Fillable Workforce Housing Innovation Challenge (RIHousing)

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Workforce Housing Innovation Challenge (RIHousing)

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The Workforce Housing Innovation Challenge (RIHousing) form is 16 pages long and contains:

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  • 26 check-boxes
  • 135 other fields

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Workforce Housing Innovation Challenge
1. Applicant Information
Business Name: ___________________________
Mailing Address: __________________________________________________________
City __________State
Zip __ -
Business Phone: ___________________ Website:_____________________________
Business Structure (Select one)
□ Corporation □ Limited Liability Corporation
□ Limited Partnership □ Corporation
□ Sole Proprietorship □ Other: _________________________________
Is the applicant registered to do business in Rhode Island with the Secretary of State? □ Yes □ No
Primary Contact for Application
Full Name: _____________________________ Job Title
Mailing Address: _______________________________________________________
City ________ State
Zip __ -
Phone ____________________Email __________________________________
2. Project Information
a. Applicant Name:___________________________________________________
b. Address and Contact Information:
c. Project: _________________________________________________
d. Location: ________________________________________________
e. Amount Requested: _______________________________________
3. Type of Development:
□
Rental – New Construction
□
Rental – Substantial Rehabilitation
□
Mixed-Use
□
Existing Property – Refinance
□
Other: ________________________________________________
4. Marketability of Development and Market Information
If a professional market study is available, indicate you have submitted a copy with the application
below.
□
Market Study or Appraisal Submitted
If a study is not available or provides only partial information, please thoroughly complete the
following Market Data Exhibit:
Market Data Exhibit
1. Target Market: Define the target rental and/or sales market (geographic area) within which the
project will operate. What is the profile of the typical renter located within this market area? Include
the following: age, income level, type of household, etc. Cite information sources.
2. Comparable Properties: In the absence of an appraisal or market study, list below three (3)
comparable unassisted developments and indicate the source (including telephone) of information for
each. Developments receiving Section 8 or other rental assistance should not be included; tax credit
or other rent-restricted developments may be included only if no other unrestricted comparable
properties can be identified. The application will be deemed to not meet Threshold if this information
is not included.
Comparable Property #1
State basic similarities and differences between the proposed development and comparable property
# 1
Name of Property:
Total No. of Units:
Location:
Distance from Subject:
Type:
Walkup Elevator Row Other:
Unit Amenities
(AC, balconies, etc.) (list):
Development Amenities
(green space, playground,
parking, recreational
facilities, etc.) (list):
Owner Paid Utilities (list):
Tenant Paid Utilities (list):
Source of Information:
Telephone No. of Source:
Apartment Size
No. of Units
Contract Rent
Square Feet/Unit
0 Bedroom
$
S.F.
1 Bedroom
$
S.F.
2 Bedrooms
$
S.F.
3 Bedrooms
$
S.F.
4 Bedrooms
$
S.F.
Comparable Property #2
State basic similarities and differences between the proposed development and comparable property
# 2
Name of Property:
Total No. of Units:
Location:
Distance from Subject:
Type:
Walkup Elevator Row Other:
Unit Amenities
(AC, balconies, etc.) (list):
Development Amenities
(green space, playground,
parking, recreational
facilities, etc.) (list):
Owner Paid Utilities (list):
Tenant Paid Utilities (list):
Source of Information:
Telephone No. of Source:
Apartment Size
No. of Units
Contract Rent
Square Feet/Unit
0 Bedroom
$
S.F.
1 Bedroom
$
S.F.
2 Bedrooms
$
S.F.
3 Bedrooms
$
S.F.
4 Bedrooms
$
S.F.
Comparable Property #3
State basic similarities and differences between the proposed development and comparable property
#3
Name of Property:
Total No. of Units:
Location:
Distance from Subject:
Type:
Walkup Elevator Row Other:
Unit Amenities
(AC, balconies, etc.) (list):
Development Amenities
(green space, playground,
parking, recreational
facilities, etc.) (list):
Owner Paid Utilities (list):
Tenant Paid Utilities (list):
Source of Information:
Telephone No. of Source:
Apartment Size
No. of Units
Contract Rent
Square Feet/Unit
0 Bedroom
$
S.F.
1 Bedroom
$
S.F.
2 Bedrooms
$
S.F.
3 Bedrooms
$
S.F.
4 Bedrooms
$
S.F.
5. Project Schedule
Anticipated Construction Start Date
Anticipated Construction Completion Date
Anticipated Date Project Will Be Open and Operational
Permitting and Approval
List of federal, state, and local permits or approvals required to complete the project, the permitting
or approving agency, the fees paid or anticipated, the permit status (e.g., approved, pending, or
anticipated date of application), and the date of actual or expected receipt.
Permit/Approval
Agency
Status
Date of actual/
expected approval
Required Attachments
Please attach to the application form responses to the following prompts. Attach these items in the order
provided below. Each attachment should have a cover page that identifies the attachment, e.g.,
“Attachment 1: Project Summary.”
All applicants are advised that any and all records (documents, correspondence, memoranda, etc.), received or
maintained by RIHousing may be a matter of public record and subject to release upon a request from a
member of the public under the Rhode Island Access to Public Records Act (“APRA”), R.I. Gen. Laws
Section 38-2-1 et seq. In response to a request, RIHousing has the right, in its sole discretion, to redact or
withhold information which is exempt from disclosure under APRA, including trade secrets and commercial
or financial information which is of a privileged or confidential nature. RIHousing recommends that any
portion of any attachment in the application that contains such information be clearly labeled with the legend
“Confidential Information.”
Attachment 1: Project Summary
Provide a summary of the project not to exceed 2 pages in length. The summary should include:
• Narrative description of the project, including uses, project location, whether the project
involves new construction or adaptive reuse, size of the project, project cost, and construction
schedule.
• Description of the background of the project’s developer, emphasizing relevant experience.
• Aggregate amount of RIHousing’s Workforce Housing Innovation Pilot financing sought and
why funding of that size is essential to completion of the project.
• Description of the public benefits of the project.
Attachment 2: Site Map
• Provide a map that shows the project site and includes the municipal tax assessor’s parcel
identification number for each parcel involved in the project site.
• Provide a second map that shows the project site and its immediate surroundings.
• Both maps should be 11x17.
Attachment 3: Site Control
• Provide a list of each parcel involved in the project site, identified by the municipal tax assessor’s
parcel identification number, and status of the site control for each (e.g. owned, under contract, in
negotiations, etc.).
• Attach to that list documentation evidencing the existing site control (e.g., deed, contract, lease, etc.)
Attachment 4: Residential Breakdown
• Provide the number of units in the project, a description of the unit sizes and layouts, and:
• Projected sale or rental rates for each type of unit/layout, AMI Income Restriction, Maximum
restricted rent, Market Rate Rent, Restricted Term of Affordable or Workforce Housing status.
Attachment 5: Renderings
• Provide architectural elevations, massing plans and/or renderings for the project. These drawings
should be no larger than 11x17 inches.
Attachment 6: Description of Project Financing
• Provide a detailed description of the project’s financing, including the applicant's equity
investment in the project and all other sources and methods of funding (including other state or
local incentives).
• Attach all funding commitments, including any lender commitment letter(s), equity
commitment(s) or other evidence of committed financing
Attachment 7: Detailed Project Cost
• Provide a detailed line item breakdown of project costs. The breakdown should identify any costs
incurred as of the date of this application, and the date the cost was incurred.
Attachment 8: Pro Forma
• The pro forma should include all sources in Attachment 6 and expenses in Attachment 7.
Submit an operating budget detailing all operating costs with a minimum debt service
coverage required to meet the senior lender’s debt service requirements.
Attachment 9: Tax Stabilization Agreement and Other Incentives
• List all federal, state, and local incentives, grants, tax credits or other aid including any tax stabilization
agreement with local municipality that will or may be received or requested for the project, and the
status of the application for each.
Attachment 10: Benefits and Community Impact
• Provide an assessment of the project’s benefits and catalytic economic and real estate
development impact. Relevant criteria include, but are not limited to, neighborhood
revitalization, elimination of blight, reuse of vacant or underutilized buildings, and
environmentally-sustainable development.
• This assessment should include qualitative and quantitative components;
estimates and projections should be supported by evidence
Application Checklist:
□
Completed Application form
□
Attachments 1-10 identified above
□
Pro Forma on developer’s form or RIHousing’s form in both PDF and Excel formats
□
Optional: Appraisal or Market Study
□
Please review both the Workforce Housing Program Guidelines and Term Sheet
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Workforce Housing Innovation Challenge (RIHousing)

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Completed 28 June 2021

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