The Portfolio
Four property types, six funding layers, one island
This isn’t a single LIHTC deal. AHA’s portfolio is 100% affordable housing — no market-rate units and no public housing despite the authority’s name. AHA functions as a medium-to-large nonprofit housing developer and owner with approximately 50 employees, owning property directly and through affiliates AAHC, Island City Development (ICD), and LIHTC partnerships.
The 23 active properties break into four categories: large family communities (Esperanza at 123 units, Rosefield Village at 92), senior buildings (Independence Plaza at 186 units is the single largest property), permanent supportive housing for formerly homeless residents (Estuary One at 45 units, Linnet Corner at 64 units with 25% PSH), and scattered-site family housing — 9 properties totaling 54 individual units spread across the island.
Funding is layered. The five LIHTC properties (252 units) carry CTCAC obligations. 383 units have Project Based Vouchers. HOME funds, MHP, County, and City sources each add separate compliance layers. Every unit requires annual income certification regardless of its specific funding source — that is AHA policy, not just LIHTC protocol.
Two pipeline projects: Estuary Two (46 units, 100% PSH, 2027) and The Poplar (60 units, family, 2028). The management agent will provide lease-up services and new construction consulting under separate fee addendums.
Complexity Flags
Three things that make this RFQ hard
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Insurance schedule — nine coverage lines.
CGL at $2M/$4M, umbrella at $5M, E&O at $2M, fidelity bond at $4M, tenant discrimination at $1M/$2M, cyber liability at $2M/$2M, plus auto, workers’ comp, and EPLI. The fidelity bond and cyber requirements exceed typical PM contract norms. Deductibles capped at $25,000 across all lines.
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100% annual income certifications — every unit, every year.
799+ certifications per year plus welfare tax exemptions, multi-funder regulatory reporting, and third-party file audits on all new move-ins plus 10% of current residents. This drives the need for a dedicated compliance team — not a shared resource across regions.
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PSH concentration — 155 supportive housing units.
Estuary I (45 units, 100% PSH), Linnet Corner (64 units, 25% PSH), and the upcoming Estuary II (46 units, 100% PSH) demand Housing First expertise, weekly on-site coordination with Building Futures, Alameda Point Collaborative, and LifeSTEPS, and management calibrated for formerly homeless residents.
Bottom Line
Conditional Bid — High Difficulty
Conditional Bid — High Difficulty
This is a genuine opening for a management change. AHA chose to rebid rather than exercise renewal options on the incumbent contract — a strong signal. The combination of FPI Management’s corporate ownership transition, a mid-contract fee increase to 3.55%, and a full competitive RFQ means AHA is actively evaluating alternatives. A California-rooted firm with stable ownership, deep LIHTC/PSH compliance infrastructure, and Yardi fluency can compete here. The conditional rating reflects the heavy insurance schedule, compressed timeline, and the fact that Round 1 is qualifications-only — you cannot differentiate on price or approach until Round 2.
