New Construction Down Payment Assistance RFQ

New Construction Down Payment Assistance RFQ

Release date: 12/5/2018
Submission deadline: 01/11/2019
Designation date: 03/08/2019

Designation

On March 8, 2019, the New York City Department of Housing Preservation and Development (HPD) established a list of Qualified Applicants (Qualified List) that HPD designated as qualified to apply for down payment assistance from private down payment assistance lenders to support the acquisition of privately-owned land or vacant properties in NYC in order to develop affordable multifamily rental housing.

Release

Qualified Applicants must be strong and experienced nonprofit organizations with interest and demonstrated capacity to maintain the long-term physical and financial viability, regulatory compliance, and responsible ownership of affordable housing. Prospective down payment assistance lenders may wish to use HPD’s Qualified List as a preliminary requirement or step in their review process.

Applicants qualified through the RFQ wishing to apply for down payment assistance funding will be subject to the applicable lender’s application, underwriting and credit approval processes. For example, applicants to the New Construction Down Payment Assistance Fund must meet the requirements of a Notice of Funding Availability in order to be eligible for down payment assistance.

Applicants that will apply for construction financing from HPD New Construction Programs such as the Supportive Housing Loan Program (SHLP), Senior Affordable Rental Apartments (SARA) or Extremely Low and Low-Income Affordability (ELLA) will be required to follow the programmatic guidelines respective to each program and will be expected to commit to Extended Affordability. In order for HPD to assist in financing construction, all Qualified Applicants must ask for and receive a Letter of Interest from the relevant HPD loan program prior to entering into contract to acquire a New Construction site. In addition, Qualified Applicants may apply to other construction financing agencies including but not limited to the New York City Housing Development Corporation, New York State Homes and Community Renewal and the New York State Housing Finance Agency.

The initial submission deadline is January 11, 2019. The RFQ may be re-opened annually for additional submissions. HPD reserves the right to amend the Qualified List at any time. HPD may periodically request updated information from Qualified Applicants appearing on the Qualified List. It is important to note that Qualified Applicants are not guaranteed to receive funding from HPD or any other lender for down payment, acquisition, or construction financing.

Selection Criteria

Applicants must submit a full response to this RFQ and meet the minimum criteria set forth in this RFQ in order to be considered for inclusion on the Qualified List. Applicants must be nonprofit organizations and demonstrate they have the experience and capacity to become a Qualified Applicant. HPD will notify all Applicants as to whether or not they are designated as Qualified Applicants under the requirements of the New Construction Down Payment Assistance RFQ.

Pre-Submission Conference

A Pre-submission Conference was held on Wednesday, December 12th, 2018 from 12:30pm-2:00pm at 100 Gold Street, Room 8F-14, New York, NY 10038.

Pre-submission Conference Questions and Answers

Submission Requirements

The initial submission deadline is January 11, 2019. Electronic submissions are preferred and can be submitted to: DownPaymentAssistanceRFQ@hpd.nyc.gov.

For those who are unable to submit electronically, hard copy submissions may be sent to the attention of:

Jennifer Jacobs Guzmán
100 Gold Street, Room 9M-3
New York, NY 10038

All submissions become the property of HPD.

RFQ Form

register and download the request

 

 

Additional forms:

Inquiries

Inquiries and questions should be directed to DownPaymentAssistanceRFQ@hpd.nyc.gov.