NSP Implementation Question
I am emailing on part of a regional consortium. We're interested in acquiring REO properties across our metro region. We've partnered with NCST and have created a revolving loan fund to assist with the acq/rehab of REO properties.
We've prepared a developer solicitation in order to request developers to acquire the properties on our behalf. Other NSP recipients have used redevelopment authorities to acquire properties for them. The properties are then sold to developers for rehab.
Our model is different in that developers may acquire properties on behalf of our consortium. The major challenge, however, is figuring out whether a developer should sell to another developer to rehab the properties.
We're not inclined to allow our acquisition partner (developer) rehab the properties b/c we want to ensure we obtain competitive rehab proposals from interested developers. Are there any thoughts about this model? We, unfortunately, are a MPO and can't acquire properties on our own.
We've prepared a developer solicitation in order to request developers to acquire the properties on our behalf. Other NSP recipients have used redevelopment authorities to acquire properties for them. The properties are then sold to developers for rehab.
Our model is different in that developers may acquire properties on behalf of our consortium. The major challenge, however, is figuring out whether a developer should sell to another developer to rehab the properties.
We're not inclined to allow our acquisition partner (developer) rehab the properties b/c we want to ensure we obtain competitive rehab proposals from interested developers. Are there any thoughts about this model? We, unfortunately, are a MPO and can't acquire properties on our own.
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