Community Planning & Economic Development

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Requirements - Activities

Rental

Ownership

     

Evidence of Rental Management Experience

X

       

Developer Experience and Capacity

X

X

     

Property must be abandoned or foreclosed upon

X

X

     

Property must be purchased at a discount (less than 5-15% of
appraised value

X

X

     

Rehabbed in accordance with rehab standards

X

X

     

Sale Price not to exceed cost to acquire/rehab

 

X

     

Rent not to exceed HOME rents

X

       

Evidence of Long-Term Affordability 5-15 years depending on
amount of NSP Financing

X

X

     

Financial Feasibility

X

X

     

Detailed Plan of Proposed Activities

X

X

     

Demonstrated Neighborhood Support

X

X

     
           
 

Maximum Points

 

Testing Model

Priority Ranking - Activities

Rental

Ownership

 

Rental

Ownership

Leverage: Excluding First Mortgage Financing
(5 points for every $5K leveraged)

25

25

     

Limited NSP Financing (Less than $25,000/Unit)

10

10

     

Creation of Affordable Housing (80% AMI) in less
poverty concentrated census tracts

15

15

     

Evidence of Long-Term Affordability

15

15

     

Treatment of Boarded and Vacant Property

15

15

     

Serving Households below 50% AMI

50

50

     

Evidence of Green/Sustainability Elements

15

15

     

Integration with broader City's revitalization efforts

15

15

     

Ratio of Soft Costs to Total Development Cost
(Rental - 8% and Ownership - 10%)

10

10

     

Proximity to Transit, Jobs and Density

15

15

     

Coordination with local Contractors: Affirmative Marketing Plan

25

25

     

Marketing Plan (including Housing Victims of Foreclosure)

50

50

     

Evidence of Site Control

5

5

     

Ability to use funds within one-year
(15 pts for 6 mo/10 pts for 9 mo/5 pts for 12 mo)

15

15

     

Maximum Points

280

280

 

0

0

Last updated Sep. 27, 2011