HOA has worked primarily with non-profit development consultants to build new affordable homes. All development consultant partners must agree to provide their services to the project on a fee basis. Any value created (“profit”) from a development is captured in the HOA 2nd mortgage and supports housing affordability.
The development consultants are responsible for all aspects of design, planning and execution of the development. The development consultants’ responsibilities include:
- Identification and acquisition of the land
- Obtain available Government development support (CMHC SEED and PDF funding)
- A submission to HOA requesting a project working capital loan and meeting HOA lending criteria
- Obtain construction financing
- Manage, control and report on project cash flow
- Secure all necessary planning and development approvals
- Deliver a marketing and sales program and provide initial screening of purchasers for extra 2nd mortgage help
- Obtain, under a fixed-price contract, a credible builder-partner who provides some of the project equity
- Manage the development team including builder, architect, legal, etc, in order to deliver the development on time and on budget
