RFQ- Debt and Equity for North Housing Block A
February 23, 2023
RFQ- Debt and Equity for North Housing Block A
Published: February 23, 2023
Posted Amendments:
March 24,2023 – Addendum #1 Exhibits
March 27,2023 – Submittal Deadline Extended.
Island City Development is seeking qualifications from qualified lenders and tax credit investors to assist in financing the construction of all three projects with a total of 155 units at North Housing Block A, the first phase of the 12-acre North Housing development in the City of Alameda, California (Project(s)). The timing of the transaction(s) is still to-be-determined; however, one of the three projects is expected to break ground in November 2023.
North Housing is a 12-acre site that will be developed in multiple phases to be completed over several years. Block A is the first phase of the larger 12-acre redevelopment. The proposed new construction projects at Block A of the North Housing Development will be developed with three projects, totaling one-hundred and fifty-five (155) units.
• North Housing Permanent Supportive Housing I (PSH I) – 45 units
• North Housing Permanent Supportive Housing II (PSH II) – 46 units
• North Housing Senior Apartments (NH Senior) – 64 units
ICD highly encourages single sourcing of loans and equity, or a proposed team of qualified lenders/investors. Respondents can propose to serve as construction and/or permanent lender, tax credit investor, or both to the extent legally permitted. ICD will also consider qualifications for just a loan or equity. ICD expect qualifications to encapsulate all three properties because of their close proximity; however, if proposers wish to separate the projects, ICD will only accept standalone submissions for NH Senior. PSH I and PSH II MUST be included under one submission given the nature of the planned development.
The lender and tax credit investor selected through this RFQ process will have a 99.99% interest in each of the limited partnerships and are expected to receive 99.99% of the annual federal low-income housing tax credits and state tax credits.
Deadline for Questions regarding the RFQ are due March 16th, 2023, by 5:00PM. Questions must be emailed with the subject line “North Housing Block A Debt&Equity RFQ – Questions” to Sylvia Martinez, Director of Housing Development, smartinez@alamedahsg.org, with a copy to Tony Weng, Senior Project Manager, tweng@alamedahsg.org and Jocelyn Layte, Housing Development Specialist, jlayte@alamedahsg.org.
Deadline for Submittal Qualifications of the RFQ has been extended from April 6, 2023, to April 20, 2023, by 5:00PM. Please email responses with the subject line “North Housing Block A Debt&Equity RFQ – Qualifications by [Respondents name]” to Sylvia Martinez, smartinez@alamedahsg.org, with a copy to Tony Weng, tweng@alamedahsg.org and Jocelyn Layte, jlayte@alamedahsg.org.