Developers must be willing to participate in the program and abide by ongoing requirements associated with receipt of federal funding.

Developers must be able to obtain their own construction financing and provide a letter of commitment from their financial institution.

Developers must have an ongoing management plan for the newly constructed units that reflect sound tenant selection criteria, an ongoing maintenance plan, and a commitment to neighborhood livability through participation in the Crime Free Multi-Family Housing Program.

Developers must have prior experience in development and/or management of workforce housing of quality comparable to the guidelines established by this program.

Developers must demonstrate the ability to fund the ongoing operational expenses of the property during the fifteen-year (15 year) retention period, as evidenced by an operating pro forma and appropriately funded maintenance reserves.

Developers proposals will be scored competitively based upon factors including experience with affordable housing, management capacity, sustainability and green building, and high quality design.

Developers will be allowed a reasonable developer's fee, not to exceed twelve percent (12%) of the final cost of construction, which shall be included in the cost to construct and subject to the per unit cost limitations.

Units constructed must fulfill a demonstrated market need based upon the City's market analysis.

Units must be reasonably expected to complete construction within 18 months of funding approval.

Building design and scale will be compatible with the surrounding neighborhood character.

Building design must be consistent with the City's design standards for the area as adopted through the Neighborhood Planning Process.  Projects will be rated based upon the compatibility as well as elements of visual interest (use of materials, architectural features, etc.) that enhance neighborhood character.

Building and units will meet the mandatory building requirements of the program.  Additional bonus points are awarded for incorporating optional building requirements.

Projects will be scored using the City's Smart Growth Score Card in conjunction with a project review matrix.

Developments will comply with applicable city building and zoning code requirements, and shall meet the standards of all other local codes.

Subsidy from the program shall be limited to $60,000 per unit.  Actual subsidy amount will be determined through underwriting and subsidy layering analysis. Overall development costs cannot exceed the HUD 221(d)(3) limits (see below development costs).

At least 51% of assisted units (rounded up to the nearest whole unit number) must be rented to households with incomes that do not exceed 80% of the Area Median Income for Cedar Rapids, adjusted for household size (see below income limits).

Rents plus utility allowances for any tenant-paid utilities may not exceed the HUD Fair Market rents for the area (see current rent limits chart).

Affordability restrictions apply for the entire 15-year retention period.

Owners of assisted properties must annually certify compliance to the City and provide tenant income and household characteristics data.

Property must meet all applicable local building and housing codes at project completion (i.e. before the final assistance payment is made).

Property must continue to comply with local housing codes throughout the retention period, and must undergo annual inspections by the City to demonstrate compliance.

Owner must adopt reasonable, non-discriminatory tenant selection criteria and employ reasonable methods of tenant oversight, including a protocol for conducting background checks and use of the City's Crime Free Lease Addendum.

Owner must utilize a lease that, at a minimum, conforms to Iowa Uniform Landlord and Tenant Law.

Each project must undergo an environmental review.

Projects must meet ADA and federal accessibility requirements.

Owners must comply with Fair Housing and Equal Opportunity Requirements.

Properties of eight (8) or more units will be subject to Davis Bacon and Related Acts.