1106-c. Request for proposals. The corporation, pursuant to a request for proposals, shall not provide grants or loans under this article except to an eligible applicant which has submitted an application in consultation with the eligible owner or owners, which contains:
1. a development timetable acceptable to the corporation that shall include the projected time schedule for (a) commencement and completion of regulatory and review processes and approvals including procedures for land use and disposition; (b) construction loan closing; and (c) commencement and completion of construction. Such timetable shall also include a projected date as to when the units will be available for occupancy and when such units will be fully occupied and any other information the corporation deems appropriate;
2. a proposed operating and maintenance budget;
3. an estimate of the total project costs which shall include (a) the costs necessary for construction or rehabilitation which shall not exceed a ceiling amount established by the corporation which is consistent with the reasonable costs of constructing or rehabilitating projects in the municipality in which the project shall be located, (b) the costs necessary for working capital and a reserve fund and (c) such other reasonable costs necessary for the completion of such project;
4. evidence that the municipality within which the turnkey/enhanced rental project will be located is experiencing a shortage of affordable housing for persons of low income and the proposed turnkey/enhanced rental project will contribute to reducing such shortage;
5. the names, addresses and business background of the principals involved, the nature of their fiduciary relationship and their financial relationship, past, present and future, to the project and to each other;
6. the identity of the eligible owner if the eligible owner is not the eligible applicant; and
7. such other information as the corporation may require.
Last modified: February 3, 2019