Rent Comparability Studies

Please read the description below. If you are interested in performing this work for HUD please send an email to Donna Crowley at contact@example.gov and a complete copy of the solicitation will be emailed back to you. Rent comparability studies to be performed on the following properties in accordance with the attached statement of work . The finished work product will be six weeks after award. Line item 0001 47-49 Carol Street Patterson, NJ 07501 16 - 2 bedroom units Square footage unavailable REAC score: 84a from 2007 Line item 0002 129 N. Arlington Ave. East Orange, NJ 07018 90 - 1 bedroom units 250 - 2 bedroom units Square footage unavailable REAC score: 84b from 2006 Line item 0003 2 Nevada Street Neward, NJ 07102 36 - 0 bedroom units 270 - 1 bedroom units Square footage unavailable REAC score: 65b from 2008 Line item 0004 South Delsea Drive Millville, NJ 08332 30 - 1 bedroom units 20 - 2 bedroom units 49 - 3 bedroom units Square footage unavailable REAC score: 86b from 2007 Statement of Work Rent Comparability Studies HUD Mark Up to Market (MU2M) Program A. Background & Objectives Section 8 laws and administrative procedures require HUD obtain & review Rent Comparability Studies (RCSs) when initially renewing most Section 8 contracts and when processing some rent increases using the Annual Adjustment Factors. The market rents resulting from these studies determine the rents owners can receive and, hence, greatly influence whether an owner will renew & continue providing assisted housing or opt-out of the Section 8 contract and convert to unassisted, market rent housing. The market rents set in these studies also drive HUD's outlays for Section 8 project-based subsidy. In most cases, owners hire the appraiser and submit the RCS to HUD. However, in some cases HUD must directly contract for the RCS. HUD is required to purchase a study when the owner elects to mark rents up to market under Option I of HUD's Section 8 Renewal Policy Guide. This request seeks appraisers to prepare RCSs on these mark-up-to market (MU2M) cases. B. Scope of Services 1. The contractor shall prepare Rent Comparability Studies for Section 8 contracts identified by the GTR/GTM. The contractor shall prepare the study in accordance with the procedures set forth in Chapter 9 of the HUD Section 8 Renewal Policy Guide (the HUD Guide), the Guide can be found at http://www.hud.gov/offices/hsg/mfh/exp/guide/s8guide.cfm It can also be accessed through the following procedure: hud.gov; click on multifamily industry; click on Section 8 expiring contracts; click on Section 8 Renewal Policy Guidebook; click on entire Section 8 Renewal Policy Guidebook; go to Chapter 9. 2. The contractor shall furnish all personnel, material, supplies, equipment, transportation and facilities necessary to provide the services required by this contract. C. Tasks Required in Preparing a RCS The contractor shall comply with the Uniform Standards of Professional Appraisal Practice (USPAP) in the manner discussed in the HUD Guide, particularly Section 9-9. The contractor shall perform the tasks required by Chapter 9, Section 9-7, of the HUD Guide. These tasks include, but are not limited to: 1. Analyzing the subject Section 8 property as required in Section 9-9 of the HUD Guide, including: - identifying unit types the RCS must cover and classifying unit types as primary or secondary. - inspecting and photographing the property and documenting the project's condition, appeal and other characteristics - identifying the property's market area and assessing, the neighborhood surrounding the property 2. Selecting comparables. For each primary unit type, the contractor must try to locate five comparable units that meet the six conditions in Chapter 9, Section 9-10, of the HUD Guide. If the contractor cannot locate five properties that meet all six conditions, the contractor shall select comparables in accordance with the guidance in Section 9-10 of the HUD Guide. 3. Collecting & documenting data on comparables. The contractor must collect data as required by Sections 9-11 of the HUD Guide and document the data as required by that section of the HUD Guide of the Notice. For each primary unit type, the contractor must prepare a Comparable Property Profile and a Rent Comparability Grid (HUD 92273-S8) as set forth in Section 9-11.C and Appendix 9-2. The profile must contain at least the information required by Appendix 9-4 of the HUD Guide. The contractor must prepare the Rent Grid in accordance with the instructions in Appendix 9-8 of the HUD Guide. The appraiser should use HUD's Excel form to prepare the Grid, unless the GTM agrees to another method of filing in the Grid. 4. Computing an adjusted rent for each primary unit type as directed in Section 9-12 of the HUD Guide. The contractor must take care to comply with that Section's direction on non-shelter services. 5. Using the adjusted rents to derive a market rent for each unit type as directed in Section 9-13 of the HUD Guide. 6. Preparing the report in the format required by the HUD Guide. The report must comply with Section 9-14 and Appendix 9-10 of HUD Guide. Narratives required in the report must be concise but contain enough information that a person not familiar with the properties and market areas involved can understand how the appraiser arrived at his/ her conclusions. It is strongly suggested that the appraiser use Appendix 9-3, the Rent Comparability Study enclosed in the HUD Guide as a model for their report. D. Who Can/Can't Perform The Work Requested. 1. The RCS must be prepared by, or under the direction of, a state- certified general appraiser who meets all of the qualifications in Section 9-8 of the HUD Guide. That appraiser must sign and take full responsibility for the report, but an appraisal assistant may contribute to any of the tasks if. 1) the assistant is employed by the same firm as the appraiser; and 2) the report identifies the roles the assistant appraiser performed. 2. The contractor shall not employ or subcontract with any person who is a current or former civilian employee of the U.S. government if the employment of that person would create a conflict of interest, an appearance of any conflict, or otherwise conflict with Federal or FIUD ethics rules. The contractor shall be responsible for resolving any actual or appearance of a conflict of interest and shall not rely on HLJD to resolve the issue through reassignment of workload or any other means E. Deliverables and Schedule Requirements Within 30 calendar days of receipt of HUD's RCS order or within any alternate time agreed to by the GTR the contractor shall submit two sets of the following, in hard copy, to the GTM. Each of these materials must meet the applicable requirements of Chapter 9 of the HUD Guide. If the GTM requests it, the contractor must submit the Rent Comp Grid in Excel on disk or via email. At a minimum, the deliverable must contain the elements set forth in Section 9-14 of the HUD Guide: 1. Appraiser's Transmittal Letter 2. Scope of Work 3. Description of Subject Property (including color photographs) 4. Identification of the Subject's Market Area 5. Description of Neighborhood 6. Narrative Describing Selection of Comparables 7. Locator map for Subject and Comparables 8. Rent Comparability Grid (HUD 92273-S8) for Each Primary Unit Type 9. Narrative explaining adjustments and market rent conclusions (one set of explanations for each Rent Grid) 10. Comparable Property Profile for each Comparable (including a color photograph) 11. Appraiser's Certification 12. Appraiser's License (only if relying upon temporary license) F. Disclosure of information. Except as specifically authorized elsewhere in this contract or as directed by the GTR or Contracting Officer, the contractor shall not disclose any information about the conditions or management of properties to any party. G. Professional Liability Insurance: Minimum coverage requirement of $250,000.