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VI HOUSING FINANCE AUTHORITY AFFORDABLE HOUSING DEVELOPMENT AGREEMENT PROPOSAL OUTLINE (subject to change) July 2023 This outline provides a guide for presenting information in your company’s proposal and does not preclude the VI Housing Finance Authority (VIHFA or Authority) from requesting additional information as part of the review process. If the information requested is not available or not applicable, please indicate as such. The information in this outline does not supersede the information in the VIHFA’s Affordable Housing Development Agreement’s (AHDA) rules, regulations, and guidelines. DEVELOPER'S SUBMITTALS FOR QUALIFICATION REVIEW (FIRST STAGE) The following section includes information that must demonstrate that your company is duly organized, validly existing, qualified, and licensed to do business under the laws of the U.S. Virgin Islands and must be in good standing in the U.S. Virgin Islands and must have the power and authority, corporate or otherwise, to own properties and carry on business as is now being conducted. 1. Qualification Statement a. The legal name of the business and all persons with interests in the business. How many years has your company been in business as a Contractor/Developer? b. How many years has your company been in business under its present business name? c. List the categories of work that your company normally performs with its own forces. d. Are you a minority or disadvantaged business? If yes, please include a copy of your certification or application for certification. 2. A copy of a. Current business license b. Other evidence of the company’s ability to perform legally as a contractor/developer in the U.S. Virgin Islands i. Articles of organization/incorporation ii. certificate of good standing iii. most recent Annual Report filed with Office of the Lt. Governor’s Corporations division. The following section must demonstrate specific, measurable housing construction experience, established record of success, expertise, and adequate staff capacity to undertake the proposed development. Include any required resources i.e., HFA land, marketing of homes in the project to HFA’s Homeownership low-to-moderate income applicant pool, local/federal government funds, etc. 1. A portfolio of construction a. work in progress - list major construction projects your company has in progress, giving the name of project, owner, architect, general contractor, contract amount, percent complete and scheduled completion date. State total worth of work in progress and under contract. Helpful (but not required) to include email address for each contact person listed. VIHFA AHDA OUTLINE (subject to change) b. work completed - list at least major construction projects your organization has completed in the past five years, giving the name of project, owner, architect, general contractor, contract amount, percent complete and scheduled completion date. State average annual amount of construction work performed during the past five years. Helpful (but not required) to include email address for each contact person listed. c. Discuss your company’s ability to proceed promptly to construct and complete the housing development or project. If there’s a phased approach proposed, then include number of units per phase, estimated timeline, and associated infrastructure as applicable. d. Discuss the availability of sufficient financial resources to obtain adequate construction financing to complete the construction of the proposed development or project. e. Provide documentation to support acceptable history of meeting all applicable requirements of (and obligations to) the Authority and other lenders i.e., references from persons and/or agencies your company has performed work for, and your company’s lenders. f. Commitment to: i. construct and market the proposed development in accordance with all applicable federal and local laws ii. secure and maintain insurance during construction of the project with the Authority being named as an additional insured. NOTE: Coverage must include Worker's Compensation Insurance, Public Liability and Property Damage Insurance, Motor Vehicle Liability Insurance and Professional Liability Policy. The amounts for each are as specified in the Authority's Rules and Regulations and/or are found as a part of the Authorities "Project Specification." The insurance company or companies issuing the foregoing policies must be licensed to do business in the Virgin Islands. Upon the formal written request of HFA, Contractor is required to submit a copy of its insurance policies and all riders, exclusions, and other policy attachments. iii. hold the Authority's officers, agents, and employees, harmless from any and all claims made against the Developer's officers, agents and employees which arise out of any action or omission of the developer or any of its contractors, officers, employees or agents. 2. Experience of development team a. Bio of each member. To the fullest extent possible, where applicable – list the construction experience and present commitments of the key individuals of your company. 3. Financial Statement If your company does not have audited financial statements, submit tax returns for the business (at least the past two years). Financial statement: a. Attach an audited financial statement with applicable notes, including your organization's latest balance sheet and income statement showing the following items: b. Current Assets (e.g., cash, joint venture accounts, accounts receivable, notes VIHFA AHDA OUTLINE (subject to change) receivable, accrued income, deposits, materials inventory and prepaid expenses). c. Net Fixed Assets. d. Other Assets. e. Current Liabilities (e.g., accounts payable, notes payable, accrued expenses, provision for income taxes, advances, accrued salaries and accrued payroll taxes). f. Other Liabilities (e.g., capital stock, authorized and outstanding shares par values, earned surplus and retained earnings.). g. Retained Earnings. h. Shareholders Equity. i. Sales. j. Name and address of firm preparing attached financial statement. k. If the attached financial statement for the company named on Page 1 isn’t the applicant, then explain the relationship and financial responsibility of the organization whose financial statement is provided (e.g., parent, subsidiary). l. Will the organization whose financial statement is attached act as guarantor of the contract for construction? 4. Additional info that supports application: a. Trade References b. Bank references c. Surety – Bonding company, capacity, name of agent DEVELOPER'S SUBMITTAL OF PROPOSAL (SECOND STAGE) The project must conform to all applicable codes of the U.S. Virgin Islands and the Federal Government. These will include, but not be limited to, general construction, environmental concerns, historic preservation, land use and zoning. 1. Small-scale site location map, indicating shopping centers, schools, recreation, transportation, and other services. 2. Site plan showing buildings, roads, parking, recreation, utilities, etc. 3. Typical dwelling unit plans, showing a proposed furniture layout. 4. Typical dwelling unit elevations. 5. Typical building elevation if the development consists of multifamily units. 6. Representative cross section of site, showing location of building and elevations, depicted at a minimum of 5 ft. elevations, 2 ft. is preferred. 7. Projected construction schedule, displaying milestone stages of construction as well as details of trade work durations. 8. Statement that project will comply with all applicable codes, laws, rules, and regulations. 9. A statement that the project wil1 meet or exceed the requirements of the solicitation for proposal, these AHDA guidelines, and specifications and design requirements. 10. Schedule of sales price(s) for units to be constructed. 11. A cost estimate of the probable construction cost utilizing the CSI/AIA Master Specification format for defining major cost divisions. 12. Indication of financial interest from a lending institution or other financial source(s). VIHFA AHDA OUTLINE (subject to change) THINGS TO KEEP IN MIND WHEN DEVELOPING YOUR PROPOSAL The Authority may choose to negotiate and contract with any qualified developer or contractor whose proposal must be deemed by the Authority to best fulfill the intent of the Affordable Housing Program. To this end, the Authority must approve a proposal based on the following criteria: 1. Design innovations that are likely to reduce cost of housing construction. 2. The Architect, management agent, engineer, marketing representative, and other members of the proposed development team having the qualifications necessary to perform their respective functions and responsibilities. 3. The developer and/or contractor having the experience, ability, and financial capacity necessary to carry out their respective responsibilities. 4. Dwelling units priced at a level which best meets the goals of the Affordable Housing Program. 5. The best utilization of site in terms of density, aesthetics, safety, physical use, minimization of erosion, minimization of infrastructure costs and other factors. 6. Developments that do not look like low income “projects," are not overpowering, are of comfortable human scale and are easily identifiable with the local character. 7. The degree to which the project will involve local Virgin Islands residents in the development and construction team. 8. The proposed development will be economically feasible and financially achievable. 9. The housing development is consistent with the current housing objectives of the Affordable Housing Act. 10. That the proposed development has or will have sufficient access to supporting social services, including recreational facilities for youth, transportation, schools, employment, retail shopping, and all necessary utilities and infrastructure improvements. 11. That the location of the proposed development is consistent with the Government's policy of dispersing housing throughout communities and avoiding undue concentrations of person and families of low income and rental housing, except where overriding considerations of economic need necessitate modifying these requirements to accomplish the housing objective of the Government. 12. That the proposed housing development will provide safe, sanitary, and decent housing, meeting the requirements of all applicable building, zoning, and environmental standards. 13. That the Developer's proposed sales prices are maximum prices, the upper limit for negotiation and must not be subject to increase. Where a Development agreement is not entered into within 120 days from the acceptance date of the proposal, the Developer's price may be adjusted if requested by the Developer and the U.S. Department of Commerce Composite Construction Cost Index or other generally acceptable index for cost changes show an increase in cost during the interim period. the Developer will not be entitled to any such increase if the results of the Developer's failure to provide all materials required for the execution of the Agreement. 14. That the Developer has a plan of finance and indication of financing interest from a lending institution.