Request for Proposals: Real Estate Properties for Affordable Housing Development
WeBuild Concord (WeBuild) is seeking real estate properties to purchase to build or rehab single and multi-family affordable housing units for households earning between 30-80 percent of the area median income. Property offerings should be located within Concord, North Carolina (Cabarrus County) and zoned appropriately for residential or mixed-use. Proposals should be submitted by 12:00 pm EST, June 24, 2022. Submissions received after the initial deadline will be considered as needed.
Overview and Purpose
According to a 2019 Housing Study and recent data during the pandemic, Concord is approximately 3,000 to 5,000 units short of the affordable housing needed to serve populations that earn between 30 to 80 percent of the area’s median income. The City of Concord and its citizens established WeBuild (formerly Concord Family Enrichment Association) to address this growing problem. Many teachers, government employees, service industry workers, students, the elderly, and disabled individuals fall into these categories. Housing determines an individual’s proximity to jobs, education, amenities, and economic development. Thus, housing plays a critical role in our ability to compete as a region.
WeBuild supports the stabilization of neighborhoods and wealth development through affordable housing development. At least 70 percent of our developments focus on homeownership, while other developments provide rental housing to vulnerable and aspiring populations. These homes will create more significant opportunities for families, employees, and youth in the Concord area.
The properties acquired from the RFP will be used to develop single and multi-family homes with qualities that match and enhance existing neighborhoods. Because we believe in affordability, dignity, and quality, we build all our homes at level 2 construction or above.
Requirements, Priorities, and Preferences
Requirements
The funding for this request comes from the American Rescue Plan Act through Cabarrus County. The following requirements must be met.
- The property is located in Concord, Cabarrus County, North Carolina.
- The land or home must have access to sewage or lines with the City of Concord.
- The property must have access to other utilities.
- The property has no contamination or environmental issues.
- Possible rehabilitation projects (homes) must not require more than an estimated 20 percent of the total value of the purchase price.
Priorities
- We prioritize properties within a mile of public transportation, major roadways, amenities (food, parks, medical, etc.), and employment or economic development centers.
- Properties sold at tax value or below market value will be highly considered to aid with the affordability of housing projects. We offer letters citing market and sales value differences to philanthropic-minded sellers. This does not exclude us from considering market value properties depending on location and other priorities and preferences.
Preferences
- Properties that require less grading and infrastructure issues are preferred.
- Properties with no known significant issues underground (obstructions, etc.) are preferred.
- Existing homes needing minimal upgrades or safety issues to meet our level 2 standards are preferred.
- Properties that do not require bidding against other individuals and entities.
Submission Requirements
Proposals or listings are due by 12:00 pm EST, Friday, June 24, 2022. Proposals should be submitted electronically in PDF format or link to the listing to info@webuildconcord.org.
Please place the following in your email subject line: “RFP: Property.”
Proposals received after the due date will be considered on an ongoing basis as needed.
WeBuild reserves the right to negotiate pricing and terms with property owners or brokers.
Submission of Proposals
The following information should be included with your proposal or accessible through your link:
- Letter of introduction – please have a statement of ownership/authority to offer this property
- A brief history of the property; including ownership, current, and previous use
- Address and PIN of the parcel; parcel size/acreage, size, and description of any existing structures (use, age, current tenancy/occupation, and terms)
- Description of anticipated issues (example: contamination, zoning, neighborhood reaction, )
- Photos
- Copies of any previous listings on this property; recent appraisals
- Documentation of any encumbrances, restrictions on the property
- The proposed acquisition price, including terms of sale
Site Visits
Please specify the name, number, and contact information to arrange site visits.
Evaluation Selection Process
WeBuild representatives will review and analyze responses and conduct additional due diligence.
We will evaluate the following:
- The ability to meet the minimum requirements for infrastructure, utilities, and the environment
- The ability to align with priorities such as pricing and access to education, economic development, transportation, and amenities
- We give added value to proposals that align with preferences for property conditions and bidding
- The ability to close deals in a timely manner
We expect properties to satisfy additional due diligence.
