REQUEST FOR PROPOSAL. for. REFINANCE OF FIRST MORTGAGE FOR BRIDGEWALK for BOULDER HOUSING PARTNERS

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1 REQUEST FOR PROPOSAL for REFINANCE OF FIRST MORTGAGE FOR BRIDGEWALK for BOULDER HOUSING PARTNERS Date: March 8, 2011 Requested Return: March 24, 2011 Boulder Housing Partners 4800 Broadway Boulder, Co (720)

March 24, 2011 Boulder Housing Partners 4800 Broadway Boulder, Co.

2 Request for Proposals Refinance of Bridgewalk Contents A. Overview and Process 1. Overview 2. Process and Deadlines B. Background and Services Requested 1. About Boulder Housing Partners 2. Services Requested C. Submittal Requirements 1. Elements to Include 2. Evaluation Criteria and Weight Factors D. General Information 1. Submittal Rejection 2. Contract and Method of Payment 3. Submittal Withdrawal 4. Limitation of Liability 5. Insurance Requirements 2

Services Requested C. Submittal Requirements 1. Elements to Include 2. Evaluation Criteria and Weight Factors D.

3 A. Overview, Process and Deadlines 1. Overview Boulder Housing Partners seeks a lender to refinance a 123 unit property, built in The property is 10% affordable, 90% market rate. Cashflow from the property has been used to underwrite BHP s affordable housing mission, including losses from Public Housing, equity contribution to new affordable housing, and support of the resident services program. The existing loan is due on August 1, We are seeking competitive refinance terms, with sufficient refinance proceeds to complete extensive rehab work. Our target loan amount is $15,500,000, however we would be interested in receiving proposals for larger or smaller loans as dictated by your underwriting standards. 2. Process and Deadlines Submittals are to be received at the address below no later than March 24th at 5:00 p.m. Please provide submittals via to: johnsonw@boulderhousingpartners.org The submittals will be reviewed by an evaluation committee. The evaluation committee will review and rate each submittal based on the evaluation criteria listed in this document. If needed, the same evaluation committee will also conduct interviews. Scores from the submittal and the interview will be used in making the final selection. B. Background and Services Requested 1. About Boulder Housing Partners Boulder Housing Partners is the largest provider of affordable housing for lower income households in the city of Boulder. Our primary mission is to provide quality, affordable housing, developed and managed with respect for the dignity of all involved. We also seek to create a sense of community strength and spirit that supports resident efforts to realize success in their lives. The Housing Authority of the City of Boulder, dba Boulder Housing Partners, ( BHP ) was formed by the City Council of the City of Boulder in 1966 under 3

resident services program. The existing loan is due on August 1, 2011. We are seeking competitive refinance terms, with sufficient refinance proceeds to complete extensive rehab work.

4 provisions of state law to address the need for decent, safe, and sanitary housing in Boulder. Boulder Housing Partners owns and manages just under 1,000 units of affordable and market rate rental housing and 831 Housing Choice Vouchers in Boulder. The 1,000 units are located in 30 properties. We own 337 public housing units, 122 Section 8 project based units (three properties) and more than 500 non-hud units (218 tax credit units and the balance subsidized with a variety of sources). These properties provide a continuum of housing choices to a large cross section of households. BHP is governed by a nine-member board of Commissioners, all of whom are appointed by the mayor and one of whom is a current City Council member. Day-to-day operations are supervised by the Executive Director. There are approximately 50 staff members in the organization. Boulder Housing Partners performs functions including: property management, development of new properties, acquisition of new units, resident services, administration of Section 8 vouchers, and maintenance services. A single property management staff manages both the HUD and the non-hud portfolios. Currently none of our property management is contracted privately. 2. Services Requested BHP has $30 million dollars of annual bank qualified tax exempt borrowing power. We are open to both taxable and bank qualified tax exempt interest rate proposals, as well as any other loan product your institution offers that you believe would be advantageous to either project. BHP has several goals related to the ongoing operation of the Bridgewalk property: Continue to operate the property as a mixed income site; Raise rents to reflect market conditions, to improve condition of the property, and to support BHP s programs for very low income people; Refinance all debt related to the property; Provide a comprehensive rehab of the property, including the capital improvements recommended by our capital needs assessment; our existing conditions report, and our site engineering studies; and Position the property to perform to BHP s triple bottom line of financial, social, and environmental sustainability over the next fifteen to twenty years. 4

We own 337 public housing units, 122 Section 8 project based units (three properties) and more than 500 non-hud units (218 tax credit units and the balance subsidized with a variety of sources).

5 Loan Request Summary Bridgewalk Requested Loan Amount Approximately $15,500,000 representing: The outstanding balance (approx. $5,000,000) of the loans made by US Bank due August 1, 2011; The outstanding balance (approx. $1,800,000) of a loan made by the Mercy Loan Fund; Capital improvements, legal, closing, and other soft costs (approx. $8,700,000) Interest Rate Fixed rate for the agreed upon term of the loan Collateral First deeds of trust on subject property, assignment of rents, UCC filings on associated personal property Prepayment Options BHP desires the most flexible prepayment option possible for the requested loan Tax-exempt and Bankqualified opinions BHP will deliver an opinion of counsel acceptable to the lender stating that the interest on the loan will qualify for exemption from Federal and State income taxes based on state and federal law and that the loan can be treated as bankqualified for appropriate institutions BHP Contact: Chief Financial Officer Director of Portfolio Operations Jim Koczela Willa Johnson koczelaj@boulderhousingpartners.org johnsonw@boulderhousingpartners.org Proposed Closing Date On or before August 1,

$1,800,000) of a loan made by the Mercy Loan Fund; Capital improvements, legal, closing, and other soft costs (approx.

6 C. Submittal 1. Elements to Include a. Submittal Letter b. Brief list and description of similar projects in which the lender has participated in the past three years. c. List of individuals and their contact information for relationship management, underwriting, closing, and performing ongoing asset management related to this loan. d. Three references 2. Evaluation Criteria and Weight Factors Interest rate pricing spread Required guarantees, repayment terms, origination fees, counsel fees, due diligence costs, and any other costs 0-70 pts 0-25 pts Lender profile, references and experience of key personnel 0-5 pts D. General Information a. Submittal Rejection: Boulder Housing Partners has the right to reject any and all submittals and waive any irregularities therein, if it is found to be in the best interest of Boulder Housing Partners. Submittals not received by the required deadline are ineligible for consideration and will not be opened. Boulder Housing Partners may change the deadline at any time in order to assure adequate review of the submittals. b. Submittal Withdrawal: No firm may withdraw a submittal for a period of 45 days after the date of submission, but a submittal may be withdrawn up to 24 hours prior to expiration of the deadline for submitting submittals. c. Limitation of Liability: Boulder Housing Partners assumes no liability for costs incurred by firms in responding to the Request for Proposals or interview process. All submittals become a matter of public record upon submission. 6

Evaluation Criteria and Weight Factors Interest rate pricing spread Required guarantees, repayment terms, origination fees, counsel fees, due diligence costs, and any other costs 0-70 pts 0-25 pts

7 d. Insurance Requirements: Generally, the following coverage is required: Commercial general liability--$150,000 per person and $1,000,000 per occurrence. Worker's Compensation Insurance--equal to or at least $100,000 per employee Automotive Insurance--$100,000/$300,000 for bodily injury and $50,000 for property damage. Errors and Omissions Insurance Boulder Housing Partners does business in accordance with the Federal Fair Housing Law (The Fair Housing Amendments Act of 1988). It is illegal to discriminate against any person because of race, color, religion, sex, handicap, family status, national origin, or sexual orientation. D. Attachments a. Income Statement - Bridgewalk 2010 b. Rent Roll Bridgewalk 2011 c. Proforma for post-rehab Bridgewalk 2012 d. Narrative on rent increases e. BHP financial statements 2010 f. BHP audits

Errors and Omissions Insurance Boulder Housing Partners does business in accordance with the Federal Fair Housing Law (The Fair Housing Amendments Act of 1988).

REQUEST FOR PROPOSAL. for REFINANCE OF FIRST MORTGAGE FOR FOOTHILLS COMMUNITY. for BOULDER HOUSING PARTNERS

REQUEST FOR PROPOSAL. for REFINANCE OF FIRST MORTGAGE FOR FOOTHILLS COMMUNITY. for BOULDER HOUSING PARTNERS REQUEST FOR PROPOSAL for REFINANCE OF FIRST MORTGAGE FOR FOOTHILLS COMMUNITY for BOULDER HOUSING PARTNERS June 24, 2013 Requested Return: July 12, 2013 Boulder Housing Partners 4800 Broadway Boulder, Co.