Financial Underwriting of Affordable Housing Development Funding Applications

The San Mateo County Department of Housing (DOH) is seeking qualified consultants to provide financial underwriting services for affordable housing development funding applications through a Request for Proposals (RFP). The primary objective is to conduct due diligence underwriting reviews for approximately 10-15 Affordable Housing Fund (AHF) NOFA funding applications for new construction and rehabilitation projects during summer 2025, and 5-7 CDBG/HOME NOFA applications between February-May 2025. Deliverables include draft due diligence underwriting reports and recommendations for improving the Department's NOFA process. The proposal submission deadline is 4:00 pm on May 23, 2024, with a pre-proposal meeting scheduled for May 16, 2024. The evaluation and selection process will be based on a 100-point system, including project approach (10 points), firm qualifications (25 points), team qualifications (20 points), interview performance (20 points), price (25 points), and local business preference (5 points). The contract will have an initial two-year term with an option to extend for an additional two years, with an anticipated contract award date of June 10, 2024.

While no specific set-aside designations or restrictions for disadvantaged enterprises are explicitly mentioned in the documentation, the procurement emphasizes qualifications and expertise in affordable housing financial underwriting. The County funding sources include federal programs providing approximately $4 million annually, with the most recent Affordable Housing Fund (AHF) NOFA offering $38 million. A selection committee will evaluate proposals and may conduct interviews with top-scoring proposers to make the final selection. The ideal consultant will have comprehensive experience in financial analysis for affordable housing development projects, with the ability to provide critical insights into project feasibility and funding strategies. Though specific budget ranges are not explicitly stated, the substantial funding amounts suggest a potentially significant contract value commensurate with the scope of financial underwriting services required across multiple funding notices per year.