The Colorado Housing Finance Agency issued a request for proposals (RFP) to conduct a comprehensive study of the cost to develop Low-Income Housing Tax Credit housing. Applications are due by March 18 at 4:00pm MTN.

To facilitate a transparent and thorough RFP process, CHFA is responding to the following questions and/or requests for clarification, which have been submitted by one or more potential responders in response to CHFA’s posted RFP.

1. What is CHFA estimating as the beginning and final deliverable dates for the study?

We anticipate making the selection of the vendor around the first of April and while we don’t have a hard deadline for the completion of the study, we do need to have it completed in order to allow us time to review it, share it with the public and consider whether there will be any proposed changes to the 2017 QAP as a result of the study to be shared at the public hearings which start taking place in late summer.

2. Item 1.06 on page 5 refers to providing 3 references, particularly Housing Authorities if applicable. Item 1.08 refers to providing 3 references, without mention of Housing Authorities. Please provide clarification regarding the references that CHFA would prefer to see in the proposal.

We only need three references total.

3. How will access to the CHFA data be provided?

CHFA staff will work with the vendor to provide data. Most of it will be provided via Excel.

4. What parties will receive the final report, and to whom will the report be presented and released? Will the vender be able to present the results?

The report will be available to the public. We plan to share the results of the report in various meetings, possibly at a Housing Colorado workshop and other venues. The vendor will be encouraged to present the results to CHFA’s staff and possibly it’s Board.

5. How may Colorado properties does CHFA anticipate being in the study? How many of these properties are specifically from 2013, 2014 and 2015?

The number of properties will likely be decided upon jointly by CHFA and the vendor once the details of the scope have been worked out.

6. Does CHFA intend to provide the contractor with developers to contact to gather data for the study?

Yes

7. Does CHFA maintain the pro formas for both allocated and unallocated applications?

We do have pro formas and construction budgets for all projects that have received awards of credit.

8. Is there a desirable number and type of “other areas” for cost benchmarking?

It would be helpful to get a sense of how Colorado generally compares with other states in terms of LIHTC development costs. As for market-rate housing, we would only be interested in a comparison of Colorado market-rate housing with Colorado LIHTC housing. The number would be negotiable.

9. Does CHFA have an idea [of] cost for this study?

Assuming you’re asking whether CHFA has an idea of what the study would cost, we don’t since we haven’t had this done before.