Acquisition Costs is more than
the amount allowed in (ii) above, AND if the amount of Developer fee
on Acquisition Costs is less than the amount allowed in (i) above,the
Corporation will reduce the amount of Developer fee on Non-
Acquisition Costs to the maximum allowed amount, and increase the
amount of Developer fee on Acquisition Costs by the amount reduced
in the Developer fee on Non-Acquisition Costs, up to the maximum
allowed amount.
The Corporation will allow up to 100 percent of the eligible Developer fee
to be deferred and used as a source on the Development Cost Pro Forma
without the requirement to show evidence of ability to fund.
CM
Consulting fees, if any, and any financial or other guarantees required for
the financing must be paid out of the Developer fee. Consulting fees
4-
include, but are not limited to, payments for Application consultants,
construction management or supervision consultants, or local government
consultants.
CM
(2) General Contractor Fee
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General Contractor fee shall be limited to 14 percent of actual construction cost.
0
The maximum allowable General Contractor fee will be tested during the
scoring of the Application by multiplying the actual construction cost by 14
percent, rounded down to the nearest dollar.
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(3) Contingency Reserves
For Application purposes, the maximum hard and soft cost contingencies
allowed cannot exceed 5 percent of hard and soft costs. The determination of
to
the contingency reserve is limited to the maximum stated percentage of total
actual construction costs (hard costs) and general development costs (soft
costs), as applicable.
(4) Operating Deficit Reserves
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An operating deficit reserve is not to be included as part of Development
Costs and cannot be used in determining the maximum Developer fee.
Applicants may not enter any amounts pertaining to any type of reserve
other than the contingency reserve mentioned above on the Development
Cost Pro Forma as part of the Application process. A reserve, including an
operating deficit reserve, if necessary as determined by an equity provider,
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first mortgage lender, and/or the Credit Underwriter engaged by the
Corporation in its reasonable discretion, will be required and sized in credit
underwriting. The inclusion of any reserve is not permitted in the 2
Application (other than the permitted contingency reserve) which may
include, but is not limited to, operating deficit reserve, debt service
shortfalls, lease-up, rent-re-stabilization, working capital, lender or
syndicator required reserve(s), and any pre-funded capital (replacement)
reserves. If any reserve other than the permitted contingency reserve can
be identified and is included in the Development Cost Pro Forma,the
Corporation will remove it during Application scoring.
C)
In exchange for receiving funding from the Corporation, the Corporation
reserves the authority to restrict the disposition of any funds remaining in
any operating deficit reserve(s) after the term of the reserve's original
purpose has terminated or is near termination. Authorized disposition uses
are limited to payments towards any outstanding loan balances of the
Development funded from the Corporation, any outstanding Corporation
fees, any unpaid costs incurred in the completion of the Development (i.e.,
deferred Developer fee),the Development's capital replacement reserve
account (provided, however, that any operating deficit reserve funds
deposited to the replacement reserve account will not replace, negate, or
otherwise be considered an advance payment or pre-funding of the
Applicant's obligation to periodically fund the replacement reserve
CM
account), the reimbursement of any loan(s) provided by a partner, member
or guarantor as set forth in the Applicant's organizational agreement(i.e.,
operating or limited partnership agreement).The actual direction of the
disposition is at the Applicant's discretion so long as it is an option
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permitted by the Corporation. In no event, shall the payment of amounts to
0
the Applicant or the Developer from any operating deficit reserve
established for the Development cause the Developer fee or General o
Contractor fee to exceed the applicable percentage limitations provided for
in this RFA.
0
(5) With respect to the loan amount(s), all fees set forth in Exhibit C to the RFA are
part of Development Cost and can be included in the Development Cost Pro
Forma and paid with loan proceeds. o
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d. Principal of the Applicant is a Public Housing Authority and/or an instrumentality of a
Public Housing Authority
The Applicant should state whether any Principals of the Applicant entity are a Public
CL
Housing Authority and/or an instrumentality of a Public Housing Authority. To qualify
for the "Add-On Bonus" described Section Five, A.1 of the RFA and in Item 1 of Exhibit C,
the Public Housing Authority and/or instrumentality of a Public Housing Authority must
be reflected on the Principals of the Applicant and Developer(s) Disclosure Form (Form
Rev. 08-16). For purposes of the "Add-On Bonus",the Public Housing Authority and/or _
instrumentality of a Public Housing Authority must not be disclosed as only the Investor
Limited Partner of the Applicant or Investor Member of the Applicant.
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If the Principal of the Applicant is an instrumentality of a Public Housing Authority,
state the name of the Public Housing Authority. 2
a
11. Uniform Relocation Act:
The Uniform Relocation Assistance and Real Property Acquisition Policies Act of 1970
(URA) is government-wide legislation, and compliance begins at the initiation of
negotiation for federal assistance. Except for the General Information Notice
information,the following required Uniform Relocation Act information must be
provided in the Application.
0
a. Occupied Units:
At question 11.a. of Exhibit A, select "Yes" if any portion of the proposed
Development will involve redevelopment work, regardless of the Development
Category selected at question 4.b. of Exhibit A.
b. Tenant Relocation Information for Existing Properties:
At question 11.b.(1)through (4) of Exhibit A, answer all applicable questions.
(1) State how many total units now exist in the Development.
(2) State how many units are occupied.
(3) State whether or not, based on the income information of each tenant,
permanent relocation (displacement) is anticipated during or after the
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construction/redevelopment period. If"Yes", state how many units are
affected.
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(4) State whether or not temporary relocation of any tenants will be
required. If"Yes", state how many tenants will require temporary
relocation.
At questions 11.b.(5)through (7) of Exhibit A, provide the following required
information:
to
(5) Provide in the Application, as Attachment 13, a list of all occupied units
and tenant income certifications. The income of persons and U)
households who are currently occupying a unit that will receive CDBG-
M
DR assistance must be provided to determine whether they are income
CL
eligible. For all occupied units, provide a summary list of all residents
and income certifications for those residents in occupied units that will
be CDBG-DR-Assisted Units. If the existing residents and/or
Development is/are currently participating in a federally subsidized
program (such as Project-based Section 8, Section 8 Existing or Section 8 _
Voucher Programs),the residents' current income certification forms
required for that program may be used to meet this requirement. :3
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(6) Provide in the Application, as Attachment 14, a brief description of how
the Development will meet the CDBG-DR set-aside requirements. The 2
description must indicate whether the existing residents are CDBG-DR
eligible residents, or whether the residents will be evicted and replaced
with income eligible residents in order to meet the set-aside
requirements committed to in this Application.
(7) Provide in the Application, as Attachment 15, a description of how the
cost of relocation will be covered. Detail how the temporary and
permanent relocation will be handled.
0
The CDBG-DR General Information Notice information will be required only
after the Application is selected for funding, as outlined in Item 4 of Exhibit C.
The due date for this information will be included in the invitation to enter
credit underwriting.
C. Uniform Relocation Act Acquisition Information (For All Development
Categories):
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Provide the following information:
(1) If the Applicant owns the Development site (i.e., holds a deed or
currently has a lease with a minimum 50-year term), provide a narrative CM
describing the acquisition as Attachment 16 to Exhibit A. This narrative
must describe how, when, and from whom the property was acquired
and whether or not the property was vacant when acquired.
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2 If the Applicant is a private company and is acquiring the property or
( ) pp p p Y q g p p Y
will have a lease with a minimum 50-year term for the property, the
Applicant (buyer) must provide the seller with a notice that the buyer
does not have the power of eminent domain to obtain the property and
a determination of market value will estimate the value of the property.
This must be done prior to execution of the contract or proposed lease
(with a minimum 50-year term) or may be attached as an addendum to
the contract or proposed lease (with a minimum 50-year term). A copy
of the required notice and confirmation of the current owner's/seller's
receipt of notice must be provided as Attachment 17 to Exhibit A.
(3) If the Applicant is a public (government)Applicant, respond to all U)
applicable remaining questions in this relocation section. CL
(4) Eminent Domain:
(a) If the buyer has the power of eminent domain, the buyer must
notify the seller in writing that it has such power and the
determination of market value for the property is being waived.
Provide a copy of the required notice as Attachment 18 to
Exhibit A.
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b If the Applicant is a public (government)Applicant and does not
have the power of eminent domain, provide the following: (i) 2
notice of interest, (ii) determination of fair market value, (iii)
appraisal of the property, and (iv)written offer of just
compensation which includes a statement of just value,
property description, and identification of buildings. Provide all
required documentation as Attachment 18 to Exhibit A.
B. Addenda
to
The Applicant may use the Addenda section of Exhibit A to provide any additional information or
explanatory addendum for items in the Application. Please specify the particular item to which
the additional information or explanatory addendum applies.
SECTION FIVE CM
SCORING AND EVALUATION PROCESS
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A. Determining Eligibility
Only Applications that meet all of the following Eligibility Items will be eligible for funding and
considered for funding selection. CM
Eligibility Items
Submission Requirements met*
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Applicant Certification and Acknowledgement form provided
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Land Owner Certification and Acknowledgement form provided '-
Name of Applicant provided :
Evidence Applicant is a legally formed entity provided
If the Community Land Trust holds 100 percent ownership in the land,the Community Land Trust 0
Articles of Incorporation provided a
Demonstration of Community Land Trust experience provided,if applicable
U)
Name of Each Developer provided
0
Evidence that each Developer entity is a legally formed entity provided
Principals for Applicant and Developer(s) Disclosure Form provided
Name of Management Company provided
Prior experience chart for the Management Company or a principal of the Management Company
rovided,if applicable
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Authorized Principal Representative provided 'V
Name of Proposed Development provided
Development Type provided
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Question whether construction has commenced answered
Address of Development Site provided
Question whether a Scattered Sites Development answered
Latitude and Longitude Coordinates for all sites including any Scattered Sites provided, if CO
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applicable
Total Number of Units provided and within limits
Number of residential buildings provided
Unit Mix provided and meets requirements
Evidence of Site Control provided
Appropriate Zoning demonstrated
Availability of Electricity demonstrated
Availability of Water demonstrated
Availability of Sewer demonstrated
Availability of Roads demonstrated
Minimum Resident Programs selected, if applicable
Applicant's Development Funding Request Amount provided
Development Cost Pro Forma provided (listing expenses or uses)and Construction/Rehab analysis
and Permanent analysis(listing sources)-Sources must equal or exceed uses
Units occupied question answered
Tenant Relocation information provided,if applicable a�
Uniform Relocation Act documentation provided,if applicable
Financial Arrearage Requirements met**
No prior acceptance to an invitation to enter credit underwriting for the same Development in a
previous RFA. ***
Total Development Cost Per Unit Limitation met****
* Submission Requirement
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To be eligible for funding, the following submission requirements must be met: (i) the
Application must be submitted online by the Application Deadline, (ii) the required
hard copy must be submitted by the Application Deadline, (iii)the Applicant's hard
copy submission must be contained in a sealed package, and (iv)the required
Application fee must be submitted as of the Application Deadline.
** Financial Arrearage Requirement
0
C)
An Application will be deemed ineligible for funding if, as of close of business the day
before the Committee meets to make a recommendation to the Board, there remains
any financial obligations for which an Applicant or Developer or Principal, Affiliate or
Financial Beneficiary of the Applicant or Developer is in arrears to the Corporation or
any agent or assignee of the Corporation as reflected on the most recently publishedCL
Past Due Report posted to the Corporation's Website under the link Property Owners &
Managers/Past Due Reports (also accessible by clicking here), but not more recently
than five business days prior to the date the Committee meets to make a
recommendation to the Board.
*** An Application will be deemed ineligible for funding if the Applicant has accepted an
invitation to enter credit underwriting for the same Development in a previous RFA co
(with the exception of funding awarded under the Predevelopment Loan Program (PLP)
and/or the Elderly Housing Community Loan (EHCL) program) and, as of Application
Deadline for this RFA,the funding has not been returned to the Corporation. If the 2
a
acceptance to an invitation to enter credit underwriting in a previous RFA occurs after
the Application Deadline and before the Review Committee Meeting for this RFA, the
proposed Development will be considered ineligible for funding in this RFA. If the
acceptance to an invitation to enter credit underwriting in a previous RFA occurs after
the Review Committee Meeting for this RFA, the proposed Development will be
considered ineligible for funding in this RFA and any funding awarded in this RFA will be
rescinded and considered Returned Funding.
**** Total Development Cost Per Unit Limitation
By submitting its Application, the Applicant agrees and acknowledges that the
Application will be subject to the Total Development Cost Per Unit Limitation during the
scoring and credit underwriting.
The Corporation shall limit the Total Development Cost (TDC) per unit for all
Developments categorized by the construction type of the units as indicated below and
this limit is referred to as the TDC Per Unit Limitation. It is a limit based on TDC, but
exclusive of land costs and exclusive of any operating deficit reserves that are part of
the permanent phase (i.e., non-construction)financing for the Development which have
not been included within the Developer fee, applying any applicable TDC multiplier
and/or TDC add-on. The proposed Development's TDC will be tested against the TDC
Per Unit Limitation during the scoring of the RFA, utilizing the Development Type,
Development Category and ESS Construction determination made by the Applicant in
the RFA and it will apply to all units in the proposed Development. During the credit
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underwriting process, and during the final allocation process, the maximum TDC per
0
unit will be recalculated for each unit type as described in Item 1 of Exhibit C, with
consideration given to whether the Development consists one or more Development o
Types, a mix of both new construction and rehabilitation units, or a mix of wood and ESS
Construction units.
0
"
Any Application that has an amount that exceeds these limitations during scoring will
not be eligible for funding. These TDC Per Unit Base Limitation amounts, inclusive of
any applicable TDC multiplier and/or TDC add-on, are effective during the scoring o
process. Item 1 of Exhibit C provides the TDC Per Unit Base Limitation amounts that
account for an escalation factor to be incorporated for the credit underwriting process
and final allocation process, as explained in the exhibit.
Total Development Cost Per Unit Base Limitations
CIL
New Construction Units
0
Measure Wood* E55*
Maximum TDC Per Unit Limitation**
for all counties except Broward and $206,000 $248,000
Miami-Dade
Maximum TDC Per Unit Limitation**
for Broward and Miami-Dade $217,000 $260,000
counties
a
Applicable TDC Multipliers(to be applied against the Development's TDC)and TDC Add-Ons(to be added
CL
to the Maximum TDC Per Unit Limitation) CL
-------------------------------------------------------------------------------------------------------------------------------------------------
TDC Multiplier for Florida Keys Area for all areas north of Plantation 65%
Key(i.e.,north of Tavernier Creek)
..................................................................................................................................................................................................................................................................................................................................................................................
TDC Multiplier for Florida Keys Area for all areas located on or south 50%***
of Plantation Key(i.e.,south of Tavernier Creek)
$5,000 of additional per unit costs °
TDC Add-On for the additional costs related to the Federal Program will be added to the above Cal
Maximum TDC Per Unit Limitation
..................................................................................................................................................................................................................................................................................................................................................................................
** Exclusive of land costs and exclusive of any approved operating deficit reserves that are part of the permanent phase(i.e.,non-
construction)financing for the Development which have not been included within the Developer fee.When the term of operating >
deficit reserves(ODR)is mentioned in this TDC Per Unit Limitation section,the term shall refer to these particular operating
deficit reserves. Examples of reserves which can be considered part of the operating deficit reserve for this calculation are CL
CL
provided in the Operating Deficit Reserve portion of the Funding section in the RFA.For purposes of property acquisition
valuation(land with or without building improvements),the Corporation uses the lesser of the appraised value,or the actual cost
of acquisition.The appraised value will be determined during credit underwriting.When land costs are referenced in this TDC Per
Unit Limitation section,the reference shall be limited to the amount of the land cost approved by the Corporation to be provided
in the final cost certification under the land owned cost line item.For Applicants that have a public housing
authority/instrumentality of a public housing authority listed as a Principal on the Applicant's Principal Disclosure Form may also
04
exclude demolition costs and tenant relocation costs from TDC PU Limitation calculations. The total amount of costs that are to a
be excluded from the TDC Per Unit Limitation process are the applicable land costs,operating deficit reserves and certain PHA °
costs described herein are referred to in Exhibit C in the congregate as applicable qualifying costs.
°
e
***If the proposed Development consists of Scattered Sites,the 50%TDC Multiplier applies only if all of the sites are located south of
Tavernier Creek. 04
e
2. Awarding Points
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Point Items Maximum Points o
Submission of Principal Disclosure Form stamped by 5
Corporation as "Pre-Approved" o
Total Possible Points 5
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B. Selection Process
1. Application Sorting Order
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0
All eligible Priority I Applications will be ranked by sorting the Applications as follows,followed
by Priority 11 Applications, then by Priority III Applications:
U)
a. First, by the points achieved; CL
b. Next, by the Resiliency Preference outlined in Section Four, A.4.d, with Applications that
qualify for the preference listed above Applications that do not qualify for the
preference;
0
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C. Next, by the Affordable Housing Experience Preference outlined in Section Four,
A.3.b.(3), with Applications that qualify for the preference listed above Applications that
do not qualify for the preference;
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d. Next, by the Federal Funding Experience Preference outlined in Section Four, A.3.b.(4),
with Applications that qualify for the preference listed above Applications that do not 2
qualify for the preference;
e. Next, by the Application's CDBG-DR Development Funding Request Amount per Unit;
f. By the Application's eligibility for the Florida Job Creation Funding Preference which is
outlined in Item 3 of Exhibit C of the RFA(with Applications that qualify for the
preference listed above Applications that do not qualify for the preference);
to
g. Finally, by lottery number,with Applications that have a lower lottery number listed
above Applications with a higher lottery number. o
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2. Land Owner Award Tally(Priority I and 11 Applications only)
As each Priority I or Priority 11 Application is selected for tentative funding, the Local
Government, Public Housing Authority, Land Authority, or Community Land Trust that owns the
land and that was identified at question 3.a. in Exhibit A of the RFA will be considered the Land
Owner for purposes of the Land Owner Award Tally and have one Application credited toward 41
the Land Owner Award Tally.
The Corporation will not select any Priority I or Priority 11 Applications that have an Application
credited towards the Land Owner Award Tally until all remaining eligible unfunded Priority I and
11 Applications have received one Application towards the Land Owner Award Tally. The
Corporation will then follow the same pattern and, as each Priority I or Priority 11 Application is
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selected for tentative funding, the Land Owner will have a second Application credited toward
0
the Land Owner Award Tally.
0
0
This procedure will be applied when selecting Priority I Applications and Priority II Applications
only.
3. Funding Selection Order
0
C)
After Applications are sorted, funding selection will proceed. The highest ranked
Priority I Applications will be selected first. As each Priority I Application is selected for
funding, the CDBG-DR Request Amount will be deducted from both the Development U)
Funding Amount and, if applicable, Land Acquisition Program Funding.
If the Land Acquisition Program Funding is depleted and eligible Priority I Applications CL
remain, Priority I Applications may be fully funded from Development Program Funding,
if enough funding remains in the Development Program Funding to fully fund the
2
Application.
The process will be repeated with the highest-ranking Priority 11 Applications with the
remaining Development Funding until there are no Priority 11 Applications that can be
fully funded. If Land Acquisition Program Funding remains and there are no eligible co
Priority I or 11 Applications that can be fully funded, the Land Acquisition Program
Funding will be distributed as approved by the Florida Housing Board of Directors and
the Florida Department of Economic Opportunity. The Land Acquisition Program
Funding will not be used to fund Priority III Applications.
If Development Funding remains, and no Priority I or 11 Applications can be fully funded,
then the process will be repeated with the highest-ranking Priority III Applications.
If funding remains and no eligible unfunded Applications can be fully funded, then no
further Applications will be selected for funding and the remaining funding will be
distributed as approved by the Board.
0
4. Returned Funding
Funding that becomes available after the Board takes action on the Committee's
recommendations, due to an Applicant withdrawing its Application, an Applicant declining its
invitation to enter credit underwriting, or an Applicant's inability to satisfy a requirement
outlined in this RFA,will be distributed as approved by the Board.
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SECTION SIX
AWARD PROCESS
CM
Committee members shall independently evaluate and score their assigned portions of the submitted
Applications, consulting with non-committee Corporation staff and legal counsel as necessary and
appropriate. E
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The Committee shall conduct at least one public meeting during which the Committee members may
0
discuss their evaluations, select Applicants to be considered for award, and make any adjustments
deemed necessary to best serve the interests of the Corporation's mission. The Committee will list the
Applications deemed eligible for funding in order applying the funding selection criteria outlined in
Section Five above, and develop a recommendation or series of recommendations to the Board.
The Board may use the Applications,the Committee's scoring, any other information or
recommendation provided by the Committee or staff, and any other information the Board deems
relevant in its selection of Applicants to whom to award funding. Notwithstanding an award by the
to
Board pursuant to this RFA, funding will be subject to a positive recommendation from the Credit
Underwriter based on criteria outlined in the credit underwriting provisions in Exhibit F of this RFA.
U)
The Corporation shall provide notice of its decision, or intended decision, for this RFA on the
Corporation's Website the day of the applicable Board vote. After posting, an unsuccessful Applicant
CL
may file a notice of protest and a formal written protest in accordance with Section 120.57(3), Fla. Stat.,
et. al. Failure to file a protest within the time prescribed in Section 120.57(3), Fla. Stat., et. al. shall
constitute a waiver of proceedings under Chapter 120, Fla. Stat.
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After the Board's decision to select Applicants for funding in this RFA has become final action,the _
Corporation shall offer all Applicants within the funding range an invitation to enter credit underwriting.
The Corporation shall select the Credit Underwriter for each Development.
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Exhibit A to RFA 2019-101—CDBG-DR Financing in Monroe County
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1. Certification and Acknowledgement forms o
a. Applicant Certification and Acknowledgement form o
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0
Provide the Applicant Certification and Acknowledgement, executed by the Authorized
Principal Representative, as Attachment 1.
U)
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b. Land Owner Certification and Acknowledgement form (Priority I and II Applications only)
To be considered a Priority I or 11 Application, provide the Land Owner Certification and
Acknowledgement form, executed by the Authorized Land Owner Representative as
Attachment 1. CL
2. Demographic Commitment
The Demographic Commitment must be Workforce, serving the general population.
0
3. Applicant, Developer, Management Company,and Contact Person
a. Applicant
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(1) Name of Applicant
0
G�ck here to enter text, .2
(2) Does the Application qualify as a Priority 1, 11 or III?
Choose a ln....!tern,
If a Priority I or Priority 11, state the name of the Local Government, Public
Housing Authority, Land Authority, or Community Land Trust that is the Land
Owner for use in the Land Owner Award Tally and, if applicable, will be the
recipient of the Land Acquisition Program Funding.
.IL.!Lc III...IIh.L".!L:.L"to.... ....L".n'..L".!I:....ext,.
If the Community Land Trust holds 100 percent ownership in the land, the Land
Trust must demonstrate that it qualifies as a Community Land Trust by providing
the required Articles of Incorporation as Attachment 2.
0
(3) Provide the required documentation to demonstrate that the Applicant is a
legally formed entity qualified to do business in the state of Florida as of the
Application Deadline as Attachment 2.
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(4) Non-Profit Applications
(a) Does the Applicant meet the definition of Non-Profit Entity as set forth
Exhibit B of this RFA?
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Choose a ln....!tern,
0
If"Yes", provide the required information for the Non-Profit entity as
Attachment 3.
0
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(b) Does the Applicant meet the definition of 100% Non-Profit Entity as set
forth Exhibit B of this RFA? U)
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0
Choose an Intern. C)
...........................................................................
(5) Community Land Trust Experience
4)
U)
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Is the Applicant a Single Purpose Legal Entity that is a Joint Venture with an
ownership structure that consists of a Community Land Trust?
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Choose an i°item.
If"Yes", provide the required information for the Community Land Trust entity
as Attachment 3.
b. General Developer Information
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(1) Name of each Developer(including all co-Developers)
2
.IL.!LL.III...I here.... ....enter....text,
.
(2) For each Developer entity listed in question (1) above (that is not a natural
person), provide, as Attachment 4, the required documentation demonstrating
that the Developer is a legally formed entity qualified to do business in the state
of Florida as of the Application Deadline.
(3) Affordable Housing Experience Funding Preference
Does at least one natural person Principal of the Developer entity, or if more
than one Developer entity, at least one natural person Principal of at least one
of the Developer entities, meet the requirements to qualify for the Previous
Affordable Housing Experience Funding Preference?
Choose an i°item.
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If"Yes", in order to qualify for the preference, provide, as Attachment 4,the
required prior experience chart demonstrating the experience.
(4) Federal Funding Experience Funding Preference
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Does at least one Principal of the Developer entity, or if more than one
Developer entity, at least one Principal of at least one of the Developer entities,
meet the requirements to qualify for the Federal Funding Experience
Preference?
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Choose a ln !teirn,
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If"Yes", in order to qualify for the preference,the prior experience chart
provided as Attachment 4 must demonstrate the experience.
0
C. Principals Disclosure for the Applicant and for each Developer(5 points)
(1) Eligibility Requirement
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To meet the submission requirements, upload the Principals of the Applicant
and Developer(s) Disclosure Form (Form Rev. 08-16) ("Principals Disclosure
Form")with the Application and Development Cost Pro Forma, as outlined in
Section Three of the RFA. U)
(2) Point Item
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Applicants will receive 5 points if the uploaded Principal Disclosure Form was
stamped "Approved" during the Advance Review Process provided (a) it is still
correct as of Application Deadline, and (b) it was approved for the type of
funding being requested (i.e., Housing Credits or Non-Housing Credits).
d. General Management Company
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Name of the Management Company:
2
.IL.!LdIII...here entertext,
If the Development consists of more than 25 units, provide, as Attachment 5, the
required prior experience chart for the Management Company or a principal of the
Management Company reflecting the required information.
e. Authorized Principal Representative/Contact Person
(1) Authorized Principal Representative contact information (required)
0
I°d� here enter Name: I :.........IL.....IL..........."....."t..................... .... ...
Organization: .IL.!LdIII...III.".!I:."to.... .... .n'..".!I:....text,
Street Address: .Ili°i.�.Ilr»....here.... .... .lid..".II:...text,.
City: .IL.!LdIII...here.... .... .n'..".!I:....text,
State: QldI....III' ".II:."to.... .... .lid..".II:...text,.
Zip: Q d here to entertext,
Telephone: Q d heire to entertext, ,-
E-Mail Address: Ili°id Iheire to enter text.
(2) Operational Contact Person information (optional)
Name: Ilfidl here t enter text.
Organization:
.............. ....d.....Iheir ... ... .enter text.
e to
Street Address: Ili°idl here t enter text, �
City: Ilildl here t enter text,
...........................................................................
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State: Ilfidl Ilhere to enter text.
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Zip: .IL.!LdIII...I here.... .... .enter....text,
.
Telephone: .II!°i III...IIh.L".!I: "..to.. ....L".I!"?..L".II:....ext,. o
E-Mail Address: .IL!LdIII....I here.... .... .lid..".II:...text,.
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4. General Proposed Development Information
a. Name of the proposed Development
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Ilildl Ilhere to enter text.
b. Development Category must be new construction, with or without acquisition. All units
must consist entirely of new construction units. Rehabilitation of existing units is not
allowed. Demolition of current structures is allowed.
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C. Select the Development Type
Choose an i°item.
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d. Resiliency Preference
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Does the proposed Development meet the Resiliency Preference?
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Choose an i°item. .2�
e. Has construction commenced?
Choose an i°item.
Note: If"Yes", all rules and regulations in 24 CFR Part 92, which includes cross-cutting
Federal Regulations,will apply.
5. Location of proposed Development
a. This RFA is open only to proposed Developments located in Monroe County.
b. Address of Development Site
Ilildl Ilhere to enter text.
C. Does the proposed Development consist of Scattered Sites? cm
h nc an i°item, o
d. Latitude and Longitude Coordinates
(1) Latitude and Longitude Coordinates of the first site
Latitude in decimal degrees, rounded to at least the sixth decimal place
Ilildl Ilhere to enter text.
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Longitude in decimal degrees, rounded to at least the sixth decimal place
.IL.!Lx.Ilt...I here.... ....enter....text,. o
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(2) If the proposed Development consists of Scattered Sites, identify the latitude
and longitude coordinate for any additional sites not identified above, rounded
to at least the sixth decimal place:
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.IL.!LL.IIt...I here.... ....enter....text,
.
6. Number of Building and Units
U)
a. Total number of units in the proposed Development: CHck....IIhL".p„rv„ „o enter text, �
b. Set-Aside Commitments CL
(1) Workforce Units
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The Applicant must commit to set aside 100 percent of the total units at or
below 80 percent Area Median Income (AMI).
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(2) Extremely Low-Income (ELI) Set-Aside Units
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At least 10 percent of the total units must be set-aside at or below 25 percent 2
AMI as Extremely Low-Income (ELI) Set-Aside Units.
(3) Link Units for Persons with Special Needs
All Developments must commit to set-aside at least 50 percent of the ELI Set-
Aside units (i.e., at least 5 percent of the total units) as Link Units for Persons
with Special Needs.
to
e. Unit Mix Chart >
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Number of Number of Units per Number of Units that
Bedrooms/Bathrooms Bedroom Type are ELI Set-Aside
per Unit Units
Choose an Itvm.,. I nt v� I .n t e N U IT I h 0..
C"Inuuse...:.n ItvmG.:. I neg IVUITI,I.ug:: I�,Crtv IVUI...Ihu..
0
0
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(a) How many Zero Bedroom Units are described in the unit mix chart?
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Enter Wlirnlbeir
(b) How many one-bedroom units are described in the unit mix chart? o
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0
Enter Wlirnlbeir �
(c) How many two-bedroom units are described in the unit mix chart?
0
to
Enter ''..�lirn.I eii:
(d) How many three-bedroom units are described in the unit mix chart?
Enter Wlirnlbeir
..................................................................
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(e) How many four-bedroom units are described in the unit mix chart?
Enter Wlirnlbeir
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f. Number of Buildings
Number of anticipated residential buildings: .lntei:.... '�Illirnbeiry �
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7. Readiness to Proceed
a. Site Control
Provide the required documentation to demonstrate site control as Attachment 6.
b. Ability to Proceed documents
(1) Provide the required documentation to demonstrate zoning as Attachment 7.
to
(2) Provide the required documentation to demonstrate availability of electricity as
Attachment 8.
(3) Provide the required documentation to demonstrate availability of water as
Attachment 9.
(4) Provide the required documentation to demonstrate availability of sewer as
Attachment 10.
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(5) Provide the required documentation to demonstrate availability of roads as
Attachment 11.
8. Construction Features CM
a. Federal requirements and State Building Code requirements for all Developments are
outlined in Section Four.
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b. General feature requirements for all Developments are outlined in Section Four.
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C. Accessibility feature requirements for all Developments are outlined in Section Four. 0
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d. Green Building Features:
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(1) Green Building feature requirements for all Developments are outlined in
Section Four. U)
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(2) Applicants must commit to achieve one of the following Green Building
Certification programs described in Section Four.
U)
9. Resident Programs
For all proposed Developments that consist of less than eight units, there is no requirement to CL
commit to any of the resident programs below. For proposed Developments that consist of
eight to 25 units, it is a Mandatory requirement that at least one of the resident programs is
selected, but this may be off-site if accommodations are made so that residents can attend. For
all proposed Developments that consist of more than 25 units, it is a Mandatory requirement
that at least two of the resident programs are selected and offered on-site.
❑ After School Program for Children co
❑ Adult Literacy
❑ Employment Assistance Program
❑ Family Support Coordinator
❑ Financial Management Program
10. Funding
a. Corporation Funding
(1) Development Funding available to all Applicants
(a) Development Funding Request Amount: $ .IL!°LL.I IIheir "..to.. ....L".n'..L".!I:....ext,.
(b) Land Acquisition Program Funding Request Amount: $ Ili°i.L.II�..IIh'..L"r .enter text,
.................................................
The Maximum Funding Request amounts are provided in Section Four A.10. of
the RFA.
(2) Other Corporation Funding
(a) If a PLP loan has been awarded for this Development, provide the
following information:
Corporation File# Amount of Funding
GIi I<Ihgotoei t� text $GI nore toLi t� tart
0
0
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(b) If any other Corporation funds will be incorporated as a source of
0
financing for the proposed Development, provide the information in the
chart below: 0
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0
Corporation Program Corporation File No. Amount of Funding 0
SAI L L..!"i.l."'.!....f.I.LL....N. .. ...L...I"i.l."'.f::..f.I.Le....N o,
HOME-Rental 1::::..!"i.1."'.!....f.I.Le....N. .. ...L...I"i.1."'.f::..f.I.Le....N. ..
MMRB n t e file IVu. n t e file IVu. U)
EHCL I ,,,ntg file No, Mlle NO, 0
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b. Non-Corporation Funding
Attach all funding proposals executed by the lender(s) or by any other source as
Attachment 12.
C. Development Cost Pro Forma CL
To meet the submission requirements, upload the Development Cost Pro Forma with
the Application and Principals of the Applicant and Developer(s) Disclosure Form (Form
Rev. 08-16) ("Principals Disclosure Form"), as outlined in Section Three of the RFA.
d. Public Housing Authority as a Principal of the Applicant Entity
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Is a Principal of the Applicant Entity a Public Housing Authority or an instrumentality of a
Public Housing Authority?
a
Choose an !tern,
If the Principal of the Applicant Entity is an instrumentality of a Public Housing
Authority, state the name of the Public Housing Authority:
.IL.!LdIII...I here.... ....enter....text,
C)
11. Uniform Relocation Act
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a. Are there any units occupied?
Choose an �tern,
If"Yes"-Go to question b. below.
If"No"-Go to question c. below.
b. Tenant Relocation Information for Existing Properties:
(1) How many total units now exist in the development? „Ili°iix.Il�....IIhx".p„rv„ „o enter text,
(2) How many units are occupied? .Ili°i Ili....II7!x.!I:x..to.. ....x.I!"?!..x.!I:....text,
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(3) Based on the income information of each tenant, is permanent relocation
0
(displacement) anticipated during or after the construction/redevelopment
period?
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0
Choose an fitern.
0
If"Yes", how many units are affected? CHck....I here.... .... .n'..".!I:....text,
U)
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(4) Will temporary relocation of any tenants be required? 0
Choose an i°item.
...........................................................................
U)
If"Yes", how many tenants will require temporary relocation? CHck.heire toheir
enter text,
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(5) Provide the required list of all occupied units and tenant income certifications as
Attachment 13.
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(6) Provide the required description of how the Development will meet the set-
aside requirements as Attachment 14.
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(7) Provide the required description of how the cost of relocation will be covered as
Attachment 15.
C. Uniform Relocation Act (URA)Acquisition Information (For All Development Categories):
(1) Does the Applicant own the Development site?
Choose a ln....!tern,
If"Yes" - Provide a narrative regarding the acquisition as Attachment 16 and to
skip questions (2) through (4) below.
0
If"No" -Answer question (2) below.
(2) Is Applicant a private company?
Choose an i°item.
0
If"Yes" - Provide a copy of the notice provided to the current owner/seller as
Attachment 17 and skip questions (3) and (4) below.
If"No" -Answer question (3) below. CM
(3) Is the Applicant a public (government)Applicant?
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Choose a ln !teirn,
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If"Yes" -Answer question (4) below.
If"No" -Skip question (4) below.
(4) Does the Applicant have eminent domain power?
U)
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Choose an i°item.
If"Yes" - Provide a copy of the required notice as Attachment 18.
U)
If"No" - Provide the required information as Attachment 18.
CL
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B. Addenda
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The Applicant may use the space below to provide any additional information or explanatory :3
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addendum for items in the Application. Please specify the particular item to which the
additional information or explanatory addendum applies.
a
IlfckI here t enter text,
C)
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Exhibit B—Definitions
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"100% Non-Profit An entity that is wholly-owned (i.e. 100 percent owned) by one or more qualified
Entity" non-profit organization as defined in Section 42(h)(5)(C), subsection 501(c)(3) and
501(c)(4) of the Internal Revenue Code, as in effect on the date of this RFA, and o
organized under Chapter 617, F.S., if a Florida corporation, or organized under o
similar state law if organized in a jurisdiction other than Florida, to provide housing
and other services on a not-for-profit basis. U)
0
"Affiliate" Any person that:
(a) Directly or indirectly,through one or more intermediaries, controls, is controlled
U)
by, or is under common control with the Applicant or Developer;
(b) Serves as an officer or director of the Applicant or Developer or of any Affiliate CL
of the Applicant or Developer;
(c) Directly or indirectly receives or will receive a financial benefit from a
Development with the exception of third-party lenders, third-party management
agents or companies, third-party service providers, Housing Credit Syndicators,
credit enhancers regulated by a state or federal agency, or contractors whose total
fees are within the limit described in this RFA, or co
0
(d) Is the spouse, parent, child, sibling, or relative by marriage of a person described
in paragraph (a), (b) or(c), above.
"Community A 501(c)(3)Applicant which acquires or develops parcels of land for the primary
Land Trust" purpose of providing affordable housing in perpetuity through conveyance of the
structural improvement subject to a long term ground lease which retains a
preemptive option to purchase any such structural improvement at a price
determined by a formula designed to ensure the improvement remains affordable
in Perpetuity. C)
"Development The total of all costs incurred in the completion of a Development excluding
Cost" Developer Fee, operating deficit reserves, and total land cost as typically shown in
the Development Cost line item on the development cost pro forma.
"For Profit Entity" A entity with an ownership structure that includes an entity with at least one for
profit Principal, and therefore does not meet the definition of 100% Non-Profit
CM
Entity.
"Land Authority" An entity created by Section 380.0663, F.S.
"Land Owner" For purposes of Priority I and II Applications, a Local Government, Public Housing
Authority, Land Authority, or Community Land Trust that owns the land or will own
CM
the land used for the proposed Development. A Land Owner Certification form is
required to be submitted in all Priority I or II Applications.
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"Local Local Government as defined in Section 420.503 F.S.
0
Government"
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"Non-Profit" A qualified non-profit entity as defined in Section 42(h)(5)(C), subsection 501(c)(3)
or 501(c)(4) of the IRC and organized under chapter 617, F.S., if a Florida
Corporation, or organized under similar state law if organized in a jurisdiction other
than Florida,to provide housing and other services on a not-for-profit basis,which
owns at least 51 percent of the ownership interest in the Development held by the
general partner or managing member entity, which shall receive at least 25 percent
of the Developer Fee, and which entity is acceptable to federal and state agencies
and financial institutions as a Sponsor for affordable housing. A for-profit entity
wholly owned by one or more qualified non-profit organizations will constitute a
Non-Profit entity.The purpose of the Non-Profit must be, in part, to foster low-
income housing and such purpose must be reflected in the Articles of Incorporation
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of the Non-Profit entity. A Non-Profit entity shall own an interest in the
Development, either directly or indirectly; shall not be affiliated with or controlled
by a for-profit Corporation; and shall materially participate in the development and
operation of the Development throughout the total affordability period as stated in
the Land Use Restriction Agreement.
"Perpetuity" At least 99 years from the loan closing. co
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"Principal" (a) For a corporation, each officer, director, executive director, and shareholder of
the corporation. 2
a
(b) For a limited partnership, each general partner and each limited partner of the
limited partnership.
(c) For a limited liability company, each manager and each member of the limited
liability company.
(d) For a trust, each trustee of the trust and all beneficiaries of majority age (i.e.; 18
years of age) as of Application deadline.
0
(e) For a Public Housing Authority, each officer, director, commissioner, and
executive director of the Authority.
(f) For a Local Government or Land Authority, a designated individual with authority
to bind the Local Government or Land Authority and execute documents on behalf
of the Local Government or Land Authority.
0
"Public Housing Public Housing Authority as created in 421.04, F.S.
Authority"
"Regulated (a)A state or federally chartered entity authorized to transact business in this state
Mortgage that regularly engages in the business of making mortgage loans secured by real
Lender" property in this state, whose mortgage lending activities subject it to the
jurisdiction of the State of Florida Office of Financial Regulation,the Board of
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Governors of the Federal Reserve, Office of the Comptroller of the Currency, the
0
National Credit Union Administration, or the Federal Deposit Insurance
Corporation; (b)A Fannie Mae-approved lender whose name appears on the Fannie
Mae list of Delegated Underwriting and Servicing (DUS°) Lenders*; (c)A HUD-
approved lender whose name appears on the U.S. Department of Housing and
Urban Development (HUD) list of Multifamily Accelerated Processing (MAP)
Approved Lenders*; (d) A RD-approved lender whose name appears on the U.S.
Department of Agriculture, Rural Development(RD), list of Section 538 Guaranteed
Rural Rental Housing approved lenders*; or(e) A Freddie Mac-approved
multifamily lender whose name appears on Freddie Mac's lists of Program Plus
(Florida region) lenders,Targeted Affordable Housing lenders or Seniors Housing
lenders*; or(f) a mortgage lender that is a certified Community Development
Financial Institution (CDFI) in the State of Florida that has been awarded funding
from the CDFI Fund in a cumulative amount of at least$5,000,000, exclusive of New CL
Market Tax Credit (NMTC) awards, whose name and CDFI awards can be confirmed
on the CDFI Fund's web site (Qualified CDFI, and the affiliate(s) of such Qualified
CDFI. As used herein,the affiliate(s) of a Qualified CDFI means the parent,
subsidiary or successor of the Qualified CDFI, or an entity that shares common
ownership or management with the Qualified CDFI. If the lender is an affiliate of
the Qualified CDFI,the funding letter(s) being considered by the Corporation must
include the name of the Qualified CDFI and a statement that the lender is an co
affiliate of the Qualified CDFI.
*These documents are available on the RFA Website. 2
a
"Workforce All of the units must be general occupancy, set aside at 80 percent AMI or less.
Housing"
C)
0
0
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Exhibit C—Additional Information
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1. Total Development Cost Per Unit Limitation
a. The Total Development Cost Per Unit Limitation was reviewed during the scoring o
process as outlined in Section Five, A. During credit underwriting and final cost
"
certification, the Total Development Cost Per Unit Limitation will be reviewed again
using the values in the chart below.
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Total Development Cost Per Unit Base Limitations
a
New Construction Units
a
Measure Wood* E55*
CIL
Maximum TDC Per Unit Limitation**
for all counties except Broward and $206,000 $248,000
Miami-Dade j
Maximum TDC Per Unit Limitation**
for Broward and Miami-Dade $217,000 $260,000 _
counties M
Applicable TDC Multipliers(to be applied against the Development's TDC)and TDC Add-Ons(to be added
to the Maximum TDC Per Unit Limitation)
--------------------------------------------------------------------------------------------------------------------------------------------------
------Multiplier for Florida Keys Area for all areas north of Plantation 65%
Key(i.e.,north of Tavernier Creek)
..................................................................................................................................................................................................................................................................................................................................................................................
TDC Multiplier for Florida Keys Area for all areas located on or south 50%*** M
of Plantation Key(i.e.,south of Tavernier Creek)
CL
$5,000 of additional per unit costs CL
TDC Add-On for the additional costs related to the Federal Program will be added to the above
Maximum TDC Per Unit Limitation
.................................................................................................................................................................................................................................................................................................................................................................................. a
* ESS means Enhanced Structural Systems Construction.
** Exclusive of land costs and exclusive of any approved operating deficit reserves that are part of the permanent phase(i.e.,non- °
construction)financing for the Development which have not been included within the Developer fee.When the term of operating
deficit reserves(ODR)is mentioned in this TDC Per Unit Limitation section,the term shall refer to these particular operating
deficit reserves. Examples of reserves which can be considered part of the operating deficit reserve for this calculation are
provided in the Operating Deficit Reserve portion of the Funding section in the RFA.For purposes of property acquisition
valuation(land with or without building improvements),the Corporation uses the lesser of the appraised value,or the actual cost
of acquisition.The appraised value will be determined during credit underwriting.When land costs are referenced in this TDC Per C
Unit Limitation section,the reference shall be limited to the amount of the land cost approved by the Corporation to be provided CL
in the final cost certification under the land owned cost line item.For Applicants that have a public housing �.
authority/instrumentality of a public housing authority listed as a Principal on the Applicant's Principal Disclosure Form may also
exclude demolition costs and tenant relocation costs from TDC PU Limitation calculations. The total amount of costs that are to
be excluded from the TDC Per Unit Limitation process are the applicable land costs,operating deficit reserves and certain PHA °
costs described herein are referred to in Exhibit C in the congregate as applicable qualifying costs.
04
ca
***If the proposed Development consists of Scattered Sites,the 50%TDC Multiplier applies only if all of the sites are located south of
Tavernier Creek.
°
b. Any Applicant that has the Credit Underwriter present a credit underwriting report with
an amount that exceeds these limitations by more than 5 percent, after taking into
consideration an escalation factor for development costs rising after the Application
Deadline of either(i) 3.0 percent for any Development with the Development Category
of new construction, or(ii) 2.3 percent for any Development with the Development
Category of Rehabilitation or acquisition and Rehabilitation, and incorporating any
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applicable TDC reduction and adjustments processes provided below will receive a
0
negative recommendation by the Credit Underwriter.
0
Any Applicant that has the Credit Underwriter present a credit underwriting report with
an amount that exceeds these limitations will require staff to review the credit
underwriting report for compliance to the TDC reduction and adjustment procedure
provided below:
U)
(1) A TDC Per Unit Limitation is the maximum allowable and is determined by
adding the applicable TDC Per Unit Base Limitation from the table above with
respect to the Development as provided in this RFA to any applicable TDC add-
on and multiplying that sum by the appropriate escalation rate, and then
dividing by any applicable TDC multiplier and finally taking the resulting amount
and multiplyingit b the number of total units in the Development. If there are
� Y p
multiple unit types, this process is done for each unique unit type and then they CL
are all added together.
The Developer Fee will be limited to the maximum allowable within the TDC Per
Unit Limitation, in all instances. A Developer Fee can be earned on
Development Cost as defined in Exhibit B, up to the maximum allowed within
the TDC Per Unit Limitation, but it cannot be earned on costs in excess of said
limitation. If the Development costs exceed the amount allowed by the TDC Per CO
Unit Limitation, then the maximum allowable Developer Fee will be adjusted as
outlined below. The maximum allowable Developer Fee limit can be
determined by taking the TDC Per Unit Limitation amount and dividing by 1.16*
and then multiply the result by 16 percent*. This will yield the maximum
allowable Developer Fee within the TDC Per Unit Limitation.
Prior to determining any necessary adjustment, if the Developer Fee initially stated by
the Applicant or Credit Underwriter is in excess of the maximum allowable Developer
Fee as provided in 1.b.(1) above, the stated Developer Fee will be reduced to said
maximum allowable Developer Fee, and the TDC will be equally reduced to incorporate
the cost reduction.
0
(2) Subsequent to reducing the stated Developer Fee to the maximum allowable
amount provided above, additional adjustments may be necessary if the TDC
Per Unit Limitation remains exceeded. An adjustment to the maximum
allowable Developer Fee limit shall be determined by reducing the maximum
allowable Developer Fee, as determined in 1.b.(1) above, dollar-for-dollar,for
CM
any costs in excess of the amount allowed by the TDC Per Unit Limitation, up to
the lesser of(a) the actual amount of costs in excess of the amount allowed by
the TDC Per Unit Limitation, (b) $500,000, or (c) 25 percent of the initial
maximum allowable Developer Fee limit. If the stated Developer Fee, inclusive
of any necessary adjustments incorporated above, exceeds the maximum
allowable Developer Fee limit as adjusted herein,the stated Developer Fee,
CM
inclusive of any necessary adjustments incorporated above shall be further
adjusted to not exceed the new maximum allowable Developer Fee limit, and
the Applicant's TDC will be equally reduced to incorporate the cost reduction. If
after following this Developer Fee limitation process, the Applicant's TDC
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exclusive of the applicable qualifying costs is reduced to be within the amount
0
allowed by the TDC Per Unit Limitation, then the Developer Fee adjustment
calculation is complete. If the Applicant's TDC exclusive of the applicable o
qualifying costs remains above the amount allowed by the TDC Per Unit
Limitation,then there is an additional Developer Fee adjustment process, as
outlined in (3) below.
(3) An additional Developer Fee limitation adjustment will be initiated to further
reduce the allowable maximum Developer Fee limit in the event the Applicant's o
to
TDC exclusive of the applicable qualifying costs (as adjusted above) exceeds the
TDC Per Unit Limitation. The reduction will be determined by deriving a
percentage amount that the Applicant's TDC exclusive of the applicable
qualifying costs (as adjusted above) exceeds the TDC Per Unit Limitation and
multiplying this excess percentage by the amount of the adjusted Developer
CL
Fee, resulting in a product that is the additional adjustment to the Developer
Fee. For instance, if the Applicant's adjusted TDC excusive of the applicable
qualifying costs exceeds the limitation by 4 percent,then the maximum
allowable Developer Fee limit is further reduced by 4 percent. If the stated
Developer Fee is greater than this limit, it must be reduced to be equal to the
new limit. Once this step is complete, there is no further Developer Fee
adjustment or corresponding cost savings mandated to be incorporated into the :3
co
Applicant's TDC for this process.
It is at this point that the Applicant's adjusted TDC exclusive of the applicable qualifying
costs are compared to the TDC Per Unit Limitation, and if the TDC Per Unit Limitation is
exceeded by more than 5 percent (as presented in the opening paragraph of 1.b above),
the credit underwriting report shall be presented with a negative recommendation by
the Credit Underwriter.
As a note, if the Developer Fee in the credit underwriting report is already at or below
the maximum allowable Developer Fee limit,then there is no additional adjustment
mandated to be incorporated into the Developer Fee. This also means there are no to
corresponding cost savings to reduce the Applicant's TDC since all TDC cost reductions
stemming from this process are coming from reducing the Developer Fee. If the
Developer Fee in the credit underwriting report needs to be reduced to incorporate any
adjustment as provided above, then as the Developer Fee is reduced, so is the
Applicant's TDC in order to incorporate the reduced Developer Fee cost.
For example:
A 45-unit Development located in Bay County with a Development Category of new
construction and a Development Type of Garden-Wood (NC) with 45 units. The credit o
underwriter initially reports the Applicant's TDC of$10,320,000, inclusive of the
Applicant's stated Developer Fee of$1,423,000, but exclusive of applicable qualifying
costs at time of credit underwriting, and also prior to any adjustment. The Applicant
does qualify for a TDC Add-On of$5,000 for the Federal Boost.
Calculate TDC Limitation for the Development and Maximum Allowable Developer Fee
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1.(a) TDC Per Unit Base Limitation, inclusive of any applicable TDC Add-On ($5,000), o
any applicable TDC Multiplier (100%), and the credit underwriting escalation
rate (3.0%): [ ($206,000.00 Per Unit+$5,000 TDC Add-On)x 45 Garden-Wood o
(NC) Units )x(1 +3.0%) ]/ 100%TDC Multiplier=$9,779,850. (To determine
0
the final TDC PU Limitation, divide by total units: $9,779,850/45 Total Units =
$217,330.00 Per Unit.)
1.(b) Implied maximum Development Cost per the limitation: $9,779,850+ 1.16=
$8,430,906. o
C)
1.(c) Determine maximum allowable Developer Fee limit within the TDC limitation
(prior to any applicable Developer Fee adjustment): $8,430,906 x 16%_
$1,348,944.
(Note: The calculations in both 1.(b) and 1.(c) incorporates the requirement to CL
round down the Developer Fee to the next lower whole dollar.)
First Developer Fee/TDC adjustment Calculation Methodology(if necessary)
2.(a)(i) Is the Applicant's initial Developer Fee ($1,423,000)greater than the maximum
allowable of$1,348,944? $1,423,000>$1,348,944;Yes.
co
2.(a)(ii) If the response to 2.(a)(i) is "Yes",then determine the excess: $1,423,000 -
$1,348,944=$74,056(initial excess Developer Fee and initial excess TDC of
Applicant).
a
2.(b) Reduce the Applicant's initial Developer Fee to the lesser of either the maximum
allowable ($1,348,944) or the Applicant's initial fee ($1,423,000) and reduce the
Applicant's initial TDC by an equal amount: $1,423,000-$74,056=$1,348,944
(Applicant's initial adjusted fee); $10,320,000-$74,056=$10,245,944
(Applicant's initial adjusted TDC).
2.(c) If the response to 2.(a)(i) is "No" or once the adjustment of 2.(b) has been
completed, then determine if the Applicant's (adjusted)TDC remains in excess
of the limitation and if so,the amount of the excess: $10,245,944 (initial
adjusted TDC) >$9,779,850 (TDC limitation); $10,245,944 -$9,779,850=
$466,094 (excess).
2.(d) Determine the components used to calculate an adjusted maximum allowable
Developer Fee. Any adjustment will be the lesser of either (i) 100%of the
excess TDC ($466,094), (ii) $500,000, or (iii) 25 percent of the maximum
allowable Developer Fee limit(25%x$1,348,944=$337,236) : $337,236<
$466,094<$500,000. o
2.(e) Apply the least amount of the three components in 2(d) above ($337,236)to
determine the maximum allowable Developer Fee limit, subject to this
adjustment: $1,348,944-$337,236=$1,011,708(maximum fee limit at this
stage).
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2.(f) Determine if the Applicant's initial adjusted Developer Fee (as provided in 2.(b)
above) is greater than the new maximum allowable Developer Fee limit(from
2.(e) above) and, if so, reduce the Applicant's initial adjusted fee appropriately: o
$1,348,944 (Applicant's initial adjusted fee) > $1,011,708(maximum fee limit at
this stage); Adjust the fee appropriately: Applicant's interim adjusted fee=
$1,011,708.
2.(g) Determine the Applicant's TDC reduction due to the Developer Fee adjustment
in 2.(f) above and apply the adjustment accordingly: $1,348,944 (Applicant's initial o
to
adjusted fee) -$1,011,708=$337,236(Applicant's TDC reduction); $10,245,944 -
$337,236=$9,908,708(Applicant's interim adjusted TDC). (As a note, this TDC is still
greater than the TDC Per Unit Limitation so an additional adjustment to the maximum
allowable Developer Fee will need to be calculated.)
Second Developer Fee/TDC adjustment Calculation Methodology(If necessary) CL
3.(a) Determine the percentage the Applicant's (adjusted)TDC without the applicable
qualifying costs (as adjusted above in 2.(g))that exceeds the amount allowed by
the TDC Per Unit Limitation: Amount of excess TDC: $9,908,708 (Applicant's
interim adjusted TDC) -$9,779,850(TDC limitation) =$128,858 (excess TDC);
Excess TDC as a percentage of TDC Limitation: $128,858-$9,779,850= 1.32%.
(Note: This number is only rounded here for illustrative purposes. The actual CO
calculation will not be rounded.)
3.(b) Determine the final maximum Developer Fee limit: 1.32%x$1,011,708 .
(maximum fee limit from 2.(e) above) =$13,330; $1,011,708 -$13,330=
$998,378 (final maximum allowable Developer Fee limit).
3.(c) Determine if the Applicant's interim adjusted Developer Fee (from 2.(f) above) is
greater than the final maximum allowable Developer Fee limit(from 3.(b)
above) and, if so, reduce the Applicant's interim adjusted Developer Fee
appropriately: $1,011,708 (Applicant's interim adjusted fee) >$998,378 (final
fee limitation); $1,011,708-$13,330=$998,378(Applicant's final adjusted
Developer Fee).
3.(d) Determine the Applicant's final adjusted TDC at time of credit underwriting by
taking the Applicant's interim adjusted TDC(as provided in 2.(g) above) and
subtracting any adjustment to the Applicant's final adjusted Developer Fee
(from 3.(c) above): $9,908,708-$13,330=$9,895,378 (Applicant's final
adjusted TDC).
3.(e) Verify the status of the 5%variance test: ($9,895,378-$9,779,850)/$9,779,850=
1.18%, which falls within the criteria of being less than or equal to 5% above of the
amount allowed by the TDC Per Unit Limitation.c. Any Applicant that presents a
Final Cost Certification Application Package (FCCAP)that has applicable TDC amounts
that exceed the TDC Per Unit Limitation will require staff to review the FCCAP for
compliance to the procedure provided in (1), (2) and (3) below if the Applicant did not
have its Developer Fee adjusted at credit underwriting as provided in 1.b.above,
either voluntarily or by the credit underwriter in order to get the Applicant's TDC
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exclusive of the applicable qualifying costs to be in compliance with the TDC Per Unit
0
Limitation requirements.
0
(1) A TDC Per Unit Limitation is the maximum allowable and is determined by
adding the applicable TDC Per Unit Base Limitation from the table above with
respect to the Development as provided in this RFA to any applicable TDC add-
on and multiplying that sum by the appropriate escalation rate, and then
dividing by any applicable TDC multiplier and finally taking the resulting amount
and multiplying it by the number of total units in the Development. If there are
multiple unit types, this process is done for each unique unit type and then they
are all added together.
The Developer Fee will be limited to the maximum allowable within the TDC Per
Unit Limitation, in all instances. A Developer Fee can be earned on
Development Cost as defined in Exhibit B, up to the maximum allowed within CL
the TDC Per Unit Limitation, but it cannot be earned on costs in excess of said
limitation. If the Development costs exceed the amount allowed by the TDC Per
Unit Limitation, then the maximum allowable Developer Fee will be adjusted as
outlined below. The maximum allowable Developer Fee limit can be
determined by taking the TDC Per Unit Limitation amount and dividing by 1.16*
and then multiply the result by 16 percent*. This will yield the maximum
allowable Developer Fee within the TDC Per Unit Limitation. CO
r_
Prior to determining any necessary adjustment, if the Developer Fee initially stated by
M
the FCCAP is in excess of the maximum allowable Developer Fee as provided in 1.c.(1) 2
above, the Developer Fee will be reduced to said maximum allowable Developer Fee,
and the Applicant's TDC will be equally reduced to incorporate the cost reduction.
(2) Subsequent to reducing the Developer Fee to the maximum allowable amount,
additional adjustments may be necessary if the TDC Per Unit Limitation
remains exceeded. An adjustment to the maximum allowable Developer Fee
limit shall be determined by reducing the maximum allowable Developer Fee
limit as determined in 1.c.(1) above, dollar-for-dollar,for any costs in excess of e,
the amount allowed by the TDC Per Unit Limitation, up to the lesser of(a)the
actual amount of costs in excess of the amount allowed by the TDC Per Unit
Limitation, (b) $250,000, or(c) 10 percent of the initial maximum allowable
Developer Fee limit. If the stated Developer Fee, inclusive of any necessary
adjustments incorporated above, exceeds the maximum allowable Developer
Fee limit as adjusted herein, the stated Developer Fee, inclusive of any
necessary adjustments incorporated above, shall be further adjusted to notCM
exceed the new maximum allowable Developer Fee limit, and the Applicant's
TDC will be equally reduced to incorporate the cost reduction. If, after
following this Developer Fee limitation process, the Applicant's TDC exclusive
of the applicable qualifying costs is reduced to be within the amount allowed
by the TDC Per Unit Limitation, then the Developer Fee adjustment calculation
is complete. If the Applicant's TDC exclusive of the applicable qualifying costs CM
remains above the amount allowed by the TDC Per Unit Limitation,then there
is an additional Developer Fee adjustment process, as outlined in (3) below.
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(3) An additional Developer Fee limitation adjustment will be initiated to further
0
reduce the maximum allowable Developer Fee limit in the event the
Applicant's TDC exclusive of the applicable qualifying costs (as adjusted above) o
exceeds the TDC Per Unit Limitation. The reduction will be determined by
deriving a percentage amount that the Applicant's TDC exclusive of the
applicable qualifying costs (as adjusted above) exceeds the amount allowed by
the TDC Per Unit Limitation, and multiplying this excess percentage by the
amount of the adjusted Developer Fee, resulting in a product that is the
additional adjustment to the Developer Fee. For instance, if the Applicant's
adjusted TDC exclusive of the applicable qualifying costs exceeds the limitation,
by 4 percent, then the maximum allowable Developer Fee limit is further
reduced by 4 percent. If the stated Developer Fee is greater than this limit, it
must be reduced to be equal the new limit. Once this step is complete, there is
no further Developer Fee adjustment or corresponding cost savings to beCL
incorporated into the Applicant's TDC as a result of this process.
If the Applicant already had its Developer Fee adjusted at credit underwriting as
provided in 1.b. above, either voluntarily or by the credit underwriter in order to get
the Applicant's TDC exclusive of the applicable qualifying costs to be in compliance with
the TDC Per Unit Limitation requirements, but the Applicant's TDC without the
applicable qualifying costs in the FCCAP is now less than the Applicant's TDC without
Co
the applicable qualifying costs provided in the credit underwriting report,then the
Developer Fee will be re-evaluated based on the procedure provided in 1.b. above,just
as if it were going through the credit underwriting report process again.
a
If the Applicant already had its Developer Fee adjusted at credit underwriting as
provided in 1.b. above, either voluntarily or by the credit underwriter in order to get
the Applicant's TDC exclusive of the applicable qualifying costs to be in compliance with
the TDC Per Unit Limitation requirements, and the Applicant's TDC the applicable
qualifying costs in the FCCAP exceeds the Applicant's TDC without the applicable
qualifying costs provided in the credit underwriting report, then the Developer Fee will
have an additional adjustment to be incorporated as provided in (4) below. For the
adjustment process below,the maximum initial Developer Fee (i.e., prior to any
adjustments provided in (4) below) cannot exceed the final Developer's fee as stated in
the credit underwriting report.
(4) For an Applicant that already had its Developer Fee adjusted at credit
underwriting as provided in 1.b. above and whose TDC without the applicable
qualifying costs in the FCCAP exceeds the Applicant's TDC without the
applicable qualifying costs provided in the credit underwriting report,the
maximum allowable Developer Fee limit will incorporate an additional
adjustment. This additional Developer Fee adjustment will be the lesser of(a)
the difference between the amount of the Applicant's TDC exclusive of the
applicable qualifying costs as reported in the FCCAP that is in excess of the
Applicant's TDC exclusive of the applicable qualifying costs provided in the
CM
credit underwriting report, (b) $250,000, or(c) 10 percent of the allowable
Developer Fee reported in the credit underwriting report. If the Developer Fee
in the FCCAP is already equal to or less than the maximum allowable Developer
Fee limit as determined with the incorporation of this additional Developer Fee
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adjustment, then neither the Developer Fee nor the Applicant's TDC is further
0
reduced.
0
For example:
0
Assuming the Development in the example provided in Lb. above provides an FCCAP
with the Applicant's TDC, exclusive of the applicable qualifying costs,which is$275,000
0
higher than the Applicant's TDC, exclusive of applicable qualifying costs, provided in the
credit underwriting report, but the Developer Fee is the same as provided in the credit U)
r_
underwriting report of$998,378. The additional Developer Fee adjustment will be the o
lesser of(a) $275,000 (the new excess costs), (b) $250,000 (the maximum dollar limit of
this additional Developer Fee adjustment), or(c) $99,838(10%of the allowable
Developer Fee reported in the credit underwriting report).Since option (c) is the least
amount of the three options, the allowable Developer Fee will be lowered by$99,838.
Since the Applicant's Developer Fee initially reported in the FCCAP is equal to the
CL
allowable Developer Fee reported in the credit underwriting report,the Applicant's
r_
Developer Fee will be adjusted in the same manner as the allowable Developer Fee. The
allowable Developer Fee and the Applicant's Developer Fee will be$898,540 (the
allowable Developer Fee reported in the credit underwriting report of$998,378, less the
adjustment of$99,838. The Applicant's TDC, exclusive of applicable qualifying costs, in
the FCCAP would be adjusted to $10,070,540 ($9,895,378 from the credit underwriting
report plus $275,000 of new additional costs less$99,838 for the reduction in allowable CO
Developer Fee).As a note, if the Developer Fee in the FCCAP is already at or below this
allowable Developer Fee, then there is no additional adjustment to be incorporated into
the Developer Fee. This also means there are no corresponding costs savings to reduce 2
a
the Applicant's TDC since all TDC cost reductions stemming from this process are coming
from reducing the Developer Fee. If the Developer Fee in the FCCAP needs to be
reduced to incorporate any adjustments provided above,then as the Developer Fee is
reduced, so is the Applicant's TDC in order to incorporate the reduced Developer Fee
cost.
* These figures represent the applicable Developer Fee percentage for the Development of 16%and one plus the
applicable Developer Fee percentage for the Development(1+16%).
0
2. Florida Job Creation Funding Preference
Each Application will be measured to determine whether it qualifies for the Florida Job Creation
Funding Preference. To determine eligibility for the preference, the Corporation will calculate
the Application's Florida Job Creation score,which will reflect the number of Florida jobs per$1
million of implied eligible CDBG-DR funding. To qualify for the Florida Job Creation FundingCM
Preference in Section Five of the RFA, all Applications must earn a Florida Job Creation score
4-
equal to or greater than 1.53. o
Determination of the Florida Job Creation score will be based on the following information:
CM
• The number of total units committed to by the Applicant(as stated by the Applicant at
question 6.a. of Exhibit A);
• The Florida job creation rate of 3.974 Florida Jobs per Unit;
• The Eligible CDBG-DR Request Amount.
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0
The score for the Florida Rate of Job Creation per$1 million of CDBG-DR funding will be
measured using the following calculation:
0
Number of units x 3.974 Florida Jobs per Unit x 1,000,000/ Eligible CDBG-DR Request
Amount= Florida Jobs per$1 million of CDBG-DR funding.
For example:
0
C)
Application A consists of 15 units and has an Eligible CDBG-DR Request Amount of
$5,500,000.
U)
15 x 3.974 x 1,000,000/5,500,000= Florida Job Creation score of 9.91.
CL
In the above example,the Application will qualify for the Job Creation Funding Preference
because it has a Florida Job Creation score that is at least 1.53.
0
3. Fees
The Corporation and, if applicable, the Credit Underwriter shall collect via check or money order O
CO
from the Applicant the following fees and charges in conjunction with this RFA. Failure to pay
any fee shall cause the funding awarded to be withdrawn.
All fees set forth below, except for Compliance Monitoring Fees and Loan Servicing Fees, are
part of Development Cost and can be included in the Development Cost Pro Forma and paid
with loan proceeds.
a. Application Fee
All Applicants requesting funding in this RFA shall submit to the Corporation as a part of
the Application submission a non-refundable Application fee as follows:
0
• The Application Fee for Priority I Applications is$1,500.
• The Application fee for Priority II and III Applications is$3,000.
b. Credit Underwriting Fees
The following fees are not the fees that will be charged but are listed below for
estimation purposes of completing the Development Cost Pro-Forma in the Application.
The actual fees will be determined based on the current contract, including any
addendum, for services between the Corporation and the Credit Underwriters in effect
at the time underwriting begins.
(1) Initial fee: $14,082
(2) Re-underwriting fee: $181 per hour, not to exceed $7,990.
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Any Development requiring further analysis by the Credit Underwriter will be
0
subject to a fee based on an hourly rate determined pursuant to contract
between the Corporation and the Credit Underwriter. All credit underwriting
fees shall be paid by the Applicant prior to the performance of the analysis by
the Credit Underwriter. If the Development involves Scattered Sites of units
within a single market area, a single credit underwriting fee shall be charged.
(3) Extraordinary Services fee (which includes the Capital Needs Assessment
Review, if applicable): $181 per hour.
to
(4) Credit Underwriting Extension Fees
Credit underwriting extension fees are outlined in Exhibit F.
C. Compliance Monitoring Fees CL
The following fees are not the fees that will be charged but are listed below for
estimation purposes of completing the Development Cost Pro-Forma in the Application.
The actual fees and percentage increases will be determined based on the current
contract, including any addendum, for services between the Corporation and the
Compliance Monitor(s). Fees will be for a term of 50 years.
CO
r_
(1) Initial Fee
A total annual fee comprised of a base fee of$168 per month +an additional
fee per set-aside unit of$10.30 per year, subject to a minimum of$263 per
month, and subject to an automatic annual increase of 3 percent of the prior
year's fee
(2) Follow-up Reviews/Extraordinary Services fee: $181 per hour
d. Commitment Fees C�
Each Applicant to which a firm commitment is granted shall submit to the Corporation a
non-refundable commitment fee of 1 percent of the CDBG-DR loan amount upon
acceptance of the firm commitment.
(1) Non-Profit sponsors who provide a certification indicating that funds will not be
available prior to closing shall be permitted to pay the commitment fee at
closing.
(2) All Applicants shall remit the commitment fee payable to the Florida Housing
Finance Corporation.
e. Credit Underwriting and Loan Closing Extension Fees
In the event the loan does not close within the timeframes prescribed, extension fees
will be assessed as follows:
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(1) The firm loan commitment(s) must be issued as follows:
0
The firm loan commitment must be issued within 12 months of the Applicant's
acceptance to enter credit underwriting. Unless an extension is approved by the
Corporation in writing, failure to achieve credit underwriting report approval
and issuance of a firm loan commitment by the specified deadline shall result in 2
withdrawal of the preliminary commitment. Applicants may request one
extension of up to six months to secure a firm loan commitment. All extension
requests must be submitted in writing to the program administrator and contain
to
the specific reasons for requesting the extension and shall detail the time frame
to achieve a firm loan commitment. In determining whether to grant an
extension, the Corporation shall consider the facts and circumstances of the
Applicant's request, inclusive of the responsiveness of the Development team c,
and its ability to deliver the Development timely.The Corporation shall charge a
CL
non-refundable extension fee of one percent of each loan amount if the request
to extend the credit underwriting and firm loan commitment process beyond
the initial 12 month deadline is approved. If an approved extension is utilized,
for profit Applicants must pay the extension fee not later than seven Calendar
Days after the original 12 month deadline. Non-Profit Applicants may request to
pay the extension fee at the time of closing. Any such request must be made in
writing to the Corporation. If, by the end of the extension period,the Applicant CO
has not received a firm loan commitment, then the preliminary commitment
shall be withdrawn.
(2) The loan must close as follows:
The loans and other mortgage loans related to the Development must close
within 120 Calendar Days of the date of the firm loan commitment(s). Unless an
extension is approved by the Board, failure to close the loan(s) by the specified
deadline outlined above shall result in the firm loan commitment(s) being
deemed void and the funds shall be de-obligated. Applicants may request one
extension of the loan closing deadline outlined above for a term of up to 90
Calendar Days. All extension requests must be submitted in writing to the
program administrator and contain the specific reasons for requesting an
extension and shall detail the time frame to close the loan.The Board shall
consider the facts and circumstances of each Applicant's request, inclusive of
the Applicant's ability to close within the extension term and any credit
underwriting report, prior to determining whether to grant the requested
CM
extension.The Corporation shall charge an extension fee of one percent of each
Corporation loan amount if the Board approves the request to extend the loan
closing deadline beyond the applicable 120 Calendar Day or 180 Calendar Day
period outlined above. If an approved extension is utilized, for profit Applicants
must pay the extension fee not later than seven Calendar Days after the original
loan closing deadline. Non-Profit Applicants may request to pay the extension
CM
fee at the time of closing. Any such request must be made in writing to the
Corporation. In the event the Corporation loan(s) does not close by the end of
the extension period, the firm loan commitment(s) shall be deemed void and
the funds shall be de-obligated.
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f. Loan Servicing Fees
0
The following fees are not the fees that will be charged but are listed below for
estimation purposes of completing the Development Cost Pro Forma in the Application.
The actual fees will be based on the current contract, including any addendum, for
services between the Corporation and the Servicer(s).
(1) Construction Loan Servicing Fees
0
C)
The loan has a Construction Loan Servicing Fee to be paid as indicated. The
following fees are listed for estimation purposes only; the actual fees will be
determined based on the current contract, including any addendum, for services U)
between the Corporation and Servicer(s) in effect at the time of loan closing.
CL
• $181 per hour for an in-house review of a draw request
• $181 per hour for on-site inspection fees, up to a maximum of$1,793
per draw
• $181 per hour for extraordinary services
(2) Permanent Loan Servicing Fees co
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The loan has a Permanent Loan Servicing Fee to be paid annually. The following
fee is listed for estimation purposes only; the actual fees will be determined
based on the current contract, including any addendum, for services between
the Corporation and Servicer(s) in effect at the time of loan closing.
• Annual fee of 25 bps of the outstanding loan amount, with a minimum
monthly fee of$216 and a maximum monthly fee of$859, and an hourly fee
of$181 for extraordinary services.
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g. Additional Loan Fees
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Applicants will be responsible for all fees associated with the Corporation's legal counsel
based on the current contract for services between the Corporation and the legal
counsel.
h. Construction Inspection Fees
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The following fees are not the fees that will be charged but are listed below for
estimation purposes of completing the Development Cost Pro Forma in the Application.
The actual fees will be based on the current contract, including any addendum, for
services between the Corporation and the Servicer(s).
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On-site construction inspection -$181 per hour, not to exceed $1,793 per inspection.
i. Assumption/Renegotiation Fees
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For all loans where the Applicant is requesting a sale and/or transfer and assumption of o
the loan,the borrower or purchaser shall submit to the Corporation a non-refundable
assumption fee of one-tenth of one percent of the loan amount. o
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For all loans where the Applicant is requesting a renegotiation of the loan,the borrower
shall submit to the Corporation a non-refundable renegotiation fee of one-half of one 2
percent of the loan amount.
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For all loans where the Applicant is requesting an extension of the loan term,the o
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borrower shall submit to the Corporation a non-refundable extension fee of one-tenth
of one percent of the loan amount. If the extension is associated with a renegotiation of
the loan,then only the renegotiation fee will be charged.
4. Additional Requirements
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By submitting its Application, the Applicant acknowledges and agrees that it will conform to the
following requirements:
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a. Eligible Reserve for Replacement Items
The replacement reserve funds required pursuant to Item 4.m. of Exhibit F are not to be
used by the Applicant for normal maintenance and repairs, but shall be used for co
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structural building repairs, major building systems replacements and other items
included on the Eligible Reserve for Replacement Items list, effective October 15, 2010.
a
The list is available on the RFA Website.
b. Financial Reporting Form SR-1
By the date that is 151 Calendar Days after the Applicant's fiscal year end of each year of
the loan term,the Applicant shall provide the Corporation's servicer with a certification
detailing the information needed to determine the annual payment to be made. The t�
Applicant shall complete and execute the annual reporting form, Financial Reporting
Form SR-1, Rev. 05-14, and shall submit the form to the Corporation's servicer in both
PDF format and electronic form as a Microsoft Excel spreadsheet.
The Financial Reporting Form SR-1 is available on the Corporation's Website
http://www.floridahousing.org/owners-and-managers/compliance/forms (also
accessible by clicking here).
C. Part IIIA, Sections 401 through 408 and 410, of the Fannie Mae Multifamily Selling and
Servicing Guide, in effect as of June 10, 2015
The financial statements and information provided for review pursuant to 4.n. of Exhibit
F should be in satisfactory form (inclusive of the substitution of the Multifamily
Underwriting Certificate referenced in Section 407 with a similar certification meeting
the same criteria) and shall be reviewed in accordance with Part IIIA, Sections 401
through 408 and 410, of Fannie Mae's Multifamily Selling and Servicing Guide, in effect
as of June 10, 2015, which is available on the RFA Website.
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When referring to the Multifamily Selling and Servicing Guide, any references to
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"Lender" means the "Corporation-assigned Credit Underwriter" and any references to
"Fannie Mae" means"Florida Housing Finance Corporation."
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d. Florida Housing Finance Corporation (FHFC) Insurance Guide
The Corporation shall require adequate insurance to be maintained on the
Development as determined by the first mortgage lender, the Corporation, or the
Corporation's servicer, sufficient to meet the standards established in the Florida
C)
Housing Finance Corporation (FHFC) Insurance Guide (and as amended from time to
time).The most recently published FHFC Insurance Guide is available on the
Corporation's Website http://www.floridahousing.org/owners-and-
managers/compliance/forms (also accessible by clicking here).
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4. CDBG-DR Other Federal Requirements
(1) Federal Labor Requirements -—Construction work over$2,000 that is financed
in whole or in part with CDBG-DR funds must comply with the Federal Labor _
Standards requirements as identified in 40 U.S.C. 3141, etseq.), and 29 CFR part
1, 3, 5, 6, and 7.
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Federal Labor Standards require that all persons working on the site be paid an
hourly rate not less than the minimum rate specified in the Wage Determination 2
issued by HUD for each particular property. The owner will be required to
submit to the Corporation, or its representative servicer, payroll reports and
certifications to verify wage payments. Conformance with Labor Standards will
be monitored during the construction/redevelopment period in conjunction
with the draw inspections by the consulting engineer/architect engaged by the
underwriter/servicer.
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If the Development contains 8 or more units to be redeveloped or constructed
under a single contract, the Corporation will require, prior to the start of
construction, certification by the Applicant that it has been advised by the
Corporation of its responsibilities and obligations regarding the federal labor
and wage requirements and that it agrees to comply with the guidelines.
(2) HUD Environmental Requirements—Applicant will be required to comply with
the HUD environmental requirements as provided in 24 CFR Part 58.
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(3) Debarment and Suspension -Owners and contractors are prohibited from
employing, awarding contracts, or funding any contractors or subcontractors
that have been debarred, suspended, proposed for debarment or placed on
ineligibility status by HUD. In addition, any owners who are debarred,
suspended, proposed for debarment, or ineligible will be prohibited from
participating in the Program. Therefore, a certification must be executed by the
contractor for compliance with debarment and suspension regulations. During
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the credit underwriting process the Applicant will be required to provide the
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executed certification form*.
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(4) Lead Based Paint- If the Development was built before 1978, Lead Based Paint
Regulations may apply. See 24 CFR Part 35 for exemptions. During the credit
underwriting process,the Applicant must certify that it understands the
requirements of the current HUD lead based paint regulations.
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If the Applicant is purchasing the property and the Development was built
before 1978, provide a copy of the executed Disclosure of Information on Lead
Based Paint and Lead Based Paint Hazards form*, signed by both the buyer and
the seller.
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(5) Duplication of Benefits
(6) URA
(7) Section 3
(8) Flood
(9) Historic Preservation
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C)
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Exhibit D—Timeline
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The Applicant acknowledges and certifies that the following information will be provided by the due
date outlined below, or as otherwise outlined in the invitation to enter credit underwriting. Failure to
provide the required information by the stated deadline may result in the withdrawal of the invitation to
enter credit underwriting, unless an extension is approved by the Corporation.
1. Within seven (7) Calendar Days of the date of the invitation to enter credit underwriting, the
Applicant shall respond to the invitation and submit the non-refundable credit underwriting fee;
to
2. Within 14 Calendar Days, submit IRS Form 8821 for all Financial Beneficiaries and, if requested
by the Corporation, all natural person Principals disclosed on the Principals of the Applicant and
Developer(s) Disclosure Form (Form Rev. 08-16) in order to receive a recommendation for
funding.
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3. Within 21 Calendar Days of the date of the invitation to enter credit underwriting:
a. Provide the completed and executed Florida Housing Finance Corporation Verification
of Environmental Safety Phase I Environmental Site Assessment form*, and, if
applicable, the completed and executed Florida Housing Finance Corporation
Verification of Environmental Safety Phase 11 Environmental Site Assessment form*.
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Note: If a Phase 11 ESA is required, but has not been completed by the stated deadline,
contact Corporation staff to request an extension for submission of the Phase 11 ESA
form; 2
a
b. Provide the identity of the remaining members of the Development Team (i.e.,
inexperienced co-Developer(s), General Contractor, Architect,Attorney, Accountant,
and for Elderly ALF only, Service Provider), as outlined below. The team members so
identified, and any future replacement thereof, must be acceptable to the Corporation
and the Credit Underwriter;
(1) Identify any inexperienced co-Developer(s) by providing the name, address,
telephone and facsimile numbers, e-mail address, and the relationship of the
co-Developer to the Applicant.
(2) Identify the General Contractor by providing the completed and executed
Florida Housing Finance Corporation General Contractor or Qualifying Agent of
General Contractor Certification form*. Note:The prior experience chart must
also be provided, as outlined in the form.
(3) Identify the Architect by providing the completed and executed Florida Housing 41
Finance Corporation Architect Certification form*.
(4) Identify the Attorney by providing the completed and executed Florida Housing
Finance Corporation Attorney Certification for Housing Credits form*. CM
(5) Identify the Accountant by providing the completed and executed Florida
Housing Finance Corporation Certification of Accountant form*.
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(6) Identify the Service Provider by providing the completed and executed Florida
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Housing Finance Corporation Service Provider or Principal of Service Provider
Certification form (for Elderly ALF Developments only)*.
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* The certification forms (Forms Rev. 10-17)which are available on the RFA Website.
Note: The use of any prior version of these forms will not be acceptable to meet this 2
requirement.
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C. Provide confirmation that all construction features committed to and proposed by the
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Applicant shall be located on the Development site;
d. Confirmation that, if the proposed Development meets the definition of Scattered Sites, U)
all Scattered Sites requirements that were not required to be met in the Application will
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be met, including that all features and amenities committed to and proposed by the
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Applicant that are not unit-specific shall be located on each of the Scattered Sites, or no
more than 1/16 mile from the Scattered Site with the most units, or a combination of
both. If the Applicant indicates that the proposed Development does not consist of
Scattered Sites, but it is determined during credit underwriting that the proposed
Development does meet the definition of Scattered Sites, all of the Scattered Sites _
requirements must have been met as of Application Deadline and, if all Scattered Sites
requirements were not in place as of the Application Deadline,the Applicant's funding :3
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award will be rescinded;
e. Provide notification of the percentage of ownership of the Principals of the Applicant. 2
Upon the Applicant's acceptance of the invitation to enter credit underwriting,the
Corporation will return the Principals of the Application and Developer(s) Disclosure
Form that was part of the Applicant's uploaded Application. The Applicant will be
required to enter the applicable percentages on the form and return the completed
form to the Corporation.
4. The credit underwriting process must be complete within the timeframe outlined in Rule
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Chapter 67-48, F.A.C.; �
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5. By Certificate of Occupancy, the Applicant commits to participate in the statewide housing
locator system, as required by the Corporation;
6. Applicants are required to execute a CDBG-DR written agreement within twelve (12) months of
the date of the invitation to enter into credit underwriting.To meet this requirement, all
Applicants that are invited to enter credit underwriting will be expected to complete the credit
underwriting process and receive Board approval of the credit underwriting report prior to that
date;
7. The Credit Underwriter will provide an itemized list for additional documentation including, but
not limited to, the following:
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a. If the Applicant indicated that the proposed Development will be assisted with funding
under the RD 538 Program and expects to use such funding as a source of financing, the
Section 538 Selection Letter sent to the Applicant by RD must be provided;
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b. The Construction Consultant engaged by the Corporation's credit underwriter must
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provide the properly completed and executed Americans with Disabilities Act
Certification forms certifying that the design of the proposed Development and the
completed Development includes the applicable accessibility, adaptability, Visitability
and universal design features required by the Corporation and proposed by the
Applicant (Forms Rev. 10-14) which are available on the RFA Website;
C. For Developments with a Housing Assistance Payment Contract and/or an Annual
Contributions Contract with HUD: Submission to the Corporation of the waiting list
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section of the Tenant Selection Plan for review and preliminary approval before sending
to HUD. Such waiting list section shall establish selection preferences or a section for
special admissions specifically for individuals or families that are referred by a
designated Referral Agency serving the county where the Development is located; HUD
approval of the Tenant Selection Plan shall be demonstrated to the Corporation prior to
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the completion of the final credit underwriting report;
d. The required information and documentation relative to the General Information Notice
(required by the Uniform Relocation Act), consistency with the Consolidated Plan,
conformance with Federal Labor requirements, as well as Debarment/Suspension and
Lead Based Paint regulations, as outlined in Item 4 of Exhibit C;
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e. Confirmation of the proposed Development's eligibility for funding in the event that
construction has commenced.
f. If the Development triggers Federal Labor Requirements, the Corporation will require,
prior to the start of construction, certification by the Applicant that it has been advised
by the Corporation of its responsibilities and obligations regarding the federal labor and
wage requirements and that it agrees to comply with the guidelines;
g. The Applicant will be required to comply with the HUD environmental requirements as
provided in 24 CFR Part 58;
C)
h. The Applicant will be required to provide a certification that must be executed by the
contractor for compliance with debarment and suspension regulations, as outlined in
Item 4 of Exhibit C; and
i. The Applicant must certify that it understands the requirements of the current HUD lead
based paint regulations as outlined in Item 4 of Exhibit C.
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4. The Credit Underwriter will also verify information submitted by the Applicant, including, but
not limited to the following:
a. The Applicant's 100% Non-Profit status, if applicable;
b. Each Scattered Site meets the requirements of this RFA, if applicable; CM
C. The proposed Development's ability to meet the Enhanced Structural Systems
Construction qualifications, if applicable;
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d. The appraisals conducted during credit underwriting may cause a reduction in the
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funding amount;
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e. With the exception of Developments financed with HUD Section 811 or United States
Department of Agriculture RD program, Developments must demonstrate HUD approval
for an owner-adopted preference or special admissions preference specifically for 2
individuals or families who are referred by a designated Referral Agency serving the
county where the Development is located;
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f. The proposed Development's first phase or subsequent phase's status;
g. Review of the Total Development Cost and its effect on the Total Development Cost Per U)
Unit Limitation;
If any of these cannot be verified, all funding awarded under this RFA may be reduced or may be CL
rescinded if the award or the Application's eligibility status was based on such information,
and/or the Applicant may be determined to have made a material misrepresentation.
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5. The Rate of Growth Ordinance (ROGO) allocation from the Local Government must be
approved.
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C)
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Exhibit E—Additional requirements for the Link Units for Persons with Special Needs
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The Link to Permanent Housing Strategy(Link) enhances the ability of extremely low-income (ELI) o
households with special needs to access and retain affordable rental housing in their communities.The
Corporation requires Developers to provide a specified percentage of a Development's ELI Set-Aside
units for special needs households receiving community based supportive services who are referred by a
designated supportive services agency in the community where the Development is located. All Link
units must do the following:
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I. Link Set-Aside Requirements
With the exception of Developments financed with HUD Section 811, for the entire Compliance
Period as specified in both the regulatory agreement and as stated in the RFA, the Development
shall set aside the required percentage of the ELI Set-Aside units as Link Units for Persons with
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Special Needs.At least one member of each Link unit's household shall be referred by a Special
Needs Household Referral Agency(Referral Agency) with which the owner executes a Link
Memorandum of Understanding (MOU) approved by the Corporation.
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II. Link Memorandum of Understanding(MOU)
The Corporation has established and maintains a list of supportive service agencies or
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organizations serving each county, each of which is designated as a Referral Agency. The
Referral Agency list is available on the Corporation's Website at
http://apps.floridahousing.org/StandAlone/SpecialNeeds/ContentPage.aspx?PAGE=Link%201niti
ative%20Page (also accessible by clicking here).These agencies are statewide, regional or local
organizations that administer community-based supportive services to the populations served
by Link.
The MOU is a formal agreement between the owner and a Referral Agency that specifies the
intent of the Link Strategy and describes the roles and responsibilities of each party to the MOU.
The MOU form to be executed shall be the version most recently provided on the RFA Website.
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A. The owner shall execute an MOU with at least one designated Referral Agency serving
the county and intended population where the Development will be located and rent
units to households referred by the Referral Agency with which the MOU is executed.
B. The deadline for receipt of the fully-executed MOU by the Corporation shall be
established in the invitation to enter into credit underwriting, but shall be within nine
(9) months from the date of the invitation to enter into credit underwriting but no later
than the date the first building is placed in service. If the owner is unable to meet the
deadline, an extension may be requested from the Corporation, and a non-refundable
processing fee of$5,000 shall be charged to the owner.
C. Prior to execution of the MOU, but not later than 10 Calendar Days before the deadline
by which the fully-executed MOU shall be received by the Corporation,the MOU form
stipulated in the applicable RFA shall be completed and reviewed by the owner and
Referral Agency, and then submitted by the owner to the Corporation for review and
preliminary approval.
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D. The owner that has a Housing Assistance Payment Contract and/or an Annual o
Contributions Contract with HUD shall establish and obtain approval from HUD for an
owner-adopted preference or limited preference specifically for individuals or families o
who are referred by a designated Referral Agency serving the county where the
Development is located. HUD approval shall be demonstrated to the Corporation prior
to the completion of the final credit underwriting report.
E. Owners that have a Housing Assistance Payment Contract and/or an Annual
Contributions Contract with HUD shall maintain a separate waiting list for referred o
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applicants and prioritize these individuals for any available Link units. During and after
lease-up, Referral Agency referrals must be moved in first, regardless of chronological
order of the general waiting list, until all Link units are occupied with Referral Agency U)
referrals. CL
F. After review and preliminary approval of the MOU by the Corporation, and no later than
the deadline established in the invitation to enter into credit underwriting, the owner
shall provide one original fully-executed hard copy of the MOU to the Corporation. Once
approved by the Corporation, the owner shall arrange for a copy of the approved MOU
to be maintained on file at the site of the Development's records for compliance
monitoring purposes.
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G. When the owner is noncompliant because no Referral Agency that serves the county
where the Development is located is available to execute an MOU, the noncompliance
shall be held in a correction period status until the earlier of(i) approval by the 2
Corporation of an MOU executed with a new Referral Agency, or(ii)the passage of 45
Calendar Days following placement of a Referral Agency that serves the Development's
county onto the Corporation's Referral Agency list.
H. When a Referral Agency notifies the owner of its intent to terminate an MOU, the
owner shall notify the Corporation of the MOU termination by email, at
Link@floridahousing.org,within five (5) Calendar Days of receiving the notification from
the Referral Agency. The owner shall then select another Referral Agency for the
Development's county and obtain approval from the Corporation for the MOU executed
with the new Referral Agency no later than 45 Calendar Days after receipt of notification
from the prior Referral Agency of its intent to terminate the MOU.
I. When an owner intends to terminate an MOU, the owner shall repeat the process
outlined in all of the steps above to obtain approval from the Corporation for a new
MOU executed with another Referral Agency before termination of the prior MOU may
become effective.
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J. The Corporation may require the owner to terminate an MOU with a Referral Agency if
that partnership is not effective in meeting the intent of the Link Set-Aside
Requirement.The owner shall execute another MOU with a new Referral Agency before
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terminating the MOU.The owner shall follow the process outlined in all of the steps
above to obtain approval from the Corporation.
III. Notification of the Availability of Units for Referral of Intended Link Households
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A. The owner shall meet with the chosen Referral Agency to review the Link roles and
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responsibilities of each party, the household income limitation and other eligibility
criteria for tenancy, household move-in expenses and on-going monthly rental
payments. The meeting shall be held no less than 45 Calendar Days before the
anticipated commencement of any activities related to the leasing of any unit in the
Development.The owner shall maintain documentation of the meeting with the
Referral Agency and shall provide a copy for review by the Corporation upon its request.
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B. Leasing Activity(Lease-up and Pre-leasing): During leasing activities, the owner shall
C)
make all units available for the intended Link households referred by the Referral
Agency, until the Development's Link Set-Aside Requirement has been met. If the
Development has not met its Link Set-Aside Requirement by the passing of 30 Calendar
Days after the last unit is actually available for occupancy, the owner may lease the units
to any eligible household.To the extent that an ELI-unit requirement coincides with a
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Link Set-Aside Requirement, for a period not to exceed nine (9) months, a failure to
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meet the ELI-unit requirement shall not cause noncompliance during the lease-up or 30
Calendar Day hold period.
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C. Once the Development's leasing activity is completed, a vacant unit formerly occupied
by a Link household shall be held open for intended households referred by the Referral
Agency for a period of 30 Calendar Days starting from the date the vacated unit is co
suitable for occupancy and ready to lease.The owner shall notify the Referral Agency
that a unit is available on or before the date that the vacated unit becomes suitable for
occupancy and ready to lease, but no more than 30 Calendar Days before the unit is 2
anticipated to be ready to lease.The vacated unit shall retain the Link classification until
next occupied, at which time the classification of the new household shall be applied to
the unit.
D. Communication between the owner and the Referral Agency's designated contact
person related to activities in this section shall be conducted via email. Activities that
must be conducted by email are as follows:
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1. Requests to develop MOU with Referral Agency;
2. Draft reviews of MOUs between the parties;
3. Final version of executed MOU;
4. Current contact information for the contact staff designated by the owner and
Referral Agency and listed in the MOU;
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5. Notifications of unit availability;
6. Number of Calendar Days unit will be held open for referrals;
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7. Information about rental policies and eligibility criteria;
8. Outcome of referrals;
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9. Notifications of issues or concerns that may adversely affect the tenancy of the
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household; and
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10. Requests for termination of MOU.
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E. The owner shall maintain a Link communication tracking log that documents: (i)the unit o
number of each offered unit; (ii)the date each unit was suitable for occupancy; (iii)the
date of the email notice to the Referral Agency that each unit was available for rent to a
Link household, including the dates of required follow up; (iv) date of response from o
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Referral Agency, (v) Referral Agency response, (vi) outcome of referral, and (vii) number
of days the unit was held open.
F. If an owner notifies a Referral Agency that a unit is available and the Referral Agency
does not respond,the owner shall contact the Referral Agency at least three (3)times,
at intervals of no less than seven (7) Calendar Days, during the 30-day period after the
initial notice of unit availability was sent to the Referral Agency.The owner shall
document all notification activity on its Link communication tracking log.
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G. The owner shall notify the Referral Agency regarding the outcome of each referral
within one (1) business day after a determination is made regarding the household's
eligibility to occupy the available unit.
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H. If a referral does not result in occupancy by the referred household, the 30-day holding
period shall continue to allow the Referral Agency the opportunity to refer another
household. The owner shall follow up with the Referral Agency at intervals of no less
than seven (7) Calendar Days during the remainder of the 30-day holding period.The
owner shall document all notification activity on its Link communication tracking log.
IV. Link Compliance Monitoring Documentation
A. The owner shall cause the following documentation to be maintained on file for
compliance monitoring purposes. Such documents shall be made available for to
inspection by Corporation personnel or its monitoring agents at any reasonable time.
The owner shall provide copies of such documents, either electronic or paper,to the
Corporation within three (3) business days of any request by the Corporation for such
copies.
1. A copy of all active MOUs approved by the Corporation;
2. A copy of all terminated MOUs. Terminated MOUs shall be retained for seven
(7)years beyond the period of tenancy for any household referred under the
particular MOU;
3. A copy of any current correction period extensions granted by the Corporation;
and
4. Email communication with the Referral Agency demonstrating timely
notification regarding the availability of units for the intended Link household,
outcome of each referral, and, when an available unit was not rented to a Link
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household, the number of days the available unit was held open for intended
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Link household.
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B. The monthly Program Report submitted to the Corporation by the Development shall
reflect the number of Link households residing in an ELI Set-Aside unit.
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Exhibit F—Credit Underwriting Procedures
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1. General Requirements
a. Applications shall be limited to one submission per subject property. Two (2) or more o
Applications, submitted in this RFA process,that have the same demographic
commitment and one or more of the same Financial Beneficiaries,will be considered
submissions for the same Development site if any of the following is true: U)
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(1) Any part of any of the property sites is contiguous with any part of any of the
other property sites, or
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(2) Any of the property sites are divided by a street or easement, or
3 It is readily apparent from the Applications, proximity, chain of title or other CL
information available to the Corporation that the properties are part of a
common or related scheme of development.
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If two (2) or more Applications are considered to be submissions for the same
Development site, the Corporation will reject all such Applications except the
Application with the highest (worst) lottery number.The Application(s)with the lowest
lottery number(s)will still be rejected even if the Applicant withdraws the Application CO
with the highest (worst) lottery number.
b. An Applicant shall be ineligible for funding or allocation in any program administered by .
the Corporation for a period of time as determined in (c) below if:
(1) The Board determines that the Applicant or any Principal, Financial Beneficiary,
or Affiliate of the Applicant has made a material misrepresentation or engaged
in fraudulent actions in connection with any Application for a Corporation
program. For purposes of this subsection, there is a rebuttable presumption
that an Applicant has engaged in fraudulent actions if the Applicant or any
Principal, Financial Beneficiary or Affiliate of the Applicant:
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(a) Has been convicted of fraud, theft or misappropriation of funds,
(b) Has been excluded from federal or Florida procurement programs for
any reason,
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(c) Has been convicted of a felony in connection with any Corporation
program, or
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(d) Has offered or given consideration with respect to a local contribution
as set forth in subsection (g) below.
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(2) Before any such determination can be final or effective, the Corporation must
serve an administrative complaint that affords reasonable notice to the
Applicant of the facts or conduct that warrant the intended action, specifies a
proposed duration of ineligibility, and advises the Applicant of the opportunity
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to request a proceeding pursuant to Sections 120.569 and 120.57, F.S. Upon
0
service of such complaint, all pending transactions under any program
administered by the Corporation involving the Applicant, or any Principal,
Financial Beneficiary or Affiliate of the Applicant shall be suspended until a final
order is issued or the administrative complaint is dismissed.
(3) The administrative complaint will include a proposed duration of ineligibility,
which may be either a specific period of time or permanent in nature.With
regard to establishing the duration, the Board shall consider the facts and
to
circumstances, inclusive of each Applicant's compliance history,the type of
misrepresentation or fraud committed, and the degree of harm to the
Corporation's programs that has been or may be done.
C. The following items as identified by the Applicant in the Application must be maintained
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and cannot be changed by the Applicant after the applicable submission, unless
provided otherwise below:
1 Name of Applicant entity; notwithstanding the foregoing, the name of the
( ) p p � Y' g
Applicant entity may be changed only by written request of an Applicant to _
Corporation staff and approval of the Board after the Applicant has been invited
to enter credit underwriting. With regard to said approval, the Board shall :3
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consider the facts and circumstances of each Applicant's request, inclusive of
validity and consistency of Application documentation;
(2) Principals of each Developer, including all co-Developers; notwithstanding the
foregoing, the Principals of the Developer(s) may be changed only by written
request of an Applicant to Corporation staff and approval of the Board after the
Applicant has been invited to enter credit underwriting. With regard to said
approval,the Board shall consider the facts and circumstances of each
Applicant's request, inclusive of validity and consistency of Application
documentation;
to
(3) Applicant applying as a Non-Profit or for-profit organization;
0
(4) Site for the Development; notwithstanding the foregoing, after the Applicant
has been invited to enter credit underwriting and subject to written request of
an Applicant to Corporation staff and approval of the Corporation,the site for
the Development may be increased or decreased. In addition, if the increase of
the site is such that the proposed Development now meets the definition of a
Scattered Site, then the Applicant shall be required to provide such Scattered
Sites information and meet all Scattered Sites requirements as required by
Corporation staff. With regard to said approval, the Corporation shall consider
the facts and circumstances of each Applicant's request, inclusive of validity and
consistency of Application documentation;
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(5) Development Category;
(6) Demographic Commitment;
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(7) Total number of units; notwithstanding the foregoing, the total number of units
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may be increased after the Applicant has been invited to enter credit
underwriting, subject to written request of an Applicant to Corporation staff and
approval of the Corporation. With regard to said approval,the Corporation shall
consider the facts and circumstances, inclusive of each Applicant's request, in
evaluating whether the changes made are prejudicial to the Development or to
the market to be served by the Development; and
U)
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(9) Funding Request Amount, exclusive of adjustments by the Corporation as
to
outlined in this RFA.
d. A Development will be withdrawn from funding and any outstanding commitments for
funds will be rescinded if, at any time,the Board determines that the Applicant's
Development or Development team is no longer the Development or Development
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team described in the Application or to the Credit Underwriter, and the changes made
are prejudicial to the Development or to the market to be served by the Development.
e. If an Applicant or Developer or any Principal, Affiliate or Financial Beneficiary of an
Applicant or a Developer has any existing Developments participating in any Corporation _
programs that remain in non-compliance with Section 42 of the IRC,Title 67, F.A.C., any
competitive solicitations, or applicable loan documents, and any applicable cure period :3
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granted for correcting such non-compliance has ended as of the time of submission of
the Application or at the time of issuance of a credit underwriting report, the requested
allocation will, upon a determination by the Board that such non-compliance 2
substantially increases the likelihood that such Applicant or Developer will not be able
to produce quality affordable housing, be denied and the Applicant or Developer and
the Affiliates of the Applicant or Developer will be prohibited from new participation in
any of the Corporation's programs until such time as all of their existing Developments
participating in any Corporation programs are in compliance.
f. The name of the Development provided in the Application may not be changed or
altered after submission of the Application during the history of the Development with
the Corporation unless the change is requested in writing and approved in writing by the
Corporation.The Corporation shall consider the facts and circumstances of each
Applicant's request and any credit underwriting report, if available, prior to determining
whether to grant such request.
g. If an Applicant or any Affiliate of an Applicant has offered or given consideration, other
than the consideration to provide affordable housing, with respect to a local
contribution and this is discovered prior to Board approval of the Review Committee's
recommendations,the Corporation shall reject the Application and any other
Application submitted by the same Applicant and any Affiliate of the Applicant. If
discovered after the Board approves the Review Committee's recommendations, any
tentative funding or allocation for the Application and any other Application submitted
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by the same Applicant and any Affiliate of the Applicant will be withdrawn. Such
Applicant and any of such Applicant's Affiliates will be ineligible for funding or allocation
in any program administered by the Corporation in accordance with 2.b. above.
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h. Total Development Cost includes the following:
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(1) The cost of acquiring real property and any buildings thereon, including
payment for options, deposits, or contracts to purchase properties, of which the
total cost cannot exceed the appraised value of the real property as determined
in the credit underwriting process;
(2) The cost of site preparation, demolition, and development;
0
(3) Fees in connection with the planning, execution, and financing of the
to
Development, such as those of architects, engineers,attorneys, accountants,
Developer fee, and the Corporation;
(4) The cost of studies, surveys, plans, permits, insurance, interest,financing, tax
and assessment costs, and other operating and carrying costs during CL
rehabilitation of the Development;
(5) The cost of the rehabilitation and equipping of the Development;
(6) The cost of land improvements, such as landscaping and offsite improvements
related to the Development, whether such costs are paid in cash, property, or
services; CO
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(7) Expenses in connection with initial occupancy of the Development;
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(8) Allowances for contingency reserves and reserves for any anticipated operating
reserves as recommended by the Credit Underwriter and, if applicable, any
rent-restabilization reserves required by a Regulated Mortgage Lender or
government entity related to the potential loss of funding from the
Development's contracted federal rental assistance program. Any funded rent-
restabilization reserve not utilized for said purpose must be retained for the sole
benefit of the Development; and to
(9) The cost of such other items, including relocation costs, indemnity and surety
bonds, and premiums on insurance for the rehabilitation of the Development.
i. In determining the income standards of Eligible Persons for the applicable programs, the
Corporation shall take into account the following factors:
(1) Requirements mandated by federal law;
(2) Variations in circumstances in the different areas of the state;
(3) Whether the determination is for rental housing; and
(4) The need for family size adjustments to accomplish the purposes set forth in
this RFA.
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j. Financial Beneficiary and Affiliate, as defined in this RFA, do not include third party
0
lenders, third party management agents or companies, third party service providers,
Housing Credit Syndicators, credit enhancers regulated by a state or federal agency, or
contractors whose total fees are within the limit described in this RFA.
r_
k. For computing any period of time allowed by this RFA, the day of the event from which
0
the designated period of time begins to run shall not be included. The last day of the
period so computed shall be included unless it is a Saturday, Sunday or legal holiday, in U)
r_
which event the period shall run until the end of the next day which is neither a
to
Saturday, Sunday or legal holiday.
3. CDBG-DR General Program Procedures and Restrictions:
Selection for CDBG-DR Program participation is contingent upon fund availability at the
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conclusion of the appeals process as set forth in Rule 67-60.009, F.A.C.
4. Credit Underwriting Procedures for CDBG-DR Loan:
0
Credit underwriting is a de novo review of all information supplied, received or discovered
during or after the RFA scoring and funding preference process, prior to the closing on funding.
The success of an Applicant in being selected for funding is not an indication that the Applicant
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will receive a positive recommendation from the Credit Underwriter or that the Development
team's experience, past performance or financial capacity is satisfactory. The credit
underwriting review shall include a comprehensive analysis of the Applicant, the real estate,the
economics of the Development, the ability of the Applicant and the Development team to
proceed,the evidence of need for affordable housing in order to determine that the
Development meets the program requirements and determine a recommended CDBG-DR loan
amount, if any. Corporation funding will be based on appraisals of comparable developments,
cost benefit analysis, and other documents evidencing justification of costs. As part of the credit
underwriting review, the Credit Underwriter will consider the applicable provisions of the RFA.
a. At the completion of all litigation and approval by the Board of all recommended orders
with regard to this RFA process, the Corporation shall offer all Applicants within the
funding range an invitation to enter credit underwriting. The Corporation shall select
the Credit Underwriter for each Development.
b. The invitation to enter credit underwriting constitutes a preliminary commitment.
C. A response to the invitation to enter credit underwriting must be received by the
Corporation and the Credit Underwriter not later than seven (7) Calendar Days after the
date of the invitation. For any invitation to enter credit underwriting that is offered to
an Applicant after Board approval of the list of eligible Applications that is sorted from
highest funding preference to lowest, where the Applicant's response is to decline to
enter credit underwriting, the result shall be the removal of the Application from the list
of eligible Applications for this RFA and any other funding where that list of eligible CM
Applications will be used.
d. If the invitation to enter credit underwriting is accepted:
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(1) All Applicants shall submit the credit underwriting fee to the Credit Underwriter
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within seven (7) Calendar Days of the date of the invitation to enter credit
underwriting. In addition,within 14 Calendar Days of the date of the invitation,
Applicants shall submit IRS Tax Information Authorization Form 8821 for all
Financial Beneficiaries to the Corporation.
(2) Failure to submit the required credit underwriting fee by the specified deadline
shall result in withdrawal of the invitation. U)
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0
to
(3) The loan must close within the timeframe set out in 4.y. below.
e. The Credit Underwriter shall review all information in the Application and subsequently U)
provided during the credit underwriting process, including information relative to the
Applicant, Developer and General Contractor, as well as other members of the
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Development team. The Credit Underwriter shall also request and review such other
information as it deems appropriate to determine whether or not to provide a positive
recommendation in connection with a proposed Development.
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f. In determining whether or not to provide a positive recommendation in connection with
a proposed Development, the Credit Underwriter will consider the prior and recent
performance history of the Applicant, Developer, any Financial Beneficiary of the
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Applicant or Developer, and the General Contractor in connection with any other
affordable housing development. The performance history shall consider instances
involving a foreclosure, deed in lieu of foreclosure, financial arrearage, or other event of 2
material default in connection with any affordable housing development or the
documents governing financing or operation of any such development.
(1) Unless the Credit Underwriter determines that mitigating factors exist, or that
underwriting conditions can be imposed, sufficient to mitigate or offset the risk,
the existence of the following shall result in a negative recommendation of the
proposed Development by the Credit Underwriter:
to
(a) Considering all affordable housing developments in which any party
named above has been involved, if:
(i) During the period prior to August 1, 2010, 5 percent or more of
that party's developments have been the subject of a
foreclosure or deed in lieu of foreclosure, or in financial
arrearage or other material default and such arrearage or
material default remained uncured for a period of 60 days or
more, or
(ii) During the period beginning on or after August 1, 2010, any of
that party's developments have been the subject of a
foreclosure or deed in lieu of foreclosure, or in financial CM
arrearage or other material default and such arrearage or
material default is uncured at the present or, if cured, remained
uncured for a period of 60 days or more. E
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(b) Mitigating factors to be considered by the Credit Underwriter, to the
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extent such information is reasonably available and verifiable, shall
include the extent to which the party funded the operations of the
development from that party's own funds in an attempt to keep the
development afloat,the election by a party to forego financial
participation in a development in an attempt to keep the development
afloat,the party's satisfactory performance history over the last 10
years in connection with that party's affordable housing developments,
and any other extenuating circumstances deemed relevant by the Credit
Underwriter in connection with the party's involvement in a
development.
U)
(2) A negative recommendation may also result from the review of: CL
(a) An Applicant, Developer, any Financial Beneficiary of the Applicant or
Developer, and the General Contractor in connection with any other
affordable housing development,
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(b) Financial capacity of an Applicant, Developer, any Financial Beneficiary _
of the Applicant or Developer and the General Contractor, or
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(c) Any other relevant matters relating to an Applicant, Developer, any
Financial Beneficiary of the Applicant or Developer, and the General
Contractor if, in the Credit Underwriter's opinion, one or more 2
members of the Development team do not possess the ability to
proceed.
g. The Credit Underwriter shall report any inconsistencies or discrepancies or changes
made to the Applicant's Application during credit underwriting.
h. The Applicant will be responsible for all fees in connection with the documentation
submitted to the Credit Underwriter.
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i. If the Credit Underwriter determines that special expertise is required to review
information submitted to the Credit Underwriter which is beyond the scope of the
Credit Underwriter's expertise,the fee for such services shall be borne by the Applicant.
j. A full or self-contained appraisal as defined by the Uniform Standards of Professional
Appraisal Practice and a separate market study shall be ordered by the Credit
Underwriter, at the Applicant's expense,from an appraiser qualified for the geographic
area and development type not later than completion of credit underwriting. The Credit
Underwriter shall review the appraisal to properly evaluate the development property's
financial feasibility. With the exception of Land Acquisition Program Funding,
appraisals which have been ordered and submitted by a Regulated Mortgage Lender
and which meet the above requirements and are acceptable to the Credit Underwriter
may be used instead of the appraisal referenced above. The market study must be
completed by a disinterested party who is approved by the Credit Underwriter. The
Credit Underwriter shall consider the market study,the Development's financial impact
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on Developments in the area previously funded by the Corporation, and other
0
documentation when making its recommendation of whether to approve or disapprove
a CDBG-DR loan. The Credit Underwriter shall also review the appraisal and other
market documentation to determine if the market exists to support both the
demographic and income restriction set-asides committed to within the Application.
k. The minimum debt service coverage shall be 1.10x for the CDBG-DR loan, including all
superior mortgages. However, if the Applicant defers at least 35 percent of its
Developer fee for at least six(6) months following construction completion, the
to
minimum debt service coverage shall be 1.00x for the CDBG-DR loan, including all
superior mortgages. The maximum debt service coverage shall be 1.50x for the CDBG-
DR loan, including all superior mortgages. In extenuating circumstances, such as when
the Development has deep or short term subsidy, the debt service coverage may exceed
1.50x if the Credit Underwriter's favorable recommendation is supported by the
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projected cash flow analysis. Developments receiving first mortgage funding from the
United States Department of Agriculture Rural Development (RD) are not required to
meet the debt service coverage standards if RD is providing rental assistance and has
acknowledged that rents will be set at an amount sufficient to pay all operating
expenses, replacement reserve requirements and debt service on the first and second
mortgages.
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I. The Corporation's assigned Credit Underwriter shall require a guaranteed maximum
price construction contract, which may include change orders for changes in cost or
changes in the scope of work, or both, if all parties agree, and shall order, at the 2
Applicant's sole expense, and review a physical needs assessment for Substantial
Rehabilitation units and review the Development's costs.
M. In addition to operating expenses, the Credit Underwriter must include an estimate for
replacement reserves and operating expense reserves deemed appropriate by the
Credit Underwriter when calculating the final net operating income available to service
the debt. A minimum amount of$300 per unit per annum must be used for all
Developments.
0
The initial replacement reserve will have limitations on the ability to be drawn upon.
New Construction shall not be allowed to draw during the first five (5) years or until the
establishment of a minimum balance equal to the accumulation of five (5)years of
replacement reserves per unit.
n. The Credit Underwriter may request additional information during the underwriting
process, such as the following:
0
(1) For credit enhancers, audited financial statements for their most recent fiscal
year ended, if published; otherwise the previous year's audited statements will
be provided until the current statements are published or credit underwriting is
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complete. The audited statements may be waived if the credit enhancer is
rated at least "A-" by Moody's, Standard and Poor's or Fitch.
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2 For the Applicant, general artner s andguarantors, audited financial
( ) p p , g p ( ),
statements or financial statements compiled or reviewed by a licensed Certified
Public Accountant for the most recent fiscal year ended, credit check, banking
and trade references, and deposit verifications. If financial statements that are
either audited, compiled or reviewed by a licensed Certified Public Accountant
are not available, unaudited financial statements prepared within the last 90
days and reviewed by the Credit Underwriter in accordance with Part IIIA,
Sections 401 through 408 and 410, of Fannie Mae's Multifamily Selling and
Servicing Guide, in effect as of June 10, 2015, which is available on the RFA
to
Website, and the two most recent years'tax returns. If any of the applicable
entities are newly formed (less than 18 months in existence as of the date that
credit underwriting information is requested), a copy of any and all tax returns
with related supporting notes and schedules. The financial statements and
information provided for review should be in satisfactory form and shall beCL
reviewed in accordance with the terms and conditions required in this RFA.
When referring to the Multifamily Selling and Servicing Guide, any references to
"Lender" means the "Corporation-assigned Credit Underwriter" and any
references to "Fannie Mae" means"Florida Housing Finance Corporation."
(3) For the General Contractor, audited financial statements or financial statements
compiled or reviewed by a licensed Certified Public Accountant for the most CO
recent fiscal year ended, credit check, banking and trade references, and
deposit verifications. The audited or compiled statements may be waived if a
payment and performance bond equal to 100 percent of the total construction 2
a
cost whose terms do not adversely affect the Corporation's interest, and is
issued in the name of the General Contractor by a company rated at least "A-"
by AM Best&Co.
o. The general partner(s) (individual and entity) or manager(s)/managing member(s)
(individual and entity), as applicable, of the Applicant shall provide a guarantee for
completion of construction. In addition, one or more entities or individuals (other than a
general partner or manger/managing member) having an ownership interest, either
directly or indirectly, in the Applicant or in the general partner or managing member of
the Applicant shall be required to provide guarantees or personal guarantees, as
applicable, for completion of construction as recommended by the Credit Underwriter
or as otherwise required by the Corporation.The Credit Underwriter shall consider the
following when determining the need for construction completion guarantees:
(1) Liquidity of the guarantor(s).
(2) Applicant's, Developer and General Contractor's history in successfully
completing Developments of similar nature.
(3) The past performance of the Applicant, Developer, General Contractor or any
other guarantee provider in developing or constructing Development financed
by the Corporation or its predecessor.
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(4) Percentage of Corporation's funds utilized compared to Total Development
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Cost.
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P. For all Developments,the Developer fee and General Contractor's fee shall be limited to
the following:
(1) The Developer fee limit shall be 16 percent of Development Cost, excluding land
and operating deficit reserves.
0
(2) The General Contractor's fee shall be limited to a maximum of 14 percent of the
to
actual construction cost.
U)
q. The General Contractor must meet the following conditions:
(1) Employ a Development superintendent and charge the costs of such CL
employment to the general requirements line item of the General Contractor's
budget;
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(2) Charge the costs of the Development construction trailer, if needed, and other
overhead to the general requirements line item of the General Contractor's
budget;
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(3) Secure building permits, issued in the name of the General Contractor;
(4) Secure a payment and performance bond whose terms do not adversely affect
the Corporation's interest (or approved alternate security for General
Contractor's performance, such as a letter of credit), issued in the name of the
General Contractor,from a company rated at least "A-" by AMBest& Co.;
(5) Ensure that none of the General Contractor duties to manage and control the
construction of the Development are subcontracted;
to
(6) Ensure that not more than 20 percent of the construction cost is subcontracted
to any one entity,with the exception of a subcontractor contracted to deliver
the building shell of a building of at least five (5) stories which may not have
more than 31 percent of the construction cost in a subcontract, unless
otherwise approved by the Board for a specific Development. With regard to
said approval, the Board shall consider the facts and circumstances of each
Applicant's request, inclusive of construction costs and the General Contractor's
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fees; and
(7) Ensure that no construction cost is subcontracted to any entity that has
common ownership or is affiliated with the General Contractor unless otherwise
approved by the Board for a specific Development. With regard to said
approval,the Board shall consider the facts and circumstances of each
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Applicant's request, inclusive of construction costs and ownership interests in
the Development.
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r. The Credit Underwriter shall require an operating deficit guarantee, to be released upon
0
achievement of a 1.15x debt service coverage for the combined permanent first
mortgage and CDBG-DR loan, as determined by the Corporation or its agent, and 90
percent occupancy, and 90 percent of the gross potential rental income, net of utility
allowances, if applicable, for a period equal to 12 consecutive months, all as certified by
an independent Certified Public Accountant. The calculation of the debt service
coverage ratio shall be made by the Corporation or its agent. Notwithstanding the
above, the operating deficit guarantee shall not terminate earlier than three (3)years
following the final certificate of occupancy. An operating deficit guarantee,to be
released upon achievement of 1.00 debt service coverage for a minimum of six(6)
consecutive months for the combined permanent first mortgage and CDBG-DR loan will
be required for Developments receiving first mortgage funding from the United States
Department of Agriculture Rural Development (RD) if RD is providing rental assistance
and has acknowledged that rents will be set at an amount sufficient to pay all operatingCL
expenses, replacement reserve requirements and debt service on the CDBG-DR loan and
all superior mortgages.
0
S. Contingency reserves which total no more than 5 percent of total actual construction
costs (hard costs) and total general development costs (soft costs)for Developments
where 50 percent or more of the units are new construction may be included within the
Total Development Cost for Application and underwriting purposes. Contingency CO
reserves shall not be paid from CDBG-DR funds.
t. The Credit Underwriter will review and determine if the number of loans and 2
construction commitments of the Applicant and its Principals will impede its ability to
proceed with the successful development of each proposed Corporation-funded
Development.
U. Applicants must complete the credit underwriting process within 12 months of the
Applicant's acceptance to enter credit underwriting. Unless an extension is approved by
the Corporation in writing,failure to complete the credit underwriting process by the
specified deadline shall result in withdrawal of the preliminary commitment. Applicants
may request one (1) extension of up to six(6) months to secure a firm loan
commitment. All extension requests must be submitted in writing to the program
administrator and contain the specific reasons for requesting the extension and shall
detail the time frame to achieve a firm loan commitment. In determining whether to
grant an extension, the Corporation shall consider the facts and circumstances of the
Applicant's request, inclusive of the responsiveness of the Development team and its
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ability to deliver the Development timely. The Corporation shall charge a non-
refundable extension fee of one (1) percent of the loan amount if the request to extend
the credit underwriting and firm loan commitment process beyond the initial 12 month
deadline is approved. If, by the end of the extension period, the Applicant has not
received a firm loan commitment, then the preliminary commitment shall be
withdrawn.
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V. If the Credit Underwriter requires additional clarifying materials in the course of the
underwriting process,the Credit Underwriter shall request same from the Applicant and
shall specify deadlines for the submission of same. Failure to submit required
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information by the specified deadline, unless a written extension of time has been
0
approved by the Corporation, shall result in withdrawal of the preliminary commitment
or the invitation to enter credit underwriting, or both, as applicable. In determining
whether to grant an extension, the Corporation shall consider the facts and
circumstances of the Applicant's request, inclusive of the responsiveness of the
Development team and its ability to deliver the Department timely. If the Corporation's
decision is to deny the Applicant's request for an extension,then prior to the
withdrawal of the preliminary commitment or the invitation to enter credit
underwriting, or both, as applicable, the Board shall consider the facts and
to
circumstances of the Applicant's request,the Corporation's denial, and any credit
underwriting report, if available, and make a determination of whether to grant the
requested extension.
W. The Credit Underwriter shall complete its analysis and submit a written draft report and
CL
recommendation to the Corporation. Upon receipt, the Corporation shall provide to the
Applicant the section of the written draft report consisting of supporting information
and schedules.The Applicant shall review and provide written comments to the
Corporation and Credit Underwriter within 48 hours of receipt. After the 48 hour
period, the Corporation shall provide to the Credit Underwriter comments on the draft
report and, as applicable, on the Applicant's comments. Then,the Credit Underwriter
shall review and incorporate, if deemed appropriate,the Corporation's and Applicant's CO
comments and release the revised report to the Corporation and the Applicant. Any
additional comments from the Applicant shall be received by the Corporation and the
Credit Underwriter within 72 hours of receipt of the revised report. Then, the Credit 2
a
Underwriter will provide a final report, which will address comments made by the
Applicant, to the Corporation.
X. The Credit Underwriter's loan recommendations will be sent to the Board for approval.
The Corporation shall issue a firm loan commitment within seven (7) Calendar Days after
approval of the Credit Underwriter's recommendation for funding by the Board.
Y. This loan and other mortgage loans related to the Development must close within 120
Calendar Days of the date of the firm loan commitment. A request for an extension of
the firm loan commitment(s) may be considered by the Board for an extension term of
up to 90 Calendar Days. All extension requests must be submitted in writing to the
program administrator and contain the specific reasons for requesting an extension and
shall detail the time frame to close the loan. The Board shall consider the facts and
circumstances of each Applicant's request, inclusive of the Applicant's ability to close
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within the extension term, and any credit underwriting report, if available, prior to
determining whether to grant the requested extension. The Corporation shall charge an
extension fee of one (1) percent of the loan amount if the Board approves the request
to extend the commitment beyond the period outlined in this RFA.
Z. Prior to any loan closing:
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(1) The Applicant must provide evidence of all necessary consents or required
signatures from first mortgagees or subordinate mortgagees to the Corporation
and its counsel, and
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(2) The Credit Underwriter must have received all items necessary to release its
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letter confirming that all closing contingencies have been met, including the
finalized sources and uses of funds and Draw schedule.
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5. Terms and Conditions of CDBG-DR Loan:
a. If Land Acquisition Program Funding is awarded to an entity separate from the
successful Applicant Entity in a proposed Development, the Local Government, PHA,
Land/Trust Authority will enter into a separate CDBG-DR loan with the terms and
to
conditions outlined below. The closing of the loans will be contemporaneous.
b. The proceeds of the CDBG-DR loan shall be used for Developments which provide
affordable, safe and sanitary multifamily rental housing units.
C. The CDBG-DR loan may be in a first, second, or other subordinated lien position. For CL
purposes of this RFA, mortgages securing a letter of credit as credit enhancement for
the bonds financing the first mortgage shall be considered a contingent liability and part
of the first mortgage lien, provided that the Applicant's counsel furnishes an opinion
regarding the contingent nature of such mortgage satisfactory to the Corporation and
its counsel.
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d. The CDBG-DR loan shall be non-amortizing and shall have an interest rate of zero
percent per annum. The loan will not require payment for as long as the proposed
Development remains in Compliance. The loan will be forgiven after 20 years.
a
e. The amount of any superior mortgages combined with the CDBG-DR mortgage shall be
less than the appraised value of the Development. Any debt service reserve
requirement associated with a superior mortgage shall be excluded from the amount of
the superior mortgage for purposes of this calculation.
By the date that is 151 Calendar Days after the Applicant's fiscal year end of each year of
the CDBG-DR loan term,the Applicant shall provide the Corporation's servicer with C3
audited financial statements and the fully completed and executed annual reporting
form, Financial Reporting Form SR-1. However,this certification requirement will be
waived until 151 Calendar Days after the Applicant's fiscal year end following the fiscal
year within which the first unit is occupied. The SR-1 form, Rev. 05-14,which is
available on the Corporation's Website http://www.floridahousing.org/
PropertyOwnersAndManagers/Forms (also accessible by clicking here), shall be
submitted to the Corporation's servicer in both PDF format and in electronic form as a
Microsoft Excel spreadsheet.The audited financial statements are to be prepared in
accordance with accounting principles generally accepted in the United States of
America and audited in accordance with auditing standards generally accepted in the
United States of America for the 12 month fiscal year period just ended and shall
include:
(1) Comparative Balance Sheet with prior year and current year balances;
(2) Statement of revenue and expenses;
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(3) Statement of changes in fund balances or equity;
(4) Statement of cash flows; and
(5) Notes to financial statements.
The financial statements referenced above should also be accompanied by a
certification of the Applicant as to the accuracy of such financial statements. A late fee U)
of$500 will be assessed by the Corporation for failure to submit the required audited 0
financial statements and certification by 151 Calendar Days after the Applicant's fiscal
year end of each year of the CDBG-DR loan term. Failure to submit the required audited
financial statements and certification by 151 Calendar Days after the Applicant's fiscal U)
year end of each year of the CDBG-DR loan term shall constitute an event of default on
the CDBG-DR loan. The Applicant shall furnish to the Corporation or its servicer,
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unaudited statements, certified by the Applicant's principal financial or accounting
officer, covering such financial matters as the Corporation or its servicer may reasonably
request, including without limitation, monthly statements with respect to the
Development.
f. After acceleration, the Note shall bear interest at the default interest rate from the due
date until paid.
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g. The final billing for the purpose of payoff of the CDBG-DR loan shall also include a billing
for compliance fees to cover monitoring of CDBG-DR Program requirements beyond the
maturity date of the Note. Such fees shall be computed by determining the present
value of the annual compliance monitoring fee for the number of years for which the
Development will have a set-aside for Very Low-Income persons or households beyond
the repayment date. The present value discount rate shall be 2 percent per annum.
Such amount shall be reduced by the amount of any compliance monitoring fees for
other programs collected by the Corporation for the Development for that period,
provided:
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(1) The compliance monitoring fee covers some or all of the period following the
anticipated CDBG-DR loan repayment date; and
(2) The Development has substantially equivalent set-asides for Very Low-Income
persons or households mandated through another Corporation program for
which the compliance monitoring fee was collected.
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h. The CDBG-DR loans shall be serviced either directly by the Corporation or by the servicer
on behalf of the Corporation. 41
i. The Corporation shall monitor compliance of all terms and conditions of the CDBG-DR
loan and shall require that certain terms and conditions be embodied in the Land Use
Restriction Agreement and recorded in the public records of the county wherein the CM
Development is located. Violation of any material term or condition of the documents
evidencing or securing the CDBG-DR loan shall constitute a default during the term of
the CDBG-DR loan. The Corporation shall take appropriate legal action to effect
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compliance if a violation of any material term or condition relative to the set-asides of
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units for Very Low-Income persons or households is discovered during the course of
compliance monitoring or by any other means.
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j. The Corporation shall require adequate insurance to be maintained on the Development
as determined by the first mortgage lender, the Corporation, or the Corporation's 2
servicer, but which shall, in any case, include fire, hazard and other insurance sufficient
to meet the standards established in the Florida Housing Finance Corporation (FHFC)
Insurance Guide (and as amended from time to time). The most recently published FHFC
to
Insurance Guide is available on the Corporation's Website
http://www.floridahousing.org/PropertyOwnersAndManagers/insuranceGuide/ (also
accessible by clicking here).
k. The CDBG-DR loan term shall be for a period of not more than 20 years. The term of the
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loan may exceed 20 years if the lien of the Corporation's encumbrance is subordinate to
the lien of another mortgagee, in which case the term may be made coterminous with
the longest term of the superior loan.
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I. After accepting a preliminary commitment, the Applicant shall not refinance, increase _
the principal amount, or alter any terms or conditions of any mortgage superior or
inferior to the CDBG-DR mortgage without prior approval of the Corporation's Board of :3
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Directors. However, an Applicant may reduce the interest rate on any superior or
inferior mortgage loan without the Board's permission, provided that no other terms of
the loan are changed. The Corporation must be notified in writing of any such change. 2
a
Following construction completion, the Board shall deny requests to increase the
amount of any superior mortgage, unless the criteria outlined below are met, the
original combined loan to value ratio for the superior mortgage and the CDBG-DR
mortgage is maintained or improved, and a proportionate amount of the increase in the
superior mortgage is used to reduce the outstanding CDBG-DR loan balance. To
calculate the proportionate amount of the increase in the superior mortgage which
must be paid toward the reduction of the CDBG-DR loan balance, the following
calculation shall be used: divide the amount of the original CDBG-DR mortgage by the
combined amount of the original CDBG-DR mortgage and the original superior
mortgage; then multiply the quotient by the amount of the increase in the superior
mortgage from the current balance. For example, if the amount of the original CDBG-DR
mortgage is$2,000,000,the original superior mortgage is$4,400,000, with a current
balance of$3,000,000, a proposed new superior mortgage of$5,000,000, then the
amount of the increase in the superior mortgage would be$2,000,000, and the
proportionate amount of the increase in the superior mortgage which must be paid
toward the reduction of the CDBG-DR loan balance would be$625,000.This$625,000
would be applied first to accrued interest and then to principal.
M. All CDBG-DR loans shall be in conformance with applicable federal and state statutes,
including the Fair Housing Act (Title VIII of the Civil Rights Act of 1968, as amended)
including the Affirmative Fair Marketing Plan,Titles II and III of the Americans with
Disabilities Act of 1990 as implemented by 28 CFR Part 35, Section 504 of the
Rehabilitation Act of 1973, as implemented by 24 CFR Part 8 ("Section 504 and its
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related regulations"), and The Violence Against Women Reauthorization Act of 2013.
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These provisions are available on the RFA Website.To the extent that a CDBG-DR
Development is not otherwise subject to Section 504 and its related regulations,the
CDBG-DR Development shall nevertheless comply with Section 504 and its related
regulations as requirements of the CDBG-DR Program to the same extent as if the CDBG-
DR Development were subject to Section 504 and its related regulations in all respects.
To that end, for purposes of the CDBG-DR Program, CDBG-DR funding shall be deemed
"Federal financial assistance"within the meaning of that term as used in Section 504
and its related regulations for all CDBG-DR Developments.
n. Rent controls are determined in a manner consistent with 2019 Florida Housing Rental
Programs (MTSP) Income and Rent Limits (Eff. 4-24-19)which can be accessed on the
Corporation's website https://www.floridahousing.org/owners-and- c,
managers/compliance/rent-limits (also accessible by clicking here).The gross monthly
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rent shall not exceed 30 percent of the imputed income limitation applicable to such
unit as committed to by the Applicant in this RFA.
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o. The documents creating, evidencing or securing each CDBG-DR loan must provide that
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any violation of the terms and conditions described in this RFA constitutes a default
under the CDBG-DR loan documents allowing the Corporation to accelerate its loan and
to seek foreclosure as well as any other remedies legally available to it. CO
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P. A failure to pay any principal or interest due under the terms of this section shall
constitute a default on the CDBG-DR loan. 2
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q. Failure to provide the Corporation and its servicer with the Form SR-1 shall constitute a
default on the CDBG-DR loan.
r. The Compliance Period for a CDBG-DR Development shall be, at a minimum, the HUD
affordability period requires units to be set aside for 20 years. Priority I or II
Applications must remain affordable into Perpetuity. The Corporation is adding 30 years
of an extended affordability period to the HUD affordability period for Priority III
Applications, for a total affordability period of 50 years for Priority III Application. The
set-aside requirements apply to the total number of residential units in the
Development beginning on the later of the first day on which any residential unit in the
Development is occupied or the CDBG-DR loan closing date. For a period of 12 months
beginning on the CDBG-DR loan closing date(the "transition period"),the failure to
satisfy the set-aside requirements shall not cause noncompliance.
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S. Unless and until a guarantor's obligations for a CDBG-DR loan are terminated as
approved in writing by the Corporation or its servicer, each guarantor shall furnish to
the Corporation or its servicer financial statements as provided in paragraphs (1)
through (3) below as the Corporation or its servicer may reasonably request.
(1) The audited financial statements are to be prepared in accordance with CM
accounting principles generally accepted in the United States of America and
audited in accordance with auditing standards generally accepted in the United
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States of America for the 12 month fiscal year period just ended and shall
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include:
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(a) Comparative Balance Sheet with prior year and current year balances;
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(b) Statement of revenue and expenses;
(c) Statement of changes in fund balances or equity;
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(d) Statement of cash flows; and
(e) Notes to financial statements.
U)
The financial statements referenced above should also be accompanied by a
certification of the guarantor(s) as to the accuracy of such financial statements; or CL
(2) If an audited financial statement has not been prepared, a federal income tax
return filed for the most recently completed year; or
(3) For individual guarantors, if an audited financial statement is not available a
financial statement certified as true and complete without qualification by such
guarantor and a copy of the most recently filed individual federal income tax CO
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return.
6. Sale,Transfer or Refinancing of a CDBG-DR Development:
a. Any sale, conveyance, assignment, or other transfer of interest or the grant of a security
interest in all or any part of the title to the Development other than a superior mortgage
shall be subject to the Corporation's prior written approval. The Board shall consider
the facts and circumstances of each Applicant's request and any credit underwriting
report, if available, prior to determining whether to grant such request.
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b. The CDBG-DR loan shall be assumable upon sale or transfer of the Development if the
following conditions are met:
(1) The proposed transferee meets all specific Applicant identity criteria which were
required as conditions of the original loan;
(2) The proposed transferee agrees to maintain all set-asides and other
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requirements of the CDBG-DR loan for the period originally specified or longer;
and
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(3) The proposed transferee and release of transferor receives a favorable
recommendation from the Credit Underwriter and approval by the Board of
Directors of the Corporation.
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All assumption requests must be submitted in writing to the Director of Special Assets
and contain the specific details of the transfer and assumption. In addition to any
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related professional fees, the Corporation shall charge a non-refundable assumption fee
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as outlined in the most current competitive solicitation.
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C. If the CDBG-DR loan is not assumed since the buyer does not meet the criteria for
assumption of the CDBG-DR loan,the CDBG-DR loan (principal and any outstanding
interest) shall be repaid from the proceeds of the sale in the following order of priority:
(1) First mortgage debt service, first mortgage fees;
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C)
(2) CDBG-DR compliance and loan servicing fees;
(3) An amount equal to the present value of the compliance monitoring fee for the
periods for which the Development will have a set-aside for Very Low-Income
persons or households beyond the repayment date. The present value discount
rate shall be 2 percent per annum. Such amount shall be reduced by the amount CL
of any compliance monitoring fees collected by the Corporation for the
Development for that period, provided:
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(a) The compliance monitoring fee covers some or all of the period
following the anticipated CDBG-DR repayment date; and
(b) The Development has substantially equivalent set-asides for Very Low- CO
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Income persons or households mandated through another program of
the Corporation for which the compliance monitoring fee was collected.
a
(4) Unforgiven principal balance of the CDBG-DR loan;
(5) Expenses of the sale;
(6) If there will be insufficient funds available from the proposed sale of the
Development to satisfy paragraphs c.(1)—(6) above,the CDBG-DR loan shall not
be satisfied until the Corporation has received: t�
(a) An appraisal prepared by an appraiser selected by the Corporation or
the Credit Underwriter indicating that the purchase price for the
Development is reasonable and consistent with existing market
conditions;
(b) A certification from the Applicant that the purchase price reported is
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the actual price paid for the Development, as supported by a copy of
the final executed purchase and sale agreement, and that no other
consideration passed between the parties, as supported by a draft and
final closing statement, and that the Development Cash Flow reported
to the Corporation during the term of the CDBG-DR loan was true and
accurate;
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(c) A certification from the Applicant that there are no Development funds
available to repay the CDBG-DR loan, including any interest due, and the
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Applicant knows of no source from which funds could or would be
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forthcoming to pay the CDBG-DR loan; and
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(d) A certification from the Applicant detailing the information needed to
determine the final billing for CDBG-DR loan interest. Such certification
shall require submission of financial statements and other documents 2
that may be required by the Corporation and its servicer.
U)
d. The Corporation may renegotiate and extend the loan in order to extend or retain the
to
availability of housing for the target population. Such renegotiations shall be based
upon:
U)
(1) Performance of the Applicant during the CDBG-DR loan term;
(2) Availability of similar housing stock for the target population in the area; CL
(3) Documentation and certification by the Applicant that funds are not available to
2
repay the Note upon maturity;
(4) A plan for the repayment of the loan at the new maturity date;
(5) Assurance that the security interest of the Corporation will not be jeopardized CO
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by the new term(s); and
(6) Industry standard terms which may include amortizing loans requiring regularly
scheduled payments of principal and interest.
All loan renegotiation requests, including requests for extension, must be submitted in
writing to the Director of Special Assets and contain the specific details of the
renegotiation. In addition to any related professional fees,the Corporation shall charge
a non-refundable renegotiation fee as outlined in this RFA.
to
e. The Corporation will recommend that the Board approve requests for mortgage loan
refinancing only if Development Cash Flow is improved,the Development's economic
viability is maintained, the security interest of the Corporation is not adversely affected,
and the Credit Underwriter provides a positive recommendation.
f. The Corporation will recommend that the Board deny requests for mortgage loan
refinancing which require extension of the CDBG-DR loan term or otherwise adversely
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affect the security interest of the Corporation, unless the criteria outlined in Item e.
above, are met,the Credit Underwriter recommends that the approval of such a request
is crucial to the economic survival of the Development, or unless the Board determines
that public policy will be better served by the extension as a result of the Applicant
agreeing to further extend the Compliance Period or provide additional amenities or
resident programs suitable for the resident population. Further, the Board shall limit
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any approved extension to a minimum term which makes the Development feasible and
which does not exceed an industry standard term.
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The Corporation will recommend that the Board deny requests to increase the amount
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of any superior mortgage, unless the criteria outlined in Item e. above are met,the
original combined loan to value ratio for the superior mortgage and the CDBG-DR
mortgage is maintained or improved, and a proportionate amount of the increase in the
superior mortgage is used to reduce the outstanding CDBG-DR loan balance.
7. CDBG-DR Construction Disbursements and Permanent Loan Servicing:
U)
a. CDBG-DR loan proceeds shall be disbursed during the construction phase in an amount
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per Draw which does not exceed the ratio of the CDBG-DR loan to the Total
Development Cost, unless approved by the Corporation and the Credit Underwriter.
U)
b. Ten (10) business days prior to each Draw,the Applicant shall supply the Corporation's
servicer, as agent for the Corporation,with a written request executed by the Applicant
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for a Draw. The request shall set forth the amount to be paid and shall be accompanied
by documentation specified by the Corporation's servicer including claims for labor and
materials to date of the last inspection.
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C. The Corporation and its servicer shall review the request for a Draw, and the servicer
shall provide the Corporation with approval of the request or an alternative
recommendation, after the title insurer provides an endorsement to the policy of title
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insurance updating the policy to the date of the current Draw and increasing the
insurance coverage to an amount equal to the sum of all prior Draws and the current
Draw. 2
a
d. The Corporation shall disburse construction Draws through Automated Clearing House
(ACH). The Applicant may request disbursement of construction Draws via a wire
transfer. The Applicant will be charged a fee of$10 for each wire transfer requested.
This charge will be netted against the Draw amount.
e. The Corporation shall elect to withhold any Draw or portion of any Draw,
notwithstanding any documentation submitted by the Applicant in connection with the
request for a Draw, if
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(1) The Corporation or the Corporation's servicer determines at any time that the
actual cost budget or progress of construction differs from that as shown on the
loan documents; or
(2) The percentage of progress of construction of the improvements differs from
that shown on the request for a Draw.
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f. The servicer may request submission of revised construction budgets.
g. Based on the Applicant's progress of construction, if the Corporation determines that
further analysis by the Credit Underwriter is required prior to the release of the final CM
Draw, the Applicant shall pay to the Credit Underwriter a fee based on an hourly rate
determined pursuant to the contract between the Corporation and the Credit
Underwriter.
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h. Retainage in the amount of 10 percent per Draw shall be held by the servicer during
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construction until the Development is 50 percent complete. At 50 percent completion,
no additional retainage shall be held from the remaining Draws. Release of funds held
by the Corporation's servicer as retainage shall occur pursuant to the CDBG-DR loan
agreement.
8. General Program Procedures and Restrictions.
U)
a. When the income of a resident increases above 80 percent of area median income,the
to
next unit that becomes available in the Development must be rented to a income-
eligible resident. If the income of a VeryExtremely Low-Income household increases
above the limits for a VeryExtremely Low-Income household,then the Developer must
rent the next available unit to a VeryExtermely Low-Income household.The amount of
rent the resident whose income has increased must pay is the lesser of the amount
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payable by resident under state or local law or 30 percent of the adjusted monthly
income for rent and utilities.
b. Units in a Development must have rents set at no more than the lesser of the Section 8
Fair Market Rent (FMRs) or rents that are 30 percent of the gross income of a Family at
65 percent of median income limit, minus utility allowance. Low rent means 20 percent
of the Units in a Development must have rents set at no more than the lesser of the :3
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Section 8 Fair Market Rent(FMRs), or 30 percent of the gross income of a Family at 50
percent of the area median income, minus utility allowance.The rent limits for a Rent-
Restricted Unit is the maximum gross rent that can be charged for a Rent-Restricted 2
Unit (FMRs, 30 percent of the gross income of a family at 65 percent of median income,
or 30 percent of the gross income of a family at 50 percent of the area median income),
less the applicable utility allowance.These rent limits are published in HUD periodically,
80 percent of median income limit, minus utility allowance.These rent limits are
published by HUD periodically.,Assisted Units with Section 8 subsidy must compare the
Section 8 gross rent (resident rent, subsidy amount, and utility allowance)to the
maximum applicable high or low rent limit minus utilities. However, Developments with
project-based rental assistance may utilize the project-based rents as compared to the
High and Low rents.rent limits. Compliance with the rent restrictions will take
precedence over the Developer's acceptance of a full Section 8(resident-based) subsidy
for the units. However, if a Rent-Restricted Unit receives federal or state project-based
rental subsidy and the Family's contribution toward rent does not exceed 30 percent of
the Family's adjusted income,then the maximum rent (i.e.,tenant contribution plus
project-based rental subsidy) is the rent allowable under the federal or state project-
based rental subsidy program.
c. The minimum Compliance Period for newly-constructed rental housing is 20 years from
Project Completion.The set-aside requirements apply beginning on the later of the first
day on which any residential unit in the Development is occupied or the loan closing
date.The Compliance Period will be extended until the later of such longer term agreed
to by the Applicant in its Application.
d. The minimum Compliance Period for newly-constructed rental housing is 20 years from
Project Completion.The set-aside requirements apply beginning on the later of the first
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day on which any residential unit in the Development is occupied or the loan closing
0
date.The Compliance Period will be extended until the later of such longer term agreed
to by the Applicant in its Application or the loan is repaid.
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e. The Development will remain affordable, pursuant to commitments documented within
the executed Land Use Restriction Agreement without regard to the term of the 2
mortgage or to transfer of ownership.
U)
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f. The Development must comply with all applicable provisions of the competitive
to
solicitation process.
g. A Development that is under construction may be eligible to apply for CDBG-DR funds U)
only if Development is able to provide evidence of compliance with federal labor
standards for any work already completed, and the Development is able to provide
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evidence of compliance with HUD environmental requirements as well as all other
federal regulations.The federal requirements may require completion of activities prior
to submission of an Application for funding.
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h. Any single contract for the development (rehabilitation or new construction) of
affordable housing must contain a provision requiring that not less than the wages
prevailing in the locality, as predetermined by the United States Secretary of Labor
co
pursuant to the Davis-Bacon Act, 40 U.S.C. 3141, et seq and 29 CFR part 1, 3, 5, 6, and 7
will be paid to all laborers and mechanics employed for the construction or
rehabilitation of the Development, and such contracts must also be subject to the 2
overtime provisions of the Contract Work Hours and Safety Standards Act, 40 U.S.C.
§§3701—3706 and 3708 (2002),the Copeland Act(Anti-Kickback Act), 18 U.S.C. 874,
and the Fair Labor Standards Act of 1938, as amended (29 U.S.C. §201 et seq.).
i. All Developments must conform to the following federal requirements:
(1) Title VI of the Civil Rights Act of 1964— Prohibits discrimination by government
agencies that receive Federal funding;
0
(2) Title VII of the Civil Rights Act of 1964— prohibits employment discrimination on
the basis of race, color, religion, sex, or national origin;
(3) Title VIII of the Civil Rights Act of 1968—as amended (the Fair Housing Act of
1988);
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(4) 24 C.F.R. §570.490— Recordkeeping Requirements;
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(5) 24 C.F.R. §570.606(b)— Relocation assistance for displaced persons at URA
levels;
(6) Age Discrimination Act of 1975; CM
(7) Executive Order 12892—Leadership and Coordination of Fair Housing in Federal
Programs: Affirmatively Furthering Fair Housing;
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(8) Section 109 of the Housing and Community Development Act of 1974—No
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person shall be excluded from participation in, denied benefits of, or subjected
to discrimination under any program or activity receiving CDBG-DR funds
because of race, color, religion, sex or national origin;
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(9) Section 504 of the Rehabilitation Act of 1973 and 24 C.F.R. part 8, which
prohibits discrimination against people with disabilities;
U)
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(10) Executive Order 11063—Equal Opportunity in Housing;
C)
(11) Executive Order 11246—Equal Employment Opportunity;
U)
(12) Section 3 of the Housing and Urban Development Act of 1968, as amended—
Employment/Training of Lower Income Residents and Local Business
Contracting. CL
(13) Environmental Review as enumerated in 24 CFR Part 58 and National
2
Environmental Policy Act of 1969.
(14) Other than those requirements waived via Federal Register Notice, including in
FIR 6066-N-01 and 6109-N-01,the Subrecipient shall comply with the Uniform
Relocation Assistance and Real Property Acquisition Policies Act of 1970, as co
amended (URA),42 USC 4601—4655, 49 CFR part 24, 24 CFR part 42, and 24
CFR 570.606.
a
(15) Lead-Based Paint Poisoning Prevention Act (42 U.S.C. 4821-4846),the
Residential Lead-Based Paint Hazard Reduction Act of 1992 (42 U.S.C. 4851-
4856), and implementing regulations at part 35, subparts A, B,J, K, and R of this
title.
(16) Provisions in 24 CFR 570.489(h).as enumerated in 24 CFR §92.356, 2 CFR
§200.317 and 2 CFR §200.318) Debarment and Suspension as enumerated in C3
24 CFR Part 24.(h) Handicapped Accessibility as enumerated in Section 504
of the Rehabilitation Act of 1973 (implemented in 24 CFR Part 8) and 24 CFR
§100.205.
(17) Americans with Disabilities Act as enumerated in 42 U.S.C. §12131; and 47
U.S.C. §§155, 201, 218 and 225.
(18) Economic Opportunity for Low-and Very Low-Income Persons as implemented
in 24 CFR Part 135. 41
0
(19) Minority/Women Employment as enumerated in 2 CFR §200.321 and Executive
Orders 11625, 12432, and 12138.
9. Eligible Applicants
Unless otherwise permitted in a competitive solicitation process, an Applicant is not eligible to
apply for funding if any of the following pertain to the proposed Development:
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a. The proposed Development has received an allocation of Housing Credits or a
0
Competitive Housing Credit commitment, unless written notice has been provided to
the Corporation prior to the deadline to apply for the applicable funding withdrawing
acceptance of such allocation or commitment and returning the previously awarded HC
funding;
b. A preliminary commitment of funding for the proposed Development through the
CDBG-DR Program has already been accepted, unless written notice has been provided U)
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to the Corporation prior to the deadline to apply for the new funding withdrawing such
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acceptance and returning the prior CDBG-DR Program funding.
C. The proposed Development site or any part thereof is subject to any Land Use
Restriction Agreement or Extended Use Agreement, or both, in conjunction with any
Corporation affordable housing financing intended to foster the development or
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maintenance of affordable housing, unless at least one (1) of the following applies:
(1) A LURA recorded in conjunction with the Predevelopment Loan Program or the
Elderly Housing Community Loan Program, or
(2) A LURA or EUA, or both, for an existing building or buildings, originally
constructed at least 25 years prior to the deadline to apply for the applicable
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SAIL funding, where, in the current Application, the Applicant has selected and
qualified for the Homeless demographic commitment with a Development
category of Rehabilitation/Moderate Rehabilitation/Substantial Rehabilitation, 2
Acquisition and Rehabilitation/Moderate Rehabilitation/Substantial
Rehabilitation, Preservation, or Acquisition and Preservation.
10. Eligible and Ineligible Development Costs.
a. Funds may be used to pay for the following eligible costs:
(1) Development hard costs as they directly relate to the units only for: to
(a) New construction, the costs necessary to meet all applicable local and
state codes, ordinances, and zoning requirements. Projects must meet
state or local residential and building codes, as applicable or, in the
absence of a state or local building code, the International Residential
Code or International Building Code (as applicable to the type of
housing) of the International Code Council,
(b) Costs to demolish existing structures, improvements to the
Development site and utility connections;
(2) The cost of acquiring improved or unimproved real property. A Development
and loan that involves acquisition must include new construction in order to be
an eligible Development.
(3) Soft costs as they relate to the units.The costs must be reasonable, as
determined by the Corporation and the Credit Underwriter, and associated with
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the financing, development, or both.These costs may include:
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(a) Architectural, engineering or related professional services required to
prepare plans, drawings, specifications or work write-ups,
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(b) Costs to process and settle the financing for a Development, such as
credit reports, fees for evidence of title, recordation, building permits,
attorney fees, cost certifications, and estimates,
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(c) Developer's and General Contractor's fees as described in this RFA;
to
(d) Impact fees,
(e) Costs of Development audits required by the Corporation,
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(f) Affirmative marketing and fair housing costs,
(g) Temporary relocation costs as required under the Uniform Relocation
Assistance and Real Property Acquisition Policies Act of 1970, as
amended (URA),42 USC 4601—4655, 49 CFR part 24, 24 CFR part 42,
and 24 CFR 570.606 as applicable .
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b. Funds shall not be used to pay for the following ineligible costs:
(1) Development reserve accounts for replacements, unanticipated increases in
operating costs, or operating subsidies, except as described in 24 CFR
§92.206(d)(5);
(2) Public housing;
(3) Administrative costs, or
(4) Any other expenses not allowed under 24 CFR Part 92.
0
C. The accumulation of all Development financing, including the CDBG-DR loan and all existing debt
within a Development, may not exceed the Total Development Cost, as determined and certified
by the Credit Underwriter.
d. Before disbursing any funds, there must be a written agreement with the Applicant ensuring
compliance with the requirements of the Program pursuant to this RFA. CM
e. A representative of the Applicant and the managing company of the Development must attend a
Corporation-sponsored training session on income certification and compliance procedures.
f. The General Contractor and all available subcontractors shall attend a Corporation-sponsored
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preconstruction conference regarding federal labor standards provisions.
g. The Corporation shall require adequate insurance to be maintained on the Development as
determined by the first mortgage lender,the Corporation, or the Corporation's servicer, but
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which shall, in any case, include fire, hazard and other insurance as required by the terms and
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conditions outlined in a competitive solicitation.
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h. All loans must provide that any violation of the terms and conditions described in this RFA loan
documents allowing the Corporation to accelerate its loan and seek foreclosure as well as any
other remedies legally available to it.
i. If a default on a loan occurs, the Corporation will commence legal action to protect the interest
of the Corporation.The Corporation shall acquire real and personal property or any interest in
to
the Development if that acquisition is necessary to protect any loan; sell,transfer, and convey
any such property to a buyer without regard to the provisions of chapters 253 and 270, F.S.;
and, if that sale, transfer, or conveyance cannot be consummated within a reasonable time,
lease the Development for occupancy by Eligible Persons. CL
j. The Corporation or its servicer shall monitor the compliance of each Development with all terms
and conditions of the loan and shall require that such terms and conditions be recorded in the
public records of the county where the Development is located. Violation of any term or
condition shall constitute a default during the term of the loan.
k. The Applicant shall not refinance, increase the principal amount, or alter any terms or conditions
of any mortgage superior or inferior to the mortgage without prior approval of the
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Corporation's Board of Directors. However, an Applicant may reduce the interest rate on any
superior or inferior mortgage loan without the Board's permission, provided that no other terms
of the loan are changed.The Corporation must be notified of any such change. 2
a
to
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Exhibit G—Management Company Requirements
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Services to be provided by the Management Company shall include, but are not limited to, the
following:
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Land Owner Certification and Acknowledgement Form
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1. The address of the land that is the subject of the proposed Development "the Land": o
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2. The following type of entity holds or will hold 100 percent ownership in the Land identified in 1.
above, and therefore can be considered the "Land Owner"for purposes of this Application:
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A Local Government
A Public Housing Authority
Land Authority
Community Land Trust co
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0
3. The Land Owner identified in 2. above will hold the Land identified in 1. above and maintain the
affordability requirements of the Land identified in 1. above in Perpetuity. For purposes of this 2
a
RFA, Perpetuity means 99 years or more.
4. The Land Owner understands that the award is subject to an appraisal. The Site Control
documentation must include an appraisal demonstrating that the appraised value of the land
meets or exceeds the purchase price. The purchase price must be based on the post-disaster
value of the land, consistent with applicable cost principals.The pre-disaster value may not be
used.The Corporation may seek a re-appraisal by an independent third party if needed. If the
appraisal demonstrates that the purchase price exceeds the fair market value, the only land
costs that can be included in the Total Development Cost or awarded through Land Acquisition
Program Funding will be the appraised value,which will be confirmed in credit underwriting.
The appraisals conducted during credit underwriting may cause a reduction in the funding
amount.
5. The Land Owner's Perpetuity commitments will be included in (i) a Land Use Restriction
CM
Agreement(s) and (ii) an Extended Use Agreement, if applicable, and must be maintained in
order for the Development to remain in compliance, unless the Board approves a change.
0
6. In eliciting information from third parties required by and/or included in this Application,the
Land Owner has provided such parties information that accurately describes the Development
as proposed in this Application.The Land Owner has reviewed the third party information
CM
included in this Application and/or provided during the credit underwriting process and the
information provided by any such party is based upon, and accurate with respect to, the
Development as proposed in this Application.
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7. Funding under this RFA is provided by the U.S. Department of Housing and Urban Development
0
(HUD)through the Florida Department of Economic Opportunity's (DEO) Community
Development Block Grant Disaster Recovery (CDBGDR) Program. Florida Housing Finance
Corporation (The Corporation) is not responsible, and Land Owners shall hold the Corporation
harmless from liability and claim for damages or expenses, in the event that HUD or DEO
retracts, suspends, or interrupts such funding.
8. The Land Owner understands and agrees to cooperate with any audits conducted in accordance
with the provisions set forth in Section 20.055(5), F.S.
C)
9. The undersigned is authorized to bind the Land Owner entity to this certification and warranty
of truthfulness and completeness of the Application.
Under the penalties of perjury, I declare and certify that I have read the foregoing and that the
CL
information is true, correct and complete.
Signature of Authorized Land Owner Representative Name (typed or printed)
Title (typed or printed)
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NOTE: Provide this form as Attachment 1 to the RFA.
a
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Applicant Certification and Acknowledgement Form
0
1. The Applicant and all Financial Beneficiaries have read all applicable Corporation rules governing o
this RFA and have read the instructions for completing this RFA and will abide by the applicable
Florida Statutes and the credit underwriting and program provisions outlined in Exhibit F. The
Applicant and all Financial Beneficiaries have read, understand and will comply with all related
federal regulations.
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2. The Applicant has reviewed this RFA and certifies to its eligibility to apply for the funding o
to
offered.
3. The Applicant certifies that the proposed Development can be completed and operating within
the Development schedule and budget submitted to the Corporation.
4. The Applicant acknowledges and certifies that it will abide by all commitments, requirements, CL
and due dates outlined in the RFA, inclusive of all exhibits. Failure to provide the required
information by any stated deadlines may result in the withdrawal of the invitation to enter
credit underwriting, unless an extension is approved by the Corporation.
5. By submitting the Application, the Applicant acknowledges and certifies that the proposed
Development will meet all state building codes, including the 2012 Florida Accessibility Code for
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Building Construction, adopted pursuant to Section 553.503, F.S., the Architectural Barriers Act
of 1968; the Fair Housing Act as implemented by 24 CFR Part 100, including the Affirmative Fair
Housing Marketing Plan; Violence Against Women Act Reauthorization Act of 2013; Section 504 2
of the Rehabilitation Act of 1973 as outlined in Section Four, A.8. of the RFA; and the Americans
with Disabilities Act of 1990 as implemented by 28 CFR Part 35, incorporating the most recent
amendments, regulations and rules.
6. The Applicant acknowledges that any funding preliminarily secured by the Applicant is expressly
conditioned upon any independent review, analysis and verification of all information contained
in this Application that may be conducted by the Corporation, the successful completion of
credit underwriting, and all necessary approvals by the Board of Directors, Corporation or other
legal counsel, the Credit Underwriter, and Corporation staff.
0
7. If preliminary funding is approved, the Applicant will promptly furnish such other supporting
information, documents, and fees as may be requested or required. The Applicant understands
and agrees that the Corporation is not responsible for actions taken by the undersigned in
reliance on a preliminary commitment by the Corporation. The Applicant commits that no
qualified residents will be refused occupancy because they have Section 8 vouchers or
certificates. The Applicant further commits to actively seek tenants from public housing waiting
lists and tenants who are participating in and/or have successfully completed the training
provided by welfare to work or self-sufficiency type programs.
8. The success of an Applicant in being selected for funding is not an indication that the Applicant
will receive a positive recommendation from the Credit Underwriter or that the Development
team's experience, past performance or financial capacity is satisfactory. The past performance
record,financial capacity, and any and all other matters relating to the Development Team
which consists of Developer, management company, General Contractor, architect attorney, E
� p 8 Y,
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and accountant)will be reviewed during credit underwriting. The Credit Underwriter may
0
require additional information from any member of the Development team including, without
limitation, documentation on other past projects and financials. Development teams with an
unsatisfactory past performance record, inadequate financial capacity or any other
unsatisfactory matters relating to their suitability may result in a negative recommendation
from the Credit Underwriter.
9. The Applicant's commitments will be included in (i) a Land Use Restriction Agreement(s) and (ii)
an Extended Use Agreement, if applicable, and must be maintained in order for the
to
Development to remain in compliance, unless the Board approves a change.
10. The Applicant understands and agrees that it will ensure that(i) none of the General Contractor
duties to manage and control the construction of the Development are subcontracted; (ii) none
of the construction or inspection work that is normally performed by subcontractors is
CL
performed by the General Contractor; (iii) no construction cost is subcontracted to any entity
that has common ownership or is an Affiliate of the General Contractor or the Developer, as
further described in Exhibit F.
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4-
11. The Applicant, the Developer and all Principals are in good standing among all other state _
agencies and have not been prohibited from applying for funding.
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12. In eliciting information from third parties required by and/or included in this Application,the
Applicant has provided such parties information that accurately describes the Development as
proposed in this Application.The Applicant has reviewed the third party information included in 2
this Application and/or provided during the credit underwriting process and the information
provided by any such party is based upon, and accurate with respect to,the Development as
proposed in this Application.
13. Funding under this RFA is provided by the U.S. Department of Housing and Urban Development
(HUD)through the Florida Department of Economic Opportunity's (DEO) Community
Development Block Grant Disaster Recovery (CDBGDR) Program. Florida Housing Finance
Corporation (The Corporation) is not responsible, and Applicants shall hold the Corporation
harmless from liability and claim for damages or expenses, in the event that HUD or DEO
retracts, suspends, or interrupts such funding.
14. The Applicant understands and agrees to cooperate with any audits conducted in accordance
with the provisions set forth in Section 20.055(5), F.S.
15. The undersigned is authorized to bind the Applicant entity to this certification and warranty of
truthfulness and completeness of the Application.
0
Under the penalties of perjury, I declare and certify that I have read the foregoing and that the
information is true, correct and complete.
CM
Signature of Authorized Principal Representative Name (typed or printed)
Title (typed or printed)
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NOTE: Provide this form as Attachment 1 to the RFA. The Applicant Certification and Acknowledgement
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form must be signed by the Authorized Principal Representative stated in Exhibit A.
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ITEM D-3
Community Development
Block Grant- Disaster
Recovery Grant Program
Monroe County Local Disaster Recovery
July 37, zoiq rig MONROE �cOUNTV
• Congress appropriated $616 Million for the State of Florida in the
aftermath of Hurricane Irma. The Department of Economic Opportunity
(DEO) developed a Community Development Block Grant - Disaster
Recovery (CDBG-DR) Action Plan and set aside:
• $95 Million for the Florida Keys for various programs including:
• $5oM Rebuild Florida for home repair and replacement
• sio Million for Voluntary Buyout Program for land conservation
• $35 Million being assigned to this program.
• $io Million has been set aside for land acquisition
• $25 Million has been set aside for new construction of workforce rental
• Targets housing for low-income households earning up to 8o%of Area Median
ProgramIncome(AMI), io%of units are set aside for Extremely Low Income(ELI)or 25%AMI.
• A Request for Applications (RFA) was issued on July 2, 2019 with a due
SSummary date of August 6, 2019.
• Staff are seeking approval to submit one applicatio
n whereby the
County would lease land to the Housing Authority and the Housing
Authority would redevelop Howards Haven, Conch Key Trailer Park and a
site in Key Largo at Atlantic Blvd for land acquisition (Key Larco site is
not eligible for land acquisition funding) and construction of affordable
workforce housing development projects for:
Total Development cost of approximately $7,o41,2o5
and
Land Acquisition cost of$2,002,000
• Hana Eskra is the development finance consultant leading the
team.
• This competitive application entails a funding request for the
acquisition and redevelopment of two trailer parks;
• • Howard's Haven park - 10 (1 bedroom units)
• • Conch Key park — 8 (1 bedroom units) and 2 (2 bedroom units),
Application PLUS
Summary • • County owned site located at Atlantic Blvd in Key Largo 5 (3
bedroom units that can be leased individually or as a whole)
• Relocation may also be required for the existing residents on the
sites. Later on the agenda we're seeking board approval to retain
legal representation specializing in the federal relocation act.
♦
2019 HUD Income Guidelines 2019 HUD Rent Guidelines
8o% MAXIMUM INCOME 8o% MAXIMUM RENT LIMIT
• i person =$53,600; • i bedroom =$1,435
• 2 person = $61,200 • 2 bedroom =$1,722
Income Rules • 3 person =$68,880 • 3 bedroom =$1989
• 4 person =$76,480
2019
25% MAXIMUM INCOME • 25% MAXIMUM RENT LIMIT
There will be 22 units @80%AMI • 1 person =$16,750; • 1 bedroom =$448
There will be 3 units®25%AMI • 2 person = $19,125 • 2 bedroom =$S38
• 3 person =$21,525 • 3 bedroom =$621
• 4 person =$23,900
Key Largo SITE DATA C HART K2M
,......_ „
New Construction I .a..,.„
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undin. •. sl. 957,16o
. , , . . _
Atlantic Blvd Site - . ..
County owned
g ,.....„
5 (3 bedroom/3 bath
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units that can be leased
individually or as a
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whole) „! gl
5 '
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and Owner-BOCC
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MCHA —99 yr. lease . i 'SITE P.4.11C,C,C
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Funding 1 .... ,
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$ , 750/768 .:
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. 14
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le
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bedroom units) and ,. ;
,rF'r ii ' -1, • l'ilf .
.-. ,... I F: . ...' /•40.2;' ' '''s k 5
1111 1 I
4 1—• . „
; I L___ L., -.. L...- ,,3 L..- i t' , .„.
(2 bedroom units). 4.,4 i • .,, 1,_ --1- - -1---- - .-•-'Th •-,& ,.,, LLCM MR ;g,
.. I MIFF OM MENEM- _ t 1 V
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or.•
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4 . : ,,....,- -- -- --, - :"
re . Ilk '' '' , ',4', - Nk =7.77.... .
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Aerial Photograph of Subject Property
Option Contract To Sell 12 Affordable Housing Lots
MCHA Application:
IBig Pine Key Sites
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12 Scattered Sites . otmliff. E. • •l•fiiit F' Ai i 111ag1PQRPU/6a 4
Acquisition and N - s
Construction Fundi i;__ 1:,•_ • .-r ."+Iti . 110 1
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Lower Keys Scattered It.:- .- 4_. � .4%,AVENUEL it a ;- k iw 11i' _. .1•'' _.riA�ii dwg,wa.
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oli diil� lalt 11�Sites— 12 (2 bedroom - d 4.�i # -.- -' rkfiWiL. PJi ! Milli
units). EGA i�.!I :, '' r ";�� V i
Land • FY e r-M C L A :,i' ''. -'s ,1}f', �"'" *'r'lila . .� y
MCHA to acquire 12 lots � i® i a M_ '. �,�t d
MCHA-Developer/Operator —.: __ _ -t - �l �
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Hana Eskra Consultantii - i �i Ni. ir7 .r
**si lots on Big Pine Key; i lot in Little Torch Key Packet Pg.2169
Approximate Approximate Long Term Number of Units at
Developer and Number of Units at 80%of Median Max Rent at 80%Median Max Income at 80% Extremely Low Income Max Rent at 25% Max Income at 25%
Application Sites LandAcq. Construction Owner of Grand Total All Units
Funding Funding site Operator of site Income Income (Household Size) (25%of median) Median Income (Household Size)
required
Max Incomes 80%-
$53,600(1); Max Income @ 25°.t:
$61,200(2);13 $16,750(1);
Conch Key Monroe Housing 1(1 bedroom 1 bath 8(1 bedroom 1 bath tiny
Trailer Park $1,155,000 $2,595,768 County Authority 7(1 bedroom 1 bath tiny homes) :` $68,880(3); tiny home) $ 448 $19,125(2); homes)
$76,480(4): $21,525(3);
$23,900(4)
Max Incomes 80%-
$53,600(1); Max Income @ 25%:
$61,200(2); $16,750(1);
2(2 bedroom 2 baths tiny homes) $ -..,7f $68,880(3); N/A N/A $19,125(2); 2(2 bedroom 2 baths tiny
$76,480(4); $21,525(3); homes)
$23,900(4)
:0"CTAL L'NITS
$53,1500(1i; Max Income @ 25%:
Howard's $61,200(2); 1(1 bedroom 1 bath $16,750(1);
Monroe Housing 9(1 bedroom 1 bath tiny homes). 10(1 bedroom 1 bath tiny
Haven Trailer $847,000 $2,488,280 $ 1,435 $68,880(3); tiny homes).One unit $ 448 $19,125(2);
Park County Authority One unit required at25%AMI. homes)
$76,480(4); required at 25%AMI. $21,525(3);
$23,900(4)
1D TOTAL!_!NIT
Max Incomes 60°b-
$53,600(1); Max Income @ 25%:
$61,200(2); 1(3 bedroom units- $621 per household, $16,750(1);
Monroe Housing $1989 per household,OR, 5(3 bedroom units-new
1Key Largo Site $0 $1,957,160 4(3 bedroom units-new concept) $68,::4x(3); new concept)One unit OR,3 roommates at $19,125(2);
County Authority 3roommatesat$633ea concept)
$76,480(4); required at25%AMI. $207ea $21,525(3);
$23,900(4)
SUBTOTAL - -
B000 $2,002,000 $7,041,208 5 TOTAL UNITS
I
1,1ax incorie=Bl0°}-6-
12 Scattered $53,600(1); Max Income @ 25%:
Sites on Big $61,200(2); 2(2 bedroom-2 bath $16,750(1);
tillPine and $1,353,989 Housing Housing 12(2 bedroom-2 bath tiny
$3,345,632 Authority Authority 10(2 bedroom-2 bath tiny homes) $ $68,880(3); tiny homes).Two units $ 535 $19,125(2); )
Little Torch $76,480 4; required at 25%AMI. homes.
O $21,525(3);
Key $23,900(4)
12 TOTAL UNITS
GRAND TOTAL 25 UNITSBOCC+12 WM
OF REQUESTS $3,355,989 $10,386,840
MCHA
w
• Approval to submit an application and pay an application fee of
Request fo r $1500 for disaster recovery grant funding to the Florida Housing
Finance Corporation (FHFC) for land acquisition and new
B O C C construction of affordable workforce rental housing utilizing
Community Development Block Grant - Disaster Recovery funding.
Approval • The grant request is for up to $8 million dollars for new
construction grant funding, and up to $2.1 million dollars for land
acquisition funding related to the redevelopment of Conch Key,
Howard's Haven park sites and the Key Largo Atlantic Blvd site.