The Georgia Department of Community Affairs (DCA), in cooperation with the U.S. Department of Housing and Urban Development (HUD), announced a new Rental Assistance Demonstration (RAD) Multi-Site Bond Program in Georgia. DCA will qualify a small group of developers to work with public housing authorities (PHAs) to redevelop the PHAs’ property/ies with the majority of units as RAD units (at least 80% of total post-redevelopment units).
DCA is conducting a two-stage Developer Request for Qualifications (RFQ), with DCA administering the first stage qualifying the pool of developer partners and the PHAs, working with a program facilitator administering the second stage to select developers from the pre-qualified pool.
Developers are invited to submit qualified documentation through April 15, 2015 in response to an RFQ (NOTE: This deadline is for qualification documentation, not the proposal of deal terms, project concept, or methodology). The second stage of the Developer RFQ is projected to be released approximately on May 31, 2015 and due approximately on July 1, 2015. A final selection of the developer partner by the participating PHAs is projected to occur in August of 2015, at which time the development team will move forward with due diligence for the LIHTC and bond allocation process.
Through this program, DCA hopes to bolster PHA access to the resources available in the Low-Income Housing Tax Credit (LIHTC) program in Georgia. Specifically, this program seeks to match housing authorities and a developer partner to implement a larger, multi-site 4% LIHTC and private activity bond transaction. The PHAs would be able to associate themselves with the unifying element – the developer partner – necessary to implement a multi-site bond transaction. The lender underwriting and the equity investor underwriting would focus primarily on the developer’s financials and capacity. The process would be coordinated so that all of the properties in the transaction would close on a unified timetable.
Further information is available on the DCA Website on the Federal and State Housing Tax Credit Programs page. Please contact Philip Gilman, Affordable Housing Program Specialist, at philip.gilman@dca.ga.gov with any additional questions. For RAD-specific questions, contact your RAD Transaction Manager or Gregory A. Byrne, Director, Affordable Housing Transaction Division, Office of Recapitalization, Department of Housing and Urban Development, at Gregory.A.Byrne@HUD.GOV.
