Philadelphia Housing Trust Fund Mandatory Briefing

Posted by on September 24, 2007

Philadelphia Housing Trust Fund RFP for Affordable Rental Housing (up to $3.735 million)

Mandatory Briefing: 10:00 a.m., Wednesday, October 3rd @ OHCD

Proposal Deadline: 4:00 p.m., Friday, October 26, 2007

The Office of Housing and Community Development has issued a Request for Proposals to finance the development of affordable rental units using funding from the Philadelphia Housing Trust Fund and Low Income Housing Tax Credits (including Preservation Credits) and/or PennHOMES financing from the Pennsylvania Housing Finance Agency (PHFA).

Below is a brief summary of the RFP. A complete copy of the RFP will be posted on the OHCD web site at:

http://www.phila.gov/ohcd/

This HTF RFP is designed to assist in providing gap financing for rental projects which will seek LIHTC (including Preservation Credits) and/or PennHOMES financing from PHFA in its 2008 First Cycle, with proposals due to PHFA on December 14, 2007. This is the only PHFA application round for 2008.

Up to $3.735 million in City Fiscal Year 2008 Housing Trust Fund dollars is available through this RFP. The City does not expect to award the full amount of funding since it made commitments toward some rental projects in April 2007, and because it may issue an RFP for rental projects which do not require LIHTC at a future date.

Any proposal which received a commitment of HTF funds for rental development in the past and which has not changed its financial pro forma with respect to HTF or other City financing does not need to submit a proposal in response to this RFP. These projects are requested to submit a letter confirming the developer?s continued interest in receiving HTF funds as proposed in the prior HTF RFP round.

Projects seeking assistance from this RFP must meet the legal requirements of the HTF, including:

? Development by a non-profit organization, or a joint venture in which a non-profit organization is the controlling partner with demonstrated capacity. No funding will be provided for a project sponsored by a non-profit entity that is controlled by either a for-profit or by a public entity.

? Adherence to the ?Equal Opportunity/Affirmative Action Requirements and OHCD Policies? set forth in the Year 33 Consolidated Plan. Selected developers must comply with other requirements, such as the Equal Opportunity Plan required by ordinance 060226-AA, as applicable.

? Meeting the accessibility and visitability requirements of the HTF as defined in local ordinance and the Mayor?s Executive Order. These requirements are more fully described below.

? Meeting the requirement that households benefiting from the housing development pay no more than 30% of their income for housing, unless allowed by another federal or state funding source.

? Serving households with a maximum income of 115% of area median income.

Briefing Session

Interested parties are REQUIRED to attend a briefing session:

Wednesday, October 3, 2007, 10:00 a.m.
OHCD Board Room
1234 Market St., 17th floor
Philadelphia, PA 19107

Proposal Submission

Proposals must be delivered to OHCD no later than 4:00 p.m. on Friday, October 26, 2007