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We received the following requests for information and hereby respond to each:
(1) QUESTION. Will the two towers be owned by one entity or two?
MPHA RESPONSE. The towers will be one entity.
(2) QUESTION. Will renovation of both buildings begin at the same time or will the first building be substantially complete before the second building begins?
MPHA RESPONSE. We are currently working through the full scope of work, so this has not been fully determined. At this time we are looking at renovating both buildings at the same time.
(3) QUESTION. What is the relocation process?
MPHA RESPONSE. We do not have a set relocation plan set yet. We are currently work on the scope of renovations which will impact the number of units we will need vacant. Much like our other modernization projects we work to keep as many people on site during the work as possible moving people within the building. Tenants will have options should they need to temporarily relocate and have the right to return upon completion.
(4) QUESTION. What is the vacancy rate in the buildings?
MPHA RESPONSE. The vacancy rate is very low, close to 97-99% occupied.
(5) QUESTION. Do you manage all your properties or contract out?
MPHA RESPONSE. We manage and maintain all our units.
(6) QUESTION. Will your staff do the Section 42 compliance?
MPHA RESPONSE. Yes, that is our plan. We currently complete income and eligibility checks and plan to provide staff training for these compliance requirements.
(7) QUESTION. Have you been talking with syndicators and investors?
MPHA RESPONSE. No.
(8) QUESTION. Have you been engaged and working with lawyers?
MPHA RESPONSE. Yes, we are working with a few law firms to provide support on RAD transactions, corporate structure, and real estate. These firms include Ballard Spahr and Hawkins Delafield & Wood.
(9) QUESTION. The RFP seems to separate your yearend audits and annual audits. Is this how you planned for it be?
MPHA RESPONSE. Yes, we are currently audited by the State Auditor.
(10) QUESTION. Do you use an off the shelf accounting software?
MPHA RESPONSE. Yes, we currently use Oracle Financials. As an agency we are shifting to using one platform and our board recently approved Yardi as our new vendor.
(11) QUESTION. Have you sought out a joint developer or will you self-develop?
MPHA RESPONSE. MPHA is self-developing this project.
(12) QUESTION. How long does the RAD process take?
MPHA RESPONSE. It is a long process. There is a cap on the units available for the program with HUD. We began by submitting a letter of interest to be put on a waitlist. HUD then invites the PHA’s to apply. Prior to applying we held two community meetings and went before our board of directors. After the application is submitted, HUD reviews and awards a CHAP, a commitment to enter into housing assistance payment contract. Once the CHAP Is received, we work on our financing plan to submit for HUD approval.
Thank you for your interest in doing business with our Agency and we look forward to receiving a proposal submittal from your firm.
Regards,
Molly Prahm, Buyer
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