Real Estate Owned Program (REO) Requests for Qualifications for Community Partners, Architects, and Contractors

Restored Homes HDFC (Restored Homes) is issuing Requests for Qualifications (RFQ) to determine the eligibility of experienced Community Partners, Architects, and Contractors to participate in the rehabilitation and sale of vacant foreclosed 1 to 4 family homes to low and moderate income families in New York City.

In 2008, Congress passed the Housing and Economic Recovery Act (HERA), which created the National Neighborhood Stabilization Program (NSP).  The NSP provides grants to States and localities for the redevelopment of foreclosed and abandoned homes.  The grants are intended to prevent further declines in neighborhoods most severely impacted by foreclosures.  The City of New York's Department of Housing Preservation and Development (HPD) received a direct allocation of NSP funds which will be used to implement its 2008 Consolidated Plan: Addendum - Neighborhood Stabilization Program, focusing on acquiring, rehabilitating, and re-selling lender-owned real estate (REO) properties in the five boroughs. 

Restored Homes, through an affiliate organization Restoring Urban Neighborhoods LLC (RUN LLC), is working in collaboration with HPD, NYS Housing Finance Authority, the National Community Stabilization Trust and lenders/servicers to facilitate the transfer of REO property to qualified owner-occupants to help alleviate the destabilizing effects that the growing stock of vacant homes is having on many New York City neighborhoods.  Restored Homes will purchase and redevelop approximately 95 REO properties over a 36 month period.  In order to create the largest positive impact, the REO Program targets the areas of greatest need, based on the highest percent of foreclosures, high cost loans and lis pendens filings, for property acquisition, rehabilitation, and marketing of homes.  

In addition to accepting applications for the REO Program, Restored Homes will continue to accept applications for the Asset Control Area (ACA) Program.  Through the ACA Program, Restored Homes will purchase, rehabilitate and re-sell up to 90 FHA-foreclosed properties from the U.S. Department of Housing and Urban Development (HUD).  The ACA properties will be located in specific HUD-designated Revitalization Areas which are defined as neighborhoods in need of economic and community development where there is already a strong commitment by the local governments to address preservation of existing housing.  Applicants found eligible may be working in both programs simultaneously.

Respondents who choose to download the NOFA at no charge must register online.  A copy of the NOFA may also be obtained via mail or in person from 9 a.m. to 5 p.m. at HPD located at 100 Gold Street, New York, NY 10038.  Respondents must register online at the HPD website or in person at HPD to receive any updates or additional communications regarding the NOFA.

Proposals can be submitted starting April 1, 2010 and are due in hand no later than 4:00 p.m. on April 1, 2010.  Detailed instructions are provided in the NOFA. 

All communications must be IN WRITING to:

Arden Sokolow    
NYC HPD
100 Gold Street, Room 9S-7    E-mail:HARP@hpd.nyc.gov
New York, NY 10038

Click Here to Register and Download The HARP NOFA

Prospective Applicants should also download the Proposal Forms:

A.  Development Team Information and Questionnaire (Word)
B.   Management Questionnaire— rental only (Word)
C.   HARP financing proposal

         1. Rental Pro Forma (Excel)
         2. Coop and Condo Pro Forma (Excel)

For an archive of RFPs, RFQs, and RFOs, click here.

If you would like to receive an e-mail when HPD has issued a Request for Proposals/Qualifications/Offers, visit the NYC HPD E-mail Update Subscription Center.