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									         THE CITY OF MEMPHIS

                         FY 2010

     FY2010 Affordable Single Family Housing Program 1
               The City of Memphis
 Division of Housing and Community Development
        Guidelines for Submitting Proposals
    Affordable Single Family Housing Program

                               Part I: Introduction

The Division of Housing and Community Development, "HCD", is the City of
Memphis' community development organization. HCD is responsible for carrying
out much of Mayor W. W. Herenton's urban agenda. HCD administers several
programs which have been created through Federal, State and local governments
which are aimed at achieving public goals such as urban redevelopment, housing
creation, historic preservation, slum and blight removal, and job creation. Other
programs are aimed at providing social services and facilities for the homeless.
Our measurement of success is measured by the expansion/increase in the
availability of affordable housing units produced within the City of Memphis.

                           Part II: Program Description

The Development Department within HCD is the custodian of the funds available
for the development and/or re-development of housing. Our programs are
targeted to reimburse developers for cost associated with creating affordable
housing, to assist individuals and families whose incomes are determined to be at
or below 80% of area median income as set forth by The Office of Housing and
Urban Development, HUD. Such income limits are set annually and can be found
on the web site for HUD,, and are listed on Appendix A-
Agency Profile Instruction Packet. Our funding sources are NOT intended to
provide the primary or principal source of financing for a development but are
intended to provide financial incentives sufficient to fill "gaps" which would
otherwise exist in the development of affordable houses for low to moderate
income families.

                         Part III: Goals and Objectives

The purpose of the SCIF process is to provide a unified and competitive
application process for developers of affordable housing. The quality of such
housing is essential to the City's dedication in providing safe, decent, and sanitary
housing for our low-to-moderate income residents. By creating affordable

             FY2010 Affordable Single Family Housing Program 2
housing, we are supporting the Mayor's commitment to the renewed development
of targeted areas.

Specific objectives of the application process are to:

     Encourage the construction and/or rehabilitation of affordable housing units
      within the targeted neighborhoods of Memphis and those neighborhoods in
      the greatest need of affordable housing as denoted by the SCIF General

     Encourage the development of appropriate housing units for persons with
      special needs, including the elderly and persons who are homeless and/or
      have disabilities.

     Encourage Non-Profit and For-Profit entities to develop safe, affordable and
      decent housing for low-income households.

     Encourage energy efficient construction and rehabilitation.

                  Part III: Other Financial Resources to Explore:

There are financing enhancements that developers can utilize to ensure
affordability of affordable housing units such as:

1. One financing option is the use of the Low-Income Housing Tax Credit
   Program (LIHTC).         Please refer to the THDA web site at for further information on affordable programs.

2. Another financing enhancement is the Payment In Lieu of Taxes (PILOT)
   program announced by the Health Ed Board. Please contact:

    The Health, Educational and Housing Facility Board of the City of Memphis, TN
                             65 Union Avenue, Suite 120
                                 Memphis, TN 38103
                                   (901) 527-6400

3. And thirdly, Rehabilitation Tax Credits may also be available for re-
   development. Guidelines for these programs may be found at

4. Additionally, Memphis Light, Gas and Water also has incentive programs
   available, please refer to the MLGW Incentives for Development and Building
   at for more information.

5. And finally, the Federal Home Loan Bank of Cincinnati offers the "Affordable
   Housing Program Facts,” for more information or assistance please contact:

               FY2010 Affordable Single Family Housing Program 3
       Carol M. Peterson, Senior Vice President and Community Investment
       Officer, or
       W. Jeff Reynolds, Vice President
       (513) 852-7615 or toll free (888) 345-2246

               Part IV: Available Sources of Funding for FY10

 We currently have three types of funding available, CIP and HOME/CDBG.
These funding sources are outlined below with various important exhibits
attached. Exhibits are documents which accompany these guidelines to provide a
format in which documents should be presented. Please be sure and read the
packet thoroughly before completing the application to ensure that your project
complies with the funding source guidelines.

There is a limited supply of each type of funding, therefore, leveraging of other
funds, public and/or private, will be critical to the success of a project.

CIP Funding:

The Development Department within HCD is the custodian of the Division’s
allotment of Capital Improvement Project (CIP) funds provided by the City of
Memphis. These funds are awarded annually for the development and/or
redevelopment of safe and affordable housing. The funds awarded under CIP are
designated for infrastructure improvements only. Infrastructure improvements
include but are not limited to streets, sidewalks, water/sewer lines and drainage
improvements, please refer to Exhibit " I", attached. The dollars awarded under
the CIP Program are grant funds with no payback requirements.

HOME/CDBG Federally Funded Projects:

Federal dollars can be used for rehabilitation, new construction and site
acquisition, among other expenses. These dollars will be administered through the
Affordable Multi/Single Family Housing Program and will be in the form of a
low interest loan with payback requirements. All funding committed to approved
projects will reimburse Developers for eligible costs through approved draw
requests. Eligibility requirements for the federal funding sources can be found in
Exhibit "II", attached.

The minimum loan terms will coincide with the Federal HOME Affordable
Program Guidelines, please see attachment I. The maximum loan amounts will
coincide with the FHA Multi-family Statutory Mortgage Program, please see
attachment III. Income limits and rent restrictions will coincide with HUD
requirements, please see attachment V.

            FY2010 Affordable Single Family Housing Program 4
                                Part V: Guidelines

Eligible Applicants

1.     Each applicant(s) must have a minimum of two years of experience in the
       type of project in which the applicant(s) is applying. If said applicant(s)
       doesn’t have the minimum experience requirements, that applicant(s) can
       partner with an individual(s) and/or agency(ies) with the required
       experience in the same or similar project(s). The partnering agency(ies)
       and/or individual(s) must be in agreement of said plan or a willing

2.     All for-profit applicant(s) must make a 5% - 30% equity investment(s),
       backed by commitment letters, in their project(s). Definitions of equity are
       included in Part IV, Section G.

3.     All applicant(s) can be a current participant(s) in one (1) existing project(s),
       within the Developmental Department of HCD during each application
       cycle.. The existing project(s) must be underway and at 75% completion at
       the time of the new application in order to be considered.

Eligible Project(s)

1.     Single Family project(s) must contain a minimum of five (5) units. These
       five (5) units can be contiguous or infill lots within the same zip code of the
       initial project site.

2.     All project(s) must serve a low to moderate income population as
       determined by HUD.

3.     Project(s) that do not have site control, zoning approvals, building permits,
       and commitment of all funding sources by July 01, 2009 will be denied.

4.     All project(s) must have committed funds prior to making an application.
       Applicant(s) must provide evidence of all committed funds through
       commitment letter(s) and/or appropriate loan documents.

5.     The funding awarded to project(s) under this program will be disbursed by
       reimbursement only.

6.     All project(s) requesting federal funding will be subject to a maximum
       funding cap of $750,000.00. The total loan/grant amount for federally
       funded projects will not exceed $750,000.00 per project. All projects
       requesting Capital Improvement Program Funding (CIP) will be subject to
       a maximum funding cap of $500,000.00. The total loan/grant amount for
       CIP funded projects will not exceed $500,000.00

             FY2010 Affordable Single Family Housing Program 5
7.    Only non-profit agencies will be allowed to rent/lease single family
      housing units upon completion of a project. All project(s) with single family
      rental units will be required to secure a property manager/management

8.    All for-profit agencies must consent to the sell of all single family units
      upon the completion of the project.

9.    All projects made energy efficient under the Entergy Star Program or
      Ecobuild will be given priority.

10.   The housing sales price for all single family housing units under this
      program must not exceed 50% of the 203B limit for a one family house as
      determined by HUD and referenced in attachment V.

                            Part VI: Disclaimers:

1.    Targeted redevelopment areas have been implemented as a part of the
      SCIF process. Priority will be given to applications for projects that are
      proposed within these targeted areas. Please refer to the referenced
      targeted neighborhoods map included in the Agency Profile.

      due no later than Friday, November 21, 2008 at 5:00 p.m. All applications
      must be delivered to the Division of Housing and Community
      Development, located at 701 N. Main. No applications will be accepted
      after 5:00 p.m. on November 21, 2008 or at any other City of Memphis
      office other than the Division of Housing and Community Development,
      located at 701 N. Main.

3.    Deficient Applications: The Development Department may not accept any
      unsolicited information from an applicant after the due date. However, we
      reserve the right to contact an applicant for charity on any item within the
      application or to correct technical deficiencies.

4.    City Insurance Requirements: All developers awarded funds through the
      SCIF will be required to have insurance for the project. Insurance coverage
      must meet City of Memphis requirements, detailed in part VII of this
      document. The City of Memphis must be named as an additional insured
      and the insurance must remain in full effect until completion of the project.

5.    All applicant(s) must be current with city and county taxes as it relates to
      the subject property, and must not have any delinquent or defaulted loans.

           FY2010 Affordable Single Family Housing Program 6
6.     The City reserves the right to accept or reject any proposal without

7.     If the scope and/or location of a project(s) changes, the project(s) is
       automatically terminated, but can be resubmitted in the next application

                      VII: Proposal Submission Guidelines:

Proposals must be typed and printed on 8.5" x 11" size paper and presented in an
easily reproducible format. Site plan are required and can be submitted on 11"x
17" size paper folded and incorporated into the overall proposal plan. Applicant(s)
should address all proposal sections listed below in their entirety to ensure
sufficient detail has been given to enable the staff to make a thorough evaluation of
the submitted proposal. As a review of each proposal has been conducted, the
staff may request additional documentation from you or request clarification on
specific items.

                           Part VIII: Proposal Sections:

A.     Project Overview:

       Provide a thorough written narrative that provides a clear definition and
       description of the project to be developed. Narrative should include but
       not be limited to:

          Project Name and location
          Total number of units
          Occupancy Rate
          If single-family project, a development cost budget per unit is required
          Neighborhood where project(s)is located and census tract

       If the proposal deviates from the stated objectives of the Division please
       explain in detail the deviation and the reasoning for such deviation.

B.     Project Impact:

       Provide a thorough narrative regarding the impact the project will have in
       the following areas:

        Community impact – Detail how the project will impact the community
         through elimination of slum and blight, increase the availability of safe,
         decent and affordable housing, how the project compares to other

             FY2010 Affordable Single Family Housing Program 7
         developments within the targeted area and the condition of those
        City's development efforts – other projects within the immediate area
         that are currently under construction or planned that will enhance the
         overall effort to revitalize the neighborhood
        Job creation - detailing the number of jobs which will be created by the
        MBE/WBE Involvement - by percentage
        Performance Measurement – Please complete the performance
         measurement system applicant form, which has been included as
         Exhibit III. Completing this document will help the Division with
         reporting to HUD on the impact of the project and the population
         served by the project. The information provided by Exhibit III is
         understood to be an estimate.

C.   Project Participants:

     Provide the names, addresses, telephone numbers, and resume’s of the
     participants in the proposed project including but not limited to:

      Developer/Owner – also provide financial statements
      General Contractor – also provide general contractors license, and
       financial statements
      Architect
      Manager
      Sales Agent
      Attorney (LIHTC)
      Accountant (LIHTC)

D.   Participants Experience/Qualifications:

      Participant(s) must be able to demonstrate a minimum of 2-year history
       with projects that can be evaluated. If the applying participant does NOT
       have a 2-year history, they MUST partner with someone who does have a
       PROVEN track record in the development of same or similar project(s).

      Participants to provide a list of projects they have successfully
       completed including the following information about each project:

         Single Family Projects:

         1. Market sales for each comparable development
         2. % of homes completed and sold within ownership period at
            comparable development
         3. List of comparable developments within subject developments area

           FY2010 Affordable Single Family Housing Program 8
E.   Financial Resources/References:

     Please complete the Funding Identification Form attached as Exhibit "IV"
     and provide all information requested relating to all funding previously
     committed to the proposed project in the appropriate sections of the form.
     Also provide a copy of the Developer/Owner's most recent audited
     financial statement. Each applicant is required to make an equity
     investment between 5% - 30% as referenced in attachment II.

     Leveraging of CIP and/or Federal funds is required under this program.
     Our funding sources are intended to provide "GAP" financing only and
     cannot be the sole source of funding for any project. If you do not have
     previously committed funding for your proposed project your
     application will be considered ineligible. A copy of commitment letters
     from each private or governmental source, as well as documented proof of
     the Developer's equity position must be provided. Documentation of
     Developer’s equity may include bank statements, lines of credit, equity, etc.

     Please make sure each section referenced below has been completed:

        Agency Information
        Project Information
        Project Budget
        Developer Equity
        Requested Financing Information
        Financial Institution Information

F.   Property Ownership Status

     Please include the name in which the property is held. Please be specific
     and provide documentation of the current ownership status of the project,
     this documentation will help substantiate site control.

G.   Project Cost Summary Sheet:

     Please complete the Project Cost Summary Sheet attached as Exhibit "V"
     for the proposed project. This form MUST be completed in its entirety and
     should be accompanied by a completed Cost Estimate or Schedule of
     Values provided by your architect or contractor. If both documents are not
     submitted with the completed application, the application will be denied.

     Equity Investment

     Each For-Profit applicant is required to make an investment between 5% -
     30% of the total amount of funding requested from the City of Memphis to

          FY2010 Affordable Single Family Housing Program 9
     their project. Please see attachment II for the For-Profit Developer’s equity

     Total Development Costs:

     All project(s) requesting federal funding will be subject to a maximum
     funding cap of $750,000.00. The total loan/grant amount for federally
     funded projects will not exceed $750,000.00 per project. All projects
     requesting Capital Improvement Program Funding (CIP) will be subject to
     a maximum funding cap of $500,000.00. The total loan/grant amount for
     CIP funded projects will not exceed $500,000.00

H.   Single Family Applicants – Housing Development Cash Flow

     Please complete the Housing Development Cash Flow Statement attached
     as Exhibit "VII" for the proposed project.

I.   Plans

     Please provide a copy of floor plans with dimensions and elevations for the
     proposed project.

J.   Rehabilitation/New Construction Work Write Up:

     Please complete the work write up in the same format as Exhibit "VIII".
     Please be advised that ALL Work Write Ups MUST follow the
     print form or by email. If you do not have this document please obtain a
     copy from Shaquita Blaylock, (901)-576-7371 BEFORE you submit your
     application. The work write up must be performed by a licensed general

K.   Construction Time Line and Draw Schedule:

     The construction period should be substantiated by a detailed construction
     time schedule for completion as prepared by the General Contractor. The
     General Contractor will also need to provide a preliminary draw schedule
     coinciding with the time schedule for completion. The Developer as well as
     the General Contractor (if two separate entities) will need to submit a
     Certificate of Insurance at time of application.

          FY2010 Affordable Single Family Housing Program 10
L.       Insurance:

         The insurance requirements for all new construction and rehabilitation
         projects are listed below:

     New Construction                                Rehabilitation
      General Liability $1,000,000                   General Liability $1,000,000
      Automobile        $1,500,000                   Automobile        $1,500,000
      Work’s Comp       state req.’s                 Hazard           amt of bldg

           If the developer has an umbrella policy for automobile insurance that will
           cover the $1,500,000 requirement, that policy can be used in lieu of the
           above requirements.

           If funds are awarded the General Contractor and the Developer will need
           to modify that Certificate to show the specific property as well as the City
           as additional insured. The minimum amount of liability insurance
           mandated by the City is $1,000,000.

 M.        Project Management and Marketing Plan:

           The Developer of the project MUST submit in writing an overall
           management plan, to include an Affirmative marketing plan for the
           project. A management plan is a comprehensive plan that must define
           management strategies from construction to completion, then from initial
           lease-up/sale to achievement of desired occupancy rate. Additional
           information required is:

           Single Family Projects:

                  Name, Address and Phone Number of the Construction and/or
                   Management Company
                  Description of the Construction and/or Management Company's
                   overall experience in the development, management and
                   marketing plan for in-fill or subdivision single family lots.
                  Provide the project name, address and location of similar projects
                   the Construction and/or Management Company has completed
                   or has currently under construction.

               FY2010 Affordable Single Family Housing Program 11
                     Provide the marketing strategy the Construction and/or
                      Management Company will implement during construction and
                      afterwards including but not limited to, sales agents, non-
                      traditional and traditional marketing mediums such as, print,
                      radio, television, etc.
                     Please provide an Affirmative Marketing Plan.

       N.     Project Specific Market Study

              A Project Specific Market study provides a detailed analysis of the
              marketability of a particular housing type, price and size in a specific
              location. The study provides a conclusion as to whether the proposed
              project rents are achievable. The Project Specific Market study should
              address the following subjects:

                     Definition of the market area: From what geographic area or
                      areas will the proposed project draw residents?

                     Evaluation o f the site and neighborhood: Is the site compatible
                      with the price and type of housing being proposed?

                     Evaluation of market demand: Given the proposed units, rents,
                      and location, how many and what kind of households will be
                      attracted to the development?
                     Evaluation of market supply: What has been the experience of
                      comparable properties in terms of rent levels, absorption rate,
                      vacancy, and turnover?

                     Summary of evaluation of marketability: Will the project lease
                      up in the time projected, at the target rent levels?

                           Part IX: Evaluation of Proposals:

Proposals received for development will be competitively evaluated. The application
will be evaluated based on completeness, financial feasibility, and how project relates to
HCD priorities. Please be sure that all areas of the requirements are complete to ensure
that all proposals submitted can be reviewed and scored competitively.

               FY2010 Affordable Single Family Housing Program 12

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