Item G12 G.12
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
November 20, 2019
Agenda Item Number: G.12
Agenda Item Summary #6244
BULK ITEM: No DEPARTMENT: Local Disaster Recovery
TIME APPROXIMATE: STAFF CONTACT: Juanita Jones (305) 289-2560
2:00 P.M.
AGENDA ITEM WORDING: Approval to expend in advance up to $400,000 on real estate
closing expenses (environmental assessments, land surveys, legal fees) and relocation expenses for
up to 11 eligible households, (4 yet to be determined) related to the acquisition of the Conch Trailer
Court, to later be reimbursed by CDBG-DR funds from the Monroe County Housing Authority, after
being awarded and receiving said funds from Florida Housing Finance Corporation (FHFC).
ITEM BACKGROUND: Monroe County Housing Authority has been awarded up to $3,750,768
for the Conch Trailer Court acquisition and redevelopment under RFA 42019-101. Certain real
estate closing expenses, which are conditions of the grant award, should be done prior to receiving
the grant funds. Those include real estate due diligence expenses, as well as relocation expenses.
Attached is the "RFA 2019-101 Development Response_5343_Monroe County Scattered Sites" that
includes a Cost Pro Forma. One Page 2 of 7 there are itemized estimates of the following items
included in the grant application including:
Title - $25,000
Surveys - $50,000
Appraisal - $20,000
Environmental reports - $25,000
Relocation - $300,000
Real Estate Closing Expenses:
The current purchase contract between Monroe County and the owners of the Conch Trailer
Court and the FHFC administered CDBG-DR program require certain real estate closing
expenses (phase 1 and 2 environmental reports, as well as required surveying) be funded,prior to
obtaining the FHFC CDBG-DR funds. Staff is requesting the County fund these expenses so
closing the property can occur.
Relocation Expenses:
The County Land Authority, the Monroe County Housing Authority, and Building and Fire
Department employees have inspected Conch Trailer Court, as part of the real estate transaction.
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The contract required exigent and fire safety hazards be removed prior to closing. Attached is a
report by the Building and Fire Departments with the findings.
Since the ultimate goal is to build affordable, code compliant housing on this site, demolishing
all of the existing infrastructure which necessitates relocating eligible occupants to alternative,
safer location; instead of investing public funds into replacing infrastructure that will eventually
be removed as part of the redevelopment effort under the grant, we are requesting the Board
allow use of$400,000 of 304 funding be advanced, with the thought that the $400,000 from the
FHFC CDBG-DR grant can be given back to the County once received.
The FHFC is expected to reimburse the Monroe County Housing Authority, once they close on
the CDBG-DR funds with Florida Housing Finance Corporation for construction of the units.
Because it will take 9-12 months to get thru FHFC's underwriting process, CDBG-DR funds are
not currently available to spend on these activities. While there is no guarantee that all expenses
will be considered eligible for reimbursement, due diligence costs and relocation costs are
allowed under the CDBG-DR program.
PREVIOUS RELEVANT BOCC ACTION: Approved CDBG-DR grant application submittal.
CONTRACT/AGREEMENT CHANGES:
NA
STAFF RECOMMENDATION: Approval.
DOCUMENTATION:
Final Conch Key-Monahan and Howards Haven
complete-rfa-2019-1 01-reflecting-7-19-19-and-7-29-19-modification---clean
BOCC CDBG-DR presentation table 10312019
RFA 2019-101_Response_5343_Monroe County Scattered Sites
20191002084746 Award Ltr Monroe Scattered
Monroe County Scattered Sites Budget
Monroe County RFA Waiver Request 10-17-19
LandAcgFunding20190ctober
FINANCIAL IMPACT:
Effective Date:
Expiration Date:
Total Dollar Value of Contract:
Total Cost to County: Up to $400,000
Current Year Portion: Up to $400,000
Budgeted: No, but funds are available
Source of Funds: 304/316 Fund (land Acquisition)
CPI:
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Indirect Costs:
Estimated Ongoing Costs Not Included in above dollar amounts:
Revenue Producing: No If yes, amount:
Grant: $3,750,768
County Match: $ 0
Insurance Required: NA
Additional Details:
REVIEWED BY:
Cheryl Cioffari Skipped 10/31/2019 2:46 PM
Helene Wetherington Skipped 10/31/2019 11:29 AM
Assistant County Administrator Christine Hurley Completed
11/01/2019 12:27 PM
Emily Schemper Completed 11/01/2019 2:33 PM
Peter Morris Completed 11/01/2019 4:12 PM
Maria Slavik Completed 11/05/2019 2:43 PM
Budget and Finance Completed 11/05/2019 2:46 PM
Kathy Peters Completed 11/05/2019 2:52 PM
Board of County Commissioners Pending 11/20/2019 9:00 AM
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Complete RFA as modified on 7-19-19 and 7-29-19
REQUEST FOR APPLICATIONS 2019-101
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COMMUNITY DEVELOPMENT BLOCK GRANT - DISASTER RECOVERYCD
FINANCING FOR WORKFORCE HOUSING FOR HURRICANE RECOVERY
IN MONROE COUNTY >
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Issued By:
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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
INTRODUCTION
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 t3
Workforce Housing (Development Funding) in Monroe County, PLUS an additional $10 million in CDBG-
DR Funding will be made available for acquiring land for those Developments that help address the
unmet Workforce Housing need in Monroe County(Land Acquisition Program Funding). If applying as a
Priority I or Priority II Application, land must remain affordable in Perpetuity.
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, and execute a written agreement within 12 months of the date of the invitation to M
enter credit underwriting. o
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Florida Housing Finance Corporation, herein afterwards referred to as 'the Corporation', is soliciting CL
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applications from qualified Applicants in accordance with the terms and conditions of this RFA, the 2018 _
State of Florida Action Plan for Disaster Recovery,the Department of Economic Opportunity's (DEO)
Workforce Housing Program Designs and Guidebooks, inclusive of all Exhibits, applicable laws, rules and
regulations, relevant Federal Notices, Rule Chapters 67-53, F.A.C. and 67-60, F.A.C., and the
Corporation's generally applicable construction and financial standards.
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SECTION TWO
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DEFINITIONS
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 .
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A. Submission Requirements
1. Application Deadline
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The Application Deadline is 3:00 p.m., Eastern Time, on August 6, 2019.
2. Completing the Application Package CL
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a. Downloading and completing the documents provided by the Corporation 0
Download and complete the following documents found on the RFA Website:
(1) The Application (Exhibit A of the RFA);
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(2) The Development Cost Pro Forma; and
(3) The CDBG-DR Principals of the Applicant and Developer(s) Disclosure
Form (Form Rev. 06-19) ("Principals Disclosure Form"). A Principals
Disclosure Form that was approved during the Advance Review Process, t3
which is described in Section Four A.3.c. of the RFA, may be used to
satisfy this requirement.
The download process may take several minutes. Applicants should save these
three documents with a file name that is unique to the specific Application.
b. Creating the All Attachments Document >
In addition to the three documents described in a. above, the Application
Package also includes one copy consisting of all of the applicable completed
Attachments described in the RFA("All Attachments Document"). CL
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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.
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
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:
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a. Go to the RFA Website.
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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.
C. After successfully logging in, click"Upload Application Package." Enter the
Development Name and click "Browse"to locate the following completed CL
documents saved on the Applicant's computer:
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(1) The Application (Exhibit A) in Word format;
(2) The Development Cost Pro Forma in Excel format;
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(3) The Principals Disclosure form in Excel format. (If the Applicant
received an approved Principals Disclosure Form through the Advance
Review Process, the approved form is what should be uploaded);
(4) The All Attachments Document in a pdf format. t3
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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.
Examples of factors that affect file size include the resolution of the scanner or
scanning the documents in color or as a graphic/picture.
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
Application Deadline. Then the Uploaded Application (consisting of all four
documents comprising the Application Package), and its assigned Response CL
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Number will be visible in the first column.
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
an Uploaded Application. This will generate a new Response Number.
4. Submission to the Corporation
By the Application Deadline, provide to the Corporation the following:
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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
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.
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.
After 3:00 p.m., Eastern Time, on the Application Deadline, each Application for which a CL
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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
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:
Marisa Button
Director of Multifamily Allocations
Florida Housing Finance Corporation t3
227 N. Bronough Street, Suite 5000,Tallahassee, FL 32301
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If the hard copy of the Application Package is not identical to the electronically
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submitted Application Package, the electronically submitted Application Package will beCD
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 M
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 CL
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meets to make its recommendations until after the Board has taken action on the _
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.
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.
C. Florida Housing reserves the right to:
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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
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
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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
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official response or statement from the Corporation.
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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.
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F. By submitting this Application, including all applicable attachments thereto, each Applicant
agrees to the terms and conditions outlined in the RFA and certifies that:
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 t3
received by the Corporation are exempt from disclosure until such time as the Board
provides notice of an intended decision or until 30 Calendar Days after the opening of
the sealed Applications, whichever is earlier.
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 M
Application. If an Applicant or its representative does contact a Board or staff member o
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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. CL
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3. Requirements. Proposed Developments funded under this RFA will be subject to the
requirements of the RFA, the 2018 State of Florida Action Plan for Disaster Recovery
including subsequent Substantial and Technical Amendments, inclusive of all Exhibits,
the Application requirements outlined in Rule Chapter 67-60, F.A.C, and the Compliance
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requirements of Rule Chapter 67-53, F.A.C.
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
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
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
1. Required Certification and Acknowledgement
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a. Applicant Certification and Acknowledgement form o
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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
other than the version included in this RFA,the form will not be considered.
b. Land Owner Certification and Acknowledgement form (Priority I and II Applications only)
To be considered a Priority I or 11 Application, a Land Owner Certification and
Acknowledgement form, executed by the Authorized Land Owner Representative, must CD
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
Certification and Acknowledgement form is provided on the RFA Website.
2. Demographic Commitment >
The Demographic Commitment must be Workforce households at or below 80%of the Area
Median Income, serving general occupancy. No properties funded under this RFA may be age
restricted. CL
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3. Applicant/Developer/Management Company/Contact Person
a. Applicant Information
(1) State the name of the Applicant entity and select the type of organizational o
structure of the Applicant.
(2) State whether the Application qualifies as Priority 1, 11 or Ill. If no selections are o
made,the Application will be deemed a Priority Ill Application.
If the Application is a Priority I or 11 Application, state the name of the Local `d
Government, Public Housing Authority, Land Authority, or Community Land
Trust ("Land Owner")for use in the Land Owner Award Tally.The Land Owner
will be the recipient of the amount of CDBG-DR Funding needed for land
acquisition when land acquisition costs are part of the Development Cost of any
Priority I Applications and Priority 11 Applications. This will be regardless of
whether the Application is awarded both Land Acquisition Funding and
Development Funding or only Development Funding. The affordable housing
Development must be owned by the Applicant.
(a) Priority I Applications Qualifications
(i) Applicant Structure
The Applicant entity is a Local Government, a Public Housing
Authority, Land Authority, or Community Land Trust as defined
in Exhibit B; o
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OR
The Applicant entity is Single Purpose Legal Entity that is a joint
venture with a Local Government, a Public Housing Authority,
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Land Authority, or Community Land Trust serving as Land
Owner AND the Single Purpose Legal Entity meets the definition
of a 100% Non-Profit Entity as defined in Exhibit B. If the Local
Government, Public Housing Authority, Land Authority, or
Community Land Trust is in the Applicant ownership structure, �3
it may or may not be the same Local Government, Public
Housing Authority, Land Authority, or Community Land Trust
that is the Land Owner.The Land Owner is not required to be a
part of the Applicant entity. The joint venture relationship will
be demonstrated through the Land Owner Certification form
and the site control documents.
(ii) Ownership of Land
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A Local Government, Public Housing Authority, Land Authority,
or Community Land Trust holds 100 percent ownership in the CL
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land ("Land Owner").
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Note: The Land Owner will be the recipient of the amount of
CDBG-DR Funding needed for land acquisition when land
acquisition costs are part of the Development Cost of any
Priority I Applications and Priority II Applications. This will be
regardless of whether the Application is awarded both Land
Acquisition Funding and Development Funding or only
Development Funding.
State the name of the Local Government, Public Housing
Authority, Community Land Trust, or Land 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 is the Land Owner, the Community
Land Trust must demonstrate that it qualifies as a Community
Land Trust by providing the following as Attachment 2:
• The Community Land Trust must provide its Articles of
Incorporation or Bylaws demonstrating it has existed since
June 28, 2018 or earlier and that a purpose of the
Community Land Trust is to preserve affordable housing;
and
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• The Community Land Trust must provide a list of at least
two Developments and/or a list of units or parcels of land 0
that equals at least 50 percent of the units in the proposed
Development that the Community Land Trust has owned or E
developed. If the list consists of Developments, at least one
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Development must consist of at least 50 percent of the
units in the proposed Development.
(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 M
Limit for Monroe County.
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• Land Acquisition Program Funding— Priority I Applications CL
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that include any costs for land ar=quisiti the future
purchase of land must request up to $5,000,000 in Land
Acquisition Program Funding to pay for land acquisition
costs. The Land Acquisition Program Funding Request
Amount must meet the following criteria: (i)the land
acquisition expenses must be stated on the Development
Cost Pro Forma; (ii)the Land Acquisition Program Funding _
Request Amount must be$5,000,000 or less; (iii) if the land
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acquisition expenses stated on the Development Cost Pro
Forma exceed $5,000,000, then non-CDBG-DR sources must
be demonstrated on the Development Cost Pro Forma to
pay for the land acquisition expenses that exceed
$5,000,000; (iv)the site control documentation must
include an appraisal as further outlined in Section Four,
A.7.a. of this RFA. All Priority I Applicants must commit to
making the land affordable into Perpetuity.
(v) Selection Process
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Eligible Priority I Applications will be selected for funding first Ir
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.
If the Land Acquisition Program Funding is depleted and eligible
Priority I Applications remain, Priority I Applications may be fully
funded from Development Program Funding, if(i)the total 0
request in funding is$8 million or less, and (ii) enough funding
remains in the Development Program Funding to fully fund the
Application.
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(b) Priority II Applications Qualifications
(i) Applicant Structure g,
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The Applicant entity is Single Purpose Legal Entity that is a joint CD
venture with a Local Government, a Public Housing Authority,
Land Authority, or a Community Land Trust serving as Land
Owner AND a Single Purpose Legal Entity that includes a For
Profit Entity as defined in Exhibit B. If the Local Government,
Public Housing Authority, Land Authority, or Community Land >
Trust is in the Applicant ownership structure, it may or may not
be the same Local Government, Public Housing Authority, Land
Authority, or Community Land Trust that is the Land Owner.The
Land Owner is not required to be a part of the Applicant entity. CL
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The joint venture relationship will be demonstrated through the _
Land Owner Certification form and the site control documents.
(ii) Ownership of Land
A Local Government, Public Housing Authority, Land Authority,
or Community Land Trust holds 100 percent ownership in the
land ("Land Owner").
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Note: The Land Owner will be the recipient of the amount of
CDBG-DR Funding needed for land acquisition when land
acquisition costs are part of the Development Cost of any
Priority I Applications and Priority II Applications. This will be
regardless of whether the Application is awarded both Land
Acquisition Funding and Development Funding or only
Development Funding.
State the name of the Local Government, Public Housing
Authority, Community Land Trust, or Land 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 is the Land Owner, the Community
Land Trust must demonstrate that it qualifies as a Community
Land Trust by providing the following as Attachment 2:
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• The Community Land Trust must provide its Articles of 0
Incorporation or Bylaws demonstrating it has existed since June
28, 2018 or earlier and that a purpose of the Community Land 0
Trust is to preserve affordable housing; and
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• The Community Land Trust must provide a list of at least two
Developments and/or a list of units or parcels of land that
equals at least 50 percent of the units in the proposed
Development that the Community Land Trust has owned or
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
(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
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• Development Funding - Must apply for Development CL
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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— Priority II Applications
that include any costs for land ar=quisiti the future
purchase of land must request up to $5,000,000 in Land
Acquisition Program Funding to pay for land acquisition
costs. The Land Acquisition Program Funding Request
Amount must meet the following criteria: (i)the land
acquisition expenses must be stated on the Development
Cost Pro Forma; (ii)the Land Acquisition Program Funding
Request Amount must be$5,000,000 or less; (iii) if the land
acquisition expenses stated on the Development Cost Pro
Forma exceed $5,000,000, then non-CDBG-DR sources must
be demonstrated on the Development Cost Pro Forma to
pay for the land acquisition expenses that exceed
$5,000,000; (iv)the site control documentation must
include an appraisal as further outlined in Section Four,
A.7.a. of this RFA.. All Priority II Applicants must commit to
making the land affordable into Perpetuity.
(v) Selection Process
Eligible Priority II Applications will be selected for funding after
all Priority I Applications that can be fully funded are selected.
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Priority II Applications will continue to be selected for funding if
Applications can be fully funded. Priority III Applications will not 0
be selected for funding unless there is funding remaining and no
eligible Priority I or II Applications can be fully funded. E
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If the Land Acquisition Program Funding is depleted and eligible
Priority II Applications remain, Priority II Applications may be
fully funded from Development Program Funding, if(i)the total
request in funding is$8 million or less, and (ii) enough funding
remains in the Development Program Funding to fully fund the t3
Application.
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(c) Priority III Application Qualifications
All Applications that are not otherwise deemed a Priority I or Priority II
Application will be deemed a Priority III Application.
(i) Affordability Period
0
50 years
0
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(ii) Funding CL
• 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).
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• Land Acquisition Program Funding— Priority III Applicants
are not eligible for Land Acquisition Program Funding.
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(iii) Selection Process
Eligible Priority III Applications will be selected for funding after
all Priority I and II 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
formed entity [i.e., limited partnership, limited liability company, etc.] qualified
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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. CL
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(4) Non-Profit Application
(a) Non-Profit Application Qualifications
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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. �3
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Provide the following information for the Non-Profit entity that meets CD
the definition stated in Exhibit B as Attachment 3:
(i) The IRS determination letter;
(ii) The names and addresses of the members of the governing >
board of the Non-Profit entity; and M
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(iii) The articles of incorporation demonstrating that one of the
purposes of the Non-Profit entity is to foster low-income CL
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housing.
Any Applicant that applies as a Non-Profit but is not considered a Non-
Profit will still be eligible for funding as a for profit entity.
(b) 100% Non-Profit Application Qualifications
State whether the Applicant also 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 above 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
considered a Non-Profit Applicant and/or 100% Non-Profit Applicant and
funding awarded under this RFA may be rescinded.
b. General Developer Information
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(1) State the name of each Developer, including all co-Developers. A developer is
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any individual, association, corporation,joint venture, governmental
organization or partnership which possesses the skill, experience, and credit
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worthiness to successfully produce affordable housing as required in the
Application.
(2) Each Developer entity identified (that is not a natural person, Local CL
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Government, Public Housing Authority, or Land Authority) must be a legally
formed entity qualified to do business in the state of Florida as of the 0
Application Deadline. For each stated Developer entity(that is not a natural
person, Local Government, Public Housing Authority, or Land Authority),
provide, as Attachment 4 to Exhibit A, evidence from the Florida Department of
State, Division of Corporations, that the Developer satisfies the foregoing
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requirements. 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.
(3) Affordable Housing Experience t3
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To qualify for this funding preference, 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, 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 M
as Attachment 4 to Exhibit A, a prior experience chart. The individual meeting
the required experience must be disclosed as a Principal of the Developer on
the Principals Disclosure Form. If providing experience acquired from a previous C
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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.
The Developer experience chart must include the following information:
Prior General Development Experience Chart
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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 Program that Total Year Federal Programs such as
Development (City&State) Provided Financing Number Year
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
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,
demonstrates experience in the completion; (i.e., the certificate of occupancy
has been issued for at least one building), of at least one rental housingIc
development consisting of at least eight total units that was financed with
federal funding and required all federal programs such as Davis Bacon
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requirements and Environmental Review requirements.
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If this experience is demonstrated in the Prior General Development Experience
Chart submitted according to (3) above,the Application will qualify for the
Federal Funding Experience Preference.
Other Applications will qualify for the Federal Funding Experience Preference by t3
providing, as Attachment 4 to Exhibit A, a prior experience chart for at least one
natural person Principal intending to meet the Federal Funding Experience
Preference.The individual meeting the required experience must be disclosed
as a Principal of the Developer on the Principals Disclosure Form.
The Federal Funding Experience Preference Chart must include the following
information: >
Federal Funding Experience Preference Chart
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Name of Principal,which must be a natural person,with the required experience: >
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Name of Developer Entity(for the proposed Development)for which the above individual is a Principal: CL
Name of Location Total Year Federal Programs such as
Development (City&State) Number Completed Davis Bacon requirements and
of Units Environmental Review
requirements applied? (Y/N) t�
C. Principals Disclosure for the Applicant and for each Developer (5 points)
(1) Eligibility Requirements o
To meet the submission requirements, upload the CDBG-DR Principals of the
Applicant and Developer(s) Disclosure Form (Form Rev. 06-19) ("Principals
Disclosure Form") as outlined in Section Three above.
To meet eligibility requirements, the Principals Disclosure Form must identify, as
of the Application Deadline, the Principals of the Applicant and each Developer
as defined in Exhibit B and according to the disclosure requirements set forth
below. Reminder:The Land Owner in Priority I and II Applications is not required
to be a part of the Applicant entity.
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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 cv
level).A Principal that is a Local Government or Land Authority needIc
only be disclosed at the first principal disclosure level and no other
disclosure is required;
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(b) Disclose all of the Principals of all the entities identified in paragraph (a) 0
above (second principal disclosure level);
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(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
(d) If any of the entities identified in (c) above are a trust, disclose all of the t3
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:
(a) Disclose all of the Principals of the Developer(first principal disclosure >
level); and
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(b) Disclose all of the Principals of all the entities identified in paragraph (a)
above (second principal disclosure level). CL
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The Principals Disclosure Form is available on the RFA Website.
(2) Point Item
5 points will be awarded if the uploaded Principal Disclosure Form was stamped
"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.
(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
member of the Applicant, or 33.3 percent or more of the Land Owner.
The name of the Applicant or Land Owner 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, and if applicable, Land Owner entity, shall be the
borrowing entity and cannot be changed in any 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 change will require
review and approval of the Corporation, as well as approval of the Board prior
to the change. Changes to the Applicant or Land Owner entity(material or non-
material) prior to the loan closing or without Board approval after the loan
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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, office or directors of a Non-Profit entity, Local Government,
Land Authority or the investor limited partner of an Applicant limited
partnership or the investor-member of an Applicant limited liability company
owning the syndicating interest therein 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.
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d. General Management Company
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(1) Required for all Developments
Provide the name of the General Management Company for the Development.
Note: If selected for funding, the Corporation must approve the selection or
replacement of a management company prior to such company assuming
responsibility for the Development, using the following criteria:
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• Evidence of authorization to conduct business in the State of Florida.
• Real estate licensure as required under Chapter 475, Florida Statutes
• Review of company information including resumes of key management
personnel, management experience, and operating procedures.
• Review of company forms such as application for apartment residence,
income verification forms, lease, etc.
• Key management company representatives must attend a Corporation
compliance training workshop. Such workshops are posted on the webpage
https://www.floridahousing.orglowners-and-
manaEers/compliance/compliance-training
(2) Required for Developments consisting of more than 25 units `d
If the Development consists of more than 25 units,Applicants must
demonstrate that the listed Management Company has experience in the
management of at least two affordable rental housing properties (i.e.,
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,
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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:
Prior General Management Experience Chart
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4—
Name of Management Company or a Principal of the Management Company with the Required Experience:
Name of Location Currently Managing Length of Time Total
Development (City&State) or (Number of Number
Formerly Managed Years) of Units
e. Contact Person
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(1) Enter the information for the required Authorized Principal Representative. The
Authorized Principal Representative (a) must be a natural person Principal of the
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Applicant listed on the Principal Disclosure Form; (b) must have signature CL
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.
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(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 o
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, subject to Davis Bacon regulations.
C. Development Type
Select the Development Type for the proposed Development. For mixed-type cv
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 by certified o
contractors
• Garden Apartments (a building comprised of 1, 2 or 3 stories, with or without an
elevator)
• Duplexes
• Quadraplexes
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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.
d. Resiliency Preference
(1) Applications that select the Single Family Homes Development Type will
automatically qualify for the Resiliency Preference.
(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.
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, as verified during credit
underwriting: all exterior walls and other external load-bearing elements, as CL
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well as the floor of the lowest story of the building that contains residential, _
commercial or storage space (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
0
regarding the materials to be used in the roof of the building.
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.
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For purposes of this RFA, the Corporation will consider an Application to meet
the ESS Construction Requirement if the answer to question 4.d. 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",
all rules and regulations in Item 5 of Exhibit C,which includes cross-cutting Federal 4-
Regulations, will apply.
5. Location of Proposed Development
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a. County
This RFA is open only to Developments located in Monroe County, excluding the portion
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
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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.
If the proposed Development consists of Scattered Sites, the following conditions must
be met:
(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
of Monroe County included within the designated exterior boundaries of the
Everglades National Park and areas north of said Park. CL
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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. o
6. Number of Units and Buildings
cv
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
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 0
At least 10 percent of the total units must be set-aside at or below 25 percent E
AMI as Extremely Low-Income (ELI) Set-Aside Units.
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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. t3
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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
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 CL
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
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, 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.
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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.
e. Compliance Period
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(1) Compliance Requirement for Priority I and II Applications 0
The HUD affordability period requires units to be set aside for 20 years. By
submitting its Application,the Applicant agrees and acknowledges that the
proposed Development will include the required income and set-aside units
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committed to in the Application in Perpetuity. For purposes of this RFA,
Perpetuity means at least 99 years. Applicant will be responsible for compliance
monitoring fees for 50 years.
(2) Compliance Requirement for Priority III Applications
0
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
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.
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7. Readiness to Proceed
a. Site Control
The properly executed Site Control Certification form (Form Rev. 08-18) must be
provided as Attachment 6 to demonstrate site control as of Application Deadline. o
Attached to the form must be documents that meet the conditions outlined below. The
Site Control Certification form is provided on the RFA Website.
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Note: The Corporation will not review the site control documentation that is submitted
Ir-
with the Site Control Certification form during the scoring process unless there is a
reason to believe that the form has been improperly executed, nor will it in any case
evaluate the validity or enforceability of any such documentation. During scoring, the
Corporation will rely on the properly executed Site Control Certification form to
determine whether an Applicant has met the requirement of this RFA to demonstrate
site control.The Corporation has no authority to, and will not, evaluate the validity or
enforceability of any eligible site control documentation that is attached to the Site
Control Certification form during the scoring process. During credit underwriting, if it is
determined that the site control documents do not meet the above requirements,the
Corporation may rescind the award.
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 Irma 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. o
Note: There is no guarantee of funding or purchase reimbursement, even for Applicants 0
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.
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Land Acquisition Program Funding for the future purchase of land
(1) The Site Control documentation must include an eligible contract with a Local
Government, Public Housing Authority, Land Authority, or Community Land
Trust as the buyer. An eligible contract must meet all of the following t3
conditions:
(a) It must have a term that does not expire before December 13, 2019 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
December 13, 2019;
(b) It must specifically state that the buyer's remedy for default on the part
0
of the seller includes or is specific performance;
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(c) The purchase price must be included;
(d) The buyer must be the Local Government, Public Housing Authority,
Land Authority, or Community Land Trust (designated "Land Owner");
and
(e) 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
V.-
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 Funding will be the appraised value,which
will be confirmed in credit underwriting;
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(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.
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Land Acquisition Program Funding for reimbursement
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(1) The Site Control documentation must include a deed or certificate of title AND a
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:
(a) The Deed must be recorded in Monroe County and show the Local t3
Government, Public Housing Authority, Land Authority, or Community
Land Trust as the sole Grantee;
and
(b) A copy of the underlying purchase contract, executed no earlier than
September 10, 2017. >
(2) The Site Control documentation must include an appraisal demonstrating that
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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, CL
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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
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.
Priority I and II Applications that are not seeking Land Acquisition Program Funding
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The Local Government, Public Housing Authority, Land Authority, or Community Land
Trust must already own the land and, if funded, the land must be affordable into
Perpetuity. Applicants must demonstrate site control as of Application Deadline by
providing the properly executed Site Control Certification form (Form Rev. 08-18).
Attached to the form must be the following documents:
(2) 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 Local Government, Public Housing Authority, Land
Authority, or Community Land Trust as the sole Grantee. There are no
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
the Application Deadline.
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Priority III Applications
(1) If the Applicant is purchasing the land, the Site Control documentation must
include an eligible contract must meet all of the following conditions:
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(a) It must have a term that does not expire before February 29, 2020 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
February 29, 2020;
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(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
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
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(d) The owner of the subject property must be the seller, or is a party to
one or more intermediate contracts, agreements, assignments, options, CL
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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
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.
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b. Ability to Proceed Ir
Demonstrate the following Ability to Proceed elements as of Application Deadline, for
the entire proposed Development site, including all Scattered Sites, if applicable, as
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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
Proceed Verification forms that were included in a previous RFA submission for the
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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, 0
(iii) none of the information entered on the form and certified to by the signatory has
changed in any way, 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.
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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
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:
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(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
(b) The Florida Housing Finance Corporation Local Government Verification
that Permits are Not Required for this Development form (Form Rev. 08-
18).
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Note: With regard to the terms "Rate of Growth Ordinance (ROGO)"
and "Building Permit Allocation System (BPAS)," as used by different CL
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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
electricity is available to the entire proposed Development site by providing as
Attachment 8 to Exhibit A:
(a) The properly completed and executed Florida Housing Finance
Corporation Verification of Availability of Infrastructure—Electricity
form (Form Rev. 08-18); or
(b) A letter from the electricity service provider that contains the name of
the Development 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 Applicant, by any Principals or Financial
Beneficiaries of the Applicant, or by any local elected officials.
(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:
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(a) The properly completed and executed Florida Housing Finance
Corporation Verification of Availability of Infrastructure—Water form 0
(Form Rev. 08-18); or CL
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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 t3
proposed Development site by providing as Attachment 10 to Exhibit A:
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(a) The properly completed and executed Florida Housing Finance
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Corporation Verification of Availability of Infrastructure—Sewer CD
Capacity, Package Treatment, or Septic Tank form (Form Rev. 08-18); or
(b) A letter from the waste treatment service provider that contains the >
Development location and the number of units and is dated within 12 M
months of the Application Deadline. The letter may not be signed by o
the Applicant, by any related parties of the Applicant, by any Principals
or Financial Beneficiaries of the Applicant, or by any local elected CL
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officials.
(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
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
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
Applicant, by any Principals or Financial Beneficiaries of the Applicant,
or by any local elected officials.
8. Construction Features
All units are expected to meet all requirements as outlined below. The quality of the
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 17
HUD on the webpage
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https://www.hud.gov/program_offices/public_indian_housing/programs/hcv/hqs (also
available by clicking here).
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 o
Scattered Site with the most units, or a combination of both.
a. Federal Requirements and State Building Code Requirements for all Developments
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All proposed Developments must meet all federal requirements and state building code
requirements, including the following, incorporating the most recent amendments,
regulations and rules:
• Florida Accessibility Code for Building Construction as adopted pursuant to Section t3
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.
*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 y
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. M
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 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.
b. General Features
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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 unit;
• Termite prevention; "C
• Pest control;
• Window covering for each window and glass door inside each unit; CL
• 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 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
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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; 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;
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• Bathtub with shower in at least one bathroom in at least 90 percent of the units;
and
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• A full-size range and oven in all units.
C. Required Accessibility Features, regardless of the age of Development
(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;
• 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.
(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 4-
grab bars must meet or exceed the 2010 ADA Standards for Accessible Design,
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
household's request and at no charge to the household, will install grab bars 0
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.
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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 t3
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;
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• Energy Star certified dishwasher;
• Energy Star certified ventilation fan in all bathrooms;
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• Water heater minimum efficiency specifications: CL
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;
o Residential Gas (storage or tankless/instantaneous): Energy Star o
certified,
o Commercial Gas Water Heater: Energy Star certified;
• Energy Star certified ceiling fans with lighting fixtures in bedrooms; o
• 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
including gas/electric package units
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
allowed. Package Terminal Air Conditioners (PTACs)/ Package Terminal Heat
Pumps(PTHPs) are allowed in studio and 1 bedroom units.
(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 Enterprise Green Communities; or ICC
700 National Green Building Standard (NGBS). CL
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9. Resident Programs
The quality of the Resident Programs committed to by the Applicant is subject to approval of the
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.
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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
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 �3
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:
a. After School Program for Children
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.
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b. Adult Literacy
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The Applicant or its Management Company must make available, at no cost to the
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.
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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
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following:
• Evaluation of current job skills;
• Assistance in setting job goals;
• Assistance in development of and regular review/update of an individualized plan
for each participating resident;
• Resume assistance;
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• Interview preparation; and
• Placement and follow-up services. 0
Electronic media, if used, must be used in conjunction with live instruction.
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
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
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.
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e. Financial Management Program
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The Applicant or its Management Company shall provide a series of classes to provide
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
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
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 cv
repeated consecutively.
10. Funding
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a. Corporation Funding 0
(1) CDBG-DR Funding
(a) CDBG-DR Funding Request Amounts
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State the amount of CDBG-DR Funding it is requesting in Exhibit A, as
well as on the Development Cost Pro Forma.
(i) Priority I or II Applications that include any costs for
ar=quisitieR the future purchase of land must request up to$5 g,
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. The Land Acquisition Program Funding Request
Amount must meet the following criteria: (i)the land acquisition
expenses must be stated on the Development Cost Pro Forma;
(ii)the Land Acquisition Program Funding Request Amount must
be$5,000,000 or less; (iii) if the land acquisition expenses stated
on the Development Cost Pro Forma exceed $5,000,000, then
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non-CDBG-DR sources must be demonstrated on the >
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Development Cost Pro Forma to pay for the land acquisition CL
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expenses that exceed $5,000,000; (iv) the site control
documentation must include an appraisal as further outlined in
Section Four, A.7.a. of this RFA. If the Land Acquisition Program 0
Funding is depleted and eligible Priority I or Priority 11
Applications remain, Applications may be fully funded from
Development Program Funding, if(i)the total request in funding
is$8 million or less, and (ii) enough funding remains in the
Development Program Funding to fully fund the Application.
(ii) All Applications must request Development Funding. Priority III
Applications may use Development Funding for all aspects of
creating affordable housing, including land acquisition. The
Development Funding amount requested at question 10.a.(1)(a)
of Exhibit A is the amount that will be used for the Leveraging
Calculation described in Section Five, B.1.d. of the RFA and the
Job Creation Funding Preference calculation described in Item 2
of Exhibit C. The maximum amount of Development Funding is
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the lesser of the following:
• $8 million; or
• The Total Maximum Per Unit CDBG-DR Rental FHFC Subsidy
Limit for Monroe County as stated below:
o $217,058 per Zero Bedroom Unit CL
o $248,828 per 1 Bedroom Unit 0
o $302,572 per 2 Bedroom Unit
o $391,432 per 3 Bedroom Unit
o $418,592 per 4 Bedroom Unit
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(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 t3
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 M
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 CL
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Cost limitation below.
If a reduction in the request amount is needed and a funding shortfall is
created in either the Construction and/or the Permanent Analysis of the
Applicant's Development Cost Pro Forma,the amount of 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.
(3) Other Corporation Funding
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(a) If the Development has received funding from the Predevelopment
Loan Program (PLP), the Corporation file number and amount of funding
must be listed. Note: PLP funding cannot be used as a source of
financing on the Construction Analysis or the Permanent Analysis.
(b) List any other Corporation funding that is intended to be utilized as a
source of financing for the proposed Development.
b. Non-Corporation Funding Proposals
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
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
included. Insert documentation for each source as Attachment 12 to Exhibit A. 0
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
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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 t3
following criteria. Evidence for each funding source must be behind its own numbered
attachment.
(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 M
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• Signature of the lender.
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Note: For ALL Applicants, eligible Local Government (including Land Authority) CL
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financial commitments can be considered without meeting the requirements <
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
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:
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• Amount of the construction loan, if applicable;
• Amount of the permanent loan, if applicable; and
• Specific reference to the Applicant as the borrower/direct recipient/
mortgagee.
(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
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
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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
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security deposits, and sinking funds. Financing proposals from lenders who
cannot demonstrate ability to fund will not count as a source of financing. 0
Financial statements must be included in the Application. Note: This provision
does not apply to deferred Developer fee.
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In the case where the seller of the Development's property is providing a seller's
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
coverage ratio or any other typical due diligence required during credit CL
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underwriting.
(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
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.
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(8) Grant funds are contributions to the Development, other than equity,which
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.
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 Analysis and Permanent Analysis listing the anticipated sources (both
Corporation and non-Corporation funding). The sources must equal or exceed the
uses. During the scoring process, if a funding source is not considered and/or if the
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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.
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The Development Cost Pro Forma must include all anticipated costs of the Development 0
construction 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
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Development Cost Pro Forma. Note: deferred Developer fees are not considered
"waived 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 t3
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. >
Unless stated otherwise in this RFA, except for deferred Developer fee,the
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Application requires complete information on all sources of Development funding
and the proposed uses of those funds. All loans, grants, donations, syndication CL
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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.
(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 are exceeded, the Corporation will
adjust the amount down to the maximum allowed.
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• If the amount of Developer fee on Non-Acquisition Costs is more than
the amount allowed the Corporation will reduce the amount of
Developer fee on Non-Acquisition Costs to the maximum allowed
amount, 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.
Consulting fees, if any, and any financial or other guarantees required for
the financing must be paid out of the Developer fee. Consulting fees
include, but are not limited to, payments for Application consultants,
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construction management or supervision consultants, or local government
consultants.
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(2) General Contractor Fee
General Contractor fee shall be limited to 14 percent of actual construction cost.
The maximum allowable General Contractor fee will be tested during the
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scoring of the Application by multiplying the actual construction cost by 14
percent, rounded down to the nearest dollar.
(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
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 >
An operating deficit reserve is not to be included as part of Development
0
Costs and cannot be used in determining the maximum Developer fee.
Applicants may not enter any amounts pertaining to any type of reserve CL
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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,
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
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
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be identified and is included in the Development Cost Pro Forma,the
Corporation will remove it during Application scoring.
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, orIc
otherwise be considered an advance payment or pre-funding of the
Applicant's obligation to periodically fund the replacement reserve
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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
permitted by the Corporation. In no event, shall the payment of amounts to
the Applicant or the Developer from any operating deficit reserve
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established for the Development cause the Developer fee or General
Contractor fee to exceed the applicable percentage limitations provided for
in this RFA.
(5) With respect to the loan amount(s),all fees set forth in Exhibit C to the RFA except t3
for Loan Servicing Fees, are part of Development Cost and can be included in the
Development Cost Pro Forma and paid with loan proceeds.
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 >
Housing Authority and/or an instrumentality of a Public Housing Authority. To qualify as M
an instrumentality, the Public Housing Authority and/or instrumentality of a Public o
Housing Authority must be reflected on the CDBG-DR Principals of the Applicant and
Developer(s) Disclosure Form (Form Rev. 06-19).The Public Housing Authority and/or CL
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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.
If the Principal of the Applicant is an instrumentality of a Public Housing Authority,
state the name of the Public Housing Authority.
11. Uniform Relocation Act:
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The Uniform Relocation Assistance and Real Property Acquisition Policies Act of 1970
(URA) is government-wide legislation which establishes minimum standards for
federally-funded programs or projects requiring the acquisition of real property or
displacement of persons from the homes, businesses, or farms as a direct result of:
Acquisition, Rehabilitation or Demolition. CDBG-DR is the same at CDBG except as
expressly waived and alternative requirements as issued for CDBG-DR funds that are
specific to each disaster. Applicants should be prepared to familiarize themselves with
URA&Section 104(d) statues and regulations at 49 CFR 24 (URA), 24 CFR 42 (104(d), 24
CFR 570 (CDBG) and Section 414 of the Stafford Act. The URA is triggered at site
identification or intended use of federal funds. A General Information Notice (GIN)
should be issued to all occupants at such time there exists, 1) documented legal intent -
of a project triggered by project pre-application/application, AND 2) site identification.
For land proposed for acquisition that may have occupied residential dwellings,
compliance begins at the General Information Notice information, and the following
required Uniform Relocation Act information must be provided in the Application.
a. Occupied Units:
At question 11.a. of Exhibit A, select"Yes" if any units are occupied. CL
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b. Tenant Relocation Information for Existing Properties:
At question 11.b.(1)through (4) of Exhibit A, answer all applicable questions.
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(1) State how many total units now exist on land in the proposed
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
construction period. If"Yes", state how many units are affected.
(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
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information: >
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(5) Provide in the Application, as Attachment 13, a list of all occupied units CL
and tenant income certifications. The income of persons and
households who are currently occupying a unit that will receive CDBG-
DR assistance must be provided to determine whether they are income
eligible. The certification maybe self-executed and will be confirmed in
credit underwriting. 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.
(6) Provide in the Application, as Attachment 14, a brief description of how
the Development will meet the CDBG-DR set-aside requirements. The
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.
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The CDBG-DR General Information Notice information will be required only
2
after the Application is selected for funding, as outlined in Item 4 of Exhibit C. 0
The due date for this information will be included in the invitation to enter CL
credit underwriting. 0
C. Uniform Relocation Act Acquisition Information:
Provide the following information:
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(1) If the Applicant or Land Owner owns the Development site (i.e., holds a
deed or currently has a lease with a minimum 50-year term), provide a
narrative 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. �3
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(2) If the Applicant or Land Owner is a private company and is acquiring the
property or 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
0
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 CL
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provided as Attachment 17 to Exhibit A. Note: The only permissible
Land Owner that could be a private company is a Community Land
Trust.
(3) If the Applicant or Land Owner is a public(government)Applicant,
respond to all applicable remaining questions in this relocation section.
(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
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determination of market value for the property is being waived.
Provide a copy of the required notice as Attachment 18 to
Exhibit A.
(b) If the Applicant is a public (government)Applicant and does not
have the power of eminent domain, provide the following: (i)
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.
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B. Addenda
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. 0
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SECTION FIVE
SCORING AND EVALUATION PROCESS
A. Determining Eligibility
Only Applications that meet all of the following Eligibility Items will be eligible for funding and
considered for funding selection.
Eligibility Items
Submission Requirements met*
Applicant Certification and Acknowledgement form provided
Land Owner Certification and Acknowledgement form provided, if Priority I or II
Application
Name of Applicant provided
Evidence Applicant is a legally formed entity provided
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If the Community Land Trust is the Land Owner, the Community Land Trust Articles of CL
Incorporation or Bylaws provided
Demonstration of Community Land Trust experience provided, if applicable
Name of Each Developer provided
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 provided, if applicable
Authorized Principal Representative provided
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Name of Proposed Development provided
Development Type provided
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
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
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Appropriate Zoning demonstrated
Availability of Electricity demonstrated
Availability of Water demonstrated
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Availability of Sewer demonstrated
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Availability of Roads demonstrated 0
Minimum Resident Programs selected, if applicable
Applicant's Development Funding Request Amount provided
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Development Cost Pro Forma provided (listing expenses or uses) and Construction
analysis and Permanent analysis (listing sources)—Sources must equal or exceed uses
Units occupied question answered
Tenant Relocation information provided, if applicable
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 CL
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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
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
0
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 published
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
(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
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
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considered ineligible for funding in this RFA and any funding awarded in this RFA will be
rescinded and considered Returned Funding. 0
**** Total Development Cost Per Unit Limitation E
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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 Q
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 M
the RFA and it will apply to all units in the proposed Development. During the credit
underwriting process, and during the final allocation process, the maximum TDC per
unit will be recalculated for each unit type as described in Item 1 of Exhibit C, with CL
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consideration given to whether the Development consists one or more Development
Types or a mix of wood and ESS Construction units.
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Any Application that has an amount that exceeds these limitations during scoring will 0
e
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
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 04
°
°
New Construction Units
°
°
Measure Wood* E55*
°
Maximum TDC Per Unit Limitation** °
for all counties except Broward and $206,000 $248,000 CD
Miami-Dade
Maximum TDC Per Unit Limitation**
for Broward and Miami-Dade $217,000 $260,000
counties °
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) CD
---------------------------------------------------------------------------------------------------------------------------------------------------
CD
TDC Multiplier for Florida Keys Area for all areas north of Plantation 65% 04
°
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) py
$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 0
** 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 E
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
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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 costa p proved 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
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.
***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.
2. Awarding Points >
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Point Items Maximum Points
Submission of Principal Disclosure Form stamped by 5
Corporation as "Pre-Approved" C
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Total Possible Points 5
B. Selection Process
1. Application Sorting Order
All eligible Priority I Applications will be ranked by sorting the Applications as follows,followed
by Priority 11 Applications, then by Priority III Applications:
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a. First, by the points achieved;
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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;
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;
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
qualify for the preference;
e. Next, by the Application's Leveraging Calculation, (the Eligible CDBG-DR Development
Funding Request Amount divided by the total number of units); "C
f. By the Application's eligibility for the Florida Job Creation Funding Preference which is CL
outlined in Item 2 of Exhibit C of the RFA(with Applications that qualify for the o
preference listed above Applications that do not qualify for the preference);
g. Finally, by lottery number,with Applications that have a lower lottery number listed
above Applications with a higher lottery number.
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2. Funding Available
Estimated total CDBG-DR funding amount of$35,000,000, to be divided as follows:
• $25,000,000 in Development Funding (All Applications)
• $10,000,000 in Land Acquisition Program Funding(Priority I and II Applications only)
3. 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
the Land Owner Award Tally.
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The Corporation will prioritize eligible unfunded Priority I Applications that can be fully funded .�
and have the lowest Land Owner Award Tally above other eligible unfunded Priority I
Applications with a higher Land Owner Award Tally that also can be fully funded, even if the
Priority I Applications with a higher Land Owner Award Tally are higher ranked. The Corporation
will then follow the same pattern for Priority 11 Applications.
This procedure will be applied when selecting Priority I Applications and Priority 11 Applications
only.
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4. Funding Selection Order
After Applications are sorted, funding selection will proceed. The highest ranked Priority 1
Applications will be selected first, subject to the Land Owner Award Tally. As each Priority I
Application is selected for funding, the CDBG-DR Request Amount will be deducted from both
the Development Funding Amount and, if applicable, Land Acquisition Program Funding.
If there is not enough Land Acquisition Program Funding to fully fund an eligible unfunded
Priority I Application's Land Acquisition Program Funding request amount, the Priority I
Application may still be fully funded if(i)the total request in funding is$8 million or less, and (ii)
enough funding remains in the Development Program Funding to fully fund the Application, or
there is enough funding in a combination of the remaining Land Acquisition Program Funding
and the Development Program Funding to fully fund the Application. The remaining balance of
Land Acquisition Program Funding, if any, will be awarded and the remaining balance of the
request amount will be deducted from the total amount of Development Funding available in cv
this RFA.
If funding remains and no eligible unfunded Priority I Applications can be fully funded, the
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process will be repeated with the highest-ranking Priority 11 Applications until there are no
Priority 11 Applications that can be fully funded. If Land Acquisition Program Funding remains and
there are no eligible 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.
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If Development Funding remains, and no Priority I or II Applications can be fully funded, then the
highest-ranking Priority III Applications that can be fully funded will be selected for funding.
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 g,
approved by the Board.
4-
5. 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 CL
AWARD PROCESS
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.
The Committee shall conduct at least one public meeting during which the Committee members may
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
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.
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
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.
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. CL
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
1. Certification and Acknowledgement forms
a. Applicant Certification and Acknowledgement form
Provide the Applicant Certification and Acknowledgement, executed by the Authorized
Principal Representative, as Attachment 1.
b. Land Owner Certification and Acknowledgement form (Priority I and II Applications only) Iq
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.
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2. Demographic Commitment
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The Demographic Commitment must be Workforce, serving the general population.
3. Applicant, Developer, Management Company,and Contact Person
a. Applicant
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(1) Name of Applicant
.IL.!Lc III...IIh.L".!L:.L"to.... ....L".n'..L".!I:....ext,.
(2) Does the Application qualify as a Priority 1, 11 or III?
Choose an fitern.
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 is the Land Owner, the Community Land Trust must
demonstrate that it qualifies as a Community Land Trust by providing the
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required information as Attachment 2.
(3) If the Applicant is a Single Purpose Legal Entity, 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 0
Attachment 2.
(4) Non-Profit Applications
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(a) Does the Applicant or the General Partner or managing member of the
Applicant meet the definition of Non-Profit Entity as set forth Exhibit B
of this RFA?
Choose an !tern, t 3
0
If"Yes", provide the required information for the Non-Profit entity as
Attachment 3 and answer question (b) below.
(b) Does the Applicant or the General Partner or managing member of the
Applicant also meet the definition of 100% Non-Profit Entity as set forth
Exhibit B of this RFA?
0
Choose a ln....!tern, �
0
b. General Developer Information CL
CL
(1) Name of each Developer(including all co-Developers)
Gkk here to enter text,
(2) For each Developer entity listed in question (1) above (that is not a natural
person, Local Government, Public Housing Authority, or Land Authority),
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.
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(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 Affordable
Housing p g Experience Funding Preference?
Choose an !tern, �
4-
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
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, CL
C
meet the requirements to qualify for the Federal Funding Experience
Preference?
Choose an i°item.
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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.
C. Principals Disclosure for the Applicant and for each Developer(5 points)
(1) Eligibility Requirement
0
To meet the submission requirements, upload the CDBG-DR Principals of the
Applicant and Developer(s) Disclosure Form (Form Rev. 06-19) ("Principals
Disclosure Form")with the Application and Development Cost Pro Forma, as
outlined in Section Three of the RFA.
(2) Point Item
0
Applicants will receive 5 points if the uploaded Principal Disclosure Form was
stamped "Approved" during the Advance Review Process provided it is still
correct as of Application Deadline. CL
d. General Management Company
Name of the Management Company:
Ilfi k here to enter text.
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)
Name: .Ik.k....here entertext,
text,Organzation: Qkk heire to enter
Street lAddress: Gkk II eire to enter text,
City: .IL.!L�.III...here.... .... .n'..".!I:....text, �
State: .Ik.III....here.... .... .in..".II:...text,.
Zip: Qkk here to en ".!I:....text,
Telephone: Qkk heire..to.. ....entertext,
E-Mail Address: Gkk Iheire to enter text.
(2) Operational Contact Person information (optional)
Name: Qkk here to enter text. CL
Organization:.............. ....kll�...lheir ... enter text.
e to
Street Address: Gkk Iheire to enter text.
City: .IL.!L�.III...here.... .... .n'..".!I:....text, �
State: .Ik.III....here.... .... .in..".II:...text,.
p: "...t .... ......... .........."........, �
Zip: fib„c here
enter� x�.
Telephone: .II!1.�.III...III.".!I: "to.... ....entertext,
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E-Mail Address: Gkk Ihere to enter text.
.............................................................................................................
4. General Proposed Development Information
a. Name of the proposed Development g,
0
.IL.!LL.III...I here.... ....entertext,
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. Select the Development Type
0
Choose.. . . ... .I!....!L.L.!I ... o
CL
CL
d. Resiliency Preference
Does the proposed Development meet the Resiliency Preference?
Choose an i°item.
0
e. Has construction commenced?
Choose an i°item. o
Note: If"Yes", all rules and regulations in Item 5 of Exhibit C, 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
Ilfi k Ihere to enter text.
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C. Does the proposed Development consist of Scattered Sites?
Choose an i°item,
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d. Latitude and Longitude Coordinates
(1) Latitude and Longitude Coordinates of the first site
CL
Latitude in decimal degrees, rounded to at least the sixth decimal place 0
.IL.!L�.III...I here.... ....enter....text,
.
Longitude in decimal degrees, rounded to at least the sixth decimal place
Ilfi k Ihere to enter text.
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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:
Ilfick Ihere to enter text.
6. Number of Building and Units
a. Total number of units in the proposed Development: „II!°iL„III heire toheir enter text, �
b. Set-Aside Commitments
(1) Workforce Units o
The Applicant must commit to set aside 100 percent of the total units at or
CL
below 80 percent Area Median Income (AMI). CL
(2) Extremely Low-Income (ELI) Set-Aside Units
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.
(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.
C. Unit Mix Chart
Number of Number of Units per Number of Units that
Bedrooms/Bathrooms Bedroom Type are ELI Set-Aside
per Unit Units
CInuu[ :. v r. ev IV a q ve ntv NUITIh0
as
.. t ....
Clnuuse....n Item,. I neg IVUITI,I.O.g:: I�,Crtv IVU1...Ihv.. �
cv
Choose an Item, nevi IVUITIIOe ntv NUITIh0 �
Choose an Item, ::::n e,.�.G....l.N.C?.IC.N.II OO:: .l.C!.1.e......1°!.U.1C:I.h.0.R:: �
0
0
(1) How many Zero Bedroom Units are described in the unit mix chart?
.li7..x.!I:... ''..�lirn.I .xli:
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(2) How many one-bedroom units are described in the unit mix chart?
Enter Wlirnlbeir
(3) How many two-bedroom units are described in the unit mix chart?
Enter Wlirnlbeir
..................................................................
(4) How many three-bedroom units are described in the unit mix chart?
Enter ''..�lirn.I eii: �
(5) How many four-bedroom units are described in the unit mix chart?
Enter Wlirnlbeir o
d. Number of Buildings
CL
CL
Number of anticipated residential buildings: Enteir....WIllirnbeiry
7. Readiness to Proceed
a. Site Control
0
The properly executed Site Control Certification form (Form Rev. 08-18) and
attachments must be provided as Attachment 6 to demonstrate site control as of
Application Deadline.
b. Ability to Proceed documents
(1) Provide the required documentation to demonstrate zoning as Attachment 7.
(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.
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8. Construction Features o
a. Federal requirements and State Building Code requirements for all Developments are
outlined in Section Four. E
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.
d. Green Building Features:
(1) Green Building feature requirements for all Developments are outlined in g,
Section Four.
(2) Applicants must commit to achieve one of the following Green Building
Certification programs described in Section Four.
Choose an fitern. �
9. Resident Programs
0
For all proposed Developments that consist of less than eight units, there is no requirement to
commit to any of the resident programs below. For proposed Developments that consist of
CL
eight to 25 units, it is a Mandatory requirement that at least one of the resident programs is CL
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 o
❑ Adult Literacy
❑ Employment Assistance Program
❑ Family Support Coordinator
❑ Financial Management Program
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10. Funding
a. Corporation Funding
(1) Development Funding available to all Applicants
(a) Development Funding Request Amount: $ .IL!°Lck IIheir "..to.. ....L".n'..L".!I:....ext,. �
(b) Land Acquisition Program Funding Request Amount: $Qck lhere .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 0
„ �v to v...n,.tv� text t ... v v tu,v ntv text eClIck hv .
as
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(b) If any other Corporation funds will be incorporated as a source of
financing for the proposed Development, provide the information in the
chart below:
Corporation Program Corporation File No. Amount of Funding U
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.
EHCL tee file IVu. tee Mlle NO, �
b. Non-Corporation Funding
Attach all funding proposals executed by the lender(s) or by any other source as
Attachment 12.
0
C. Development Cost Pro Forma
0
To meet the submission requirements, upload the Development Cost Pro Forma with CL
CL
the Application and CDBG-DR Principals of the Applicant and Developer(s) Disclosure _
Form (Form Rev. 06-19) ("Principals Disclosure Form"), as outlined in Section Three of
the RFA.
d. Public Housing Authority as a Principal of the Applicant Entity g
Is a Principal of the Applicant Entity a Public Housing Authority or an instrumentality of a
Public Housing Authority? o
Choose an i°item.
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If the Principal of the Applicant Entity is an instrumentality of a Public Housing
Authority, state the name of the Public Housing Authority:
Ilfi k Ihere to enter text.
11. Uniform Relocation Act
a. Are there any units occupied?
Choose an �tern,
If"Yes"—Go to question b. below.
C
If"No"—Go to question c. below.
CL
b. Tenant Relocation Information for Existing Properties: 0
(1) How many total units now exist in the development? „IIII..x.k....IIhx".p„rv„ „o enter text, �
(2) How many units are occupied? .Ilil.x.Ili....II7!x.!I:x.... ....enter....text,
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(3) Based on the income information of each tenant, is permanent relocation
(displacement) anticipated during or after the construction period?
Choose an i°item. t3
...........................................................................
0
If"Yes", how many units are affected? CHck....I here.... ....enter....text,
.
(4) Will temporary relocation of any tenants be required?
Choose an i°item.
If"Yes", how many tenants will require temporary relocation? CHck...IIh.L"„p:.L"to
enter text.
.................................................
(5) Provide the required list of all occupied units and tenant income certifications as
CL
Attachment 13. CL
(6) Provide the required description of how the Development will meet the set-
aside requirements as Attachment 14.
(7) Provide the required description of how the cost of relocation will be covered as
Attachment 15.
0
C. Uniform Relocation Act (URA)Acquisition Information:
(1) Does the Applicant or Land Owner currently own the Development site?
Choose an i°item.
If"Yes" - Provide a narrative regarding the acquisition as Attachment 16 and
skip questions (2) through (4) below.
If"No" -Answer question (2) below.
(2) Is the Applicant or Land Owner a private company?
Choose an i°item.
If"Yes" - Provide a copy of the notice provided to the current owner/seller as
Attachment 17 and skip questions (3) and (4) below. CL
0
0
If"No" -Answer question (3) below.
(3) Is the Applicant or Land Owner a public(government)Applicant?
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Choose an i°item.
...........................................................................
If"Yes" -Answer question (4) below.
If"No" -Skip question (4) below. U
0
(4) Does the Applicant have eminent domain power?
Choose an !tern,
If"Yes" - Provide a copy of the required notice as Attachment 18.
If"No" - Provide the required information as Attachment 18.
0
0
CL
CL
*****************
B. Addenda
The Applicant may use the space below 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.
i5
0
IlfckI here t enter text,
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C
CL
0
0
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RFA 2019-101 DEVELOPMENT COST PRO FORMA (Page 1 of 7)
NOTES: (1) Developer fee may not exceed the limits established in Rule Chapter 67-48,F.A.C.,or this RFA Any portion of the fee that
has been deferred must be included in Total Development Cost.
(2) General Contractor's fee is limited to 14%of actual construction cost(for Application purposes,this is represented by
A1.1.Column 3),rounded down to nearest dollar.The General Contractor's fee must be disclosed. The General Contractor's
fee includes General Conditions,Overhead,and Profit.
(3) For Application purposes,the maximum hard cost contingency allowed cannot exceed 5%of the amount provided in
column 3 for A1.3.TOTAL ACTUAL CONSTRUCTION COSTS for Developments where 50 percent or more of the units are O
new construction. Otherwise the maximum is 15%. The maximum soft cost contintengy allowed cannot exceed CD
5%of the amount provided in column 3 for A2.1 TOTAL GENERAL DEVELOPMENT COST. Limitations on these contingency CD
CD
line items post-Application are provided in Rule Chapter 67-48,F.A.C.
(4) Operating Deficit Reserves(ODR)of any kind are not to be included in C.DEVELOPMENT COST and cannot be used in CD
determining the maximum Developer fee. In addition,an ODR is not permitted in this Application at all. If one has been
included,it will be removed by the scorer,reducing total costs. However,one may be included during the credit underwriting
process where it will be sized.The final cost certification may include an ODR,but it cannot exceed the amount sized during
credit underwriting. >
(5) Although the Corporation acknowledges that the costs listed on the Development Cost Pro Forma,Detail/Explanation Sheet,
Construction Analysis and Permanent Analysis are subject to change during credit underwriting,such costs are
subject to the Total Development Cost Per Unit Limitation as provided in the RFA,as well as the other cost limitations provided 0
in Rule Chapter 67-48,F.A.C.,as applicable. >
O
USE THE DETAIL/EXPLANATION SHEET FOR EXPLANATION OF*ITEMS. IF ADDITIONAL SPACE IS REQUIRED,ENTER THE
INFORMATION ON THE ADDENDA LOCATED AT THE END OF THE APPLICATION.
What was the Development Category of the Proposed Development: New Construction(w/or w/o Acquisition)
indicate the(NP77bor of tonal units in the proposed Devefcxnraaord: (enter a value) ** �
Im
1 3 O
ENTER TOTAL
COSTS IN THIS TOTAL 2
COLUMN
COSTS f
DEVELOPMENT COSTS
Actual Construction Costs
Accessory Buildings
Demolition
New Rental Units
*Off-Site Work(explain in detail)
Recreational Amenities
Site Work
*Other(explain in detail) 4)
4-
4)
A1.1.Actual Construction Cost $ $
A1.2. General Contractor Fee see Note(3)
(Max.14%of A1.1.,column 3) $ $
A1.3. TOTAL ACTUAL CONSTRUCTION "C
COSTS $ $
A1.4. HARD COST CONTINGENCY see Note(4) $ $
O
0
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RFA 2019-101 DEVELOPMENT COST PRO FORMA (Page 2 of 7)
1 3
ENTER TOTAL TOTAL
COSTS IN THIS COSTS
COLUMN
General Development Costs
Accounting Fees
Appraisal
4—
Architect's Fee-Site/Building Design
Architect's Fee-Supervision
Builder's Risk Insurance
Im
Building Permit
Capital Needs Assessment
0
Engineering Fees >
0
Environmental Report
FHFC Administrative Fee see Note(2)
FHFC Application Fee see Note(z) �y
See Note(2)
FHFC Compliance Fee O
FHFC PRL/Credit Underwriting Fees see Note(z) c�
Green Building Certification/ O
HERS Inspection Costs
*Impact Fees(list in detail)
Inspection Fees
Insurance
Legal Fees
Market Study
Marketing/Advertising
4—
Property Taxes
Soil Test Report
Survey
cd
Tenant Relocation Costs "C
Title Insurance&Recording Fees
Utility Connection Fee O
0
*Other(explain in detail)
A2.1. TOTAL GENERAL DEVELOPMENT
COST $ $
A2.2. SOFT COST CONTINGENCY gee rvoce tat $ $
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RFA 2019-101 DEVELOPMENT COST PRO FORMA (Page 3 of 7)
1 3
ENTER TOTAL TOTAL
COSTS IN THIS COSTS
COLUMN
Financial Costs
Construction Loan Origination/
Commitment Fee(s) t3
O
Construction Loan Credit CD
Enhancement Fee(s)
Construction Loan Interest
Non-Permanent Loan(s)Closing
O
Costs
Permanent Loan Origination/
Commitment Fee(s)
0
Permanent Loan Credit >
O
Enhancement Fee(s)
Permanent Loan Closing Costs
Im
Bridge Loan Origination/
Commitment Fee(s) c�
Bridge Loan Interest
*Other(explain in detail) 2
A3. TOTAL FINANCIAL COSTS $ $ O
ACQUISITION COST OF EXISTING
DEVELOPMENT(excluding land)
Existing Building(s)
*Other(explain in detail)
B. TOTAL ACQUISITION COSTS OF EXISTING
DEVELOPMENT(excluding land) $ $
C. DEVELOPMENT COST $ $
(A1.3+A1.4+A2.1+A2.2+A3+B)
O
see Note(1) 4)
Developer Fee
Developer Fee on Acquisition Costs
Developer Fee on Non-Acquisition Costs
D. TOTAL DEVELOPER FEE $ $
E. OPERATING DEFICIT RESERVES see Hote(s) $ $
F. TOTAL LAND COST $ $
G. TOTAL DEVELOPMENT COST see Hote(s) $ $ O
O
(C+D+E+F)
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RFA 2019-101 DEVELOPMENT COST PRO FORMA (Pane 4 of 7)
Detail/Explanation Sheet
I�
Totals must agree with Pro Forma. Provide component descriptions and amounts for each item that has been
completed on the Pro Forma that requires a detailed list or explanation. CC
DEVELOPMENT COSTS
0
Actual Construction Cost
(as listed at Item A1.)
Off-Site Work:
Other:
0
General Development Costs
(as listed at Item A2.) 91
Impact Fees:
Other:
0
Financial Costs
cv
(as listed at Item A3.)
Other:
Acquisition Cost of Existing Developments -
(as listed at Item 82.)
Other:
4-
NOTES Neither brokerage fees nor syndication fees can be included in eligible basis. Consulting fees,if any,and any financial or other guarantees
required for the financing must be paid out of the Developer fee.Consulting fees include,but are not limited to,payments for Application Cd
consultants,construction management or supervision consultants,or local government consultants.
0
0
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RFA 2019-101 DEVELOPMENT COST PRO FORMA (Pape 5 of 7)
CONSTRUCTION ANALYSIS
AMOUNT LENDERITYPE OF FUNDS
CC
A. Total Development Costs $
B. Construction Funding Sources:
1. First Mortgage Financing $ <select from menu>
2. Second Mortgage Financing $ <select from menu>
3. Third Mortgage Financing $ <select from menu>
4. Fourth Mortgage Financing $ <select from menu> >
5. Fifth Mortgage Financing $ <select from menu>
6. Sixth Mortgage Financing $ <select from menu>
91
7. Seventh Mortgage Financing $ <select from menu>
8. Eighth Mortgage Financing $ <select from menu>
9. Ninth Mortgage Financing $ <select from menu>
10. Tenth Mortgage Financing $ <select from menu>
11. Other: $
i5
12. Other: $
13. Deferred Developer Fee $
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14. Total Construction Sources $ h=
C. Construction Funding Surplus
(B.14.Total Construction Sources,
less A.Total Development Costs): $ (A negative number here represents a funding shortfall.)
Each Attachment must be listed behind its own Tab. DO NOT INCLUDE ALL ATTACHMENTS BEHIND ONE TAB.
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C
0
0
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RFA 2019-101 DEVELOPMENT COST PRO FORMA (Page 6 of 7)
PERMANENT ANALYSIS
AMOUNT LENDERITYPE OF FUNDS
CC
A. Total Development Costs $
B. Permanent Funding Sources:
1. First Mortgage Financing $ <select from menu>
2. Second Mortgage Financing $ <select from menu>
3. Third Mortgage Financing $ <select from menu>
4. Fourth Mortgage Financing $ <select from menu>
5. Fifth Mortgage Financing $ <select from menu>
6. Sixth Mortgage Financing $ <select from menu>
91
7. Seventh Mortgage Financing $ <select from menu>
8. Eighth Mortgage Financing $ <select from menu>
9. Ninth Mortgage Financing $ <select from menu>
10. Tenth Mortgage Financing $ <select from menu>
11. Other: $
i5
12. Other: $
13. Deferred Developer Fee $
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14. Total Permanent Funding Sources $
C. Permanent Funding Surplus
(B.14.Total Permanent Funding Sources,
less A.Total Development Costs): $ (A negative number here represents a funding shortfall.)
Each Attachment must be listed behind its own Tab. DO NOT INCLUDE ALL ATTACHMENTS BEHIND ONE TAB.
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C
0
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RFA 2019-101 DEVELOPMENT COST PRO FORMA (Page 7 of 7)
The intent of this page is to assist the Applicant in determining a TDC PU Limitation for the proposed Development and comparing it to the appropriate
RFA's TDC PU Limitation. The accuracy of the comparison is dependent upon the accuracy of the inputs and Florida Housing takes no responsibility in
any programing errors. FHFC will not use this page to score TDC PU Limitation criteria. If FHFC makes any adjustments to the Applicant's data or
assumptions,FHFC's TDC PU for Limitation purposes of the proposed Development or the TDC PU Limitation determined by FHFC may be different than the
amounts provided below. Please read the RFA for qualifying responses and definition of terms. This table is optional and its use is at the sole discretion
of the Applicant. Applicant is responsible to verify and be in compliance with all aspects of the Application to meet RFA criteria.
0
TDC PU LIMITATION ANALYSIS Not in South Florida, New Construction,
In which county is the proposed Development to be located? Monroe (Small County)
You have indicated above on row 32 that the Development
Category of the Proposed Development is...................................... New Construction(w/or w/o Acquisition)
What is the proposed Development's Development Type? <select from menu>
Does the proposed Development qualify as Enhanced Structural
Systems Construction(ESSC)? <select from menu>
0
The TDC PU Base Limitation for the above defined Development is.......... Need Dev Type
Does the proposed Development qualify for any of the following TDC PU Add-Ons or Multipliers? Choose all that apply.
1. (a) PHA is a Principal/Affiliate Add-On....................................... <select from menu> Calaa(ui as all 0110 01,lic 1l�
(b) Requesting HOME funds from FHFC Add-On........................ ���������������������� /
(c) Requesting CDBG-DR funds from FHFC Add-On.................... Yes
2. Tax-Exempt Bond Add-On......................................................% (SciccE if al l llcalblo)
D
3. (a) North Florida Keys Area Multiplier........................................ <select from menu> (CalccC One ul liui1 it
(b)South Florida Keys Area Multiplier........................................ <select from menu> applicable)
4. (a) Persons with Developmental Disabilities Multiplier...................
(b) Persons with a Disabling Condition Multiplier.......................... � l ucas a10Naall 0
(c) Persons with Special Needs Multiplier................................... al 1 a)
(d) Homelss Demographic Multiplier..........................................
5. Elderly ALF Multiplier............................................................. (SciccE if alppllcalblo)
6. (a) Less than 51 units Multiplier'.............................................. (CalccP 0110 01D�1011 if
(b) More than 50 units, but less than 81 units Multiplier'................ al l l aal la)
'For 9%HC Permanent Supportive Housing RFAs only. The proposed Development must be new construction to
qualify as well as not being located in Monroe County.
The final overall TDC PU Limitation for the above defined Development is..
Derivation of the TDC PU of the proposed Development for Limitation purposes:
Total Development Costs(Line G.,column 3) $0.00
Less Land Costs(Line F.,column 3) $0.00
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Less Operating Deficit Reserves(Line E.,column 3) $0.00 M
C
Less Demolition and Relocation Costs, if applicable $0.00
TDC of the proposed Development for Limitation Purposes: $0.00
0
TDC PU of the proposed Development for Limitation Purposes: $0.00 (Need Unils) �
Is the proposed Development's TDC PU for Limitation purposes equal
to or less than the TDC PU Limitation provided in the RFA?.................. TBD
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Exhibit B—Definitions
"100% Non-Profit An entity that is wholly-owned (i.e. 100 percent owned) by one or more qualified
Entity" non-profit organizations 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
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.
"Affiliate" Any person that:
(a) Directly or indirectly,through one or more intermediaries, controls, is controlled
by, or is under common control with the Applicant or Developer;
0
(b) Serves as an officer or director of the Applicant or Developer or of any Affiliate
0
of the Applicant or Developer;
CL
CL
(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
(d) Is the spouse, parent, child, sibling, or relative by marriage of a person described
in paragraph (a), (b) or(c), above. o
"Applicant" Any person or legal entity of the type and with the management and ownership
structure described herein that is seeking a loan or funding from the Corporation by
submitting an Application or responding to a competitive solicitation pursuant to
Rule Chapter 67-60, F.A.C.,for one or more of the Corporation's programs.
"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.
"Developer" Any individual, association, corporation,joint venturer, governmental organization,
or partnership which possesses the requisite skill, experience, and credit
worthiness to successfully produce affordable housing as required in the
Application.
CL
"Development The total of all costs incurred in the completion of a Development excluding o
Cost" Developer Fee, operating deficit reserves, and total land cost as typically shown in `0
the Development Cost line item on the development cost pro forma.
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Complete RFA as modified on 7-19-19 and 7-29-19
"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
Entity.
"Land Authority" An entity created by Section 380.0663, F.S.
0
"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
the land used for the proposed Development. A Land Owner Certification form is
required to be submitted in all Priority I or 11 Applications. The Land Owner will be
the recipient of the amount of CDBG-DR Funding needed for land acquisition when
land acquisition costs are part of the Development Cost of any Priority I >
Applications and Priority 11 Applications.
0
"Local Local Government as defined in Section 420.503 F.S.
Government" CL
CL
"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
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.
"Principal" (a) For a corporation, each officer, director, executive director, and shareholder of
the corporation.
cv
(b) For a limited partnership, each general partner and each limited partner of the
limited partnership.
CL
(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.
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(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 t3
of the Local Government or Land Authority.
CD
"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 M
jurisdiction of the State of Florida Office of Financial Regulation,the Board of
0
Governors of the Federal Reserve, Office of the Comptroller of the Currency,the
National Credit Union Administration, or the Federal Deposit Insurance CL
CL
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
V.-
from the CDFI Fund in a cumulative amount of at least$5,000,000, exclusive of New
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
affiliate of the Qualified CDFI.
*These documents are available on the RFA Website.
cv
"Scattered Sites" As applied to a single Development, means a Development site that,when taken as
a whole, is comprised of real property that is not contiguous (each such non-
contiguous site within a Scattered Site Development, is considered to be a
CL
"Scattered Site"). For purposes of this definition "contiguous" means touching at a
point or along a boundary. Real property is contiguous if the only intervening real
property interest is an easement, provided the easement is not a roadway or
street. All of the Scattered Sites must be located in the same county.
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Complete RFA as modified on 7-19-19 and 7-29-19
"Workforce All of the units must be general occupancy, set aside at 80 percent AMI or less.
Housing"
"Zero Bedroom A single person occupancy unit of at least 350 square feet that includes a private full
Unit" bathroom and a vertical closet for clothing.The unit shall include a kitchen with a 3
refrigerator,stove and sink. 0
0
0
CL
CL
cv
CD
-
cv
C
CL
0
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Complete RFA as modified on 7-19-19 and 7-29-19
Exhibit C—Additional Information
1. Total Development Cost Per Unit Limitation
a. The Total Development Cost Per Unit Limitation was reviewed during the scoring
process as outlined in Section Five, A. During credit underwriting and final cost
LR
certification, the Total Development Cost Per Unit Limitation will be reviewed again CD
using the values in the chart below.
Total Development Cost Per Unit Base Limitations
as
0
New Construction Units
0
Measure Wood* E55*
Q
Maximum TDC Per Unit Limitation**
for all counties except Broward and $206,000 $248,000
CL
Miami-Dade CL
Maximum TDC Per Unit Limitation**
for Broward and Miami-Dade $217,000 $260,000
counties
qb
Applicable TDC Multipliers(to be applied against the Development's TDC)and TDC Add-Ons(to be added 0
to the Maximum TDC Per Unit Limitation)
--------------------------------------------------------------------------------------------------------------------------------------------------
------Multiplier for Florida Keys Area for all areas north of Plantation
i.e.,north of Tavernier Creek 65%
Key( ) t>
a®
TDC Multiplier for Florida Keys Area for all areas located on or south o ***
of Plantation Key(i.e.,south of Tavernier Creek) 50%
$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
e
Maximum TDC Per Unit Limitation CD
..................................................................................................................................................................................................................................................................................................................................................................................
04
* ESS means Enhanced Structural Systems Construction.
e
** 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 CD
deficit reserves(ODR)is mentioned in this TDC Per Unit Limitation section,the term shall refer to these particular operating
CD
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
Unit Limitation section,the reference shall be limited to the amount of the land cost approved by the Corporation to be provided qy
in the final cost certification under the land owned cost line item.For Applicants that have a public housing
qb
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. CD
CD
04
***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.
qb
qb
b. Any Applicant that has the Credit Underwriter present a credit underwriting report with CL
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 0'
Deadline of 3.0 percent for any Development with the Development Category of new
construction and incorporating any applicable TDC reduction and adjustments processes E
provided below will receive a negative recommendation by the Credit Underwriter.
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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:
(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.
0
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
CL
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.
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.
(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
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,
inclusive of any necessary adjustments incorporated above shall be further
adjusted to not exceed the new maximum allowable Developer Fee limit, and 0
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
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Complete RFA as modified on 7-19-19 and 7-29-19
calculation is complete. If the Applicant's TDC exclusive of the applicable
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
4-
reduce the allowable maximum Developer Fee limit in the event the Applicant's
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
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 o
0
qualifying costs exceeds the limitation by 4 percent,then the maximum >
0
allowable Developer Fee limit is further reduced by 4 percent. If the stated CL
CL
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
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.
cv
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
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 Monroe County with a Development Category of new
construction and a Development Type of Garden-ESSC(NC). The credit underwriter cv
initially reports the Applicant's TDC of$19,030,000, inclusive of the Applicant's stated
Developer Fee of$2,620,000, but exclusive of applicable qualifying costs at time of
credit underwriting, and also prior to any adjustment. The Applicant does qualify for a CL
C
TDC Add-On of$5,000 for the Federal Boost and it qualifies for the TDC Multiplier of o
65%for the North Florida Keys Area.
Calculate TDC Limitation for the Development and Maximum Allowable Developer Fee E
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G.12.b
Complete RFA as modified on 7-19-19 and 7-29-19
1.(a) TDC Per Unit Base Limitation, inclusive of any applicable TDC Add-On ($5,000),
any applicable TDC Multiplier (65%), and the credit underwriting escalation rate
(3.0%): [ ($248,000.00 Per Unit+$5,000 TDC Add-On)x 45 Garden-ESSC (NC)
Units )x(1 +3.0%) ]/65%TDC Multiplier=$18,040,846. (To determine the
final TDC PU Limitation, divide by total units: $18,040,846/45 Total Units=
$400,907.69 Per Unit.)
1.(b) Implied maximum Development Cost per the limitation: $18,040,846+ 1.16=
$15,552,454.
1.(c) Determine maximum allowable Developer Fee limit within the TDC limitation
(prior to any applicable Developer Fee adjustment): $15,552,454 x 16% _
$2,488,392.
0
(Note: The calculations in both 1.(b) and 1.(c) incorporates the requirement to
round down the Developer Fee to the next lower whole dollar.)
CL
CL
First Developer Fee/TDC adjustment Calculation Methodology(If necessary)
2.(a)(i) Is the Applicant's initial Developer Fee ($2,620,000) greater than the maximum
allowable of$2,488,392? $2,620,000>$2,488,392;Yes.
2.(a)(ii) If the response to 2.(a)(i) is "Yes",then determine the excess: $2,620,000 -
0
$2,488,392 =$131,608(initial excess Developer Fee).
2.(b) Reduce the Applicant's initial Developer Fee to the lesser of either the maximum o
allowable ($2,488,392) or the Applicant's initial fee ($2,620,000) and reduce the
Applicant's initial TDC by an equal amount: $2,620,000 -$131,608=$2,488,392
cv
(Applicant's initial adjusted fee); $19,030,000-$131,608=$18,898,392
(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: $18,898,392 (initial
adjusted TDC) >$18,040,846(TDC limitation); $18,898,392 -$18,040,846=
$857,546 (excess).
4-
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 ($857,546), (ii) $500,000, or (iii) 25 percent of the maximum
allowable Developer Fee limit(25%x$2,488,392 =$622,098) : $500,000< cv
$622,098<$857,546.
2.(e) Apply the least amount of the three components in 2(d) above ($500,000)to
CL
determine the maximum allowable Developer Fee limit, subject to this
adjustment: $2,488,392 -$500,000=$1,988,392 (maximum fee limit at this
stage).
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
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Complete RFA as modified on 7-19-19 and 7-29-19
2.(e) above) and, if so, reduce the Applicant's initial adjusted fee appropriately:
$2,488,392 (Applicant's initial adjusted fee) > $1,988,392 (maximum fee limit at
this stage); Adjust the fee appropriately: Applicant's interim adjusted fee=
$1,988,392.
2.(g) Determine the Applicant's TDC reduction due to the Developer Fee adjustment
in 2.(f) above and apply the adjustment accordingly: $2,488,392 (Applicant's
initial adjusted fee) -$1,988,392 =$500,000(Applicant's TDC reduction);
$18,898,392 -$500,000=$18,398,392 (Applicant's interim adjusted TDC).
Second Developer Fee/TDC adjustment Calculation Methodology(If necessary)
3.(a) Determine the percentage the Applicant's (adjusted)TDC without the applicable a
qualifying costs (as adjusted above in 2.(g))that exceeds the amount allowed by o
the TDC Per Unit Limitation: Amount of excess TDC: $18,398,392 (Applicant's 0
interim adjusted TDC) -$18,040,846 (TDC limitation) =$357,546(excess TDC);
CL
Excess TDC as a percentage of TDC Limitation: $357,546-$18,040,846= 1.98%. CL
(Note: This number is only rounded here for illustrative purposes. The actual
calculation will not be rounded.)
3.(b) Determine the final maximum Developer Fee limit: 1.98%x$1,988,392
(maximum fee limit from 2.(e) above) =$39,407; $1,988,392 -$39,407 =
$1,948,985 (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: $1,988,392 (Applicant's interim adjusted fee) >$1,948,985 (final
V.-
fee limitation); $1,988,392-$39,407 =$1,948,985 (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): $18,398,392 -$39,407=$18,358,985 (Applicant's final
adjusted TDC). -
3.(e) Verify the status of the 5%variance test: ($18,358,985 -$18,040,846)/
$18,040,846= 1.76%, which falls within the criteria of being less than or equal
to 5%above of the amount allowed by the TDC Per Unit Limitation.
cv
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 CL
if the Applicant did not have its Developer Fee adjusted at credit underwriting as 0
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.
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Complete RFA as modified on 7-19-19 and 7-29-19
(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
the TDC Per Unit Limitation, but it cannot be earned on costs in excess of said M
limitation. If the Development costs exceed the amount allowed by the TDC Per
0
Unit Limitation, then the maximum allowable Developer Fee will be adjusted as >
0
outlined below. The maximum allowable Developer Fee limit can be CL
CL
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 FCCAP is in excess of the maximum allowable Developer Fee as provided in 1.c.(1)
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.
0
(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
V.-
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
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 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 exclusive cv
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
CL
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 maximum allowable Developer Fee limit in the event the
Applicant's TDC exclusive of the applicable qualifying costs (as adjusted above)
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Complete RFA as modified on 7-19-19 and 7-29-19
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 be
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
CL
the TDC Per Unit Limitation requirements, but the Applicant's TDC without the CL
applicable qualifying costs in the FCCAP is now less than the Applicant's TDC without
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.
0
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
credit underwriting report, (b) $250,000, or(c) 10 percent of the allowable
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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 0
Fee limit as determined with the incorporation of this additional Developer Fee
adjustment, then neither the Developer Fee nor the Applicant's TDC is further E
reduced.
For example:
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Assuming the Development in the example provided in 1.b. above provides an FCCAP
with the Applicant's TDC, exclusive of the applicable qualifying costs, which is$265,000
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
underwriting report of$1,948,985. The additional Developer Fee adjustment will be the
lesser of(a) $265,000 (the new excess costs), (b) $250,000(the maximum dollar limit of
this additional Developer Fee adjustment), or(c) $194,899 (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$194,899. Since the Applicant's Developer Fee initially reported in
the FCCAP is equal to the allowable Developer Fee reported in the credit underwriting
report,the Applicant's Developer Fee will be adjusted in the same manner as the M
allowable Developer Fee. The allowable Developer Fee and the Applicant's Developer o
Fee will be$1,754,086. The Applicant's TDC, exclusive of applicable qualifying costs, in o
the FCCAP would be adjusted to $18,429,086 ($18,358,985 from the credit underwriting CL
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report plus $265,000 of new additional costs less$194,899 for the reduction in
allowable 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 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.
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* 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%).
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 Development Funding amount requested at question
10.a.(1)(a) of Exhibit A. To qualify for the Florida Job Creation Funding Preference in Section
Five of the RFA, all Applications must earn a Florida Job Creation score equal to or greater than
1.09. If an Applicant requested Land Acquisition Program Funding, it will not be used in this `14
calculation.
Determination of the Florida Job Creation score will be based on the following information: CL
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• 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 1.738 Florida Jobs per Single Family Unit;
• The Florida job creation rate of 3.974 Florida Jobs per non-Single Family Unit;
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• The Eligible CDBG-DR Development Funding Request Amount.
The score for the Florida Rate of Job Creation per$1 million of CDBG-DR funding will be
measured using the following calculation:
a. Developments consisting of only Single Family units:
Number of units x 1.738 Florida Jobs per Unit x 1,000,000/ Eligible CDBG-DR
Development Funding Request Amount= Florida Jobs per$1 million of CDBG-DR
funding.
For example: >
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Application A consists of 15 Single Family units and has an Eligible CDBG-DR
Development Funding Request Amount of$5,500,000.
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15 x 1.738 x 1,000,000/5,500,000= Florida Job Creation score of 4.74.
b. Developments consisting of only non-Single Family units:
Number of units x 3.974 Florida Jobs per Unit x 1,000,000/ Eligible CDBG-DR
Development Funding Request Amount= Florida Jobs per$1 million of CDBG-DR
funding.
For example:
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Application B consists of 15 non-Single Family units and has an Eligible CDBG-DR
Development Funding Request Amount of$5,500,000.
15 x 3.974 x 1,000,000/5,500,000= Florida Job Creation score of 10.84.
C. Developments consisting of both Single Family and non-Single Family units:
(Number of Single Family units x 1.738 Florida Jobs per unit+ Number of non-Single
Family units x 3.974 Florida Jobs per unit)x 1,000,000/the Eligible CDBG-DR
Development Funding Request Amount= Florida Jobs per$1 million of CDBG-DR
funding.
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For example:
Application C consists of 10 Single Family units and 5 non-Single Family units and has an CL
Eligible CDBG-DR Development Funding Request Amount of$5,500,000. 0
(10 x 1.738+5 x 3.974)x 1,000,000/5,500,000= Florida Job Creation score of 6.77.
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In the above examples, the Application will qualify for the Job Creation Funding Preference
because it has a Florida Job Creation score that is at least 1.09.
3. Fees
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The Corporation and, if applicable, the Credit Underwriter shall collect via check or money order
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 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
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the Application submission a non-refundable Application fee as follows: CL
• 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.
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The actual fees will be determined based on the current contract, including any
addendum, for services between the Corporation and the Credit Underwriter(s) in effect `d
at the time underwriting begins.
(1) Initial fee: $14,082
(2) Re-underwriting fee: $181 per hour, not to exceed $7,990.
Any Development requiring further analysis by the Credit Underwriter will be
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. cv
(3) Extraordinary Services fee (which includes the Capital Needs Assessment
Review, if applicable): $181 per hour.
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(4) Credit Underwriting Extension Fees
Credit underwriting extension fees are outlined in Exhibit F.
C. Compliance Monitoring 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 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.
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(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
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e. Credit Underwriting and Loan Closing Extension Fees CL
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In the event the loan does not close within the timeframes prescribed, extension fees
will be assessed as follows:
(1) The firm loan commitment(s) must be issued as follows:
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
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
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 ability to deliver the Development timely.The Corporation shall charge a
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
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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
has not received a firm loan commitment, then the preliminary commitment
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shall be withdrawn.
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(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
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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 t3
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
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
0
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 CL
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.
f. Loan Servicing 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 based on the current contract, including any addendum, for
services between the Corporation and the Servicer(s).
(1) Construction Loan Servicing Fees
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
between the Corporation and Servicer(s) in effect at the time of loan closing.
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•
$181 per hour for an in-house review of a draw request Ir
• $181 per hour for on-site inspection fees, up to a maximum of$1,793
per draw
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• $181 per hour for extraordinary services
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(2) Permanent Loan Servicing Fees
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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.
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• 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.
g. Environmental Fees t3
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Estimated cost of$8,000
h. Additional Loan Fees
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.
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i. Construction Inspection Fees
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The following fees are not the fees that will be charged but are listed below for CL
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).
On-site construction inspection -$181 per hour, not to exceed $1,793 per inspection.
j. Assumption/Renegotiation Fees
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For all loans where the Applicant is requesting a sale and/or transfer and assumption of
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.
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
percent of the loan amount.
For all loans where the Applicant is requesting an extension of the loan term, the
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
0
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 E
structural building repairs, major building systems replacements and other items
included on the Eligible Reserve for Replacement Items list, effective October 15, 2010.
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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 g,
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
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 M
accessible by clicking here).
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C. Part IIIA, Sections 401 through 408 and 410, of the Fannie Mae Multifamily Selling and CL
CL
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.
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."
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
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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5. CDBG-DR Other Federal Requirements
(1) Federal Labor Requirements -—Construction work over$2,000 that is financed CL
in whole or in part with CDBG-DR funds must comply with the Federal Labor 0
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
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 period in conjunction with the draw
inspections by the consulting engineer/architect engaged by the
underwriter/servicer.
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.
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(2) HUD Environmental Requirements—Applicant will be required to comply with CL
the HUD environmental requirements as provided in 24 CFR Part 58.
(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
the credit underwriting process the Applicant will be required to provide the
executed certification form*.
(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 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) Section 3
Each Applicant shall encourage its contractors to hire qualified low-and
moderate-income residents for any job openings that exist on CDBG-DR-funded
projects in the community.The Applicant shall keep records to document the
number of low-and moderate-income people who are hired to work on CDBG-
DR-funded projects.
(6) Flood
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The Applicant shall comply with the mandatory flood insurance purchase
requirements of Section 102 of the Flood Disaster Protection Act of 1973, as
amended by the National Flood Insurance Reform Act of 1994, 42 USC 4012a, as
applicable.
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(7) Historic Preservation
The Applicant shall comply with the Historic Preservation requirements set forth
in the National Historic Preservation Act of 1966, as amended, codified in title
54 of the United States Code, as applicable. In general, this requires
concurrence from the State Historic Preservation Officer for all rehabilitation >
and demolition of historic properties that are fifty years old or older or that are
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included on a Federal, state, or local historic property list.
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Exhibit D—Timeline
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 t3
enter credit underwriting, unless an extension is approved by the Corporation.
CD
CD
1. Within seven Calendar Days of the date of the invitation to enter credit underwriting, the
CD
Applicant shall respond to the invitation and submit the non-refundable credit underwriting fee; CD
2. If requested by the Corporation, within 14 Calendar Days, submit IRS Form 8821 for all Financial
Beneficiaries and all natural person Principals disclosed on the CDBG-DR Principals of the >
Applicant and Developer(s) Disclosure Form (Form Rev. 06-19) in order to receive a M
recommendation for funding.
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3. Within 21 Calendar Days of the date of the invitation to enter credit underwriting: CL
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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 II Environmental Site Assessment form*.
Note: If a Phase II ESA is required, but has not been completed by the stated deadline,
contact Corporation staff to request an extension for submission of the Phase II ESA
form;
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b. Provide the identity of the remaining members of the Development Team (i.e.,
inexperienced co-Developer(s), General Contractor, Architect,Attorney, and
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Accountant), 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.
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(2) Identify the General Contractor by providing the completed and executed
Florida Housing Finance Corporation General Contractor or Qualifying Agent ofCD
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General Contractor Certification form*. Note:The prior experience chart must
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also be provided, as outlined in the form. CD
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(3) Identify the Architect by providing the completed and executed Florida Housing
Finance Corporation Architect Certification form*.
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(4) Identify the Attorney by providing the completed and executed Florida Housing 0
Finance Corporation Attorney Certification for MMRB, SAIL, HOME, And-Or
Other Gap Loans form*.
(5) Identify the Accountant by providing the completed and executed Florida
Housing Finance Corporation Certification of Accountant form*.
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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
requirement.
C. Provide confirmation that all construction features committed to and proposed by the t3
Applicant shall be located on the Development site;
d. Confirmation that, if the proposed Development meets the definition of Scattered Sites,
all Scattered Sites requirements that were not required to be met in the Application will
be met, including that 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. If the Applicant indicates that the proposed Development does not consist of
0
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 CL
CL
requirements were not in place as of the Application Deadline,the Applicant's funding
award will be rescinded;
e. Provide notification of the percentage of ownership of the Principals of the Applicant.
Upon the Applicant's acceptance of the invitation to enter credit underwriting,the
Corporation will return the CDBG-DR 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 Exhibit F;
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; CL
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b. The Construction Consultant engaged by the Corporation's credit underwriter must
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
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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 t3
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
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,
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conformance with Federal Labor requirements, as well as Debarment/Suspension and
Lead Based Paint regulations, as outlined in Item 4 of Exhibit C; CL
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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;
V.-
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;
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b. Each Scattered Site meets the requirements of this RFA, if applicable;
C. The proposed Development's ability to meet the Enhanced Structural Systems CL
Construction qualifications, if applicable; 0
d. The appraisals conducted during credit underwriting may cause a reduction in the
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
individuals or families who are referred by a designated Referral Agency serving the
county where the Development is located; �3
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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
Unit Limitation;
If any of these cannot be verified, all funding awarded under this RFA may be reduced or may be >
rescinded if the award or the Application's eligibility status was based on such information, M
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 CL
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approved.
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Exhibit E—Additional requirements for the Link Units for Persons with Special Needs
The Link to Permanent Housing Strategy(Link) enhances the ability of extremely low-income (ELI)
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 t3
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:
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 M
shall set aside the required percentage of the ELI Set-Aside units as Link Units for Persons with o
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 CL
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Memorandum of Understanding (MOU) approved by the Corporation.
II. Link Memorandum of Understanding(MOU)
The Corporation has established and maintains a list of supportive service agencies or
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.
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.
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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
months from the date of the invitation to enter into credit underwriting but no later
s laced in service. If the owner is unable to meet the `�than the date the first building i p �
deadline, an extension may be requested from the Corporation, and a non-refundable
processing fee of$5,000 shall be charged to the owner.
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C. Prior to execution of the MOU, but not later than 10 Calendar Days before the deadline 0
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
Contributions Contract with HUD shall establish and obtain approval from HUD for an
owner-adopted preference or limited preference specifically for individuals or families
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
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 >
referrals.
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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 CL
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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
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 17
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 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.
J. The Corporation may require the owner to terminate an MOU with a Referral Agency if
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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
terminating the MOU.The owner shall follow the process outlined in all of the steps
above to obtain approval from the Corporation. E
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
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.
B. Leasing Activity(Lease-up and Pre-leasing): During leasing activities, the owner shall
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
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to any eligible household.To the extent that an ELI-unit requirement coincides with a
Link Set-Aside Requirement, for a period not to exceed nine months, a failure to meet
the ELI-unit requirement shall not cause noncompliance during the lease-up or 30 CL
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Calendar Day hold period.
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
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
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 17
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:
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
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Referral Agency and listed in the MOU;
5. Notifications of unit availability;
6. Number of Calendar Days unit will be held open for referrals; 0
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
household; and
10. Requests for termination of MOU.
E. The owner shall maintain a Link communication tracking log that documents: (i) the unit
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
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 times, at o
intervals of no less than seven 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 CL
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notification activity on its Link communication tracking log.
G. The owner shall notify the Referral Agency regarding the outcome of each referral
within one business day after a determination is made regarding the household's
eligibility to occupy the available unit.
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 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
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 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
years beyond the period of tenancy for any household referred under the
particular MOU;
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3. A copy of any current correction period extensions granted by the Corporation; 0
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
Link household.
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. t3
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Exhibit F—Credit Underwriting Procedures
1. General Requirements
a. Applications shall be limited to one submission per subject property. Two or more
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:
(1) Any part of any of the property sites is contiguous with any part of any of the
other property sites, or
(2) Any of the property sites are divided by a street or easement, or
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(3) It is readily apparent from the Applications, proximity, chain of title, or other
information available to the Corporation that the properties are part of a
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common or related scheme of development. CL
If two or more Applications are considered to be submissions for the same Development
site, the Corporation will reject all such Applications, even if the Applicant withdraws
enough Applications so that only one Application would otherwise be eligible. If
discovered after the Board approves the Review Committee's recommendations, any o
tentative funding or allocation for the Application and any other Application submitted
by the same Applicant and any Affiliate of the Applicant will be withdrawn."
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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:
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(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:
(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. 0
(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
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proposed duration of ineligibility, and advises the Applicant of the opportunity
to request a proceeding pursuant to Sections 120.569 and 120.57, F.S. Upon
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
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.
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C. The following items as identified by the Applicant in the Application must be maintained
and cannot be changed by the Applicant after the applicable submission, unless CL
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provided otherwise below:
(1) Name of Applicant entity; notwithstanding the foregoing, the name of the
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
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;
(3) Applicant applying as a Non-Profit or for-profit organization;
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(4) Site for the Development; notwithstanding the foregoing, after the Applicant Ir
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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
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Corporation staff. With regard to said approval, the Corporation shall consider
the facts and circumstances of each Applicant's request, inclusive of validity and 0
consistency of Application documentation;
(5) Development Category;
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(6) Demographic Commitment;
(7) Total number of units; notwithstanding the foregoing, the total number of units
may be increased after the Applicant has been invited to enter credit
underwriting, subject to written request of an Applicant to Corporation staff and t3
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
(9) Funding Request Amount, exclusive of adjustments by the Corporation as
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 CL
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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
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
substantially increases the likelihood that such Applicant or Developer will not be able
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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.
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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
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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
by the same Applicant and any Affiliate of the Applicant will be withdrawn. Such
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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.
h. Total Development Cost includes the following:
(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;
(3) Fees in connection with the planning, execution, and financing of the
Development, such as those of architects, engineers, attorneys, accountants,
Developer fee, and the Corporation;
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(4) The cost of studies, surveys, plans, permits, insurance, interest, financing, tax CL
and assessment costs, and other operating and carrying costs;
(5) The cost of 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;
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(7) Expenses in connection with initial occupancy of the Development;
(8) Allowances for contingency reserves and reserves for any anticipated operating `d
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
(9) The cost of such other items, including relocation costs, indemnity and surety
bonds, and premiums on insurance for 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;
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(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
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.
k. For computing any period of time allowed by this RFA, the day of the event from which
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
which event the period shall run until the end of the next day which is neither a
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
conclusion of the appeals process as set forth in Rule 67-60.009, F.A.C.
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4. Credit Underwriting Procedures for CDBG-DR Loan:
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
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 2018 State of Florida Action Plan for Disaster Recovery Workforce
Housing program requirements and determine a recommended CDBG-DR forgivable 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. Ir
b. The invitation to enter credit underwriting constitutes a preliminary commitment.
C. A response to the invitation to enter credit underwriting must be received b the `�
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Corporation and the Credit Underwriter not later than seven 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 0
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
Applications will be used.
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d. If the invitation to enter credit underwriting is accepted:
(1) All Applicants shall submit the credit underwriting fee to the Credit Underwriter
within seven Calendar Days of the date of the invitation to enter credit
underwriting. In addition, if requested by the Corporation, Applicants shall t3
submit IRS Tax Information Authorization Form 8821 for all Financial
Beneficiaries within 14 Calendar Days of the date of the invitation.
(2) Failure to submit the required credit underwriting fee by the specified deadline
shall result in withdrawal of the invitation.
(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
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provided during the credit underwriting process, including information relative to the
Applicant, Developer and General Contractor, as well as other members of the CL
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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.
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
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
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:
(a) Considering all affordable housing developments in which any party
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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 CL
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(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
arrearage or other material default and such arrearage or
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material default is uncured at the present or, if cured, remained
uncured for a period of 60 days or more.
(b) Mitigating factors to be considered by the Credit Underwriter, to the
extent such information is reasonably available and verifiable, shall t3
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.
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(2) A negative recommendation may also result from the review of: CL
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(a) An Applicant, Developer, any Financial Beneficiary of the Applicant or
Developer, and the General Contractor in connection with any other
affordable housing development,
(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
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.
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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 CL
area and development type not later than completion of credit underwriting. The Credit 0
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
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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
on Developments in the area previously funded by the Corporation, and other
documentation when making its recommendation of whether to approve or disapprove t3
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 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 >
Applicant's sole expense, and review the Development's costs.
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I. In addition to operating expenses, the Credit Underwriter must include an estimate for
replacement reserves and operating expense reserves deemed appropriate by the CL
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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.
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 years or until the
establishment of a minimum balance equal to the accumulation of five years of
replacement reserves per unit.
M. The Credit Underwriter may request additional information during the underwriting
process, such as the following:
(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
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.
(2) For the Applicant, general partner(s), and guarantors, audited financial -
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
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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
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Servicing Guide, in effect as of June 10, 2015,which is available on the RFA
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 be
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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
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
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.
0
n. 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 CL
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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:
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(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.
(4) Percentage of Corporation's funds utilized compared to Total Development
Cost.
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0. 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.
(2) The General Contractor's fee shall be limited to a maximum of 14 percent of the
actual construction cost.
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P. The General Contractor must meet the following conditions:
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(1) Employ a Development superintendent and charge the costs of such
employment to the general requirements line item of the General Contractor's
budget;
(2) Charge the costs of the Development construction trailer, if needed, and other t3
overhead to the general requirements line item of the General Contractor's
budget;
(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 M
General Contractor,from a company rated at least "A-" by AMBest& Co.;
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(5) Ensure that none of the General Contractor duties to manage and control the CL
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construction of the Development are subcontracted;
(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 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
fees; and
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(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
Applicant's request, inclusive of construction costs and ownership interests in
the Development.
q. The Credit Underwriter shall require an operating deficit guarantee, to be released upon
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
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an independent Certified Public Accountant. The calculation of the debt service
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coverage ratio shall be made by the Corporation or its agent. Notwithstanding the
above, the operating deficit guarantee shall not terminate earlier than three years
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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 0
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 operating
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expenses, replacement reserve requirements and debt service on the CDBG-DR loan and
all superior mortgages.
r. 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 t3
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
reserves shall not be paid from CDBG-DR funds.
S. The Credit Underwriter will review and determine if the number of loans and
construction commitments of the Applicant and its Principals will impede its ability to
proceed with the successful development of each proposed Corporation-funded
Development.
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t. 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 CL
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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 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 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 ability to deliver the
Development timely. The Corporation shall charge a non-refundable extension fee of
one 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
V.-
the end of the extension period,the Applicant has not received a firm loan
commitment,then the preliminary commitment shall be withdrawn.
U. 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
information by the specified deadline, unless a written extension of time has been
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 cv
decision is to deny the Applicant's request for an extension,then prior to theIc
withdrawal of the preliminary commitment or the invitation to enter credit
underwriting, or both, as applicable, the Board shall consider the facts and
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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 0
requested extension.
V. The Credit Underwriter shall complete its analysis and submit a written draft report and
recommendation to the Corporation. Upon receipt, the Corporation shall provide to the
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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 �3
shall review and incorporate, if deemed appropriate,the Corporation's and Applicant's
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
Underwriter will provide a final report, which will address comments made by the
Applicant, to the Corporation.
W. The Credit Underwriter's loan recommendations will be sent to the Board for approval.
The Corporation shall issue a firm loan commitment within seven Calendar Days after
approval of the Credit Underwriter's recommendation for funding by the Board.
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X. 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
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 percent of the loan amount if the Board approves the request to
extend the commitment beyond the period outlined in this RFA.
y. Prior to any loan closing:
(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
(2) The Credit Underwriter must have received all items necessary to release its
letter confirming that all closing contingencies have been met, including the Ir
finalized sources and uses of funds and Draw schedule.
5. Terms and Conditions of CDBG-DR Loan:
a. For Priority I Applications, the CDBG-DR funding associated with the land acquisition
costs will be awarded to the designated Land Owner and the remaining funding will be
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awarded to the Applicant.The designated Land Owner and the Applicant will each enter
into separate CDBG-DR loans with the terms and conditions outlined below. The closing 0
of the Land Owner loan and Applicant loan 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.
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C. The CDBG-DR loan may be in a first, second, or other subordinated lien position. For
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.
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.
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 M
requirement associated with a superior mortgage shall be excluded from the amount of
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the superior mortgage for purposes of this calculation.
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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
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; Ir
(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 CL
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
year end of each year of the CDBG-DR loan term shall constitute an event of default on
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the CDBG-DR loan. The Applicant shall furnish to the Corporation or its servicer,
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.
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f. After acceleration, the Note shall bear interest at the default interest rate from the due
date until paid.
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 M
Development will have a set-aside for persons or households beyond the repayment
0
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 CL
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collected by the Corporation for the Development for that period, provided:
(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 persons or
households mandated through another Corporation program for which the
compliance monitoring fee was collected.
h. The CDBG-DR loans shall be serviced either directly by the Corporation or by the servicer
on behalf of the Corporation.
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
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
compliance if a violation of any material term or condition relative to the set-asides of -
units is discovered during the course of compliance monitoring or by any other means.
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
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servicer, 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 Insurance Guide is available on the Corporation's Website
http://www.floridahousing.org/owners-and-managers/compliance/forms (also
accessible by clicking here). 0
k. The CDBG-DR loan term shall be for a period of not more than 20 years. The term of the
loan may exceed 20 years if the lien of the Corporation's encumbrance is subordinate to
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the lien of another mortgagee, in which case the term may be made coterminous with
the longest term of the superior loan.
I. After accepting a preliminary commitment, the Applicant or Land Owner shall not
refinance, increase the principal amount, or alter any terms or conditions of any t3
mortgage superior or inferior to the CDBG-DR mortgage without prior approval of the
Corporation's Board of Directors. However, an Applicant or Land Owner 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.
Following construction completion, the Board shall deny requests to increase the
amount of any superior mortgage, unless the criteria outlined below are met, the M
original combined loan to value ratio for the superior mortgage and the CDBG-DR
0
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 CL
CL
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
related regulations"), and The Violence Against Women Reauthorization Act of 2013.
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- cv
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 CL
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and its related regulations for all CDBG-DR Developments.
0
n. Affordable rents for CDBG-DR are determined in a manner consistent with Section
42(g)(2) of the IRC using CDBG income limits published by HUD. The gross monthly rent
shall not exceed 30 percent of the imputed income imitation applicable to such unit as
committed to by the Applicant in its Application. The 2019 Florida Housing CDBG-DR
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Income and Rent Limits can be accessed on the Corporation's website
https://www.floridahousing.org/owners-and-managers/compliance/rent-limits (also
accessible by clicking here).
o. The documents creating, evidencing or securing each CDBG-DR loan must provide that t3
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.
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.
q. Failure of the Applicant to provide the Corporation and its servicer with the Form SR-1
shall constitute a default on the CDBG-DR loan.
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r. The Compliance Period for a CDBG-DR Development shall be, at a minimum, the HUD CL
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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
0
satisfy the set-aside requirements shall not cause noncompliance.
S. Unless and until a guarantor's obligations for an Applicant's 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
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:
(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; CL
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(d) Statement of cash flows; and
(e) Notes to financial statements.
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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
(2) If an audited financial statement has not been prepared, a federal income tax
return filed for the most recently completed year; or t3
0
(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
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
0
interest in all or any part of the title to the Development or land other than a superior
mortgage shall be subject to the Corporation's prior written approval. The Board shall CL
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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.
b. The CDBG-DR loan shall be assumable upon sale or transfer of the Development or land
if the following conditions are met:
(1) The proposed transferee meets all specific Applicant or Land Owner identity
criteria which were required as conditions of the original loan;
(2) The proposed transferee agrees to maintain all set-asides and other
requirements of the CDBG-DR loan for the period originally specified or longer;
and
(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.
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
related professional fees, the Corporation shall charge a non-refundable assumption fee
as outlined in the most current competitive solicitation.
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; CL
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(2) CDBG-DR compliance and loan servicing fees; 0
(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 persons or
households beyond the repayment date. The present value discount rate shall
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be 2 percent per annum. Such amount shall be reduced by the amount of any
compliance monitoring fees collected by the Corporation for the Development
for that period, provided:
(a) The compliance monitoring fee covers some or all of the period t3
following the anticipated CDBG-DR repayment date; and
(b) The Development has substantially equivalent set-asides for persons or
households mandated through another program of the Corporation for
which the compliance monitoring fee was collected.
(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
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Development or land to satisfy paragraphs c.(1)—(6) above, the CDBG-DR loan CL
shall not be satisfied until the Corporation has received:
(a) An appraisal prepared by an appraiser selected by the Corporation or
the Credit Underwriter indicating that the purchase price for the
Development or land is reasonable and consistent with existing market
conditions;
(b) A certification from the Applicant or Land Owner that the purchase
price reported is the actual price paid for the Development or land, 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;
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
Applicant knows of no source from which funds could or would be
forthcoming to pay the CDBG-DR loan; and
(d) A certification from the Applicant or Land Owner detailing the
information needed to determine the final billing for CDBG-DR loan
interest. Such certification shall require submission of financial `d
statements and other documents that may be required by the
Corporation and its servicer.
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d. The Corporation may renegotiate and extend the loan in order to extend or retain the
availability of housing for the target population. Such renegotiations shall be based
upon:
(1) Performance of the Applicant during the CDBG-DR loan term;
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(2) Availability of similar housing stock for the target population in the area;
(3) Documentation and certification by the Applicant that funds are not available to
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
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
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a non-refundable renegotiation fee as outlined in this RFA. CL
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
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
any approved extension to a minimum term which makes the Development feasible and
which does not exceed an industry standard term.
The Corporation will recommend that the Board deny requests to increase the amount
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.
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7. CDBG-DR Construction Disbursements and Permanent Loan Servicing:
a. CDBG-DR loan proceeds shall be disbursed during the construction phase in an amount CL
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.
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
for a Draw. The request shall set forth the amount to be paid and shall be accompanied
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by documentation specified by the Corporation's servicer including claims for labor and
materials to date of the last inspection.
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 t3
recommendation, after the title insurer provides an endorsement to the policy of title
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.
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. M
This charge will be netted against the Draw amount.
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e. The Corporation shall elect to withhold any Draw or portion of any Draw, CL
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notwithstanding any documentation submitted by the Applicant in connection with the _
request for a Draw, if
(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.
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
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.
h. Retainage in the amount of 10 percent per Draw shall be held by the servicer during
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.
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8. General Program Procedures and Restrictions. "C
a. The minimum Compliance Period for newly-constructed rental housing is 20 years from CL
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
date.The Compliance Period will be extended until the later of such longer term agreed
to by the Applicant in its Application.
b. The minimum Compliance Period for newly-constructed rental housing is 20 years from
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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 or the loan is repaid.
C. The Development will remain affordable, pursuant to commitments documented within
the executed Land Use Restriction Agreement without regard to the term of the
mortgage or to transfer of ownership.
d. The Development must comply with all applicable provisions of the competitive
solicitation process.
e. A Development that is under construction may be eligible to apply for CDBG-DR funds
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
evidence of compliance with HUD environmental requirements as well as all other CL
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federal regulations.The federal requirements may require completion of activities prior _
to submission of an Application for funding.
f. Any single contract for the development 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 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 of the Development, and such contracts must also be subject to the
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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.).
g. 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;
(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);
(4) 24 C.F.R. §570.490— Recordkeeping Requirements;
(5) 24 C.F.R. §570.606(b)— Relocation assistance for displaced persons at URA
levels; CL
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(6) Age Discrimination Act of 1975;
(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
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;
(9) Section 504 of the Rehabilitation Act of 1973 and 24 C.F.R. part 8,which
prohibits discrimination against people with disabilities;
(10) Executive Order 11063—Equal Opportunity in Housing;
(11) Executive Order 11246—Equal Employment Opportunity;
(12) Section 3 of the Housing and Urban Development Act of 1968, as amended—
Employment/Training of Lower Income Residents and Local Business
Contracting.
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(13) Environmental Review as enumerated in 24 CFR Part 58 and National CL
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
amended (URA),42 USC 4601—4655, 49 CFR part 24, 24 CFR part 42, and 24
CFR 570.606.
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(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 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.
(19) Minority/Women Employment as enumerated in 2 CFR §200.321 and Executive
Orders 11625, 12432, and 12138. CL
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9. Eligible Applicants 0
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
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;
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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
to the Corporation prior to the deadline to apply for the new funding withdrawing such
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 M
Corporation affordable housing financing intended to foster the development or
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maintenance of affordable housing, unless at least one of the following applies:
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(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
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,
Acquisition and Rehabilitation/Moderate Rehabilitation/Substantial
Rehabilitation, Preservation, or Acquisition and Preservation.
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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:
(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,
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(b) Costs to demolish existing structures, improvements to the
Development site and utility connections;
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(2) The cost of acquiring improved or unimproved real property. A Development
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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:
(a) Architectural, engineering or related professional services required to
prepare plans, drawings, specifications or work write-ups,
(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,
(c) Developer's and General Contractor's fees as described in this RFA;
(d) Impact fees,
(e) Costs of Development audits required by the Corporation,
(f) Affirmative marketing and fair housing costs,
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(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 .
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);
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(2) Public housing;
(3) Administrative costs, or
(4) Any other expenses not allowed under CDBG-DR regulations.
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.
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 2
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procedures.
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f. The General Contractor and all available subcontractors shall attend a Corporation-
sponsored preconstruction conference regarding federal labor standards provisions.
g. The Corporation shall require adequate insurance to be maintained on the Development
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as determined by the first mortgage lender, the Corporation, or the Corporation's
servicer, 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 Insurance Guide is available on the Corporation's Website
http://www.floridahousing.org/owners-and-managers/compliance/forms (also
accessible by clicking here).
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 M
0
any interest in 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 CL
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consummated within a reasonable time, lease the Development for occupancy by
Eligible Persons.
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.
i5
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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 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.
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Revised Land Owner Certification and Acknowledgement Form
1. Development Name:
2. The legal description or the address of the land that is the subject of the proposed Development
"the Land" including all scattered sites, if applicable. If additional space is needed, provide
attachments to this form:
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3. The following type of entity holds or will hold 100 percent ownership in the Land identified in 2.
above, and therefore can be considered the "Land Owner"for purposes of this Application:
❑ A Local Government
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❑ A Public Housing Authority
❑ o
Land Authority
❑ Community Land Trust
4. If this Application for the proposed Development described above is selected for funding, the
Land Owner identified in 3. above will hold the Land identified in 2. above and maintain the
affordability requirements of the Land identified in 2. above in Perpetuity. For purposes of this
RFA, Perpetuity means 99 years or more.
5. If this Application for the proposed Development described above includes a request for Land
Acquisition Funding, the Site Control documentation must include an appraisal demonstrating
4-
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 will seek a re-appraisal by an
independent third party during credit underwriting. 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. CL
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6. The Land Owner's Perpetuity 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 Development to remain in compliance, unless the Board approves a change.
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7. 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
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.
8. 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 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.
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9. The Land Owner acknowledges that any funding preliminarily secured by the Land Owner is
expressly conditioned upon any independent review, analysis and verification of all information CL
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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.
10. 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.
11. 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
information is true, correct and complete.
Signature of Authorized Land Owner Representative Name (typed or printed)
Title (typed or printed)
NOTE: Provide this form as Attachment 1 to the RFA.
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Applicant Certification and Acknowledgement Form
1. The Applicant and all Financial Beneficiaries have read all applicable Corporation rules governing
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 t3
Applicant and all Financial Beneficiaries have read, understand and will comply with all related
federal regulations.
2. The Applicant has reviewed this RFA and certifies to its eligibility to apply for the funding
offered.
3. The Applicant certifies that the proposed Development can be completed and operating within >
the Development schedule and budget submitted to the Corporation. M
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4. The Applicant acknowledges and certifies that it will abide by all commitments, requirements,
and due dates outlined in the RFA, inclusive of all exhibits. Failure to provide the required CL
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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
Building Construction, adopted pursuant to Section 553.503, F.S., the Architectural Barriers Act o
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
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.
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
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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.
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8. The success of an Applicant in being selected for funding is not an indication that the Applicant 0
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,
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and accountant)will be reviewed during credit underwriting. The Credit Underwriter may
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
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 M
of the construction or inspection work that is normally performed by subcontractors is
0
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 CL
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further described in Exhibit F.
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.
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
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.
4-
14. The Applicant understands and agrees to cooperate with any audits conducted in accordance Ir
with the provisions set forth in Section 20.055(5), F.S.
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15. The undersigned is authorized to bind the Applicant 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
information is true, correct and complete. t3
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CD
Signature of Authorized Principal Representative Name (typed or printed)
Title (typed or printed)
NOTE: Provide this form as Attachment 1 to the RFA. The Applicant Certification and Acknowledgement
form must be signed by the Authorized Principal Representative stated in Exhibit A.
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0 �wemake housing affordable— ......................................................... ... ...... ...... ...... ................................................... ..........
Florida Housing 227 North Bronough Street, Suite 5000 - Tallahassee, Florida 32301
850.488.4197 • Fax: 850.488.9809 • www.floridahousing.org
F i n a n c e C o r p o r a t i o n U)
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October 1, 2019
.2
J.Manuel Castillo, Sr. .0
Monroe County Housing Authority Cr
1400 Kennedy Drive
Key West, FL 33040
RE: COMMUNITY DEVELOPMENT BLOCK GRANT—DISASTER RECOVERY FINANCING
FOR WORK-FORCE HOUSING FOR HURRICANE RECOVERY IN MONROE COUNTY E
RFA 2019-101 /2020-004D Monroe County Scattered Site
Dear Mr. Castillo:
Your development has been selected for participation in Florida Housing's Community Development
Block Grant—Disaster Recovery(CDBG-DR) Financing for Workforce Housing for Hurricane Recovery 0
in Monroe County,pursuant to RFA 2019-10 1,the 2018 State of Florida Action Plan for Disaster
Recovery, the Department of Economic Opportunity's(DEO)Workforce Housing Program Designs and
Guidebooks, inclusive of All Exhibits, applicable laws,rules and regulations,relevant Federal Notices,
Rule Chapters 67-53 and 67-60 Florida Administrative Code (F.A.C.). This letter represents a
preliminary commitment for a loan from the CDBG-DR Program for up to $9,032,682, consisting of
$2,000,000 for land acquisition and$7,032,682 for development funding. >
This funding is contingent upon:
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0
I Borrower and Development meeting all requirements of RFA 2019-101,Rule Chapter 67-53,
F.A.C., 24 CFR Part 570 and all other applicable state, federal and FHFC requirements; and
1 A positive credit underwriting recommendation; and
3. Final approval of the credit underwriting report by the Florida Housing Board of Directors.
0
Seltzer Management Group has been assigned to underwrite and evaluate the above-referenced
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development and their contact information is listed below. The Credit Underwriter will contact you 0
concerning any additional information required to complete a final credit underwriting report.
Ben Johnson, Seltzer Management Group Inc.
17633 Ashley Drive
Panama City Beach, FL 32414
Unless an extension is approved by Florida Housing, failure to submit the required materials to the credit 00
underwriter within the appropriate time frame shall result in the withdrawal of the preliminary
commitment. In accordance with RFA 2019-10 1,the credit underwriting process, including Board-
approval of the credit underwriting report and execution of a HOME written agreement by October 1,
2020 must be completed.
E
.................................................. ...........
Board of Director-,:Ray Dubuque,Chairman-Ron Lieberman,Vice Chairman
Nciacho Bastion-Renier Diaz de lo Porfilla-LaToshc Gieen-Cobb-Creston Leifried-Bernard"Barney"Smith
Ken Lowson,Florida Department of Economic Opportunity
Harold"Trey'Price,Executive Director
I Packet Pg. 1575
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J. Manuel Castillo, Sr,
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October 1,2019
Page 2
Cr
Along with other Federal Requirements,the CDBG-DR Program is covered under Section 3 of the
Housing and Urban Development Act of 1968[12 U.S.C. 1701u and 24 CFR Part 135]. Additionally,the
requirements of Section 3 apply to recipients of funding exceeding$200,000 for activities involving
housing construction, demolition,rehabilitation, or other public construction, i.e. roads, sewers,
community centers, etc. Contractors or subcontractors that receive contracts in excess of$100,000 for E
Section 3 covered projects/activities are required to comply with the Section 3 regulations in the same
manner as direct recipients. Along with your preliminary commitment, a Developer Section 3 Plan must
be received(attached).
Florida Housing's agreement to provide funds to this development is conditioned upon its determination
to proceed with, modify or cancel the development based on the results of a subsequent environmental
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review. David Cibik,Arcadis, Inc. (Arcadis)has been assigned to prepare the HUD environmental
review analysis for your Proposed Development and their address is listed below. The environmental "
review is expected to take approximately 90 days to complete.
David Cibik,Arcadis, Inc.
3109 West Drive Martin Luther King Jr. Blvd. Suite 350
Tampa,FL 33607
0
Please sign page 3 of this letter acknowledging your acceptance of this preliminary commitment,make a
copy for your file and return the original to me no later than October 8,2019 00.
Pursuant to Exhibit D of RFA 2019-101, you must provide the items listed on Exhibit A attached to this
invitation to Florida Housing within the timeframes specified.
Florida Housing looks forward to working with you and the development team to facilitate the need for
preservation of affordable housing in Florida. If you have any questions,please do not hesitate to contact
me or David Woodward at(850)488-4197.
0
Sincerel
Marisa Button s�
Director of Multifamily Programs
dkw/ 00
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Board of Directors:Ray Dubuque,Chairman•Ron Lieberman,Vice Cholrman
Naiacho Bastian•Renier Diaz de to Portilla•LoTasha Green-Cobb•Creston Leifried•Bernard"Barney"Smith
Ken Lawson,Florida Department of Economic Opportunity
Harold"Trey"Price,Executive Director
Packet Pg. 1576
G.12.e
U)
0
OPPORTUNITY TO ENTER CREDIT UNDERWRITING
RFA 2019-101 COMMUNITY DEVELOPMENT BLOCK GRANT—DISASTER RECOVERY
FINANCING FOR WORKFORCE HOUSING FOR HURRICANE RECOVERY IN MONROE
COUNTY cCr
r
ACKNOWLEDGMENT
The undersigned hereby acknowledges and agrees to enter credit underwriting in accordance with the
terms and conditions of Florida Housing's subject letter dated October 1, 2019
a�
Accept Decline at this timeIT—
Monroe COUnt +Scattered Sites
Development Name
RFA 2019-101 12020-004D
ID Number
Signature:....-.-......... ...
Print Name: cu
0
Date:
0
cc: Ben Johnson, Seltzer Management Group
David Cibik, Arcadis
Nicole Gibson,Assistant Director Homeownership Programs
Tammy Bearden, Loan Closing Manager
David Hines, Compliance Monitoring Administrator
0
0
3
00
cv
cv
.. ....... .......... as
Board of Directors:Ray Dubuque,Chairman•Ron Lieberman,Vice Chairman
Naiacha Bastion•Renier Diaz de to Portilla•LoTasho Green-Cobb•Creston Leifried•Bernard''Barney"Smith
Ken Lawson,Florida Department of Economic Opportunity
Packet Pg. 1577
G.12.e
Exhibit A
RFA 2019-101—Community Development Block Grant—Disaster Recovery Financing for
Workforce Housing for Hurricane Recovery in Monroe County
0
T)
Development: Monroe County Scattered Sites
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Application#: 2020-004D
Date of Invitation to Credit Underwriting: October 1, 2019
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 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;
0
2. If requested by the Corporation, within 14 Calendar Days, submit IRS Form 8821 for all Financial CD
Beneficiaries and all natural person Principals disclosed on the CDBG-DR Principals of the
CD
CD
Applicant and Developer(s) Disclosure Form (Form Rev. 06-19) in order to receive a Iq
recommendation for funding.
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 o
0
of Environmental Safety Phase I Environmental Site Assessment form*, and, if
applicable,the completed and executed Florida Housing Finance Corporation CL
CL
Verification of Environmental Safety Phase II Environmental Site Assessment form*.
Note: If a Phase II ESA is required, but has not been completed by the stated deadline,
contact Corporation staff to request an extension for submission of the Phase II ESA
form;
b. Provide the identity of the remaining members of the Development Team (i.e.,
inexperienced co-Developer(s), General Contractor,Architect,Attorney, and
Accountant), as outlined below. The team members so identified, and any future
replacement thereof, must be acceptable to the Corporation and the Credit
Underwriter;
3
(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. 00
cv
(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.
Page 1 of 4
Packet Pg. 1578
G.12.e
Exhibit A
RFA 2019-101—Community Development Block Grant— Disaster Recovery Financing for
Workforce Housing for Hurricane Recovery in Monroe County
T
(3) Identify the Architect by providing the completed and executed Florida Housing
Cr
Finance Corporation Architect Certification form*.
(4) Identify the Attorney by providing the completed and executed Florida Housing
Finance Corporation Attorney Certification for MMRB,SAIL, HOME, And-Or
Other Gap Loans form*.
2
(5) Identify the Accountant by providing the completed and executed Florida
Housing Finance Corporation Certification of Accountant form*.
* The certification forms(Forms Rev. 10-17) which are available on the RFA Website. t3
Note: The use of any prior version of these forms will not be acceptable to meet this
requirement.
C. Provide confirmation that all construction features committed to and proposed by the
Applicant shall be located on the Development site;
d. Confirmation that, if the proposed Development meets the definition of Scattered Sites, >
all Scattered Sites requirements that were not required to be met in the Application will M
be met, including that 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 CL
CL
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
award will be rescinded;
0
e. Provide notification of the percentage of ownership of the Principals of the Applicant.
Upon the Applicant's acceptance of the invitation to enter credit underwriting,the
Corporation will return the CDBG-DR 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.
00
4. The credit underwriting process must be complete within the timeframe outlined in Exhibit F; cv
5. By Certificate of Occupancy, the Applicant commits to participate in the statewide housing
locator system, as required by the Corporation; cv
Page 2 of 4
Packet Pg. 1579
G.12.e
Exhibit A
RFA 2019-101—Community Development Block Grant—Disaster Recovery Financing for U)
Workforce Housing for Hurricane Recovery in Monroe County
T
6. Applicants are required to execute a CDBG-DR written agreement within twelve (12) months of
Cr
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 2
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:
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 is
Section 538 Selection Letter sent to the Applicant by RD must be provided;
b. The Construction Consultant engaged by the Corporation's credit underwriter must
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;
0
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 CL
CL
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
the completion of the final credit underwriting report;
r-
0
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;
3
e. Confirmation of the proposed Development's eligibility for funding in the event that
construction has commenced. 00
N
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;
Page 3 of 4
Packet Pg. 1580
G.12.e
Exhibit A
RFA 2019-101—Community Development Block Grant—Disaster Recovery Financing for
Workforce Housing for Hurricane Recovery in Monroe County
T
g. The Applicant will be required to comply with the HUD environmental requirements as
Cr
provided in 24 CFR Part 58;
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.
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;
C. The proposed Development's ability to meet the Enhanced Structural Systems
Construction qualifications, if applicable;
0
d, The appraisals conducted during credit underwriting may cause a reduction in the
funding amount;
CL
CL
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
individuals or families who are referred by a designated Referral Agency serving the
county where the Development is located;
0
f. The proposed Development's first phase or subsequent phase's status;
gN Review of the Total Development Cost and its effect on the Total Development Cost Per
Unit Limitation;
3
If any of these cannot be verified, all funding awarded under this RFA may be reduced or may be
rescinded if the award or the Application's eligibility status was based on such information,
00
and/or the Applicant may be determined to have made a material misrepresentation.
cv
5. The Rate of Growth Ordinance (ROGO) allocation from the Local Government must be
approved.
cv
Page 4 of 4
Packet Pg. 1581
Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 G.12.f
RIFA 2019..101 I:kIE CIS'II...(")IiwlEII2"'f"cx:n"'f"II�IR(:)IR)IRIIMA (Page 1 of 7)
U)
NOTES: (1) Developer fee may not exceed the limits established in Rule Chapter 67-48,F.A.C.,or this RFA Any portion of the fee that U)
has been deferred must be included in Total Development Cost. 0
(2) General Contractor's fee is limited to 14%of actual construction cost(for Application purposes,this is represented by
A1.1.Column 3),rounded down to nearest dollar.The General Contractor's fee must be disclosed. The General Contractor's
fee includes General Conditions,Overhead,and Profit. tag
(3) For Application purposes,the maximum hard cost contingency allowed cannot exceed 5%of the amount provided in
Cr
column 3 for A1.3.TOTAL ACTUAL CONSTRUCTION COSTS for Developments where 50 percent or more of the units are O
new construction. Otherwise the maximum is 15%. The maximum soft cost contintengy allowed cannot exceed M
5%of the amount provided in column 3 for A2.1 TOTAL GENERAL DEVELOPMENT COST. Limitations on these contingency
line items post-Application are provided in Rule Chapter 67-48,F.A.C.
(4) Operating Deficit Reserves(ODR)of any kind are not to be included in C.DEVELOPMENT COST and cannot be used in
determining the maximum Developer fee. In addition,an ODR is not permitted in this Application at all. If one has been
included,it will be removed by the scorer,reducing total costs. However,one may be included during the credit underwriting
process where it will be sized.The final cost certification may include an ODR,but it cannot exceed the amount sized during
credit underwriting.
(5) Although the Corporation acknowledges that the costs listed on the Development Cost Pro Forma,Detail/Explanation Sheet,
Construction Analysis and Permanent Analysis are subject to change during credit underwriting,such costs are
subject to the Total Development Cost Per Unit Limitation as provided in the RFA,as well as the other cost limitations provided
in Rule Chapter 67-48,F.A.C.,as applicable.
USE THE DETAILIEXPLANATION SHEET FOR EXPLANATION OF*ITEMS. IF ADDITIONAL SPACE IS REQUIRED,ENTER THE
INFORMATION ON THE ADDENDA LOCATED AT THE END OF THE APPLICATION. CD
CD
What was the Development Category of the Proposed Development: iNew(.salineiliraua la!ioin( /or /o F+acq u.ii ili„Ililloiin
Indicate the number of total units in the proposed Development: "II...uIIIIVI]111Iaa
1 3
ENTER TOTAL
COSTS IN THIS TOTAL
COLUMN COSTS
DEVELOPMENT COSTS
Actual Construction Costs O
0
Accessory Buildings
0
Demolition
New Rental Units 4,200,000 0 4,200,000
*Off-Site Work(explain in detail)
Recreational Amenities
U)
"QD,QD00 250,000 �
Site Work 2.°.„..„.:.:.....
*Other(explain in detail)
A1.1.Actual Construction Cost $ 4,450,000 $ 4,450,000
O
A1.2. General Contractor Fee see Note(3)
(Max.14%of A1.1.,column 3) $.......................................600,000 $ 600,000
A1.3. TOTAL ACTUAL CONSTRUCTION O
COSTS $ 5,050,000 $ 5,050,000 0
O
L_
A1.4. HARD COST CONTINGENCY see Note(4) $ 2A5,000 $ 245,000 r_
O
4i
O
Packet Pg. 1582
Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 G.12.f
RFA 2019-101 DEVELOPMENT COST PRO FORMA (Pace 2 of 7)
1 3 U)
ENTER TOTAL TOTAL
COSTS IN THIS O
COLUMN COSTS
General Development Costs
Accounting Fees 2.��D.t.��D0Q�D,... 20,000
.5
Appraisal 7.;.5�����D..... 7,500 Cr
Ca
Architect's Fee-Site/Building Design 75,000 75,000 2
Architect's Fee-Supervision 25.;0Q„0 25,000 U)
Builder's Risk Insurance 2'ir.;QDQ„DQ„D 25,000
Building Permit
Capital Needs Assessment
Engineering Fees 50,000 50,000
Environmental Report Q Q�Q�.Y,....:...D...D 25,000.....
FHFC Administrative Fee See Note(2)
FHFC Application Fee see Note(2) 1..,.(50Q���..... 1,500
FHFC Compliance Fee see Note(2)
See Note(2) ............................................ 14,082 FHFC PRL/Credit Underwriting Fees 14,082 >
Green Building Certification/ O
HERS Q Q Inspection Costs ��..D,...D00 30,000.:.:..... as
*Impact Fees(list in detail)
Inspection Fees 1,000 21,000
Insurance 25.,.QD0Q� �. 25,000 G)
.: Q�Q�Legal Fees 7..Y,Q....:�D......D 75,000.....
U)
Market Study ����.;.500..... 6,500 0
Marketing/Advertising
Property Taxes
........
:',Q Q�➢................Q� , Ca
Soil Test Report .. 5000
f!5
Surrey 50,000 50,000 �
O
Tenant Relocation Costs 300,002 300,000 P>
Title Insurance&Recording Fees 25,000 25,000 0-
O
Utility Connection Fee 1I1I 2,;i(00 112,500
4i
*Other(explain in detail)
A2.1. TOTAL GENERAL DEVELOPMENT
COST $ 893,082 $ 893,082
A2.2. SOFT COST CONTINGENCY See Note(4) $ 44,600 $ 44,600
Packet Pg. 1583
Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 G.12.f
RFA 2019-101 DEVELOPMENT COST PRO FORMA (Page 3 of 7)
1 3 U)
ENTER TOTAL TOTAL
COSTS IN THIS O
COLUMN COSTS
Financial Costs
Construction Loan Origination/
Commitment Fee(s)
Cr
Construction Loan Credit 4g
Enhancement Fee(s)
Construction Loan Interest
Non-Permanent Loan(s)Closing
Costs E
Permanent Loan Origination/
Commitment Fee(s)
Permanent Loan Credit
Enhancement Fee(s)
O
Permanent Loan Closing Costs CD
Bridge Loan Origination/
Commitment Fee(s)
Bridge Loan Interest
O
*Other(explain in detail)
........
A3. TOTAL FINANCIAL COSTS $ $
O
ACQUISITION COST OF EXISTING y
DEVELOPMENT(excluding land)
Existing Building(s) 91
*Other(explain in detail)
.....................................................................
B. TOTAL ACQUISITION COSTS OF EXISTING
DEVELOPMENT(excluding land) $ $
C. DEVELOPMENT COST $ 6,232,682 $ 6,232,682 1A
(A 1.3+A 1.4+A2.1+A2.2+A3+B)
p See Note(1)
Developer Fee
Developer Fee on Acquisition Costs
Developer Fee on Non-Acquisition Costs (D()Ooo 800,000 O
D. TOTAL DEVELOPER FEE $ 800,000 $ 800,000
See Note(5) O
E. OPERATING DEFICIT RESERVES $ $ (�
F. TOTAL LAND COST $ 2,000,000 $ 2,000,000
See Note(6) O
G. TOTAL DEVELOPMENT COST $ 9,032,682 $ 9,032,682
(C+D+E+F)
O
Packet Pg. 1584
Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 G.12.f
RFA 2019-101 DEVELOPMENT COST PRO FORMA (Page 4 of 7)
U)
Detail/Explanation Sheet t)
O
0
Totals must agree with Pro Forma. Provide component descriptions and amounts for each item that has been
completed on the Pro Forma that requires a detailed list or explanation.
a�
DEVELOPMENT COSTS
Cr
Actual Construction Cost
(as listed at Item Al.)
Off-Site Work. U)
Other:
General Development Costs
(as listed at Item A2.)
O
Impact Fees:
Other:
O
Financial Costs
(as listed at Item A3.) 91
................................................
Other:
Acquisition Cost of Existing Developments 00
t0
(as listed at Item 82.J
Other:
t!5
NOTES: Neither brokerage fees nor syndication fees can be included in eligible basis. Consulting fees,if any,and any financial or other guarantees
required for the financing must be paid out of the Developer fee.Consulting fees include,but are not limited to,payments for Application
consultants,construction management or supervision consultants,or local government consultants.
O
O
O
Packet Pg. 1585
Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343
RFA 2019-101 DEVELOPMENT COST PRO FORMA (Page 5 of 7)
U)
U)
0
CONSTRUCTION ANALYSIS
AMOUNT LENDER/TYPE OF FUNDS
.2
A Total Development Costs $ 9,032,682.00 2
Cr
B. Construction Funding Sources:
1. First Mortgage Financing $ 9,032,682 00 11::11 l cjl�)11:9;'11:)J:"�
U)
2. Second Mortgage Financing $ <sclect firoinni innic"111IRP
3. Third Mortgage Financing $ <sclect firoinni innic"111IRP E
4. Fourth Mortgage Financing $ <sclect firoinni innic"111IRP
5. Fifth Mortgage Financing $ <sclect firoinni innic"111IRP
6. Sixth Mortgage Financing $ <sclect firoinni innic"111IRP
7. Seventh Mortgage Financing $ <sclect firoinni innic"111IRP 0
8. Eighth Mortgage Financing $ <sclect firoinni innic"111IRP
9. Ninth Mortgage Financing $ <sclect firoinni innic"111IRP
10. Tenth Mortgage Financing $ <sclect firoinni innic"111IRP
11. Other: $ >
12. Other: $ 0
13. Deferred Developer Fee $ >
0
L-
91
14. Total Construction Sources $ 9,032,682.00
C. Construction Funding Surplus
(13.14.Total Construction Sources,
less A.Total Development Costs): $ 0.00 (A negative number here represents a funding shortfall.)
Each Attachment must be listed behind its own Tab. DO NOT INCLUDE ALL ATTACHMENTS BEHIND ONE TAB. U)
0
L)
0
0
0
2
E
Packet Pg. 1586
Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343
RFA 2019-101 DEVELOPMENT COST PRO FORMA (Page 6 of 7)
U)
U)
0
PERMANENT ANALYSIS
AMOUNT LENDER/TYPE OF FUNDS
.2
A Total Development Costs $ 9,032,682.00
2
Cr
B. Permanent Funding Sources:
1. First Mortgage Financing $ 9,032,682 00 11::11 l cjl�)11:9;'11:)J:"�
................
2. Second Mortgage Financing U)
$ <sclect firoinni innic"1111u>
3. Third Mortgage Financing $ <sclect firoinni innic"1111u> E
4. Fourth Mortgage Financing $ <sclect firoinni innic"1111u>
5. Fifth Mortgage Financing $ <sclect firoinni innic"1111u>
6. Sixth Mortgage Financing $ <sclect firoinni innic"1111u>
7. Seventh Mortgage Financing $ <sclect firoinni innic"1111u> 0
8. Eighth Mortgage Financing $ <sclect firoinni innic"1111u>
9. Ninth Mortgage Financing $ <sclect firoinni innic"1111u>
10. Tenth Mortgage Financing $ <sclect firoinni innic"1111u>
11. Other: $ >
12. Other: $ 0
13. Deferred Developer Fee $ >
0
L-
14. Total Permanent Funding Sources $ 9,032,682.00 91
C. Permanent Funding Surplus
(13.14.Total Permanent Funding Sources,
CD
less A.Total Development Costs): $ 0.00 (A negative number here represents a funding shortfall.) 'a
Each Attachment must be listed behind its own Tab. DO NOT INCLUDE ALL ATTACHMENTS BEHIND ONE TAB. U)
0
L)
0
0
0
2
E
Packet Pg. 1587
Date Submitted: 2019-07-31 12:29:13.490 1 Form Key: 5343 G.12.f
RFA 2019-101 DEVELOPMENT COST PRO FORMA (Page 7 of 7)
U)
The intent of this page is to assist the Applicant in determining a TDC PU Limitation for the proposed Development and comparing it to the appropriate U)
O
RFA's TDC PU Limitation. The accuracy of the comparison is dependent upon the accuracy of the inputs and Florida Housing takes no responsibility in U
any programing errors. FHFC will not use this page to score TDC PU Limitation criteria. If FHFC makes any adjustments to the Applicant's data or
assumptions,FHFC's TDC PU for Limitation purposes of the proposed Development or the TDC PU Limitation determined by FHFC may be different than the
amounts provided below. Please read the RFA for qualifying responses and definition of terms. This table is optional and its use is at the sole discretion tag
of the Applicant. Applicant is responsible to verify and be in compliance with all aspects of the Application to meet RFA criteria. .
Cr
TDC PU LIMITATION ANALYSIS Not in South Florida, New Construction, Garden, ESSC.
In which county is the proposed Development to be located? Monroe (Small County) M
U)
You have indicated above on row 32 that the Development
Category of the Proposed Development is...................................... New Construction(w/or w/o Acquisition)
a�
What is the proposed Development's Development Type? �:'aUlydelil l
Does the proposed Development qualify as Enhanced Structural
Systems Construction(ESSC)? fts
The TDC PU Base Limitation for the above defined Development is.......... $248,000
O
Does the proposed Development qualify for any of the following TDC PU Add-Ons or Multipliers? Choose all that apply.
1. (a)PHA is a Principal/Affiliate Add-On..................................... 1(a
(b)Requesting HOME funds from FHFC Add-On........................ ,, (�3cflcct Ono 01 no
edl�[Icdlr ,x,.r ,I,I,hr,xk}Ica) °�°
(c)Requesting CDBG-DR funds from FHFC Add-On.................... fts
000 % CY
2. Tax-Exempt Bond Add-On...................................................... (.�e,lc,cr[I'f xl�I�llr;,xk}Ica) �
Florida ...........................................ry.................................................. e Ic a
bO South Florida Keys A ea Multiplier er........................................ La f�4. (a)Persons with Developmental Disabilities Multiplier.................. Fr�r�rF�F�Fr�r�rF�F�Fr�r�rF�Fr �
( ) ersons with a Disabling Condition ion Multiplier ier......................... ,,00000,ii
e loct 01,10 01 no
(c)Persons with Special Needs Multiplier.................................. iiiiii�e,l,[Ic�Ir ,x..r xl�l�hr,,,xlulc)
(d)Homelss Demographic Multiplier.........................................
5. Elderly ALF Multiplier. "°'°"�'°"°'°"�'°"°'°"�".......................................................... ������������������������������
....... .. .. ... %%%%%%%%%%%%%%% 3c lcct Ono e,:�fion if Qs
6. (a)Less than 51 units Multiplier ............................ � �; ( I
(b)More than 50 units,but less than 81 units Multiplier r1
"For 9%HC Permanent Supportive Housing RFAs only. The proposed Development must be new construction to 00
qualify as well as not being located in Monroe County. U)
The final overall TDC PU Limitation for the above defined Development is.. $389,230.77 f!)
Derivation of the TDC PU of the proposed Development for Limitation purposes:
Total Development Costs(Line G.,column 3) $9,032,682.00 M
Less Land Costs(Line F.,column 3) $2,000,000.00
Less Operating Deficit Reserves(Line E.,column 3) $0.00
Less Demolition and Relocation Costs,if applicable $300,000.00
O
TDC of the proposed Development for Limitation Purposes: $6,732,682.00
TDC PU of the proposed Development for Limitation Purposes: $269,307.28
Is the proposed Development's TDC PU for Limitation purposes equal
to or less than the TDC PU Limitation provided in the RFA?.................. Yes
Packet Pg. 1588
G.12.g
MONROE COUNTY HOUSING AUTHORITY
1400 KENNEDY DRIVE • KEY WEST, FLORIDA 33040
305 296-5621•TTY/Florida Relay Service FRS 1-800-955-8771
0
Board of Commissioners J. Manuel Castillo, Sr.
Executive Director T
Aaron Castillo Cr
Carey Goodman
Patrick Labrada
Ailton Lopez
Richard Toppino
October 17, 2019 E
a�
Marisa Button
Florida Housing Finance Corporation t�
227 N. Bronough Street, Suite 5000
Tallahassee, Florida 32301
0
CD
RE: Monroe County Scattered Sites -RFA 2019-101 Waiver Request CD
CD
Dear Ms. Button:
as
Monroe County Housing Authority (MCHA) respectfully requests an RFA Waiver for the Monroe
County Scattered Sites application (2020-004D). This application was submitted under RFA 2019-
101 as a 25-unit, scattered site, development. The project comprised three scattered sites-two sites 0
on Big Pine Key and Conch Key consisting of a total of 20 units and one site in Key Largo with 5
units. Due to information received after the submission of the application,MCHA requests an RFA
a
Waiver to remove the Key Largo site and reduce the total unit count in the application to 20 units.
�a
All properties in the application are owned or will be purchased by Monroe County and the Board
of County Commissioners (BOCC) approved a long-term land lease with MCHA to develop them
as affordable housing. However, after the submission of the application, the neighborhood
association adjacent to the Key Largo site notified the County of a 2003 agenda item that designated U)
this parcel as park land(see attached).This agenda item was approved by a previous BOCC,but the Cr
information was not made part of a Resolution and no restrictions were placed on the title for the
property. As such, the current BOCC had no information about the commitment until the
neighborhood association brought it forward. Because a previous BOCC approved the agenda item
designating the parcel as park land,the current BOCC believes it should honor this obligation.They
voted at their meeting on September 18, 2019 to remove this site from the land lease with MCHA U-
and, thereby,reducing to total number of units to be developed to 20 units.
Thank you for your consideration of our request.If you have further questions,please contact me at U
(305) 296-5621 0
r-
0
Sincerely,
as
J. Manuel Castillo E
Executive Director
«a 7
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Packet Pg. 1589
ej sjngwiea o and 000600tp 0OUeA a 04 OAoadd ) ae OP M ui un 3 u -j :;uewqoe44V o
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