2-RFP.Debt and Equity.Lupine (26-010)(final).pdf

Request for Proposals

TAX CREDIT EQUITY INVESTORS AND DEBT LENDERS

The Lupine (New Construction)

RFP #26-010

Issued by:

Housing Assistance Management Enterprise

Publication Date:

April 29, 2026

Housing Authority of Salt Lake City | www.haslcutah.org 350 South 400 East, Salt Lake City, Utah 84111

Paul Edwards | Acting Procurement and Contracts Manager | pedwards@haslcutah.org

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Table of Contents

Table of Contents

1. PROPOSAL TIMELINE

2. PURPOSE

3. BACKGROUND

4. RESPONSIBILITIES OF PROPOSERS

5. QUESTIONS AND SUBMISSION INSTRUCTIONS

6. ANTI-HARASSMENT/DISCRIMINATION

7. SECTION 3 BUSINESS CONCERN

8. MINORITY AND WOMEN BUSINESS ENTERPRISE

9. SCOPE OF FINANCING SERVICES

10. TIMELINE

11. OWNERSHIP

12. TAX EXEMPTION

13. EXPERIENCE/EXPERTISE OF THE DEVELOPMENT TEAM

14. SUBMISSION REQUIREMENTS

15. PROPOSAL EVALUATION CRITERIA AND SCORING

Exhibit A – VENDOR/PROPOSER INFORMATION

Exhibit B - CERTIFICATION REGARDING DEBARMENT OR SUSPENSION

Exhibit C - NON-COLLUSION AFFIDAVIT OF PROPOSER

Exhibit D – HUD FORM 5369-B INSTRUCTIONS TO OFFERORS NON-CONSTRUCTION

Exhibit E – HUD FORM 5370-C GENERAL CONDITIONS FOR NON-CONSTRUCTION

1. PROPOSAL TIMELINE

2. PURPOSE

Housing Assistance Management Enterprise (“HAME”) is soliciting proposals from qualified and experienced Tax Credit Equity Investors, Construction Lenders, and Permanent Lenders for The

Lupine, an upcoming new-construction multifamily affordable housing project. HAME intends to work with the selected capital provider(s) to close financing for, construct, and operate The Lupine, which has received an award of $18.9 million in tax-exempt bond allocation. The Lupine will be the second

RFP Document Publication Date April 29, 2026

Questions Due May 6, 2026, by 5:00 pm MDT

Question Responses May 13, 2026, by 5:00 pm MDT

Issue Addendum (if necessary) May 18, 2026, by 5:00 pm MDT

Proposal Submission Due Date May 29, 2026, by 5:00 pm MDT

HAME The Lupine | RFP #26-010 Procurements and Contracts Page 3 of 19 of two buildings completed at “The Grove,” a new affordable housing community being developed by

HAME and the Housing Authority of Salt Lake City (“HASLC”), in partnership with Xylem Projects and

Common Ground Institute (“CGI”).

This RFP is for Tax Credit Equity Investors, Construction Lenders, and Permanent Lenders for The

Lupine. A separate RFP was released by HAME on April 29, 2026, for qualified and experienced capital providers for the first building at The Grove, known as the Northwest Pipeline Building.

3. BACKGROUND

Housing Assistance Management Enterprise (“HAME”) is the nonprofit development affiliate of the

Housing Authority of Salt Lake City (“HASLC”) and serves as HASLC’s development arm. In partnership with Xylem Projects and Common Ground Institute, HAME was selected by Salt Lake

City Corporation to develop The Grove, a new mixed-use community anchored by the historic

Northwest Pipeline Building, also known as the City’s former Public Safety Building, in downtown Salt

Lake City. The Grove is located on approximately one-half block at the corner of 200 South and 300

East in Salt Lake City.

The Grove master plan includes two mixed-use buildings: the historic Northwest Pipeline Building and The Lupine, which is the subject of this RFP. The Lupine is expected to be the second building completed at The Grove and is anticipated to include approximately 133 affordable housing units, together with ground-floor commercial space.

Together, The Lupine and the Northwest Pipeline Building, which is expected to provide sixty-three

(63) affordable housing units, are expected to provide a combined total of approximately 196 affordable housing units, 100 to 150 parking stalls, commercial and retail space, public green space, and other community amenities in downtown Salt Lake City. Project financing is expected to include

4% Low-Income Housing Tax Credits, City and County funding, conventional financing, and other supplemental funding sources.

As demand for housing continues to outpace supply, HASLC and HAME remain committed to expanding access to affordable housing in Salt Lake County through sustainable development, rehabilitation, and long-term community investment. HASLC and HAME support mixed-income communities, green building practices, and amenities that enhance quality of life for residents and surrounding neighborhoods. In addition to providing housing, HASLC offers programs and services designed to promote housing stability and self-sufficiency, including case management, counseling, career training, program integrity services, and homeownership assistance. HASLC and HAME value their investors and lenders as important partners in advancing this mission.

In addition to its operations as a public housing authority, HASLC operates through two nonprofit affiliates: HAME and Housing Development Corporation (“HDC”). HASLC, HAME, and HDC own and operate more than thirty properties within their real estate portfolio, including 9th East Lofts LLC, Sunrise Metro LLC, Pamela’s Place LLC, Rendon Terrace LLC, Taylor Gardens LLC, Taylor Springs

LLC, and Capitol Homes LLC.

4. RESPONSIBILITIES OF PROPOSERS

Each proposer is solely responsible for thoroughly reviewing this RFP and all referenced and incorporated documents and for submitting a complete and responsive proposal. This RFP is intended to provide sufficient information for the preparation of proposals; however, proposers are responsible for including any additional information necessary to demonstrate their qualifications, capacity, and proposed approach to the work. Prior to submitting a proposal, each proposer should

HAME The Lupine | RFP #26-010 Procurements and Contracts Page 4 of 19 carefully examine the solicitation documents, become familiar with the project requirements and, where appropriate, site and local conditions, and promptly notify HAME in writing of any conflicts, errors, ambiguities, or discrepancies discovered in the RFP or related materials.

By submitting a proposal, each proposer represents that it has the experience, capacity, and responsibility necessary to perform the work if awarded a contract. The successful proposer shall comply with all applicable federal, state, and local laws, regulations, ordinances, codes, and standards. HAME reserves the right, prior to award, to conduct such investigations as it deems necessary to determine a proposer’s responsibility and ability to perform, including review of financial capacity and prior performance. HAME further reserves the right to reject any or all proposals and to waive any informalities, irregularities, or technical defects in the solicitation or proposal process whenever determined to be in its best interest.

All costs incurred in the preparation and submission of a proposal shall be borne solely by the proposer. HAME shall have no liability or obligation for any such costs, including but not limited to labor, travel, materials, licensing, administrative expenses, or other associated costs, regardless of the outcome of the solicitation.

5. QUESTIONS AND SUBMISSION INSTRUCTIONS

All questions regarding this RFP must be submitted by email to pedwards@haslcutah.org or through the Utah Public Procurement portal at https://utah.bonfirehub.com by the deadline stated in the

Proposal Timeline. Questions received after the deadline may not be answered.

Proposals must be submitted by email to pedwards@haslcutah.org or through the Utah Public

Procurement portal at https://utah.bonfirehub.com by the Proposal Submission Due Date stated in the Proposal Timeline. Proposals received after the submission deadline will be considered late and may be deemed ineligible for consideration.

6. ANTI-HARASSMENT/DISCRIMINATION

HAME does not tolerate any form of harassment of its employees or residents. Harassment is defined as any unwelcome verbal, non-verbal, or physical conduct based on race, color, religion, sex

(including pregnancy and gender identity), national origin, age (40 or older), disability (mental or physical), genetic information, sexual orientation, or familial status. If harassment is reported and confirmed, it may be grounds for immediate termination of a contract regardless of other termination elements within the contract.

7. SECTION 3 BUSINESS CONCERN

Section 3 of the Housing and Urban Development Act of 1968, as amended, requires that recipients of HUD funds, to the greatest extent possible, provide job training, employment, and contract opportunities for low or very low-income residents in connection with projects and activities in their neighborhoods. The selected proposer is expected to comply with Section 3. 24 CFR Part 75 https://www.hud.gov/section3

8. MINORITY AND WOMEN BUSINESS ENTERPRISE

HAME will conduct this procurement in accordance with applicable federal, state, and local law and with the objective of promoting full and open competition. Consistent with 2 C.F.R. § 200.321, HAME encourages participation by qualified small businesses, minority businesses, women’s business enterprises, veteran-owned businesses, and labor surplus area firms, and will take such steps as are appropriate and feasible to ensure that such firms are considered in connection with this solicitation.

mailto:pedwards@haslcutah.org https://utah.bonfirehub.com/ mailto:pedwards@haslcutah.org https://utah.bonfirehub.com/ https://www.hud.gov/section3

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All proposals will be evaluated in accordance with the requirements and evaluation criteria set forth in this RFP. Nothing in this solicitation is intended to create preferences or quotas except as may be expressly authorized by applicable law. Any contract award will be made to the proposer whose proposal is determined to be most advantageous to HAME, consistent with the terms of this RFP and applicable procurement requirements.

9. SCOPE OF FINANCING SERVICES

HAME is seeking proposals for LIHTC equity, construction debt, and permanent debt for construction of The Lupine. The property is located on approximately one-half block at the corner of 200 South and 300 East in Salt Lake City. The Lupine is one of two buildings in The Grove and is the subject of this RFP. The building is expected to include one hundred thirty-three (133) affordable housing units.

10. TIMELINE

HAME anticipates the project will proceed on the following approximate timeline.

Bond Allocation April 2026

Investor(s) and Lender(s) selected June 2026

Project Closing / Investor Admission August 2026

Construction Start October 2026

Construction Completion April 2028

A Project Pro Forma and Lease-Up Schedule are available to interested firms. They will be released once a Confidentiality Agreement is completed and returned. Email pedwards@haslcutah.org for the Confidentiality Agreement.

11. OWNERSHIP

A limited liability company, Grove Properties LLC, has been formed for the purpose of undertaking this project. HAME is the managing member of that LLC.

12. TAX EXEMPTION

HAME anticipates seeking applicable tax exemptions based on its nonprofit status, to the extent available.

13. EXPERIENCE/EXPERTISE OF THE DEVELOPMENT TEAM

HASLC, together with HAME, its nonprofit development arm, owns and manages almost 1,600 units of subsidized housing and 545 units of tax credit housing. As the backbone of affordable housing in

Salt Lake City, HASLC provides housing and facilitates access to housing for low-income residents across the city. Through HUD’s Housing Choice Voucher Program, HASLC helps nearly

2,800 households obtain affordable private-market housing. In total, more than 10,000 individuals are assisted through HASLC programs or live in units owned by HASLC. HASLC also develops affordable housing projects through Housing Assistance Management Enterprise (HAME), an instrumentality of HASLC. HAME has built 1,076 units to date with several more developments currently in progress.

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14. SUBMISSION REQUIREMENTS

Based on the timeline and the assumptions provided in the accompanying documentation with this solicitation, please include the following information in your proposal of terms according to your firm’s interest and ability to provide for tax equity investment and/or construction lending and/or permanent lending or combinations thereof.

HAME reserves the right to award a contract to one proposer or to any combination of proposers determined to be in HAME’s best interests for each of the three financing categories: Tax Credit

Equity Investment, Construction Financing, and Permanent Financing:

Tax Credit Equity Investment proposals should be submitted in executable LOI format and include:

• Tax Credit Pricing

• An Estimated Equity Pay-In and Development Fee Schedule and Conditions

• Reserve Requirements and conditions for release

• Managing Member and Guarantor requirements or obligations

• Amount and description of any Investor or Transaction Fees

• Adjuster Provisions

• Proposed Distribution of Cash Flow

• Ongoing fees during compliance period to the partnership if any

• Repurchase requirements, purchase option, assignment terms, and related exit provisions

• Proposed Developer Fee Schedule

Construction Lending proposals should be submitted in executable LOI format and include:

• Schedule and description of fees and transaction costs expected to be paid by the

Borrower and Managing Member

• Interest Rate spread and index

• Initial term and extension options

• Contingency requirements

• Insurance requirements

Permanent Lending proposals should be submitted in executable LOI format and include:

• Schedule and description of fees and transaction costs expected to be paid by the

Borrower and Managing Member (including but not limited to origination, legal fees, or other closing costs)

• Interest rate spread and index

• Repayment Term and Amortization Term

• Reserve requirements and conditions for release

• Insurance requirements

All proposals should include the names and contact information for correspondence regarding this RFP and any other key contacts in origination, underwriting, and closing.

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15. PROPOSAL EVALUATION CRITERIA AND SCORING

A committee will evaluate the proposals against the following weighted criteria. Each area of the evaluation criteria must be addressed in the proposal with a total of one hundred (100) total points per committee member possible.

Tax Credit Equity Proposal Scoring:

a. Pricing (50%)

Based on net present value of the Proposer’s demonstrated investor cash flows to the project after deducting fees, costs, and permanent reserves and accounting for adjusters.

b. Non-pricing Considerations (15%)

Based on terms and conditions of the investment, such as guarantee requirements, termination provisions, streamlined administration, and planned exit management.

c. Closing Considerations (15%)

Based on the reasonableness of due diligence requirements, process for obtaining approvals to close, and demonstrated ability to reach closing in a timely and effective manner.

d. Relevant Experience (20%)

Based on firm’s demonstrated experience in placement of Low-Income Housing Tax Credits including, without limitation, in the State of Utah. Firms with experience involving ground leases, public-agency land structures, opportunity zones, and LIHTC transactions should identify that experience specifically.

Construction and/or Permanent Lender Proposal Scoring:

a. Upfront and Ongoing Borrowing Costs (50%)

Based on loan type proposed, including at least three (3) options, and the sizing parameters of each, the committee will evaluate the overall cost of the proposed financing, including interest rate, spread and index, origination fees, legal fees, extension fees, closing costs, ongoing servicing or monitoring fees, prepayment costs, required reserves, and any other costs expected to be paid by the Borrower, Managing Member, or project.

b. Loan Type and Structure (25%)

Based on loan type proposed (at least three (3) options) and sizing parameters of each, such as loan to value, loan to cost, and minimum debt service coverage ratios; underwriting requirements; security provisions; guarantee provisions; operating and other reserve requirements; prepayment provisions;

and insurance requirements.

c. Closing Considerations (10%)

Based on the reasonableness of due diligence requirements, the process for obtaining approvals, HUD and/or other GSE relationships, and demonstrated ability to reach closing in a timely and effective manner.

d. Relevant Experience (15%)

Based on Proposer’s demonstrated experience making affordable multi-family housing loans involving public housing authorities.

PLEASE ORGANIZE YOUR PROPOSAL RESPONSE ADDRESSING THESE CRITERIA IN THE

ORDER SHOWN ABOVE WHEN POSSIBLE.

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HAME reserves the right to select more than one proposer, to select a proposer(s) for specific purposes or for any combination of specific purposes, and to defer the selection of any proposer until a later date selected by HAME.

HAME will select the highest ranked firm for each category of capital provider (Tax Credit Equity

Investor, Construction Lender, and Permanent Lender). If HAME cannot reach agreement with the highest ranked proposer in each category, HAME may contact the next highest ranked proposer and repeat the same procedures.

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Exhibit A – VENDOR/PROPOSER INFORMATION

Please complete the following form and include with your Proposal should HAME select it and enter into a contract with your firm.

(Form can be typed or handwritten and must have current W9 attached.)

NAME of VENDOR:

DBA (if applicable):

PHYSICAL ADDRESS:

CONTACT PERSON for BILLING:

EMAIL of BILLING CONTACT:

PHONE NUMBER of BILLING CONTACT:

BILLING ADDRESS:

TAX IDENTIFICATION NUMBER (TIN):

CONTACT PERSON FOR TRANSACTION / CLOSING:

PROJECT CONTACT PHONE NUMBER: ________________________________________________

NOTES/COMMENTS:

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Exhibit B - CERTIFICATION REGARDING DEBARMENT OR SUSPENSION

In compliance with contracts and grants agreements applicable under the U.S. Federal Awards Program, the following certification is required by all Proposers submitting a response to this RFP:

1. The Proposer certifies, to the best of its knowledge and belief, that neither the Proposer nor its principals are suspended, debarred, proposed for debarment, or declared ineligible for the award of contracts from the United States federal government procurement or non-procurement programs, or are listed in the List of Parties Excluded from Federal Procurement and Non-procurement Programs issued by the General Services Administration.

2. “Principals,” for the purposes of this certification, means officers, directors, owners, partners, and persons having primary management or supervisory responsibilities within a business entity (e.g., general manager, plant manager, head of a subsidiary, division, or business segment, and similar positions).

3. The Proposer shall provide immediate written notice to the HASLC Chief Finance Officer (CFO) if, at any time prior to award, the Proposer learns that this certification was erroneous when submitted or has become erroneous by reason of changes in circumstances.

4. This certification is a material representation of fact upon which reliance will be placed when making the award. If it is later determined that the Proposer rendered an erroneous certification, in addition to other remedies available to the HASLC, the HASLC Chief Finance Officer (CFO) may terminate the contract resulting from this solicitation for default.

5. Proposer affirms that it has no record of recent unsatisfactory performance with HASLC during the past twenty-four (24) months at a minimum.

(Signature) (Date)

(Typed Name) (Title)

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Exhibit C - NON-COLLUSION AFFIDAVIT OF PROPOSER

(HUD-5369-A)

___________________________________________________________________________ does hereby state:

(Name)

(1) She/He is the ______________________________________________________________________ of (Owner, partner, officer, or representative)

___________________________________________________________, hereinafter referred to as Proposer.

(Business name)

(2) She/He is fully knowledgeable of the preparation and contents of proposer’s proposal which was submitted for specific work required in connection with a HAME project titled: __________________________.

_____________________________________________ and located at _______________________________.

(3) Said Proposer’s proposal is genuine and is not a collusive or sham proposal.

(4) Neither the Proposer nor any of its officers, partners, owners, agents, representatives, employees, or parties in interest, including myself, has in any way colluded, conspired, connived, or agreed, directly or indirectly, with any other proposer, bidder, firm, or person to submit a collusive or sham proposal in connection with such contract or to refrain from submitting a proposal in connection with such contract, or has in any manner, directly or indirectly, sought by unlawful agreement or connivance with any other proposer, bidder, firm, or person to fix the price or prices in said Proposer's Proposal, or to fix any overhead, profit, or cost element of the price or prices in said Proposer's Proposal, or to secure through collusion, conspiracy, connivance, or unlawful agreement any advantage against HAME, HASLC, or any person interested in the Proposed Contract; and

(5) The price or prices quoted in the Proposer's Proposal are fair and proper and are not tainted by any collusion, conspiracy, connivance, or unlawful agreement on the part of the Proposer or any of its agents, representatives, owners, employees, or parties in interest, including myself.

(Signature) (Date)

(Typed Name) (Title)

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Exhibit D – HUD FORM 5369-B INSTRUCTIONS TO OFFERORS NON-CONSTRUCTION

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Exhibit E – HUD FORM 5370-C GENERAL CONDITIONS FOR NON-CONSTRUCTION

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