Invitation to Bid-Arbitrage Rebate Calculation Service

The Housing Authority of the City of Alameda (AHA) through its nonprofit affiliate Island City Development (ICD) is seeking proposals for arbitrage rebate calculation services related to tax-exempt bond financing for the Rosefield Village affordable housing development. The procurement is structured as an Invitation to Bid (ITB) targeting qualified arbitrage compliance consultants to perform a comprehensive five-year rebate calculation for a private placement bond. Specific deliverables include legal document review, yield determination, investment transaction analysis, rebate liability calculation, reporting and certification, and preparation of IRS Form 8038-T. The selected firm must submit the final rebate report within 5-7 business days of receiving required financial data and will be responsible for ensuring compliance with federal arbitrage rebate regulations. Bids are due by 3:00 p.m. on September 11, 2025, with bidders required to submit their cost proposal via the Bonfire Bid Table Arbitrage Rebate Calculation (BT-13IZ) and complete a vendor conflict of interest form. The project involves a 92-unit affordable housing development located at 727 Buena Vista Avenue in Alameda, California, financed through Low-Income Housing Tax Credits, soft debt sources, and tax-exempt private activity bonds.

The ITB does not explicitly outline specific set-aside designations or restrictions for disadvantaged enterprises. The project is associated with a $40,322,758 multifamily housing revenue note issued by the California Municipal Finance Authority, with financing from Bank of America, N.A. and a Freddie Mac loan through Greystone Servicing Company LLC. The development will be owned and operated by Constitution and Eagle LP, with Island City Development serving as the managing general partner. The financing includes income and rental restrictions, mandating at least 40% of units be restricted at 60% of Area Median Income, with 52 units designated for households at or below 50% of Area Median Income. While a specific award value for the arbitrage rebate calculation services is not explicitly stated, the related loan documentation indicates a maximum funding loan amount of $13,858,000 for the overall project. The Housing Authority reserves the right to reject any or all proposals and to modify or cancel the RFP at any time, with all materials produced under the contract becoming the property of AHA and/or Island City Development.