Presentation on theme: "Neighborhood Stabilization Program Request for Qualifications (RFQ) Property Management Companies November 4, 2009."— Presentation transcript:
Neighborhood Stabilization Program Request for Qualifications (RFQ) Property Management Companies November 4, 2009
Program Goals Stabilize neighborhoods - by acquiring foreclosed and abandoned residential properties and returning them to full use Heighten impact – by concentrating efforts in small priority areas with high number of foreclosures Reduce blight – by focusing on the most difficult properties needing moderate to extensive rehab that the private market will not absorb Offer affordable homeownership and rental opportunities Promote green construction technology
Funding Relationships U. S. Department of Housing and Urban Development (HUD, Grantor of NSP dollars) Los Angeles Housing Department (LAHD) (Recipient) Restore Neighborhoods LA (RNLA) (Subrecipient)
Contractual Obligations Completion/commitment deadlines (Aug 2010) 75% of funding must benefit families earning 120% of area median income (AMI) 25% of funding must benefit families earning 50% of AMI Accounting and Operating Systems Reporting Wage rates – P rojects will be subject to State Wage Rates if the property is larger than a single family home. Davis Bacon will not apply for single family homes, but will apply on multi unit properties if the contract is for work on 8 or more buildings.
Acquisition Process NSP Funds LAHD OversightHomeowners Property Manager Lenders National Community Stabilization Trust
RNLA Contractual Relationships RNLA Contractors /Subs Developers Property Managers Real Estate Brokers Appraisers Environmental Insp./Termites Construction Managers
RNLA Acquisition Activities Identifies properties in “priority areas” from lender bulk lists received through NCST; Coordinates access and inspections with LAHD; Works with LAHD to finalize scope and costs; Selects properties of interest and negotiates acquisition terms; Acquires properties.
Request for Qualifications RNLA is looking for a small number of Property Management firms to secure, maintain and manage: (50) Vacant single family homes; (60) 2 - 4 unit properties which may be vacant, partially occupied, or occupied; (5) 5+ unit properties, vacant or partially occupied. Actual number of properties may vary Request for Qualifications
PM Duties and Responsibilities Upon RNLA’s acquisition of properties: Secure/install 6’ perimeter fence with gate and locks; Secure buildings, repair doors/windows; Install exterior security lighting; Remove emergency conditions; Clear site debris, perform landscape maintenance as necessary; Remove toilets; Maintain security and clean site.
Single Family Homes Properties will be vacant; PM firm will maintain homes from RNLA purchase until a general contractor takes control of site for rehab; Contractor will maintain site during rehab; Upon construction completion, PM will resume maintenance until property is sold.
Multi Unit Properties Mostly 2 – 4 units, some 5+ unit properties; Some vacant at acquisition, some occupied; PM to maintain vacant properties from acquisition until a developer or general contractor takes control of site for rehab; RNLA to sell multi unit properties to developers who will operate as affordable rentals;
Multi Unit Properties (continued) PM to manage and maintain occupied or partially occupied properties from RNLA acquisition through rehab process; In some cases, developers may operate buildings through rehab process.
Management Duties with Partially Occupied Properties Determine lease status with tenants, put missing leases in place; Collect rents; Maintain property; Remove emergency conditions; Respond to repair requests; Pursue legal actions as necessary.
Monthly Financial Reports Maintain a cash management system which reflects monthly operating expenses and income; Reports must satisfy RNLA, LAHD and HUD requirements. RNLA to provide minimum requirements.
Relocation RNLA will comply with the City of Los Angeles’ Rent Stabilization Ordinance (foreclosure isn’t a lawful reason to evict tenants) RNLA will not seek to displace tenants who are in good standing; Temporary relocation may be necessary to facilitate rehab; RNLA to work with PM firms for smooth relocation process; When necessary RNLA may hire relocation consultants.
Criteria for Selection General experience; Experience managing single family homes, 2 – 4 unit properties, 5+ unit properties; Experience working in target neighborhoods and priority areas; Experience working with community organizations; Financial capacity Proposed pricing
Submission Deadline Access RFQ and Application on RNLA’s website: www.restoreneighborhoodsla.orgwww.restoreneighborhoodsla.org Complete application form, attach financial information. Submit 4 hard copies of package to RNLA by 5:00 PM on November 12, 2009 Submit questions to: email@example.com firstname.lastname@example.org