Agenda - Planning Commission - 09/04/2014

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Last revised July 24, 2014 disabled household resident, subject to prior approval by Minnesota Housing. Loans are originated by a network of participating lenders. In the metro area these include Anoka County HRA, Community NHS (Ramsey County & Saint Paul), Dakota County CDA, Greater Frogtown Community Development Corporation (Saint Paul) Greater Metropolitan Housing Corporation (Minneapolis, Ramsey County, Saint Paul, Washington County), Hennepin County HRA, Minnesota Valley Action Council (Scott County), Neighborhood Housing Services of Minneapolis, and Project for Pride in Living (Minneapolis, Saint Paul). Rental Assistance Demonstration (RAD) Program RAD allows PHAs and private owners of certain at -risk, federally assisted properties to convert their current assistance to long-term Section 8 contracts. The move positions the owners to be able to leverage millions of dollars in debt and equity to address capital needs and preserve the affordable units. The program has two components: • 1st Component - Allows Public Housing and Moderate Rehabilitation (Mod Rehab) properties to convert, under a competition limited to 60,000 units, to long-term Section 8 rental assistance contracts; and • 2nd Component - Allows Rent Supplement (Rent Supp), Rental Assistance Payment (RAP), and Mod Rehab properties to convert tenant -based vouchers issued upon contract expiration or termination to project -based assistance. RAD is considered a central part of HUD's current rental housing preservation strategy. Requests for Proposals (RFPs) A type of bidding solicitation in which a company or organization announces that funding is available for a particular project or program, and companies can place bids for the project's completion. The Request For Proposal (RFP) outlines the bidding process and contract terms, and provides guidance on how the bid should be formatted and presented. A RFP is typically open to a wide range of bidders, creating open competition between companies looking for work. A Request For Proposal for a specific program may require the company to review the bids not only examine their feasibility , but also the health of the bidding company and the ability of the bidder to actually do what is proposed. The RFP may provide detailed information on the project or program, but can leave leeway for the bidder to fill in the blanks with how the project would be completed or program run. Requests for Qualifications (RFQs) A RFQ is often used prior to the release of a Request for Proposals (RFP) to describe to would-be applicants the minimum qualifications for those interested in responding to the RFP and allowing for applicants to demonstrate their experience, financial position, or other required qualification aspects. Right of First Offer As used in the plan, a contractual obligation by the owner of an asset (public or private) to a rights holder (likely a government or non-profit organization) to negotiate sale of an asset with the rights holder before offering the property for sale to third parties. If the rights holder is not interested in purchasing the subject property at a fair market value, or cannot otherwise reach agreement with the seller, the seller is free to sell the asset to other interested parties. Right of First Refusal A contractual right of an entity to be given the opportunity to enter into a business transaction with a person or company before anyone else can. As used in this plan, right of first refusal would provide the right, but not the obligation, of a specific entity (likely a government or non-profit organization) or chain of entities to purchase a subject property. If the entity with the right of first refusal declined to purchase 2040 HOUSING POLICY PLAN 1 METROPOLITAN COUNCIL DRAFT RELEASED FOR PUBLIC COMMENT Appendices 1 Page 95