REQUEST FOR PROPOSALS (RFP) #2271 AUDIT AND TAX …

10400 Detrick Avenue Kensington, Maryland 20895-2484 Telephone (240) 627-9786 Fax (301) 949-1286 www.hocmc.org

REQUEST FOR PROPOSALS (RFP) #2271

AUDIT AND TAX SERVICES FOR VARIOUS HOUSING OPPORTUNITIES

COMMISSION AND LIMITED PARTNERSHIP PROPERTIES

Magruders Discovery Development Corporation

Strathmore Court and Strathmore Court Limited Partnership

State Rental Partnership

Arcola Towers RAD Limited Partnerships and Arcola Tower RAD GP LLC

Waverly House RAD Limited Partnerships and Waverly House RAD GP LLC

Alexander House Apartments Limited Partnerships and Alexander House GP LLC

Tanglewood and Sligo Limited Partnerships and HOCMC LLC

Glenmont Crossing Development Corporation

Glenmont Westerly Development Corporation

Brookside Glen Limited Partnership

Brookside Glen Development Corporation – Tax Return Only

The 64 Moderately Priced Dwelling Units

Town Center Apartments, Inc.

Bradley Crossing LLC and HOC MM Bradley Crossing LLC

June 10, 2021

Submissions Due Date: July 1, 2021 by 2:00 P.M. Electronically Submittal: [email protected]

Leidi Reyes Eugenia Pascual Procurement Officer Controller [email protected] [email protected]

mailto:[email protected]


Housing Opportunities Commission (RFP #2271) Page 2 of 31

HOUSING OPPORTUNITIES COMMISSION OF MONTGOMERY COUNTY (MARYLAND)

10400 Detrick Avenue Kensington, Maryland 20895

Request for Proposal No.2271

The Housing Opportunities Commission of Montgomery County, MD (HOC) invites proposals from qualified independent Certified Public Accounting (CPA) firms to perform the following services: Annual independent audit for:

1. Strathmore Court and Strathmore Court Limited Partnership 2. State Rental Partnership 3. 64 Moderately Priced dwelling Units (MPDU)

Annual independent audit and tax services for:

4. Magruders Discovery Development Corporation 5. Arcola Tower RAD Limited Partnership 6. Waverly House RAD Limited Partnership 7. Alexander House Apartments Limited Partnership 8. Tanglewood and Sligo Limited Partnership 9. Glenmont Crossing Development Corporation 10. Glenmont Westerly Development Corporation 11. Brookside Glen Limited Partnership 12. Town Center Apartments, Inc. (Corporation) 13. Bradley Crossing LLC

Annual tax services for: 14. Arcola Tower RAD GP LLC 15. Waverly House RAD GP LLC 16. Alexander House GP LLC 17. HOCMC LLC 18. Brookside Glen Development Corporation 19. HOC MM Bradley Crossing LLC

For purposes of the financial statements, these properties have a fiscal year ending June 30 except for Arcola Tower RAD, Waverly House RAD, Alexander House Apartment and Tanglewood and Sligo Limited Partnership which has a calendar year ending December 31 Reports related to these entities are distributed to various selected officials with copies made available to the public and such organizations as may require them for review in connection with mortgage financing and other activities. The selection of the independent auditor will be for a two-year engagement for all of the above properties to cover applicable fiscal/calendar years in 2021 and 2022, with an option for


renewal for up to three additional one year periods for applicable fiscal years in 2023, 2024, and 2025. Proposals may be combined into one package; however, the cost for five years for each project must be separately quoted. The contracts will be awarded separately for each entity but an auditor may be awarded more than one contract. Services to be performed Please see the description for each project. Proposal Submission Mandatory Submission Requirements 1. Responses are to be submitted via email at [email protected], Attn.: Leidi Reyes,

Procurement Officer by 2:00 PM, July 1, 2021. Proposals submitted after the due date and time will not be accepted. Fax or mailed transmission of an offer is not an acceptable method of delivery of response to this RFP.

2. All questions regarding this RFP must be submitted in writing via email to [email protected] by noon, June 17, 2021. Responses to questions will be posted on HOC’s website in the form of an addendum.

3. The proposal must be organized as follows:

Tab A: Transmittal Letter

1. The Proposal must include a letter of transmittal signed by an individual authorized to execute binding legal documents on behalf of your organization and outlining the Proposer’s understanding of the work to be performed, and the positive commitment to perform the work within the required period.

2. The transmittal letter must include the names, titles, addresses, and telephone numbers of the persons authorized to make representations on behalf of the Proposer.

Tab B: Scope of the Audit Submit an executive summary outlining your organization’s Proposal. The executive summary shall, at a minimum, include:

1. Scope of the audit

2. Audit Plan – Description of the basic audit approach and techniques used to complete the engagement and must include a timetable, scheduling plan, and the number of hours that will be allocated to audit services by the partner, managers, supervisors, and staff. The Audit Plan shall also include how HOC staff and




computer resources will be utilized to facilitate the audit. Should the pandemic health crisis still require a remote working environment, the Auditors may work off-site as necessary.

Tab C: Background and Experience 1. Company Profile

Describe your Organization’s background and experience conducting independent audit and tax services including:

a. The basic organization of the audit staff; to include experience and qualifications of the engagement partner, managers, supervisors, and other staff to be assigned to the engagement;

b. The firm’s quality control procedures, and experience in real estate or affordable housing audits;

c. Statement of whether any suits or claims are pending against the firm. d. Statement of MFD (minority, female, and disabled) status.

2. The firm’s policies and procedures on the following:

a. Issuing Management Letters. b. Entrance and exit conferences. c. Manner of communicating weaknesses in the accounting and internal control

systems. d. Follow-up on weaknesses and deficiencies as noted in the Management

Letter. Tab D: Fees The proposal is to include a maximum fee for the audit. Please include a schedule of hourly rates for all personnel levels. The proposed fees are to be for all services covered in the proposal to include furnishing HOC with up to 5 copies of any reports, management letters, and other documents which are prepared as a result of the audit. Fees and breakdown of the fees must be submitted for each entity.

Tab E: Insurance Prior to commencement of work under this Contract, the Contractor shall obtain and keep in force at its own expense during the entire period in which work is being performed under the term of this Contract, including all extensions, the insurance specified with an insurance company licensed and qualified to do business within the State of Maryland; liability insurance as protection from claims, under Workmen's Compensation and other employee benefit laws, for bodily injury and death, and for property damage that may arise out of work performed under the Contract, whether directly or indirectly by the Contractor and its employees, agents, representatives or Subcontractors. The contractor must submit to HOC a certificate of insurance prior to award if this Contract as evidence of compliance with this provision.

All liability insurance required herein shall be Comprehensive General and Automobile Bodily Injury and Property Damage policy or policies. The insurance required by the above


shall be written for not less than the following limits of liability:

TYPE LIMIT NOT BE LESS THAN

Commercial General Liability $1,000,000 per occurrence and $2,000,000 in the aggregate for bodily injury, personal injury, and broad form property damage, including the following coverages: Contractual Liability, Premises and Operations; Products & Completed Operations; Independent Contractors & Subcontractors; Sexual Molestation and Abuse; Coverage shall be endorsed to apply on a per project or per contract basis.

Umbrella Liability Umbrella/Excess Liability insurance coverage with a limit of liability of at least $5,000,000.

Professional / Errors and Omissions Liability

The policy shall cover professional errors and omissions, negligent acts, misconduct or lack of ordinary skill during the period of contractual relationship and services rendered with HOC with a limit of liability of at least $10,000,000 per claim. In the event that the professional liability insurance required by this Agreement is written on a claims-made basis, Contractor warrants that any retroactive date under the policy shall precede the effective date of this Agreement; and that continuous coverage will be maintained for the duration of this Agreement, and an extended discovery period will be provided for a period of three years beginning at the time the work under this Agreement is completed.

Automobile Liability $1,000,000 combined single limit for bodily injury and property damage coverage per occurrence including the following: owned automobiles, hired automobiles, non-owned automobiles.

Fidelity Bond or Crime Insurance A fidelity bond (also known as an employee dishonesty bond or an honest bond) in the amount of at least $2,000,000. The bond must cover all employees performing within the scope of the Agreement. The bond shall cover loss due to dishonest acts of employees and/or failure to faithfully perform duties. Employee theft coverage evidenced under a crime policy will be accepted in lieu of the bond requirement.

Worker’s Compensation Meeting all the statutory requirements of the State of Maryland and with the following minimum Employer’s Liability limits: Bodily Injury by Accident - $500,000 each accident


Bodily Injury by Disease - $500,000 policy limits Bodily Injury by Disease - $500,000 each employee

Cyber Insurance $1,000,000 per claim covering all acts, errors, omissions, negligence, infringement of intellectual property, network/cyber and privacy risks (including coverage for unauthorized access, failure of security, virus transmission, data damage/destruction/corruption, breach of privacy perils, unintentional or wrongful disclosure of information, as well as notification costs and regulatory defense). The policy shall contain affirmative coverage for contingent bodily injury and property damage emanating from the failure of the technology services or an error or omission in the content/information provided. $2,000,000 Privacy and Network Security covering (i) the unauthorized use/access of a computer system; (ii) the defense of any regulatory action involving a breach of privacy; (iii) failure to protect confidential information (personal and commercial information) from disclosure; (iv) notification costs, whether or not required by statute; (v) network security liability; (vi) defense costs; and, (vii) privacy liability.

Proof of such insurance shall be filed by the Contractor with HOC prior to commencement of work. The Certificate of Insurance will name HOC as an additional insured; provide Forty-Five (45) days written notice of cancellation or change and show HOC as the certificate holder, as follows:

Housing Opportunities Commission of Montgomery County, MD Procurement Office – RFP 2271

10400 Detrick Avenue Kensington, MD 20895

HOC reserves the right to modify its insurance coverage prior to execution of an Agreement and to self-insure.

Evaluation of Proposals The Proposal will be evaluated based on the following factors:

1. Experience with Federally funded programs, conducting audits of real estate and affordable housing programs and prior experience with the Housing Opportunities Commission.


2. Evaluation of written proposals based upon the following criteria:

Category Weight

Audit Plan 20%

Related Experience and Professional Qualifications of the Team 50%

Fees 25%

Minority/Female/Disabled Firm (MFD) 5%

Total 100%

3. The contract(s) will be awarded to the responsive and responsible offeror(s) based on

audit plan, related experience and professional qualifications of the team, and fees. Proposals will be evaluated and contracts awarded based on a separate evaluation for each project. The HOC staff will evaluate and score the written proposals and will enter into contract negotiations with the highest-ranked offeror(s). If the final agreement cannot be negotiated to the satisfaction of both parties, negotiation may then proceed to the second-ranked offeror. If the negotiation again fails to result in a contract, all proposals may be rejected and HOC may reissue a solicitation if it is determined to be in the best interest.

Section 3 / HOC Works Compliance All contracts and purchase orders executed between HOC and contractors are subject to either Section 3 or HOC Works, based on the funding source of the contract. The funding source for this work requires awardee participation in the following Program:

1. HOC Works The work to be performed under this contract is subject to the requirements of HOC Works Policy as set forth in Exhibit “A.” Respondents must complete an HOC Work Opportunities Plan, found under Exhibit “A” of the solicitation documents, for this project and submit it as part of the response to this RFP.

2. Any questions relating to HOC Works can be directed to Elliot Rule in HOC’s Compliance Office at [email protected] or [email protected].

Background Checks The Contractor shall be required to comply with the HOC security procedures and the HOC Contractor Background Screening Requirements (see Exhibit “B”) and as follows:

1. After the Contract Award Meeting, prior to any work beginning and upon any changes the Contractor shall submit a list of its employees who will be working on this project to the Contract Administrator.



2. Copies of completed background checks shall be made available to HOC upon request. Employees of the Contractor with criminal backgrounds (as described within Exhibit “B”) are prohibited from working on this or any other HOC project.

3. After work has commenced, any new employees of the Contractor added to the

payroll must also comply with the HOC security background check requirement as stated above.

HUD 2530 FORMS: All contracts that receive FHA or HUD funding will require the Contractor to provide an approved 2530 form upon request. Maryland Local Government Torts Claims Act HOC’s liability under any contract in connection with this work will be subject to the limitations contained in the Maryland Local Government Torts Claims Act, Maryland Code, Courts, and Judicial Proceedings II, § 5-301 et. seq. Contract Administrator The services outlined herein shall be performed at the direction of the contract administrator. The designated contract administrator is:

Eugenia Pascual, Controller 10400 Detrick Avenue Kensington, MD 20895

Invoices All true and corrected invoices shall be submitted to:

Housing Opportunities Commission of Montgomery County, MD Attention: Property Accounting

10400 Detrick Avenue Kensington, MD 20895

Rights Reserved HOC reserves the right to:

1. Make more than one award; 2. Reject any or all Submissions as non-complying; 3. Reject any Submission from a respondent with prior experience with HOC that was

unsatisfactory, at HOC’s sole discretion; 4. Request further information from the respondent at any time during the process,

either in writing or orally; 5. Perform background checks on respondents. 6. Waive any informality (other than a submission after the Due Date stated on Page

1).


Change Orders Any request for changes to the Scope of Work after a contract is awarded must be made in writing to HOC’s Contract Administrator. This includes any work that would increase or decrease the cost of the work. Any changes made without a signed change order from HOC will be at the sole risk of the Contractor and will be done at no additional cost to HOC.


Magruders Discovery Development Corporation

Background

Magruders Discovery Development Corporation (Magruders) owns and operates an improved garden style apartment buildings that make up one hundred and thirty four (134) units. This corporation was formed under the laws of the state of Maryland for the purpose of acquisition and rehabilitation of one hundred and thirty-four (134) units. The units consist of: thirty-five (35) one-bedroom units and ninety-nine (99) two-bedroom units. Each unit contains one (1) bathroom. There is parking available for 191 vehicles. The property is served with all necessary utilities. The Corporation began operations in May of 2010 and the sale/transfer of the apartment building was completed in the same month. The units were financed by issuing bonds of eleven million, seven hundred eighty thousand, five hundred eighteen dollars ($11,780,518). The property is managed by Housing Opportunities Commission of Montgomery County, Maryland. The entity has fiscal year ending June 30.

Scope

HOC intends procure the services of an experienced and qualified Independent Certified Public Accounting (CPA) firm to perform an annual independent audit and tax services for Magruders Discovery Development Corporation. The Accounting firm will designate a Project Manager to supervise the planning and fieldwork, assume responsibility for written reports, and see the audit through to satisfactory completion. HOC will designate a representative from the staff to assist with the audit. The Accounting Manager will manage and administer this contract. The anticipated start date is July 31, 2021, for the fiscal year 2021. The auditors will be given access to records maintained by HOC and the contract manager of the project. Services to be Performed

The audit services are to be performed in accordance with Generally Accepted Auditing Standards. The audit and tax services shall include, but not be limited to, the following:

1. An examination of, and opinion on, the financial statements of the Company’s operations for the fiscal year ending June 30.

2. A detailed Management Letter addressing internal controls and compliance with all applicable Federal, State, and Bond Indenture requirements.

3. Preparation of all required state and federal tax returns for the Corporation including electronic filing of tax returns.


4. The audit must be completed within sixty (75) days of the June 30 fiscal year end. An initial draft must be submitted by August 31 upon substantial completion of the audit. A final draft must be submitted by September 15. The tax returns must be done within sixty (60) days of the June 30 fiscal year end.


Strathmore Court and Strathmore Court Limited Partnership

Background

Strathmore Court is a 202 unit, mixed income development in North Bethesda, Maryland which was completed in 1996. The facility consists of three interconnected four story buildings with an underground parking garage. Fifty-one (51) of the units are affordable housing units for low income tax credit under Section 42 of the Internal Revenue Code. These 51 units are owned by a tax credit partnership (Strathmore Court Associates Limited Partnership) made up of HOC as general partner and M&T Bank as limited partner. The other 151 units are market rent units owned by HOC. The project was financed by issuing bonds totaling $24,315,000. The partnership units were financed by contributions from the limited partner, a $1,000,000 land note and $4,987,393 from the taxable bonds. Strathmore Court was financed by issuing taxable bonds of $19,327,607. The partnership's tax compliance period ended December 31, 2011. Both projects will be audited for the period of July 1-June 30. The property (combined) is managed by Bozzuto Management Company. On November 1, 2019, the limited Partner agreed to assign its limited partnership interest effective November 1, 2019 to HOC Yr15, LLC, and a related party to the General Partner. Both the entities has fiscal year ending June 30. Starting FY2022, both the market rate units and the affordable units will be owned by one single asset legal entity under the Strathmore Court Associates Limited Partnership.

Scope

It is the intent of HOC to procure the services of an experienced and qualified independent certified public accounting (CPA) firm to perform an annual independent audit services for Strathmore Court and Strathmore Court Limited Partnership.

The Accounting firm will designate a Project Manager to supervise the planning and field work, assume responsibility for written reports, and see the audit through to satisfactory completion. HOC will designate a representative from the staff to assist with the audit. The Accounting Manager will manage and administer this contract. The anticipated start date is July 31, 2021 for fiscal year 2021. The auditors will be given access to records maintained by HOC and the contract manager of the project. Services to be Performed

The audit services are to be performed in accordance with Generally Accepted Auditing Standards. The audit services shall include, but not be limited to, the following:


1. An examination of, and an opinion on, the financial statements of the Company’s operations for calendar year ending June 30.


3. The audit must be completed within sixty (75) days of the June 30 fiscal year end. An initial draft must be submitted by August 31 upon substantial completion of the audit. A final draft must be submitted by September 15.


State Rental Partnership

Background

State Rental Partnership acquired 196 units under the Partnership Rental Housing Program. The acquisition of the scattered site, “moderately price dwelling units” (“MPDU”) for rent to eligible low income households located in Montgom ery County, Maryland and known generally as MPDU I, MPDU II, MPDU III, MPDU IV, MPDU V and MPDU VI collectively known as MPDU project. The Scattered sites units are managed by Housing Opportunities Commission of Montgomery County, Maryland. The entity has a fiscal year ending June 30. Scope

It is the intent of HOC to procure the services of an experienced and qualified Independent Certified Public Accounting (CPA) firm to perform an annual independent audit of State Rental Partnership. The Accounting firm will designate a Project Manager to supervise the planning and field work, assume responsibility for written reports, and see the audit through to satisfactory completion. HOC will designate a representative from the staff to assist with the tax return. The Accounting Manager will manage and administer this contract. The anticipated start date is July 31, 2021, for the fiscal year 2021. The auditors will be given access to records maintained by HOC and the contract manager of the project. Services to be Performed

The audit services are to be performed in accordance with Generally Accepted Auditing Standards. The audit services shall include, but not be limited to, the following:

1. An examination of, and an opinion on, the financial statements of the Company’s operations for fiscal year ending June 30.


3. The entity audit has to be submitted to DCA portal. It is to be submitted ninety (90) days of the June 30 year end.

4. The audit must be completed within seventy five (75) days of the June 30 fiscal year end. An initial draft must be submitted by August 31 upon substantial completion of the audit. A final draft must be submitted by September 15.


Arcola Towers RAD Limited Partnership and Arcola Towers RAD GP LLC

Background

Arcola Towers RAD Limited Partnership was formed as a limited partnership under the laws of the State of Maryland on May 27, 2014 and pursuant to the amended and restate agreement of limited partnership dated December 2, 2015. The Partnership was formed for the purpose of developing and operating a 141-unit project located in Silver Spring, Maryland known as Arcola Towers. The project qualifies for the federal low-income housing tax credit program as described in internal Revenue Code section 42.

The project was finance through bond issued secured through a mortgage note. In additional to the bond issue the partnerships units were finance by Capital contribution of the limited partner, and a promissory note signed by the partnership. The Property has a calendar year ending December 31.

The property management is in collaboration between the Housing Opportunities of Commission and Edgewood Management Corporation.

Arcola Towers RAD GP LLC is the general partner of the Arcola Towers RAD LP and requires the tax service for the calendar year ending December 31.

Scope

It is the intent of HOC to procure the services of an experienced and qualified Independent Certified Public Accounting (CPA) firm to perform an audit and tax services for Arcola Towers RAD Limited Partnership. The auditor need to perform the tax service for Arcola Tower RAD GP LLC. The Accounting firm will designate a Project Manager to supervise the planning and field work, assume responsibility for written reports, and see the audit through to satisfactory completion. HOC will designate a representative from the staff to assist with the audit. The Accounting Manager will manage and administer this contract. The anticipated start date is January 15, 2022 for calendar year 2021. The auditors will be given access to records maintained by HOC and the contract manager of the project. Services to be Performed

The audit services are to be performed in accordance with Generally Accepted Auditing


Standards. The audit and tax services shall include, but not be limited to, the following:

1. An examination of, and an opinion on, the financial statements of the Company’s operations for calendar year ending December 31.


3. Preparation of all required state and federal tax returns for the Partnership including electronic filing of tax returns. An initial Partnership tax return are due by February 15.

4. Preparation of all required state and federal tax returns for the GP LLC including electronic filing of tax returns. Please quote the price separately.

5. A 704-b Minimum Gain calculation may be required if requested by the investor yearly with the preparation of the tax returns. Please quote the price separately.

6. The Single audit might be required for the entity is the Subsidy payment is $750,000 or more. Please quote the price separately.

7. The audit must be completed within seventy five (75) days of the December 31 calendar year end. An initial draft must be submitted by February 15 upon substantial completion of the audit. A final draft must be submitted by March 15.


Waverly House RAD Limited Partnership and Waverly House RAD GP LLC

Background

Waverly House RAD Limited Partnership was formed as a limited partnership under the laws of the State of Maryland on December 22, 2015. The Partnership was formed for the purpose of developing and operating a 157-unit project located in Bethesda, Maryland known as Waverly House Apartments. The Property qualifies for the federal low-income housing tax credit program as described Internal Revenue Code Section 42.

The project was finance through bond issued secured through a mortgage note. In additional to the bond issue the partnerships units were finance by Capital contribution of the limited partner, and a Seller note and CFP note signed by the partnership. The Property has a calendar year ending December 31.

The property management is in collaboration between the Housing Opportunities of Commission and Edgewood Management Corporation.

Waverly House RAD GP LLC is the general partner of the Waverly House RAD LP and requires the tax service for the calendar year ending December 31.

Scope

It is the intent of HOC to procure the services of an experienced and qualified Independent Certified Public Accounting (CPA) firm to perform an annual independent audit and tax services for Waverly House RAD Limited Partnership. The auditor need to perform tax service for Waverly House RAD GP LLC. The Accounting firm will designate a Project Manager to supervise the planning and field work, assume responsibility for written reports, and see the audit through to satisfactory completion. HOC will designate a representative from the staff to assist with the audit. The Accounting Manager will manage and administer this contract. The anticipated start date is January 15, 2022 for calendar year 2021. The auditors will be given access to records maintained by HOC and the contract manager of the project. Services to be Performed











Alexander House Apartments Limited Partnership and Alexander House GP LLC

Background

Alexander House Apartments Limited Partnership was formed as a limited partnership under the laws of the state of Maryland on July 8, 2016. The partnership was formed for the purpose of developing and operating a 122-unit project located in Silver Spring, Maryland known as Alexander House Apartments. The project is qualifies for the federal low-income housing tax credit program as described in internal Revenue Code Section 42.

The project has FFB loan through HOC. In additional to the loan the partnerships units were finance by Capital contribution of the limited partner, a Seller note and Bridge Loan. The Property has a calendar year ending December 31.

The property is managed by the Edgewood Management Corporation.

Alexander House GP LLC is the general partner of the Alexander House Apartments LP and requires the tax service for the calendar year ending December 31.

Scope

It is the intent of HOC to procure the services of an experienced and qualified Independent Certified Public Accounting (CPA) firm to perform an annual independent audit and tax service for Alexander House Apartments Limited Partnership. The auditor need to provide the tax service for Alexander House GP LLC. The Accounting firm will designate a Project Manager to supervise the planning and field work, assume responsibility for written reports, and see the audit through to satisfactory completion. HOC will designate a representative from the staff to assist with the audit. The Accounting Manager will manage and administer this contract. The anticipated start date is January 15, 2022 for calendar year 2021. The auditors will be given access to records maintained by HOC and the contract manager of the project. Services to be Performed











Tanglewood and Sligo Limited Partnership and HOCMC, LLC

Background

Tanglewood and Sligo LP, a Maryland limited partnership, was formed as a limited partnership under the laws of the State of Maryland on June 14, 2012. The partnership was formed for the purpose of developing and operating a 132 -unit project located in Silver Spring, Maryland known as Tanglewood and Sligo Apartments. The project qualifies for the federal low- income housing tax credit program as described in Internal Revenue Code Section 42.

The project has HUD loan through Wells Fargo Bank, National Association in the amount of $12,510,000. In addition to the loan the partnerships units were finance by Capital contribution of the limited partner, a Promissory note form HOC and a DHCD note. The property is managed by Residential One Management Company.

HOCMC LLC is the general partner of the Tanglewood and Sligo LP and requires the tax service for the calendar year ending December 31.

Scope

It is the intent of HOC to procure the services of an experienced and qualified Independent Certified Public Accounting (CPA) firm to perform an annual independent audit and tax services for Tanglewood and Sligo LP. The auditor need to perform the tax service for HOCMC LLC. The Accounting firm will designate a Project Manager to supervise the planning and field work, assume responsibility for written reports, and see the audit through to satisfactory completion. HOC will designate a representative from the staff to assist with the audit. The Accounting Manager will manage and administer this contract. The anticipated start date is January 15, 2022 for calendar year 2021. The auditors will be given access to records maintained by HOC and the contract manager of the project. Services to be Performed





3. File REAC with HUD within ninety (90) days of the December 31 calendar year end.

4. The entity audit has to be submitted to DCA portal. It is to be submitted ninety (90) days of the December 31 year end.


6. Preparation of all required state and federal tax returns for the HOCMC LLC including electronic filing of tax returns. Please quote the price separately.

7. A 704-b Minimum Gain calculation must be done yearly with the preparation of the tax returns.



Glenmont Crossing Development Corporation

Background

The Glenmont Crossing Development Corporation was incorporated under the laws of the State of Maryland on October 9, 2012, whose principal asset is an apartment complex located in Wheaton, Montgomery County, Maryland. The 97-townhouse units’ property operated as rental housing for low and moderate-income families. The property has a mortgage loan with the Housing Opportunities Commission (HOC) for $13,991,110 and a note loan of $2,850,000. The property has a fiscal year ending June 30.

The property is managed by Edgewood Management Company. Scope

HOC intends to procure the services of an experienced and qualified Independent Certified Public Accounting (CPA) firm to perform an annual independent audit and tax services for Glenmont Crossing Development Corporation The Accounting firm will designate a Project Manager to supervise the planning and fieldwork, assume responsibility for written reports, and see the audit through to satisfactory completion. HOC will designate a representative from the staff to assist with the audit. The Accounting Manager will manage and administer this contract. The anticipated start date is July 31, 2021, for the fiscal year 2021. The auditors will be given access to records maintained by HOC and the contract manager of the project. Services to be Performed







Glenmont Westerly Development Corporation

Background

The Glenmont Westerly Development Corporation was incorporated under the laws of the State of Maryland on November 20, 2012, whose principal asset is an apartment complex located in Wheaton, Montgomery County, Maryland. The 102 garden apartments property operated as rental housing for low and moderate-income families. The property has a mortgage loan with the Housing Opportunities Commission (HOC) for $13,891,883 and a note loan of $1,510,250. The property has a fiscal year ending June 30. The property is managed by Edgewood Management Company. Scope

It is the intent of HOC to procure the services of an experienced and qualified independent certified public accounting (CPA) firm to perform audit and tax services for Glenmont Westerly Development Corporation The Accounting firm will designate a Project Manager to supervise the planning and field work, assume responsibility for written reports, and see the audit through to satisfactory completion. HOC will designate a representative from the staff to assist with the audit. The Accounting Manager will manage and administer this contract. The anticipated start date is July 31, 2021 for fiscal year 2021. The auditors will be given access to records maintained by HOC and the contract manager of the project. Services to be Performed







Brookside Glen Limited Partnership & Brookside Glen Apartments Development Corporation (GP)

Background Brookside Glen Limited Partnership was established in June 2003 as a limited partnership for the purpose of acquiring and operating a 90 unit apartment facility in Wheaton, Maryland. The Partnership is comprised of the general partner, Brookside Glen Development Corporation, which owns .1% interest, and the limited partner, the Housing Opportunities Commission of Montgomery County, Maryland, which owns 99.9% interest in the Partnership. The property has a mortgage loan with the Montgomery County of $4,293,875 and a note payable of $607,089 and State of Maryland note of $1,211,706. The Property has a fiscal year ending June 30. The property is managed by Edgewood Management Company.

Brookside Glen Apartments Dev. Corp. is the general partner of the Brookside Glen LP and requires the tax service for the fiscal year ending June 30. Scope

It is the intent of HOC to procure the services of an experienced and qualified Independent Certified Public Accounting (CPA) firm to perform an annual independent audit for Brookside Glen LP. The auditor need to perform the tax service for Brookside Glen Apartments Dev. Corp. The Accounting firm will designate a Project Manager to supervise the planning and field work, assume responsibility for written reports, and see the compilation through to satisfactory completion. HOC will designate a representative from the staff to assist with the Audit. The Accounting Manager will manage and administer this contract. The anticipated start date is July 31, 2021 for fiscal year 2021. The auditors will be given access to records maintained by HOC and the contract manager of the project. Services to be Performed




3. Preparation of all required state and federal tax returns for the partnership and the Development Corporation including electronic filing of tax returns.



5. The Entity audit must be submitted to DCA portal ninety (90) days of the June 30 fiscal year end.


64 Moderately Priced Dwelling Units Background The 64 Moderately Priced Dwelling Units is a property owned by the Housing Opportunities Commission of Montgomery County, Maryland (“HOC”), for the purpose of acquiring 64 units to provide rental housing for rental housing for low and moderate-income families and is not a separate legal entity. The property has a mortgage loan with the Housing Opportunities Commission (HOC) for $1,011,136. The Property has a fiscal year ending June 30. The property is managed by Housing Opportunities Commission of Montgomery County, Maryland (“HOC”). Scope

It is the intent of HOC to procure the services of an experienced and qualified Independent Certified Public Accounting (CPA) firm to perform an annual independent audit for 64 Moderately Priced Dwelling Units. The Accounting firm will designate a Project Manager to supervise the planning and field work, assume responsibility for written reports, and see the audit through to satisfactory completion. HOC will designate a representative from the staff to assist with the audit. The Accounting Manager will manage and administer this contract. The anticipated start date is July 31, 2021 for fiscal year 2021. The auditors will be given access to records maintained by HOC and the contract manager of the project. Services to be Performed

The audit services are to be performed in accordance with Generally Accepted Auditing Standards. The audit services shall include, but not be limited to, the following: 1. An examination of, and an opinion on, the financial statements of the Corporation’s

operations for the year ending June 30.

2. A detailed Management Letter addressing internal controls and compliance with all applicable Federal, State and Bond Indenture requirements.

3. The Entity audit must be submitted to DCA portal ninety (90) days of the June 30 fiscal year end.

4. The audit must be completed within seventy five (75) days of the June 30 fiscal year end. An initial draft must be submitted by August 31 upon substantial completion of the audit. A final draft must be submitted by September 15.


Town Center Apartments, Inc.

Background Town Center Apartments, Inc. (Corporation) was incorporated in May 1976 as a non-profit Corporation in the State of Maryland under Section 501 (c) (3) of the Internal Revenue Code for the purpose of operating a 112-unit apartment housing project in Rockville, Maryland for low income families pursuant to Section 236 of Title II of the National Housing Act. The Project receives a mortgage was paid in full in May 2019. The Property has a fiscal year ending June 30. The property is managed by Edgewood Management Company and Housing Opportunities Commission of Montgomery County, Maryland (“HOC”). Scope

HOC intends to procure the services of an experienced and qualified Independent Certified Public Accounting (CPA) firm to perform an annual independent audit and tax services for Town Center Apartments, Inc. The Accounting firm will designate a Project Manager to supervise the planning and fieldwork, assume responsibility for written reports, and see the audit through to satisfactory completion. HOC will designate a representative from the staff to assist with the audit. The Accounting Manager will manage and administer this contract. The anticipated start date is July 31, 2021, for the fiscal year 2021. The auditors will be given access to records maintained by HOC and the contract manager of the project. Services to be Performed


1. An examination of, and an opinion on, the financial statements of the Company’s operations for the fiscal year ending June 30.


3. File REAC with HUD within ninety (90) days of the June 30 fiscal year end.


5. The audit must be completed within s seventy five (75) days of the June 30 fiscal year end. An initial draft must be submitted by August 31 upon substantial completion of


the audit. A final draft must be submitted by September 15. The tax returns must be done within sixty (60) days of the fiscal tax year-end June 30.


Bradley Crossing LLC

Background

Bradley Crossing LLC acquired on June 1, 2021 the Bradley Boulevard Properties, an existing rental housing located at multiple addresses in South Bethesda, which consists of 401 unrestricted rental units that currently serve a significant number of households earning below 80% of the Area Median Income within the Washington-Metropolitan Statistical Area (AMI). HOC anticipates a phased implementation of rent restrictions for 30% of the units to 80% AMI and an additional 20% of units to 50% AMI. The acquisition was financed by two acquisition loans from Eagle Bank, PNC real estate line of credit and HOC equity contribution. The Property has a fiscal year ending June 30.

The property management is Aldon Management Corporation Scope

It is the intent of HOC to procure the services of an experienced and qualified Independent Certified Public Accounting (CPA) firm to perform an audit and tax services for Bradley Crossing LLC. The auditor need to perform tax service for HOC MM Bradley Crossing LLC. The Accounting firm will designate a Project Manager to supervise the planning and field work, assume responsibility for written reports, and see the audit through to satisfactory completion. HOC will designate a representative from the staff to assist with the audit. The Accounting Manager will manage and administer this contract. The anticipated start date is July 31, 2021, for the fiscal year 2021. The auditors will be given access to records maintained by HOC and the contract manager of the project.

HOC MM Bradley Crossing LLC is the sole member of Bradley Crossing LLC and requires the tax service for the fiscal year ending June 30.

Services to be Performed







Documents

REQUEST FOR PROPOSALS (RFP) #2271 AUDIT AND TAX …