RFP- Lender for Construction and Permanent Loans for Terra Vista RAD
| Location: | California |
|---|---|
| Posted: | Nov 9, 2026 |
| Due: | Dec 3, 2026 |
| Agency: | Housing Authority of the County of Kern |
| Type of Government: | State & Local |
| Category: |
|
| Publication URL: | To access bid details, please log in. |
Attachment Preview
Date Issued:
November 3, 2026
REQUEST FOR PROPOALS
Lender for Construction and Permanent Loans for
Terra Vista RAD
Housing Authority of the County of Kern
601 24th Street
Bakersfield, CA 93301
(661) 631-8500
www.kernha.org
The Housing Authority of the County of Kern (the “Housing Authority”) is seeking proposals for lenders
who will provide both construction and permanent loans with respect to a 35-home affordable housing
development known as Terra Vista RAD, located at 300 Terra Vista Ln, Shafter, California.
Terra Vista RAD Design Features
• Terra Vista RAD is planned for rehabilitation of a low-income public housing development, and it
will be rehabilitated in harmony with TCAC’s Minimum Construction Standards and California
Building Code Regulations.
• An off-site services office will be used for the provision of adult educational and service coordinator
services for the benefit of all residents provided by the Housing Authority’s Resident Services
outreach program.
• Residential home amenities include central heating and cooling, window blinds, vinyl plank floors,
ceiling fans, refrigerator, stove/oven, dishwasher, garbage disposal, washer and dryer hook-ups,
and microwave oven.
• Currently, the development has 1 mobility-accessible home and 1 home with hearing/vision
features. Following rehabilitation, 10% (4) of the low-income housing homes will have mobility
features, and 4% (2) will have hearing/vision features.
Housing Type/Population to Be Served
Terra Vista RAD is a non-targeted development serving residents earning at or below 30, 50 and 60,
and 80 percent of the Area Median Income as well as two market rate homes onsite to accommodate
existing tenants.
# of Bedrooms
1
1
1
2
2
2
2
2
3
3
3
3
4
4
4
2
% of County
Med. Income
30%
50%
60%
30%
50%
60%
80%
MRKT
30%
50%
60%
MRKT
30%
50%
60%
MGR
Total
Homes
1
2
4
1
6
9
2
1
1
1
1
1
1
1
2
1
35 Homes
Gross Rent
$528
$881
$881
$634
$1057
$1057
$1057
$1057
$732
$1221
$1221
$1221
$817
$1362
$1362
Utility
Allowance
$161
$161
$161
$223
$223
$223
$223
$223
$281
$281
$281
$281
$334
$334
$334
Net Rent
$367
$720
$720
$411
$834
$834
$834
$834
$451
$940
$940
$940
$483
$1028
$1028
Project-Based Vouchers
Thirty-four homes will receive rental assistance pursuant to a 20-year project-based Housing Choice
Voucher contract with the Housing Authority. Subject to HUD approval, the Housing Authority will enter
into a Housing Assistance Payments Contract for a period of 20 years with option for renewal.
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Permanent Loan
The bank will provide a $3,000,000 permanent loan with a 40-year amortization and a minimum 17-
year term.
Permanent Financing Sources
Source
Term
Interest Loan Type Annual Debt
(Months) Rate
or Service Fee
Tax Credit Equity – projected equity from the sale of $566,450 in 4% annual Low-Income
Housing Tax Credits
Bank Loan
204
TBD
40-year
$214,623
amortization
Housing Authority – RAD Loan
660
3%
Residual
Receipts
Housing Authority – Seller
660
3%
Residual
Carryback Loan
Receipts
Amount
$4,474,957
$3,000,000
$750,000
$4,640,000
Deferred Developer Fee
Golden Empire Affordable
Housing, Inc. – Capital
Contribution
N/A
N/A
N/A
N/A
$960,589
$100
Total Permanent Sources $13,825,646
Construction Financing
The project will require $13,825,646 in construction financing. This will consist of a $6,100,000 bank
construction loan that includes the private placement purchase of $3,600,000 in tax-exempt Series A
bonds and $2,500,000 in taxable Series B bonds. Below are the full construction sources.
Source
Amount
Bank Construction Loan Tax-Exempt
Bank Construction Loan Taxable
Seller Carryback Loan
RAD Loan
Tax Credit Equity
Deferred Costs
Total Construction Sources
$3,600,000
$2,500,000
$4,640,000
$750,000
$1,440,654
$894,992
$13,825,646
The construction bank loan will be paid off after stabilization by the permanent sources listed above
that are not included in the Construction Financing.
Reserves
The project also includes the following Reserves:
• $125,206 3-Month Operating Reserve (Required- Regulation Section 10327(c)(8)(C))
• $100,000 replacement reserve
2
TCAC Reservation
The preliminary TCAC application results placed Terra Vista RAD with one of the highest ranked
tiebreakers in the rural category at 238.590%. Based on the preliminary results, Terra Vista RAD will
be awarded 4% Low-Income Housing Tax Credits. We will provide official confirmation and evidence
of the award letter as soon as it is received.
Site Details
The total project site’s acreage is 4.13 acres and is located at 300 Terra Vista Ln, Shafter, Kern County,
California. TV consists of 18 one-story duplexes containing 7 - 1BR, 20 - 2BR, 4 - 3BR and 4 - 4BR
homes.
Ownership Structure
A To-Be-Formed LP (the “Limited Partner”) will own Terra Vista. A To-Be-Formed LLC, controlled by
Golden Empire Affordable Housing, Inc., will be the Managing General Partner. A To-Be-Formed LLC,
controlled by the Housing Authority, will be the Administrative General Partner.
The Housing Authority is the developer and guarantor and will also be the property manager of the
residential affordable housing development.
Schedule
Activity
Investor and Lender selected:
Building Permits issued:
Construction begins:
Certificate of Occupancy/Placed in Service:
100% occupancy:
Conversion to Permanent Financing:
Construction Loan Maturity Date:
Completion Date
December 2026
May 2027
June 2027
June 2028
September 2028
February 2029
June 2029
Evaluation Criteria
Proposals will be evaluated based on the following criteria:
• Loan rate and fees
• Guarantees required
• Additional reserve requirements
• Lender experience/reputation/references
Attachments
Attached with this RFP are the following documents for Terra Vista RAD:
• Exhibit A - Minimum Information for Loan Proposals
• Exhibit B - Development Pro Forma
• Exhibit C - Operating Pro Forma
3
• Exhibit D - CDLAC Application List
• Exhibit E - Joint TCAC-CDLAC E-application
Proposal Submission
Proposals for Lender for Terra Vista RAD must be received by 12/3/26 at 4:00 p.m., via email to
bids@kernha.org and addressed as follows:
Lender Proposal for Terra Vista RAD
Jotveer Khangura, Administrative Coordinator
Housing Authority of the County of Kern
601 24th Street
Bakersfield, CA 93301
Please Note – paper submissions will not be accepted.
For questions, please contact Jotveer Khangura, Administrative Coordinator, via email at
jkhangura@kernha.org, or at (661) 631-8500 ext. 1213 and/or Tony Miranda, Planning and
Development Specialist, tmiranda@kernha.org, or (661) 520-1156.
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This is the opportunity summary page. It provides an overview of this opportunity and a preview of the attached documentation.
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