PLEASE NOTE: Village Communities of Texarkana, Texas (VCTT) is issuing addendum #2 to provide responses to additional questions from respondents for RFQ 22-5, Home Building Program, originally issued October 27, 2022. Based on the Pre-Proposal and Qualifications Meeting held on Monday, November 21, 2022, the following due dates have been updated in the chart.
Acknowledgment of Addendum - 11/28/2022 - 2:00 pm CST Written Questions Due Date and Time - 11/29/2022 - 5:00 pm CST Responses to Questions - Within 2 business days Proposals Due Date and Time - 12/13/2022- 2:00 pm CST Award bid-Selection - TBD
The responses will be posted on the VCTT website, www.vcoftt.org, by the end of business on Friday, December 2, 2022. You may email your questions no later than 5:00 pm on Tuesday, November 29, 2022.
The Respondent shall indicate receipt of this Addendum by signing this form or sending an email to Tarisha Duson acknowledging receipt of this Addendum by indicating in the subject line "Acknowledgement of Addendum #2" no later than 2:00 pm, Monday, November 28, 2022.
(1) Please see the following chart that includes questions received as of Monday, November 21, 2022. Responses to the questions are in Bold:
Questions & Responses
Will there be more detail about the three (3) year commitment vs. the bundling of the parcels? Also, can you give back the bundles?
As we kick this off, we are going to assign the lots in bundles of up to five (5) to each development entity, and if you require more, as long as your financial capability dictates that, we can provide more. Each bundle provided will be in a three (3) year agreement. The agreement provides that within three (3) years, the developer builds homes on those parcels. At the end of the three (3) years, or if you're done before the three (3) years is up, and you want more bundles, we can give you more. For example, if you have two houses and haven't started the other, you can give it back. This will be a multi-year endeavor.
Is there anything taking place in Texarkana to make the public aware of any financing to help purchase any of the properties or is it strictly up to the developer to sell or rent the property? Are there any local financing and program opportunities to get people approved or is it traditional mortgages?
At Cadence Bank, there is a product called "United Homes," which consists of 100% financing. For more information, send an email to George Merrill. There may be some more opportunities available through other resources such as other banks.
Will there be more opportunities for people to be able to finance and afford the homes that will be built on the parcels instead of the parcels just sitting there without anyone being able to qualify for them?
VCTT had a seamless process when we previously had the homeownership program in which we had people to qualify on the front end, construction started, and if something went wrong, we would have someone else in the cue to qualify for the home. There will be more discussions about this.
What if the developer is not interested in a specific lot that's in the bundle?
VCTT will give you an opportunity to have up to five (5) good bundles. VCTT can provide you with some other options that fit the developer's particular model.
How will the houses appraise in the neighborhoods?
There are some existing homes that were built when VCTT had the homeownership, and they were sold at the appraised price, and it worked out.
Will there be any opportunities for leasing the future homes being built via the program and lease to individuals that have housing vouchers? Also, is there a waiting list?
Yes. With this program, it's real estate (rental, market rate, tiny homes, etc.), and it can be an investment for you. The VCTT has a waiting list with over 600 applicants. Once a home is built, the house may be added to the housing list, given it meets the criteria of the Housing Choice Voucher Program.
Will there be any type of restricted covenant in terms of making improvements to a home where a home is dilapidated, cars are in the yard, etc.?
These things will be addressed as these things come up. One of VCTT's entities, Prime Impact Solutions, Inc., which is a 501 (c)3, has a City Liaison on the board so that we may address issues as such involving existing lots that may require code enforcement.
All proposals are due by 2:00 pm on Tuesday, December 13, 2022.
Thank you for your interest in doing business with Village Communities of Texarkana, Texas, and we look forward to receiving a proposal submittal from your firm.