STRATEGIC PRIORITY: Core
AGENDA DATE: August 27, 2025
COUNCIL DISTRICT(S): Citywide
DEPARTMENT: Office of Procurement Services
EXECUTIVE: Donzell Gipson
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SUBJECT
Title
Authorize a three-year service contract, with three one-year renewal options, for underwriting services for real estate development for the Department of Housing and Community Development - PMG World Wide, Inc., most advantageous proposer of five - Financing: This action has no cost consideration to the City (see Fiscal Information)
Body
BACKGROUND
This service contract will provide for underwriting services for real estate development for the Department of Housing and Community Development. This service contract will provide financial assistance to new developments or substantial rehabilitation of existing developments through the Notice of Funding Availability (NOFA). The NOFA projects will deliver sustainable, affordable housing to residents throughout the City.
This program leverages city-owned land, public/private partnerships, and supports social impact projects, while following the compliance rules and limitations associated with funding streams.
If the development meets the city's standards, the supplier will make recommendations regarding amounts, terms and sources, submitting a written underwriting report for each project.
All development projects are underwritten utilizing prudent business practices through the City's underwriting framework including:
* Evaluation of regulatory requirements applicable to the project
* Market risk
* Developer risk
* Project risk or financial underwriting
* Ensuring the investment of public dollars meet the public purpose of the City's programs.
A five-member committee from the following departments reviewed and evaluated the qualifications:
* Department of Housing and Community Development (1)
* Office of Economic Development (1)
* Office of Homeless Soluti...
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