About this opportunity
AI summaryThe Housing Authority of the County of Kern and Wasco Affordable Housing, Inc. seek proposals from lenders to provide construction and permanent financing for Newman Gardens, a planned 51-home affordable housing development in Wasco, California. The project requires $21,413,736 in construction financing and a $3,200,000 permanent loan featuring a 40-year amortization schedule. Only onshore USA organizations are eligible to bid. Proposals must be received by December 3, 2026, at 4:00 PM, and vendors may submit questions to Senior Grants Manager Maria Guzman via email. The agencies will evaluate submissions based on loan rates and fees, required guarantees, additional reserve requirements, and lender experience, reputation, and references.
Buyer and opportunity details
- Client
- The Housing Authority of the County of Kern and Wasco Affordable Housing, Inc.
Scope of work
- Provide a $12,500,000 bank construction loan
- Private placement purchase of $6,000,000 in tax-exempt Series A bonds
- Private placement purchase of $6,500,000 in taxable Series B bonds
- Provide a $3,200,000 permanent loan with a 40-year amortization and minimum 17-year term
How proposals are evaluated
| Criterion | Weight / scoring |
|---|---|
| Loan rate and fees | Not specified |
| Guarantees required | Not specified |
| Additional reserve requirements | Not specified |
| Lender experience/reputation/references | Not specified |
Documents to include with your response
- Loan proposal containing proposed interest rates and terms for construction and permanent loans
- Description of any guarantees required of Developer
- Prepayment penalties statement
- Loan security requirements
- Description of construction and perm loan closing requirements
- Any fees expected by the lender
- Expected bank legal or other third-party costs paid by developer
- Proposed loan structure
- Confirmation that no further reserve accounts or guarantees will be required beyond stated requirements
Key dates
- Date Issued
- November 3, 2026
- Proposals due
- 12/3/26 at 4:00 p.m.
- Investor and Lender selected
- December 2026
- Building Permits issued
- April 2027
- Construction begins
- June 2027
- Leasing Activity begins
- May 2028
- Certificate of Occupancy/Placed in Service
- July 2028
- 100% occupancy
- October 2028
- Conversion to Permanent Financing
- February 2029
- Construction Loan Maturity Date
- June 2029
How to submit
- Method
- Instructions
- Submit via email to [email protected] addressed to Maria Guzman, Housing Authority of the County of Kern. Paper submissions will not be accepted.
Contract details
- Term
- Construction loan through June 2029; permanent loan term is a minimum of 17 years (204 months) with a 40-year amortization.
- Estimated value
- $12,500,000 construction loan and $3,200,000 permanent loan
- Place of performance
- 1900 Ocotillo Street, Wasco, Kern County, California
- Funding
- 4% Low-Income Housing Tax Credits, CDLAC tax-exempt bonds, HCD - Joe Serna, HCD - GAP Funding, and HUD Project-Based Vouchers