Revised Underwriting for HOME/CHDO Projects - Quick Quote

The City of Pontiac is seeking qualifications from experienced professionals or firms to provide underwriting services for its HOME Investment Partnerships Program (HOME), specifically for projects funded under the Community Housing Development Organization (CHDO) set-aside. The contract will not exceed $10,000 and will cover services for a one-year term.

The right underwriting partner will not only help the City meet its federal compliance obligations, but also provide clear, timely, and professional assessments that help staff make informed funding decisions. A vendor who can guide the city through underwriting while balancing technical expertise, flexibility, and a commitment to affordable housing outcomes will be a key asset in helping Pontiac successfully relaunch its HOME program.

The City of Pontiac was recently re-established as a direct HUD entitlement jurisdiction and is working to launch its first independent HOME-funded CHDO projects in over a decade. With an allocation of approximately $400,000 in CHDO set-aside funds, the City is committed to supporting qualified nonprofit housing developers that can deliver high-quality, affordable housing to Pontiac residents.

This effort is a key part of the City’s broader housing strategy, which focuses on stabilizing neighborhoods, increasing homeownership, and ensuring long-term affordability—particularly for low-income households. However, as a newly restructured grants team, the City faces several challenges that make strong underwriting support essential:

• Limited internal capacity for detailed financial and project feasibility reviews
• Need for compliance assurance with HUD regulations under 24 CFR Part 92.250
• New CHDO relationships that require careful risk and capacity evaluation
• High stakes for ensuring these initial HOME projects succeed and build trust

The right underwriting partner will not only help the City meet its federal compliance obligations, but also provide clear, timely, and professional assessments that help staff make informed funding decisions. A vendor who can guide the city through underwriting while balancing technical expertise, flexibility, and commitment to affordable housing outcomes will be a key asset in helping Pontiac successfully relaunch its HOME program.