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Revolving Line of Credit 01-2012 PDF

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					REQUEST FOR PROPOSAL (RFP #01-2012)

for

REVOLVING LINE OF CREDIT

for

BOULDER HOUSING PARTNERS




Date: January 13, 2012
Requested Return: January 30, 2012 at 4:00 pm



Boulder Housing Partners
4800 Broadway
Boulder, Co. 80304
(720) 564-4650
http://www.boulderhousing.org/content/bids-and-rfps
                                 Request for Proposals
                                Revolving Line of Credit

Contents

A.    Overview and Process

      1.    Overview
      2.    Process and Deadlines

B.    Background and Services Requested

      1.    About Boulder Housing Partners
      2.    Services Requested

C.    Submittal Requirements

      1.    Elements to Include
      2.    Evaluation Criteria and Weight Factors

D.    General Information

      1.    Submittal Rejection
      2.    Submittal Withdrawal
      3.    Limitation of Liability




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A.   Overview, Process and Deadlines


     1.    Overview

           Boulder Housing Partners (“BHP”) seeks a lender to provide a revolving line of
           credit (the “Line”). The Line will be secured by BHP’s home office at 4800
           Broadway. The property is a single-tenant office building containing 14,189
           square feet of gross building area situated on two levels. Approximately 80% is
           built-out as office space with the remainder of the building demised as
           warehouse/workshop space.

           BHP envisions using the Line periodically to take advantage of market
           opportunities to acquire land or rental properties in the City of Boulder. The Line
           would be short term bridge financing which would be repaid from the long term
           financing for the project.

           We are seeking competitive finance terms for the maximum loan to value ratio
           available.

     2.    Process and Deadlines

           •   Submittals are to be received at the address below no later than January 30th
               at 4:00 p.m. Please provide submittals via email to:

                          koczelaj@boulderhousingpartners.org

           •   The submittals will be reviewed by an evaluation committee. The evaluation
               committee will review and rate each submittal based on the evaluation criteria
               listed in this document. If needed, the same evaluation committee will also
               conduct interviews. Scores from the submittal and the interview will be used
               in making the final selection.


B.   Background and Services Requested

     1.    About Boulder Housing Partners

           Boulder Housing Partners is the largest provider of affordable housing for lower
           income households in the city of Boulder.

           Our primary mission is to provide quality, affordable housing, developed and
           managed with respect for the dignity of all involved. We also seek to create a
           sense of community strength and spirit that supports resident efforts to realize
           success in their lives.




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                The Housing Authority of the City of Boulder, dba Boulder Housing Partners,
                (“BHP”) was formed by the City Council of the City of Boulder in 1966 under
                provisions of state law to address the need for decent, safe, and sanitary housing
                in Boulder.

                 Boulder Housing Partners owns and manages just under 1,000 units of affordable
                and market rate rental housing and 831 Housing Choice Vouchers in Boulder.
                The 1,000 units are located in 30 properties. We own 337 public housing units,
                122 Section 8 project based units (three properties) and more than 500 non-HUD
                units (218 tax credit units and the balance subsidized with a variety of sources).
                These properties provide a continuum of housing choices to a large cross section
                of households.

                BHP is governed by a nine-member board of Commissioners, all of whom are
                appointed by the mayor and one of whom is a current City Council member.
                Day-to-day operations are supervised by the Executive Director. There are
                approximately 55 staff members in the organization. Boulder Housing Partners
                performs functions including: property management, development of new
                properties, acquisition of new units, resident services, administration of Section 8
                vouchers, and maintenance services. A single property management staff
                manages both the HUD and the non-HUD portfolios. Currently none of our
                property management is contracted privately.


      2.        Services Requested
                BHP is seeking a revolving line of credit collateralized by our home office
                building at 4800 Broadway, Boulder CO. 80304. The line will be used primarily
                for short term gap financing of land or rental property acquisitions in the City of
                Boulder. The short term financing would be repaid from longer term financing on
                the property acquired. The Line will allow BHP to move quickly and take
                advantage of market opportunities. The Line could also be used on an as needed
                basis for short term financing of general operations of BHP and therefore should
                not be restricted as to use.

                The last appraisal of the property was conducted in November 2009 and
                established a value of $2,130,000. We expect to have a new appraisal completed
                as part of this process. We are interested in receiving proposals for the maximum
                LTV and time frame as dictated by your underwriting standards.


Line of Credit Request Summary


Requested Loan Amount        Maximum available LTV based on updated appraisal

Interest Rate                Fixed rate for the agreed upon term of the line



                                                   4
Upfront Loan Fees             Minimum Points to establish line.

Upfront Costs                 Provide detail of any out of pocket costs expected to be paid by BHP

Collateral                    First deeds of trust on 4800 Broadway, Boulder CO. 80304

BHP Contact:                  Chief Financial Officer               Director of Portfolio Operations
                              Jim Koczela                           Willa Williford
                              720.564.4603                          720-564-5650
                              koczelaj@boulderhousingpartners.org willifordw@boulderhousingpartners.org
                              http://www.boulderhousing.org/content/bids-and-rfps


Proposed Closing Date         On or before Feb 22, 2012



C.    Submittal

      1.        Elements to Include

                a.      Submittal Letter

                b.      Lender profile and description of experience providing this type of
                        service.

                c.      List of individuals and their contact information for relationship
                        management, underwriting, closing, and performing ongoing asset
                        management related to this loan.

                d.      Three references

      2.        Evaluation Criteria and Weight Factors

                Interest rate pricing                                                  0-35 pts

                Loan To Value Ratio (size of line available)                           0-35 pts

                Origination fees, counsel fees, due diligence costs,
                and any other costs                                                    0-25 pts

                Lender profile, references and experience of key personnel               0-5 pts




                                                   5
D.    General Information

      a.    Submittal Rejection: Boulder Housing Partners has the right to reject any and all
            submittals and waive any irregularities therein, if it is found to be in the best
            interest of Boulder Housing Partners. Submittals not received by the required
            deadline are ineligible for consideration and will not be opened. Boulder Housing
            Partners may change the deadline at any time in order to assure adequate review
            of the submittals.

      b.    Submittal Withdrawal: No firm may withdraw a submittal for a period of 45
            days after the date of submission, but a submittal may be withdrawn up to 24
            hours prior to expiration of the deadline for submitting submittals.

      c.    Limitation of Liability: Boulder Housing Partners assumes no liability for costs
            incurred by firms in responding to the Request for Proposals or interview process.
            All submittals become a matter of public record upon submission.

                                ______________________

            Boulder Housing Partners does business in accordance with the Federal Fair
            Housing Law (The Fair Housing Amendments Act of 1988). It is illegal to
            discriminate against any person because of race, color, religion, sex, handicap,
            family status, national origin, or sexual orientation.


D. Attachments
      a. BHP financial statements November, 2011
      b. BHP audits 2008-2010




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