General Qualifications Demonstrated experience in multifamily housing finance and development. Prior experience working with municipal agencies. Willingness to explore social housing and innovative finance models that deviate from traditional affordable housing methods. Functional and Technical Requirements The selected Proposer shall be expected to work closely with designated City of Portland personnel to perform the tasks and generate the deliverables described generally below. Develop prototypical development scenarios for limited profit workforce housing, including new construction/acquisition and rental/ownership models, using current market data. Create financial model for limited profit development scenarios using cost-based rents. Identify private and public funding pathways and develop sources/uses budget, cost-based operating pro forma, and underlying financial assumptions tied to industry standards. Make recommendations on program design for a City-supported limited profit workforce housing program, e.g., eligible project types, subsidy per unit, affordability targets, rent structure (cost-based rents vs. other methods), and regulatory considerations. Identify potential property(ies) and preliminary financing plan for a limited profit workforce housing acquisition pilot project. PHB may engage the selected Proposer to explore other innovative housing finance strategies, in addition to the limited profit workforce housing model.
