CTCAC01-25 - Asset Management Services

The California Tax Credit Allocation Committee (CTCAC) is seeking proposals for asset management services for 49 American Recovery and Reinvestment Act (ARRA) funded low-income housing tax credit projects. The Request for Proposals (RFP) No. CTCAC01-25 aims to secure a qualified asset management firm to provide comprehensive financial monitoring and physical property inspections. Key deliverables include quarterly occupancy rate reviews, annual budget and financial statement approvals, and physical inspections of 10% of project units. The evaluation criteria are structured with 30 points for years of experience in asset management, 30 points for physical inspection capabilities, 10 points for personnel qualifications, and 30 points for cost. Proposals are due by May 9, 2025, at 4:00 p.m. PT, with an anticipated contract commencement date of July 1, 2025. The contract term is two years (July 1, 2025, through June 30, 2027), with an option for a one-year extension. The selected firm will be responsible for developing comprehensive asset management reports and ensuring compliance with IRS Section 42 guidelines.

The procurement includes provisions for small business and microbusiness preferences, with a potential 5% preference for certified small businesses or those using small business subcontractors. The contract is funded through the Tax Credit Assistance Program (TCAP) and Section 1602 Exchange funds from the American Recovery and Reinvestment Act of 2009. The total contract value is not to exceed $735,500.00, with a maximum annual asset management monitoring fee of $7,500 per project ($367,500.00 per year). Respondents must demonstrate extensive experience in affordable housing asset management, with strong capabilities in financial monitoring and physical property inspections. The goal of the contract is to maintain the long-term viability of affordable housing developments by providing rigorous oversight and compliance monitoring. Potential bidders should carefully review the full RFP document to understand the comprehensive requirements and expectations for this critical asset management services contract.