Tax Credit Equity Investors and Debt Lenders (Northwest Pipeline Building and The Lupine) (Two Separate Projects)

The Housing Assistance Management Enterprise (HAME), the nonprofit development affiliate of the Housing Authority of Salt Lake City (HASLC), is issuing two separate Requests for Proposals for Tax Credit Equity Investors, Construction Lenders, and Permanent Lenders to finance and develop two affordable housing buildings within The Grove, a mixed-use development in downtown Salt Lake City. RFP 26-006 seeks financing partners for the renovation of the historic Northwest Pipeline Building, which will include approximately 63 affordable housing units with ground-floor commercial space, while RFP 26-010 seeks financing for The Lupine, a new-construction building containing approximately 133 affordable housing units with ground-floor commercial space. Proposers must submit separate, executable Letters of Intent for each financing category (Tax Credit Equity Investment, Construction Financing, and Permanent Financing) with detailed fee schedules, interest rate spreads, reserve requirements, and transaction costs. Tax Credit Equity proposals will be evaluated on pricing (50%), non-pricing considerations (15%), closing considerations (15%), and relevant experience (20%), while Construction and Permanent Lending proposals will be scored on upfront and ongoing borrowing costs (50%), loan type and structure (25%), closing considerations (10%), and relevant experience (15%). The Northwest Pipeline Building RFP has a deadline of May 29, 2026, at 5:00 pm MDT, with questions due by May 6, 2026, and responses provided by May 13, 2026; The Lupine RFP has the same deadlines. The anticipated project timeline includes investor and lender selection in June 2026, project closing in August 2026, construction commencement in October 2026, and completion in April 2028. HAME reserves the right to award contracts to one proposer or any combination of proposers for each financing category.

Project financing is anticipated to include 4% Low-Income Housing Tax Credits, City and County funding, federal transportation funding, and conventional financing, with the Northwest Pipeline Building receiving a $13.5 million tax-exempt bond allocation and The Lupine receiving an $18.9 million tax-exempt bond allocation. Proposers must demonstrate significant experience with Low-Income Housing Tax Credit placements, affordable multifamily housing development, and experience working with public housing authorities; additional preferred experience includes familiarity with historic tax credits, ground leases, public-agency land structures, and opportunity zones. All proposers must comply with Section 3 of the Housing and Urban Development Act of 1968, HUD anti-harassment and discrimination standards, and applicable federal, state, and local regulations. HASLC and HAME have extensive experience, currently owning and managing approximately 2,100 units of subsidized and tax credit housing across more than 30 properties, with HAME having developed 1,076 units to date. No specific set-aside designations for disadvantaged enterprises or minority-owned businesses are mentioned in the procurement documents. Interested firms may respond to one or both RFPs but must submit clearly identified and separate responses for each project.