Solicitation for Section 108 Underwriting Team
HUD is soliciting purchase proposals from firms interested in purchasing obligations guaranteed under Section 108 of the Housing and Community Development Act of 1974, as amended (Section 108). The full faith and credit of the United States is pledged to the payment of all guarantees of Section 108 obligations. It is anticipated that successful firms selected under this solicitation will offer these obligations for sale to the public as members of an underwriting group within 8 to 12 weeks of selection.
Members of the underwriting group will be selected by HUD to purchase these obligations and participate in this sale through a competitive process. Accordingly, each firm seeking to participate must submit a proposal to HUD.
All purchase proposals must be received by HUD no later than June 29, 2018 6 PM EDT.
Please send any questions regarding this solicitation to the Section 108 mailbox at 108Underwriters@hud.gov.
Question: Is there a means of identifying whether the information submitted is complete?
HUD Response: HUD recommends that firms submitting proposals review all information requested in Attachment C to the Underwriters' Solicitation and ensure that the submitted proposal reflects a response to each piece of requested information in that attachment.
Notice to All Interested Firms: The solicitation indicates that HUD may accept late a modification of an otherwise successful purchase proposal that makes its terms more favorable to HUD or to borrowers. After consideration, HUD has determined that it is in the interest of HUD and borrowers to accept modifications of proposals to add missing information that is requested in Attachment C, within a certain timeframe. Therefore, after the close of submissions, which must be received by HUD no later than 6:00 P.M. EDT, on June 29, 2018, HUD will review each proposal and reply to submitting firms to indicate that the proposal is complete, or that the proposal is missing information.
HUD will accept modifications of a proposal from a firm to cure an incomplete proposal after the close of submissions if the modification is received by HUD within 48 hours of the firm’s receipt of HUD’s notification to the firm that the proposal is missing information.
HUD will also consider, and may accept, a modification of a proposal that makes its terms more favorable to HUD or to borrowers, at any time after the close of submission if the modification is submitted by a firm whose proposal was complete at the close of submissions or by a firm whose proposal was made complete within 48 hours of the firm’s receipt of HUD’s notification the proposal was missing information.