Residential Utility Underground Loan Program

Project ID: 26-50 State|LocalOpportunities

Overview

Agency	City of Newport Beach [CA]
Deadline	06/05/26
Posted	05/07/26
Estimated Value	$5,000,000 - $50,000,000 (AI estimate)
Set Aside	Not Provided
NAICS	Not Provided
PSC	Not Provided
Location	California

Description

Primary

Work Requested

The City of Newport Beach is seeking proposals from qualified financial institutions, banks, credit unions, or other lending entities to design, fund, administer, and offer a residential loan program. This program will assist eligible property owners with the costs associated with utility undergrounding improvements. The primary goal is to provide private financing options directly to interested property owners, with no reliance on City funding, guarantees, or credit support. Who is Requesting: This solicitation is issued by the City of Newport Beach ( City ).

Background

The City aims to facilitate utility undergrounding improvements for residential property owners by enabling access to private financing. Through this Request for Proposals (RFP), the City intends to identify one or more qualified proposers capable of providing a residential financing program that aligns with the City's objectives. The City anticipates entering into a non-exclusive Memorandum of Understanding (MOU) or other agreement with one or more selected proposers. The City reserves the right to make multiple awards or enter into non-exclusive arrangements if it serves the City's best interests. All final agreement terms, including the form and length of the agreement, are subject to final City and/or City Council approval, as applicable.

Contract Requirements

- Proposers must be qualified financial institutions, banks, credit unions, or other lending entities. - Proposers will be responsible for designing, funding, administering, and offering the loan program. - The program must provide private financing options directly to eligible property owners for utility undergrounding improvements. - No City funding, guarantees, or credit support will be provided.

Instructions on Submission

Interested proposers should submit proposals in response to this RFP, demonstrating their qualifications and ability to meet the City's objectives for the residential utility underground loan program.