Consultant Services, Outside Counsel for Affordable Housing Insurance Program RFP
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Description
New York City Economic Development Corporation (NYCEDC or EDC) invites law firms and lawyers to submit proposals for the provision of outside legal counsel services in connection with NYCEDCs structuring and operating of an affordable housing insurance program (the Program) to reduce property and liability insurance costs for income-restricted affordable and rent-stabilized housing in New York City. NYCEDC anticipates committing, on behalf of the City of New York (the City), up to $100 million over a three-year period as a one-time funding infusion to launch and sustain the Program. NYCEDC's threshold expectations for this Program are as follows: the Program must deliver policy outcomes over the long run while remaining financially solvent and self-sustaining, and the City's funding must, at a minimum, be preserved, with a preference for structures that generate a financial return. The Program is expected to operate indefinitely as part of the Citys affordable housing new construction and preservation system. The Program seeks to ease costs for a population of income-restricted and rent-stabilized buildings which in large part have existing legal or contractual relationships with the New York City Housing Preservation and Development (NYCHPD or HDC) and the New York City Housing Development Corporation (NYCHDC or HDC). As lenders and regulators to many of these buildings, HPD and HDC monitor their financial and physical performance and act as key partners in asset management. As a result, the City has a distinct oversight role and regularly engages building owners about a range of operational issues, including insurance coverage. NYCEDC anticipates that outside counsel services will include advising on, and providing representation of NYCEDC (and when requested, governmental agencies) on various aspects of tax, insurance, corporate governance and public finance law related matters including, but not limited to, the structuring of the Program, the i…