Section 10-B4004. REVIEW AND RANKING OF APPLICATIONS

 

4004.1All applications which are determined complete and eligible for assistance in accordance with §4003.1 shall be reviewed and ranked in accordance with requirements of this section.

 

4004.2DHCD shall give priority to proposals with higher ratios of private to public financing. It shall be DHCD's general policy for all applicants to use private financing to the maximum extent possible consistent with project feasibility. DHCD's underwriting of proposals shall be based on this policy.

 

4004.3DHCD shall review and rank complete and eligible applications in accordance with the ranking and selection criteria, if any, established and disclosed, which may include, but shall not be limited to, the following:

 

(a)The applicant's development capability as evidenced by its development record, financial status and equity or financial contribution to the project. An applicant who provides evidence, satisfactory to DHCD, that the applicant has successfully undertaken and completed a similar development on one or more previous occasions shall be deemed capable. Other demonstrations of capability include, but are not limited to, related training or experience by the applicant or members of the applicant's development team;

 

(b)The applicant's ability to secure the services of development team professionals (e.g., project architect, engineers, attorney, financial consultant or general contractors) which have a requisite amount of experience in the type of development proposed;

 

(c)The economic and market feasibility of the proposed development given its location, proposed costs, proposed sales levels and other related information;

 

(d)The amount of public financing required, and the amount of private financing leveraged by public financing;

 

(e)The extent to which the percentage of homes affordable to low or moderate income purchasers exceeds the minimum requirements of §4003.5(f), and the cost savings realized in providing a range of affordable home prices; and

 

(f)The location of the project in relation to District priorities for housing and community development activities.

 

source

Final Rulemaking published at 37 DCR 8615, 8621 (December 29, 1989).