RAD PIH Notice 2012-32 (.pdf, 1 MB) - National Low Income ...

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Section II: Moderate Rehabilitation Projects1. A Financing Letter of Interest/Intent from each lender or equity investor,indicating, among other conditions, that the proposed pro-forma is reasonable. Thisletter, which is a template document attached to the Application, is required wherethird-party financing is indicated in the application pro-forma. (A Financing Letter ofInterest/Intent is not required where the pro-forma indicates that no financing isrequired, e.g., where immediate and long term project capital needs can be metthrough a Reserve for Replacements account.) The Financing Letter of Interest/Intentdoes not promise or imply a commitment to make a loan or equity investment butdoes require that the lender or investor has reviewed the pro-forma for the subjectproject and considers it reasonable to proceed with further analysis and due diligence;2. A Choice-Mobility Commitment Letter signed by: (a) the voucher agency that hascommitted to provide Choice-Mobility vouchers to the covered PBRA projectconverting from Mod Rehab for the initial term of the HAP (and that wants to earn aRanking Factor, per Section 2.2.10(C)(2) of this Notice); and (b) the owner thatobtains a commitment from a voucher agency to support Choice-Mobility for aspecified PBRA project. This letter is a template document attached to theApplication;3. A copy of the Mod Rehab HAP contract, including all exhibits;4. A PDF attachment of all comments received from residents as described in Section2.2.7; and5. If an owner chooses to convert assistance to PBVs, a signed letter from a voucheragency evidencing their willingness to administer the PBV contract. If the PHA thatcurrently administers the Mod Rehab contract does not consent to administer the PBVcontact, the owner may contact the local HUD Office of Public Housing to identify alist of voucher agencies that have appropriate legal jurisdiction to perform this role. 85If there is no voucher agency with overlapping legal jurisdiction that is willing toadminister the PBV contract, the owner may want to consider converting the projectto PBRA. However, in so doing, the owner would still be required to meet theChoice-Mobility requirement described earlier.B. Applications Proposing to Use 9% LIHTCs. Applicants are encouraged to use both 4%and 9% LIHTCs in their project financing. However, as the demand for the allocation of 9%LIHTCs is typically excessive, applicants proposing to use 9% LIHTCs, if a reservation hasnot already been secured, are required to submit a letter from the credit-issuing authorityaddressing:85 HUD will make a reasonable effort to find a PHA with operational jurisdiction willing to enter into a PBVcontract with the owner for eligible units at the project, taking into account the reasons why the originaladministering agency declined.PIH-2012-32 (HA) Rental Assistance Demonstration – Final Implementation 96
Section II: Moderate Rehabilitation Projects1. Whether the property and proposed transaction appear eligible;2. Whether the applicant or owner entity has acceptable experience to proceed;3. The timing of application and award; and4. Whether a typical reservation of credits is sufficient to address the expected need ofthe first or only phase of the subject project.If the applicant has been unsuccessful at securing such a letter from its state or local taxcredit issuing agency, the application must include evidence that the applicant diligentlyattempted to secure such a letter, as well as a self-scored LIHTC application under theQualified Allocation Plan (QAP) in place at the time of application that demonstrates that theproject would have been eligible and competitive for credits in the most recent round.For all forms of tax credit, including 9%, 4%, or Historic, because HUD only has limitedauthority to make commitments for conversion of assistance under RAD, HUD will onlymake initial awards, known as a Commitment to enter into a Housing Assistance Paymentcontract, or CHAP, for the number of units that can be awarded tax credits in a single QAPcycle. CHAP awards for multi-phase developments that rely on multiple LIHTC awards willonly cover the first phase. HUD will consider future phase development if HUD hasauthority to convert additional units.2.2.9 Submission of ApplicationsAll required materials (including attachments) must be submitted electronically. In addition tosubmitting the RAD application as an Excel file, the attachments must be included as PDF files.No paper or fax submissions are permitted. Applications must be sent toRADapplicationsMR@hud.gov.There is no fee associated with the submission of an application or the withdrawal of anapplication or award. Additionally, there is no cap on the number of project applications that anowner may submit or resubmit.Only applications that have met all applicable submission requirements will be considered.Rejected applicants will be notified and the owner may choose to re-submit. If resubmitted, theapplication will be considered according to the date of the resubmission.HUD reserves the right to close or reopen the application process at any time if it determines thatsufficient applications have been received to utilize the allowable units.PIH-2012-32 (HA) Rental Assistance Demonstration – Final Implementation 97
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