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Sample Peer Policy for Ramsey Review <br />Section XI —Underwriting Criteria & Selection of Projects for Awards (Housing <br />Proposals) <br />In order to ensure that limited resources are utilized in the most effective manner, funding <br />applications must meet the threshold eligibility requirements defined to receive further <br />consideration. Threshold requirements include: <br />1. Compliance with the GROW Fund purpose and Authority mission. <br />2. Compliance with requirements in Sections IV through X of this document. <br />3. In addition to meeting the requirements and thresholds established in Sections IV <br />through X of this policy, applications will be reviewed for: <br />a) Cost per unit <br />b) Reasonableness of Developer fee <br />c) Reasonableness of Consultant fee <br />d) Reasonableness of Development costs <br />e) Reasonableness of Maintenance and Operating costs <br />f) Level of Operating and Replacement reserves <br />g) Debt coverage ratio <br />h) Reliability and validity of Market analysis <br />i) Development experience <br />j) Management experience <br />k) Period of affordability <br />In order to rank applications, the Authority will assign points to each competitive priority prior to <br />soliciting applications. Washington County Authority staff will review applications based on the <br />following competitive priorities: <br />1. Affordability of rents or home purchase prices. <br />2. Leverage of outside dollars (e.g. private, nonprofit). <br />3. Demonstration of secure financing. <br />4. Readiness to proceed based on the status of zoning, permitting, FHA approval, funding <br />and other commonly used indicators. <br />5. Project design in which maintenance free exteriors are used. <br />In the event of a tie between two applications, the Authority will select the project which best <br />meets the applicable city's housing priorities. <br />Section XII - General Requirements (Redevelopment Proposals) <br />1. Organizational Capacity: Applications must be received from a duly created and validly <br />existing municipality, economic development authority, housing and redevelopment <br />authority, corporation, partnership, or other entity. Applicants must also demonstrate <br />that the skills and experience of the redevelopment team and the property management <br />team (if applicable) are appropriate to the size and complexity of the project. <br />A resolution of support and authorization to submit the application from the applicant city <br />must be included with the application. <br />8 <br />