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05/14/2021 - Addendum No. 3 RFP for Development Partner for CV Phase II Construction

ADDENDUM NO. 3

RFP for Development Partner for CV Phase II Construction

Date: 5/14/2021

To all applicants of record:

This addendum is issued to clarify, add, delete, correct and/or change the proposal documents to the extent indicated and is hereby made a part of the above noted RFP documents on which the contract will be based. Any modifications/changes made by this addendum affect only the portions or paragraphs specifically identified herein; all remaining portions of the proposal to remain in force. It is the responsibility of all Applicants to conform to this addendum.

QUESTIONS AND ANSWERS

Q- What are the current set-asides at Colonial Village Phase 1? Do you have a breakdown?

  • A- Of the 69 units, 51 are affordable units with 17 of those units for households at 30% AMI and 34 of those for households at 60% AMI; the remaining 18 units are market rate units.

Q- Where do you anticipate the soft funding of $7.9M coming from?

  • A- This source will consist of NHA funds, potential local/state funds, and additional DDF proceeds if necessary.

Q- The project does not appear to be in a QCT or DDA. I believe you are calculating a basis boost, and wondered if you could clarify.

  • A- The project is no longer in a QCT or DDA and should be reflected as such when calculating the LIHTCs.

Q- Is there a contemplated Ground Lease payment?

  • A- Not currently but NHA is open to any suggestions from the respondents on this structure.

Q- Is a tax abatement possible?

  • A- A tax abatement agreement is currently in place between NHA and the City of Norwalk and is reflected as such in project pro forma.

Q- Can you confirm the percentage eligible basis you are using to calculate your Federal Tax Credits of approximately $11.9M?

  • A- Regarding the applicable fraction, it is assumed to be the lesser percentage of applicable units or square footage. The development is comprised of 69 units which total 95,373 square feet. So, the eligible fraction could be either 51/69 = 73.91%; OR 70,675 / 95,373 = 74.10%. To avoid overstating the credit amount, we utilized the lesser of the two, which in this case is 73.91%

END OF ADDENDUM

Guillermo Bendana
Procurement Specialist
Norwalk Housing Authority
24 ½ Monroe Street Norwalk, CT 06856
203.838.8471 Ext. 130