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Neighborhood Stabilization Program Request for Qualifications (RFQ) Property Management Companies November 4, 2009.

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Presentation on theme: "Neighborhood Stabilization Program Request for Qualifications (RFQ) Property Management Companies November 4, 2009."— Presentation transcript:

1 Neighborhood Stabilization Program Request for Qualifications (RFQ) Property Management Companies November 4, 2009

2 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

3 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)

4 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.

5 Acquisition Process NSP Funds LAHD OversightHomeowners Property Manager Lenders National Community Stabilization Trust

6 RNLA Contractual Relationships RNLA Contractors /Subs Developers Property Managers Real Estate Brokers Appraisers Environmental Insp./Termites Construction Managers

7 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.

8 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

9 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.

10 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.

11 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;

12 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.

13 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.

14 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.

15 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.

16 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

17 Submission Deadline Access RFQ and Application on RNLA’s website: 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:

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