Appendix 2.xls

XLS spreadsheet 168 KB Posted Apr 21, 2023

Attached to: Property File Review IFB
Solicitation number: 23-551HDA-ASSET-B-36237
Issued by: Illinois

About this file

Written by GovTribe AI · Jul 31, 2024

This document is a Limited Desk Review conducted by the Illinois Housing Development Authority (IHDA) for an affordable multifamily rental housing development in their portfolio. The review covers maintenance and security, financial management, leasing and occupancy, and general management practices for the property. Key details include the development name and address, owner entity, type of program, IHDA loan numbers, maturity date, number of units, and occupancy rate. The review also notes any findings or corrective actions required by the owner/agent, such as addressing delinquencies, submitting financial reports, maintaining a waitlist, and ensuring proper insurance coverage.

The related state and local contract opportunity is an Invitation for Bid (IFB) issued by IHDA to seek a vendor to perform property reviews, including standard, desk, and limited reviews, of affordable multifamily rental housing developments in IHDA's portfolio. The IFB is open to qualified vendors and requires electronic submission of responses. No additional details are provided regarding pricing, set asides, incumbent vendors, or funding sources.

View the file

Other files

File	Type	Posted
Utilization Plan Version 21.0 4.12.2021~6.pdf	PDF	Apr 21, 2023
Appendix 3.xlsx	XLSX spreadsheet	Apr 21, 2023
vendor-disclosure-formerly-forms-a-v.23.3~1.docx	DOCX document	Apr 21, 2023
Appendix 5.xlsx	XLSX spreadsheet	Apr 21, 2023
Property Review IFB FINAL.docx	DOCX document	Apr 21, 2023
ipg-active-registered-vendor-disclosure-formerly-forms-b-v.23.1~1.docx	DOCX document	Apr 21, 2023
Pre-Bid Conference TEAMS Information~11.docx	DOCX document	Apr 21, 2023
attachment-notice-of-electronic-submission-only-v-22-1~3.pdf	PDF	Apr 21, 2023
Appendix 1~9.xlsx	XLSX spreadsheet	Apr 21, 2023
Appendix 4.xlsx	XLSX spreadsheet	Apr 21, 2023
Vendor Q and A~5.pdf	PDF	Apr 21, 2023

Show all 11

On GovTribe

Work with this file

Download the original file
Contacts named in this file
Similar government files
Ask GovTribe AI about this file

Try for free Login

Text version

The file's text, extracted by GovTribe without its formatting.

Summary

Illinois Housing Development Authority

Limited Desk Review

111 East Wacker Drive, Suite 1000

Summary Sheet

Chicago, Illinois 60601

(312) 836-5200

Rev. 12/29/2022

Development Name & Address

Owner Entity

Since: (Mo/Yr)

Resident Manager's Name

Since: (Mo/Yr)

Management Agent Organization

Since: (Mo/Yr)

No. of Units:

Occupancy

Type of Program

IHDA No.

Loan Position

Total

Total # of units moved out in Year 2022

Program

(

% )

Vacant

Review Date:

Tenant Type

Maturity Date:

Tax Credit

Family

SRO

PIS Date

Elderly

SLF/Assisted Living

Mixed

Special Needs Population

A. Maintenance & Security

TCD

D. General Management Practices

TCD

1. General Physical Condition

9. Insurance and Bonding

B. Financial Management

TCD

10. Program Compliance

2. Accounting and Bookkeeping

3. Submission of Reports

4. Financial Compliance

5. Rent Schedule Compliance

6. Accounts Receivable/Payable

C. Leasing & Occupancy

TCD

7. Tenant Selection and Orientation

8. Vacancy and Turnover

VII. Rating of Overall Management Operation

Superior

Above Average

Satisfactory

Below Average

Unsatisfactory

Signatures:

Review prepared by:

Review approved by:

Name / Title

Date

Name / Title

Date

Compliance Analyst

Supervisor - Rental Compliance

Item

No.

Development's Description:

Unit Composition

Addresses

Number and Type of Buildings

Work Out and Additional Comments

Have all findings on prior management review been resolved?

YES

N/A

Comments to Findings/Limited Desk Review Questions:

d. Does the development maintain a waiting list of prospective tenants? Is the

list updated annually as required? How many are now on list?

Page &P of &N

Questionnaire

Limited Desk Review

Part A: Maintenance

N/A

YES

FNDGS

Remarks

1. General Physical Condition

a. Is the development free of fire/safety/health hazards or housing code violations?

b. Which type of inspection was completed?

UPCS

Pass or Fail?

When completed

HQS

Pass or Fail?

When completed

LTOS

Pass or Fail?

When completed

Rural Development

Pass or Fail?

When completed

REAC

REAC Score

When completed

1. General Physical Condition

Part B: Financial Management

2. Accounting and Bookkeeping

Delinquencies (if any) as of:

a.) Debt Service

b.) Replacement Reserve

c.) Tax and Insurance

d.) Other

Number of times delinquent in the past 12 months:

30 days

60 days

90 days

2. Accounting and Bookkeeping

3. Submission of Reports

Have the following financial reports been submitted on a timely basis and in

acceptable IHDA guidelines?

Annual audited financial statement

Date last report was due

Date last report received

3. Submission of Reports

4. Financial Compliance and Condition

Does annual financial analysis indicate that development is free of actual or

incipient financial problems?

DCR

4. Financial Compliance and Condition

5. Rent Schedule Compliance

a. Date of last rent adjustment:

b. Was the utility allowance submitted annually as required?

Date of last utility allowance analysis submission:

Effective date of last utility allowance adjustment:

c. Has the owner/agent completed a rent analysis of the market within the last 12

months?

5. Rent Schedule Compliance

6. Accounts Receivable/Payable

a. Are tenant accounts receivable reasonably current?

30 days delinquent

60 or more days delinquent

b. Are accounts payable reasonably current?

30 days delinquent

60 or more days delinquent

6. Accounts Receivable/Payable

Part C: Leasing and Occupancy

N/A

YES

FNDGS

Remarks

7. Tenant Selection and Orientation

a. Date TSP executed by owner/agent:

Does the development have any unresolved TSP findings?

b. Is a copy of current approved (within the past 5 years) Affirmative Fair Housing Marketing

Plan (AFHMP) at rental office? Date of last approved AFHMP:

N/A

YES

FNDGS

Remarks

Continued (7. Tenant Selection and Orientation)

c. Were the outreach efforts, as described in the AFHMP, performed annually?

Last outreach date:

d. Has the development's owner/agent/manager received complaints of prohibited

discrimination?

7. Tenant Selection and Orientation

8. Vacancy and Turnover

a. Is the vacancy rate greater than 30% of total units?

b. Has the development had significant turnover?

Month

Total # of Move Outs

Year to Date

c. Check which factors contribute to vacancy problems that may exist at the

development.

Security problem

Poor maintenance

Noncompetitive amenities

Rents too high

Inadequate marketing

Location

Development reputation

Lack of demand

Bedroom mix/size (

bdrm hard to rent)

Tenant/management relations

Other

d. Based on the responses in questions a and b, what actions are being taken

by the owner/agent to resolve the vacancy issue(s)?

e. Does the development maintain a wait list of prospective tenants?

Was annual update letter sent to applicants as required?

Date update letter was sent to applicant?

Was wait list purged?

When?

How many are currently on wait list?

Is the wait list currently

open

closed

Does the wait list include all required elements?

Were the applicants selected in proper order from the waiting list?

8. Vacancy and Turnover

Part D: General Management Practices

9. Insurance and Bonding

Submit insurance certificate renewals if the insurance will expire within 90 days or less.

a. List current insurance coverage and premiums.

Expiration

Basic

Dates

Coverage

Property

Liability

Umbrella

9. Insurance and Bonding

10. Program Compliance

a. Was the Consolidated Certificate of Compliance received?

When:

b. Have the quarterly Occupancy/Wait List reports been submitted for the current

period?

10. Program Compliance

Page &P of &N Use the completed DCR Calculation Sheet from the audit package. Use the amount of the "NOI - Debt Service". If current total is negative, you must indicate how the owner will be resolving the cash flow issue. If there is a substantial difference per year, indicate reason in the remarks column.

The utility allowance analysis is required annually. If analysis has not been submitted in the last 12 months, please list as a finding. Note in the remarks column the last date of submission.

List all types of insurance from the Certificate and how much is the basic coverage for each. A site may have 10 different types of insurance. If an expiration date has expired, this must be a finding. If an expiration date is due to expire within 90 days of completing the Desk Review form, you must note that a renewal certificate is due immediately.

Instructions

Limited Desk Reviews are required for properties where the loan has been paid in full prior to maturity, but the regulatory agreement has not been released. The regulatory agreement remains in effect in part or in full until the original maturity date of the loan. Please refer to the regulatory agreement for each property to determine which paragraphs are still in effect.
There are a select number of properties with small loan balances where limited monitoring is required instead of the full monitoring required of other projects. These projects also use the Limited Desk Review.
Please refer to the Limited Desk Review Compliance Requirements chart, located at T:/Asset/Forms/Inspection/Inspection Forms, to determine the specific items that are to be monitored for each property.
Summary
For each item reviewed, mark a block in column A (acceptable), or C (management to correct within 30 days).
Enter "30 Days" in the TCD (Target Completion Date) column.
Development name & address: include addresses for all buildings. Use Development Description area of summary page if necessary for additional addresses.
If this is a scattered site, for example, use one address on the first page and list the remaining addresses in Development Description.
Owner entity: review management agreement, regulatory agreement, or audit. Use legal entity name.
Type of program: list all program types in senior loan position - i.e. HOME, Section 8 and/or Tax Credits. IHDA programs only - do not use abbreviations. Do not include LTOS, SRN or 811 here, as Rental Compliance does not monitor these programs. They are captured under Additional IHDA Program Units in the Development Description.
IHDA number: list all loan numbers by lien position (i.e. 17-2037-01), and IHDA TC number (federal & state). Use the Benedict numbering system, not the portfolio system.
Loan Position: list the loan position. If the loan is paid, indicate Paid or Paid In Full.
Number of Program units: list for the highest IHDA position only
Maturity date: obtain from Benedict.
Placed In Service (PIS) date: insert the PIS date for LIHTC properties. PIS date can be found in several places:
	1. DMS: Project -> dates -> award dates
	2. DMS: Award -> LIHTC tab
	3. DMS: Buildings -> 8609 -> Allocation of Credit tab for each 8609
	4. Property's portfolio folder -> Initial Tax Credit Documents -> 8609
**If there are multiple PIS dates, use the last one. This determines the affordability period's end date.
Signatures
Review Prepared By: insert the digital signature of the Compliance Analyst who completed the review.
Name / Title: type the name of the Compliance Analyst who completed the review.
Review Approved By: the approving Rental Compliance Supervisor will insert their digital signature into the PDF version of the final report.
Name / Title: type the name of the Rental Compliance Supervisor.
Development Description
Unit composition: indicate each unit size at the development and the number of each type of unit.
Please be thoughtful regarding the number format used, to avoid confusion. Examples of acceptable format are:
	three 1-bedroom units
	3 one-bedroom units
	three 1BR units
Addresses: self-explanatory
Number and type of building: the type should be descriptive of the building style, i.e. high rise, townhouse, walk up, single-family home.
"Elevator building" does not give an indication of whether the building is low-, mid-, or high rise, for example.
Work out & additional comments: refinance, loan modification, transfer of physical assets, Owner or Agent changes, market changes. Review current Loan Monitoring Agenda and weekly Peer Review reports.
Have all findings from prior reviews been resolved: Answer yes or no based on the prior review (limited to the prior year). Unresolved code violations, audits, TSP and AMP updates, budgets, or failure to respond to prior reviews, will result in an automatic Below Average or Unsatisfactory based on the number of findings.
Comments to Findings/Management Review Questions:
For each 'C' item checked, describe findings and give recommendation for correction. The corrective action should specify how the agent needs to correct the finding and what documentation or certification must be submitted to IHDA in order to resolve the finding. Explain any "Below Average" or "Unsatisfactory" rating.
PART A: MAINTENANCE & SECURITY
1. General Physical Condition
a. If hazards or violations exist, comment in the remarks column. Request a copy of violation and resolution to all safety issues.
b. All properties are required to have a physical inspection based on the program type. If there has been no inspection in the past three years, contact your field inspector. The appropriate inspection type should be selected based on the applicable program:
	UPCS - All programs EXCEPT Section 8 & 236, Risk Share, FAF & LTOS. Every three years.
	HQS - Mod Rehab, FAF
	LTOS - Rental Housing Support
	Rural Development - accepted in lieu of UPCS for RD properties with IHDA tax credits
	REAC - Section 8 & 236, Risk Share. Accepted in lieu of UPCS for S8/236 properties with IHDA tax credits. Periodic based on prior score (90-100: three years; 80-89: two years; 79 and below: one year).
Check for pass/fail for the most recent physical inspection. Inspection date, type, and results can be reviewed in DMS under Monitoring > Project Monitoring > Program Inspection. Copies of the inspections, if needed, can be found in T:\Asset\Portfolio\Applicable Year\Inspection. If there has not been an inspection for the current year, review prior years and enter the most recent inspection date. If development failed their inspection verify current status with field inspector.
1. Make a comment if, at the time of the MOR, the physical inspection letter has been issued but the response is not due yet.
2. Make a finding if, at the time of the MOR, the physical inspection letter has been issued, the response is due, but the property has not responded or resolved the findings.
PART B: FINANCIAL MANAGEMENT
2. Accounting & Bookkeeping
a. If the Owner is delinquent with IHDA debt service and/or reserves this must be a finding.
Review delinquency report at T:/Asset/FPA Team/Delinquencies
Reviewer should ask development to indicate plan to address the delinquency and bring the loan current.
NOTE: Properties without a loan will have N/A (not applicable) in this section.
3. Submission of Reports
Review regulatory agreement to determine when the audit is due. If the regulatory agreement states within XX days of the "fiscal year end," review the previous audit to determine the fiscal year.
1. If an audit has not been received: check no, it is a finding, and the rating must be "Below Average".
2. If an audit was received late or received after the extension date (note extension date in remarks column): check no and make a comment regarding due dates.
If audit is not received by deadline, FPA team will send a delinquency letter and, if necessary, a non-compliance letter. Look for any follow-up letters in the Portfolio, Audit folder. DMS will also be noted with notice dates.
NOTE: Properties without a loan will have N/A (not applicable) in this section.
4. Financial Compliance
b. For each of the last 3 years, enter the Debt Coverage Ratio (DCR). Obtain in DMS from Monitoring -> Project Monitoring -> AL_Audit. If the most recent year's audit has not been received/reviewed & the DCR determined, use the three most recent know years.
Example: When completing the 2022 review, enter the DCR for 2019-2021. If the DCR for 2021 has not been determined or the audit has not been received yet, enter the DCR for 2018-2020 and indicate in the comments that the 2021 audit is under review, or has not been received, as applicable.
NOTE: Properties without a loan will have N/A (not applicable) in this section.
5. Rent Schedule Compliance
a. Use the effective date of Owner's rent schedule.
b. Utility allowance analysis & submission to IHDA is required annually. UAs must be implemented by the development within 90 days of the effective date. If analysis has not been submitted in the last 12 months, list as a finding. Note the last submission date from DMS. If the submission date is not entered in DMS, use the review date from the rent schedule.
c. Review analysis and compare to current rents.
6. Accounts Receivable / Payable
a. Review aged receivables report. Include tenant rent and subsidy. If the delinquency is large and has been uncollectable, the Owner must submit a plan on how to reduce the delinquency. List total amount outstanding and number of delinquent residents.
b. Must use Aged Payables listing. Please list amount only. If aged payable is greater than 60 days owner/agent must explain plans for reducing outstanding payables. If delinquency is for management fees due, this is not a finding.
NOTE: Properties without a loan will have N/A (not applicable) in this section.
PART C: LEASING & OCCUPANCY
7. Tenant Selection & Orientation
a. Compare the owner's signature date on the TSP signature page submitted with the TSP Approved Date indicated in DMS. If the signature page submitted has a more current date, update DMS.
If the property is using the IHDA TSP, the initial plan must be signed by IHDA, the owner, and agent. Subsequent plans must be signed by the owner and agent.
If the property is using a TSP reviewed by HUD, the HUD approval memo/letter must be attached. The TSP must be signed by the owner and agent.
If the property is using a TSP reviewed by RD/USDA, it must be approved by RD/USDA. The TSP must be signed by the owner and agent.
agent.
If the property is not using the IHDA TSP, the IHDA approval memo must be attached. The TSP must be signed by the owner and agent. You may see this with new deals that are Housing Authorities, RAD deals, 811 deals, etc.
If there are unresolved TSP findings, indicate.
b. List date AMP was approved. If plan is expired and no new plan has been submitted to IHDA or HUD, this is a finding. If the AMP was submitted to HUD and it has not been approved, it is a finding if the plan is expired.
c. Must be a finding if no outreach has been conducted within the 12 month period prior to closing the waiting list. Waiting list must be closed based on TSP requirements.
If the waiting list is managed by another agency, such as a housing authority, and 100% of applicants must come from that waiting list, mark N/A and make a comment in the remarks column indicating why outreach was not completed.
If less than 100% of units must be referred from another agency (such as SRN units), the agent must maintain a list & perform outreach for those units that do not require referral.
d. Prohibited discrimination means based on race, age, sex, handicap, familial status. If yes, please describe.
8. Vacancy and Turnover
a. Vacant units should be re-occupied within no more than 30 days. Longer periods must be explained, and management must show the actions that have been taken to resolve. Tax credit units that are vacant for longer than 90 days are subject to an 8823.
b. Formula - Total # of move outs divided by total units. If turnover rate is greater than 30% this will be a finding unless the rate is normal for this tenant population or program requirements (i.e. SLF & SRO properties). If this is typical for the tenant population, explain in the remarks column. If current occupancy is 90% or greater this will not be a finding.
c-d. Answer questions.
e. Review copy of annual update letter sent to applicants and verify wait list was purged after updating (Compare to previous wait list).
See IHDA TSP, Exhibit H for guidance.
Required waiting list elements are found in Exhibit H of IHDA's Tenant Selection Plan.
Identify the last three move-ins. Analyze the current wait list and the purged wait list to ensure that the applicants were processed in the proper order (i.e. chronological or preference).
PART D: GENERAL MANAGEMENT PRACTICES
9. Insurance and Bonding
a. List all types of insurance from the Certificate and basic coverage amount (per occurrence) for each. If the property, liability, or umbrella are expired, this must be a finding.
Delete the comment regarding renewals if not applicable (i.e. if the policy will expire in more than 90 days).
NOTE: Properties without a loan will have N/A (not applicable) in this section.
10. Program Compliance
a. Obtain date from DMS. Certificate should be saved in Portfolio/Year/Correspondence.
b. Review occupancy & wait list reports due for the most recent quarter. Reports can be found at T:\Occupancy & Waitlist Survey\Year# Q#. Make a comment if not submitted.

MBD00129137

File details come from the government source that posted it. Updated Jul 31, 2024.