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RFQ - Property Management Services

Request for Qualifications (RFQ)
Property Management Services
RFQ Issue Date: April 1, 2023
Proposal Due Date: May 4, 2023

Rock Hill Housing Authority
467 S. Wilson Street
P.O. Box 11579
Rock Hill, SC 29731

  1. Introduction

    1. General Information

      Project Title: Property Management Services
      Issue Date: April 1, 2023
      Issuing Agency: Rock Hill Housing Authority
      Location(s) of Work: Rock Hill, South Carolina (York County)
      Contract Period: Award through twelve months after award with option for up to four additional years
      Due Date: May 4, 2023 

      All questions/concerns prior to submittal of a proposal shall be in writing and submitted on company letterhead and emailed to Bonnie Patton, Purchasing Specialist, at least 5 days prior to qualifications proposal due date.

    2. Organization

      The Housing Authority of the City of Rock Hill, South The Housing Authority of the City of Rock Hill, South Carolina (the "Authority" or "RHHA") is a public body organized and existing under the Housing Authorities Law of the State of South Carolina, S.C. Code Ann. Section 31-3-10, et seq (the "Act"). As such, the Authority has as a principal purpose of overcoming the shortage of decent, safe, and sanitary housing that can be afforded by persons of low and moderate to low income. The Authority's stated mission is to "provide safe, decent and sanitary housing conditions for very low-income families and to manage resources efficiently and to promote personal, economic and social upward mobility to provide families the opportunity to make the transition from subsidized to non-subsidized housing." Additionally, the Authority seeks to provide affordable, quality housing options and programs that promote self-sufficiency and assist in addressing the needs of low-income families in the City of Rock Hill and York County. The six-member Board of Commissioners is appointed by the Mayor of the City of Rock Hill for staggered five-year terms. The Board, in turn, elects a Chairman and appoints an Executive Director to administer the affairs of the Authority.

    3. Background

      The Authority is in the process of acquiring a 120-unit multifamily property in Rock Hill, SC, that will be rent restricted to persons of low and moderate to low income. In support of the Authority's operations with this facility, property management services are required. RHHA is requesting proposals from qualified property management firms.

  2. Pricing

    Provide the percentage associated with the provision of comprehensive property management services for a 120-unit multifamily property.

    Task: Performance of Comprehensive Property Management Services as a percentage of the gross income for a 120-unit multifamily property located at Johnston Farms Apartment Homes, Princeton Road and Anderson Road, Rock Hill, SC 29730

    As used herein, "gross income" shall mean and refer to all rents and other income derived from the normal operation of the subject property but shall exclude deposits unless forfeited.

    The percentage pricing compensation shall be the total amount paid to the property manager for such services and include all internal costs and expenses, including, without limitation, fees, travel expenses, overhead, manpower, telephone, computer copy, and delivery costs and charges.

  3. Scope of Services

    A qualified property manager will, under the direction of the RHHA or its dedicated agent, typically provide the services described below.

    1. Manage Tenants, Tenant Services, and Security

      1. Manage tenants, act as agent for the RHHA, collect and deposit rent payments and assure compliance with landlord obligations under lease agreements.
      2. Market and lease rental units in accordance with leasing guidelines established by RHHA and the property manager.
      3. Oversee accessory parking used by tenants of the building.
      4. Provide a 24-hour phone service and have signage on the exterior of the property directing where to call with questions or concerns.
      5. Assure property is secured, including but not limited to:
        1. Lock on doors;
        2. Perimeter fence (if needed);
        3. Security system (if needed).
      6. Serve as an emergency point of contact and notify the RHHA of emergencies within one (1) business day.

    2. Vendor Management.

      1. Manage vendors such as lawn and landscaping maintenance, snow and ice removal, cleaning, maintenance, HVAC and elevator servicing, and the like, or self-perform if approved by the RHHA.
      2. Pay vendors, utility bills, and any other owner obligations. If collected rent is insufficient to meet these obligations, submit funding requests to the RHHA.
      3. Comply with any procurement terms for goods and services as required by the Procurement Policy of RHHA.
      4. If collected rent is insufficient to meet these obligations, submit funding requests to the RHHA.

    3. Property and Business Maintenance.

      1. Make regular visits to the site.
      2. Provide the RHHA with monthly operating reports.
      3. Perform building maintenance, make recommendations and perform necessary repairs if the building has deficiencies, including, without limitation:
        1. Advise on timelines and repair scopes;
        2. Get proposals/quotes from professional/certified subcontractors (if necessary);
        3. Provide construction management and inspection services (if requested);
        4. Keep up to date with necessary permits.
      4. Allow entry into the building at the request of the RHHA;
        1. Perform walk-through tours at the request of the RHHA;
        2. Manage "hold harmless releases" for those entering the building.
      5. Maintain general liability insurance for the firm and list the RHHA as an insured party. The RHHA will obtain and maintain insurance for the property.
      6. Perform emergency repairs to secure the property up to an agreed-upon amount, typically $5,000
      7. Facilitate preparation of an annual pro forma budget and capital improvements plan.
      8. Establish and maintain necessary accounts for business operations and tax-exempt bond compliance.

    4. Other Duties. Other duties to be completed as assigned.

    5. Tax Exempt Bond Compliance Experience

      1. Oversee all aspects of implementation, oversight, and compliance with land use restriction agreement for low and low to moderate-income housing financing, in accordance with applicable IRS rules and regulations for 142 Exempt Facility Bonds.

  4. Schedule

    1. Contract Term

      The contract is for a one-year base period beginning at contract award, provided that such contract may be terminated on not less than thirty (30) days prior to written notice. The contract may be renewed annually thereafter annually. Written notice of RHHA's intention to renew any option for any additional years of service shall be given approximately 60 days prior to the expiration date of the contract. Option exercise is at the sole discretion of the Authority.

      In the event the initial contract period is extended for more than 12 months, the resulting contract may be terminated by RHHA without penalty after the initial 12 months of the contract period upon 60 days of written notice to the other party. Any contract cancellation notice shall not relieve the contractor of the obligation to deliver and/or perform on all outstanding orders issued prior to the effective date of cancellation.

    2. Time and Order of Work

      The successful Offeror must be readily available and capable of immediately assuming all duties involved in the representation of RHHA upon award and shall be capable of meeting any and all deadlines.

  5. Payment Terms

    Payment terms are net 30 days and shall be made upon proper submittal and receipt of an invoice and upon completion/acceptance of work pursuant to individual orders placed hereunder.

  6. General Contract Conditions

    1. Subcontracting

      None of the services covered by this Contract shall be subcontracted without the prior written consent of the Authority. The Service Provider shall be as fully responsible to the Authority for the acts and omissions of his subcontractors and of persons either directly or indirectly employed by them as he is for the acts and omissions of persons directly employed by him. The Service Provider shall insert in each subcontract appropriate provisions requiring compliance with the labor standards provisions of this Contract.

    2. Drug-Free Workplace

      During the performance of this contract, the Service Provider agrees to

      1. Provide a drug-free workplace for the Service Provider's employees;
      2. Post in conspicuous places, available to employees and applicants for employment, a statement notifying employees that the unlawful manufacture, sale, distribution, dispensation, possession, or use of a controlled substance or marijuana is prohibited in the Service Provider's workplace and specifying the actions that will be taken against the employees for violations of such prohibitions;
      3. State in all solicitations or advertisements for employees placed by or on behalf of the Service Provider that the Service Provider maintains a drug-free workplace; and
      4. Include the provisions of the foregoing clauses in every subcontract or purchase order of over $10,000 so that the provisions will be binding upon each subcontractor or vendor.

        During the performance of this contract, the Service Provider agrees to for the purpose of this provision, "drug-free workplace" means a site for the performance of work done in connection with a specific contract awarded to a Service Provider in accordance with this chapter, the employees of whom are prohibited from engaging in the unlawful manufacture, sale, distribution, dispensation, possession or use of any controlled substance or marijuana during the performance of the contract.

    3. Employment Discrimination by Service Provider Prohibited

      During the performance of this contract, the Service Provider agrees as follows:

      The Service Provider will not discriminate against any employee or applicant for employment because of race, religion, color, sex, national origin, age, disability, or any other basis prohibited by state law relating to discrimination in employment, except where there is a bona fide occupational qualification reasonably necessary to the normal operation of the Service Provider. The Service Provider agrees to post in conspicuous places, available to employees and applicants for employment, notices setting forth the provisions of this nondiscrimination clause.

      The Service Provider, in all solicitation or advertisements for employees placed by or on behalf of the Service Provider, will state that such Service Provider is an equal opportunity employer. Notices, advertisements, and solicitations placed in accordance with federal law, rule or regulation shall be deemed sufficient for the purpose of meeting the requirements of this section.

      The Service Provider will include the provisions of the foregoing paragraphs in every subcontract or purchase order of over $10,000 so that the provisions will be binding upon each Service Provider or vendor.

    4. Equal Opportunity Requirements

      It is RHHA's policy to ensure those Minority Business Enterprises (MBEs) and Women-owned Businesses (WBEs) are provided maximum opportunity to participate in contracts administered by RHHA. This requirement applies to all minority and non-minority businesses performing as prime contractors. For these purposes, an MBE is defined as "any legal entity other than a joint venture, organized to engage in commercial transactions, that is at least fifty-one percent owned and controlled by one or more minority persons." For these purposes, a minority person is defined as a member of a socially or economically disadvantaged minority group, which includes African-Americans, Hispanic-Americans, Native Americans, and Asian-Americans. RHHA has not established a minimum threshold for the participation of WBEs. However, RHHA strongly encourages and affirmatively promotes the use of WBEs in all RHHA professional services contracts.

    5. Insurance Requirements

      1. Required Coverage: The proposal package must include evidence of the Responder's ability to provide Worker's Compensation Insurance; General Liability Insurance; Comprehensive Automobile Liability Insurance; and, if applicable to the services requested hereunder, Professional Liability (Errors and Omissions) Insurance coverage at the following limits of overage:

        1. Workers' Compensation, in accordance with state or Territorial Workers' Compensation laws.
        2. Commercial General Liability with a combined single limit for bodily injury and property damage of not less than $2,000,000.00 per occurrence to protect the Contractor and each subcontractor against claims for bodily injury or death and damage to the property of others. This shall cover the use of all equipment, hoists, and vehicles on the site(s) not covered by Automobile Liability under (3) below. If the Contractor has a "claims-made" policy, then the following additional requirements apply: the policy must provide a "retroactive date," which must be on or before the execution date of the Contract; and the extended reporting period may not be less than five years following the completion date of the Contract.
        3. Automobile Liability on owned and non-owned motor vehicles used on the site(s) or in connection therewith for a combined single limit for bodily injury and property damage of not less than $500,000.00 per occurrence.

          Such insurance shall be procured from a company licensed to do business in the State of South Carolina and placed with a carrier possessing an A.M. Best's Rating of B+VI or better and maintained for the entire duration of the proposed contract. Deductible levels shall not exceed $1,000 per occurrence on any policy. RHHA must be named as an additional insured on all policies, and the policy must provide that coverage cannot be canceled without notice to RHHA at least thirty (30) days before the effective date of such cancellation. RHHA reserves the right in its sole discretion to raise, waive or reduce in limits any insurance coverage required under the proposed contract.

      2. Proof of Insurance Upon Notice of Award: Within ten (10) days of the date of the Notice of Award, each successful Responder shall furnish to RHHA a certified copy of the Certificate of Insurance for the policy or policies covering all work or services under the proposed contract as evidence that the required insurance is maintained and in force for the entire duration of the contract. RHHA may, at its sole discretion, immediately cancel the contract award without prior notice to a successful Responder upon any failure to submit timely any or all of the required Certificates of Insurance and any and all other documents required under the proposed contract. In such case, any and all existing agreements between RHHA and the successful Responder shall immediately become null and void upon such cancellation.

    6. Limited Obligations. Any obligations of RHHA under a Contract awarded for this project shall be limited obligations of the RHHA payable only from revenues available from the project in accordance with any bond documents for the tax-exempt financing.
      Indemnity. Service Provider shall indemnify, defend and hold harmless RHHA and its directors and employees from any and all claims, demands, causes of action, losses, damages, fines, penalties, liabilities, costs, and expenses, including reasonable attorneys' fees and court costs, sustained or incurred by or asserted with respect to the property management services which arise directly and solely from any action or omission of Service Provider or the material breach by Service Provider of the Contract.

  7. Instructions to Offerors

    1. Submission of Qualifications Proposals

      1. Procurement Standards

        All matters and issues related to this RFP and any contract resulting from the RFP shall be governed by the procurement principles set forth in the Procurement Policy for the Housing Authority of the City of Rock Hill and its implementing procedures; provided that strict requirements imposed upon Federal Funding from HUD may not apply.

      2. Submission of Qualifications Proposal

        Any party interested in being considered for the award must submit a Qualifications Proposal in response to this RFP in accordance with the instructions and terms hereunder. By submitting a Qualifications Proposal, the Offeror agrees to be bound by the terms and conditions of this RFP.

      3. Qualifications Proposal Submission Deadline

        RHHA must receive the Offeror's Qualifications Proposal at the location designated in Subsection B, 4 below. It is the Offeror's responsibility to ensure that the Qualifications Proposal is delivered by the designated time and date. Qualifications Proposals, which for any reason are not delivered within the deadline, will not be considered and will be returned unopened to the Offeror.

      4. Place of Submission

        Proposals, including all required information and certifications, properly formatted in accordance with Subsections C. and D. below must be submitted in a sealed envelope(s) at the address below. The face of the envelope must contain, in addition to the address below, the RFP title. All Proposals must be delivered to:

        Bonnie Patton, Purchasing Specialist
        Housing Authority of the City of Rock Hill
        467 South Wilson Street
        Rock Hill, SC 29730
        (803) 324-6360

      5. Interpretations

        Any requests for interpretation or questions concerning this RFP must be submitted in writing to the addressee noted in Subsection B. 4 above and must be received 5 days prior to the deadline for receipt of Qualifications Proposals. Inquiries must reference the RFP number and title and the deadline for receipt of Qualifications Proposals. No interpretations shall be considered binding unless provided in writing by RHHA.

      6. Preparation of Qualifications Proposal

        Offerors are expected to examine all elements of the RFP, including the Scope of Services set forth in Article III hereof, submission requirements, evaluation criteria, equal opportunity compliance requirements, and all instructions prior to preparing the Qualifications Proposal. Failure to do so will be at the Offeror's risk. Offers for services other than those specified will not be considered. All costs incurred, directly or indirectly, by the Offeror, including travel, preparation, submission, and miscellaneous expenses, in response to this RFP shall be the sole responsibility of the Offeror and shall be borne by the Offeror. Offerors should make provisions for any and all costs and expenses related to the performance of the contract in their price Qualifications Proposal and should identify all such costs and expenses in the itemized breakdown of costs.

      7. Execution of Qualifications Proposal

        The original Qualifications Proposal in the quantities required by Subsection C below must contain a manual original signature of an authorized representative of the Offeror. The company name must appear on the cover sheet. The Qualifications Proposal must include all materials and information required herein.

      8. Confidentiality

        There will be no public opening of Qualifications Proposals. All Qualifications Proposals and information concerning same shall remain confidential until all negotiations are completed, and the Notice of Award is issued. Offerors are hereby notified that all Qualifications Proposals received by RHHA shall be included as part of the official contract file. Therefore, any part of the Qualifications Proposal that is not considered confidential, privileged, or proprietary under any applicable Federal, State, or local law shall be available for public inspection upon completion of the procurement process. Notwithstanding the foregoing, the applicable provisions of Federal, State, and local laws shall govern the confidentiality of Qualifications Proposals despite anything contrary to this provision stated in the Qualifications Proposal.

    2. Contents of Qualifications Proposal:

      1. Title Page; Compensation

        The Qualifications Proposal is to be submitted in original, and three (3) copies marked to include the Request for Qualifications Proposal subject, the name of the Offeror's firm, address, telephone number, fax number, email address, and name of the contact person, and the date along with the pricing for services as a percentage of gross income.

      2. Summary of Submission Requirements

        1. RHHA intends to retain the successful Offeror(s) on a "Qualifications Based" basis, not a "Low Bid" basis. Therefore, so that the RHHA can properly evaluate the offers received, all Qualifications Proposals submitted in response to this RFP must be formatted in accordance with the sequence noted below. Each category must be separated by index dividers numbered (which number extends so that each tab can be located without opening the Qualifications Proposal) and labeled with the corresponding tab reference also noted below. None of the proposed services may conflict with any requirement RHHA has published herein or has issued by addendum. The Technical Qualifications Proposal shall be formatted as follows:

        2. An original and three (3) copies of the typewritten, executed Qualifications Proposal must be properly executed and submitted in a sealed envelope. Offerors are requested to provide a definitive plan for carrying out the tasks as provided in the above scope of work. The Qualifications Proposal shall include all elements as follows.

    3. Required Submittals. Proposals shall include the following:

      1. General Information:

        1. Letter of Interest (Cover letter);
        2. Type of Organization; Corporation, Partnership, Joint Venture, or Sole Proprietorship. Names of shareholders, partners, principals, and any other persons exercising control over the Firm; and

      2. Description of the Offeror's capacity, including staff resources. Firm's Previous Related Experience. The proposers must provide a clear, concise statement of qualifications as it relates to the required scope of services, as well as the proposer's ability to comply with the requirements under this RFP. Proposals must include the following information in sequence to the questions listed below. Responses to each question must begin on a new page with the question restated at the top:

        1. General Information. Provide a brief description of your firm, including but not limited to the following:

          1. A description of the general capabilities of your firm, relating to total size and staffing, location of offices, research capability, resource facilities, professional staff, and clerical support.
          2. Discuss your firm's experience within the last five years working with a housing authority or similar entity (including a non-profit or for-profit corporation engaged in affordable housing).
          3. Discuss your firm's experience working with third-party asset managers or construction managers.

        2. Multifamily Housing Experience and Firm Resources. Provide the following information with regard to your firm's experience, particularly as it relates to housing matters: Describe your firm's relevant experience providing property management services for a public housing authority or similar entity; the Firm's relevant experience within the last 5 years providing property management services at a market rate property, an income restricted property, and any experience managing properties with section eight vouchers. Firm's relevant knowledge of and experience operating within the Charlotte-Gastonia-Concord-Rock Hill Metropolitan Statistical Area or similarly situated market relative to the management of properties enrolled in Section 142(d) bond financed housing program.

        3. Section 142 Tax Exempt Bond Compliance. Provide the following information with regard to your firm's experience, particularly as it relates to multifamily property management and compliance experience: Describe the relevant experience (including unit counts) on the oversight, implementation, and compliance relating to affordable housing and applicable financing enrolled and regulated by a Section 142(d) bond financed housing program. The firm should include a list of properties management or previously managed under such program, a description of processes and procedures utilized to ensure compliance with regulatory agreements, and other relevant information about the firm's ability to successfully manage properties enrolled in such program. Describe personnel that are utilized or dedicated to such compliance program. Discuss your firm's experience working with third-party trustee's in the operation of property enrolled in Section 142(d) bond-financed housing program.

      3. Legal Issues.

        1. Lawsuits Against Firm - Provide all pertinent information on any and all litigation against the firm arising out of real estate transactions or agents within the firm which is currently pending or which has been settled within the past five (5) years.

        2. Provide a written statement that indicates whether the proposer is or is not under any investigation or review by any regulatory bodies. If your firm or any principal is, or has been, under an investigation or review, provide detailed information of the matters under review. Describe any arrangements, formal or informal, that the proposer has with any other party that might interfere with the proposer's ability to provide independent and unbiased real estate advice and services under this RFP.

      4. References. Provide three-(3) references from housing bond issuers, or clients which utilized your services in the operation of a property enrolled in a Section 142(d) bond financed housing program, including contact person and phone number. The references should be similar to RHHA, if possible.

      5. Miscellaneous. Briefly discuss any additional information that you would like RHHA to consider in evaluating your firm's proposal.

    4. Proposed Staffing Responsibilities and Qualifications.

      Provide the following information relative to the proposed staffing and sub-consultants for this contact:

      1. Provide background information (resume) regarding each identified Staff member that accurately describes his or her employment history and relevant experience providing services similar to those described in this RFP.

    5. Staff Availability. Describe the availability of the Staff proposed.

    6. Firm's Commission (Fee) Proposal

      Provide the Offeror's Fee Proposal to complete the services described in this Request for Proposal and the Offeror's Proposal. 

      Weighted, based on lowest price at 25 points

      Score equals Lowest Proposer's Price divided by Proposer's Price times 25

  8. Evaluation and Qualification Proposals

    1. Importance of Technical Factors: RHHA shall make an award(s) to the responsible Offeror(s) whose offer conforms to the solicitation and is most advantageous to RHHA (i.e., that Offeror receives the overall best Qualifications Score), all below detailed factors considered.

    2. The Evaluation Factors are defined as:

      Max Point Value: 
      55 Points
      Criterion Description: 
      The firm's experience providing property management services for a public housing authority or similar entity; Firm's relevant experience within the last 5 years providing property management services at: an area of medium income/income restricted property, and experience managing properties with Section 142(d) bond financed housing programs Firm's relevant knowledge of and experience operating within the Charlotte-Gastonia-Concord-Rock Hill Metropolitan Statistical Area or similarly situated market relative to the management of properties enrolled in Section 142(d) bond financed housing program. Demonstrate an ability to provide lease up and stabilization guarantees; Demonstrate an unencumbered net worth of at least $5 million; Demonstrate liquidity of no less than $250,000.

      Element: 2
      Max Point Value: 15 Points
      Criterion Description: The professional and technical competence and experience of the proposed project staff proposed for this engagement.

      Element: 3
      Max Point Value: 5 Points
      Criterion Description: Firm's demonstrated understanding and commitment to the engagement; The firm's ability to perform the work in a timely manner and meet deadlines.

      Element: 4
      Max Point Value: 25 Points
      Criterion Description: The firm's proposed fee and fee structure. Weighted, based on the lowest price at 25 points

      Score equals Lowest Proposer's Price divided by Proposer's Price times 25

      Total: 100 Points

    3. General

      1. General

        RHHA will use the following procedure to evaluate the Qualifications Proposals and select a successful Offeror. All Qualifications Proposals received by RHHA within the established deadline which meet the submission requirements of the RFP will be evaluated by the RFP Evaluation Panel.

      2. RFP Evaluation Panel

        An RFP Evaluation Panel consisting of the Executive Director of RHHA, the Property Manager of RHHA, and a representative of Ascenda Acquisitions, LLC, the asset manager of the multifamily unit described herein.

      3. Qualifications Proposal Evaluation

        The Procurement Officer will forward Qualifications Proposals that comply with the submission requirements to the RFP Evaluation Panel. Each such Qualifications Proposal will be evaluated by the RFP Evaluation Panel using the selection criteria set forth in Section IX, A. above, and scored on the basis of the information contained in the Qualifications Proposal. Each panel member assigning points may provide a written narrative justification to support the rating given. The sum of the points assigned to each Qualifications Proposal by an individual panel member shall be known as the Offeror's "Raw Score." Each Qualifications Proposal shall be rated acceptable, potentially acceptable, or unacceptable based on the combined Raw Score received.

      4. Discussions; Negotiations

        At the sole discretion of RHHA, Offerors who are considered by the evaluation panel to be competitive based on the total scores received and relative rankings of Offerors, may be asked to make a presentation of the Qualifications Proposal during any negotiations that may be held. Evaluations may be revised based upon information provided by the Offerors in the oral presentation.

        Discussions or negotiations, oral and/or written, may be conducted by RHHA or its authorized representatives with all responsible Offerors whose offers are within the competitive range. RHHA reserves the right to conduct negotiations, oral and/or written, on any element of the contract including price, with all responsible Offerors whose offers are within the competitive range. RHHA reserves the right to make a selection of a successful Offeror based solely on the initial submissions and award without discussions.

  9. Award of Contract

    1. Contract Award

      Following completion of the evaluations, and successful negotiations a contract will be offered to the firm with the most advantageous proposal, considering cost and technical factors.

      1. Standard for Contract Award

        Upon a determination by RHHA of the availability of funds, RHHA may negotiate a contract with any one or more of the successful Offeror(s). Any contract awarded pursuant to this RFP shall be made to the responsible Offeror(s) whose proposal is determined to be the most advantageous to RHHA, price and technical factors considered. Award will be based on the ranking of the most qualified firms in accordance with the criteria in Section IX, above. RHHA will negotiate rates/pricing and contract terms with the highest ranked firm. If negotiations cannot be successfully completed with the highest ranked firm, that firm will be notified and dropped from the competition and negotiations will be initiated with the second highest ranked firm. This process will continue with successively ranked firms until negotiations are successfully completed.

      2. Award without Discussions

        Notwithstanding the foregoing, RHHA reserves the right to make an award without discussions based solely on original proposal scores. RHHA will make an award to the responsible Offeror whose offer conforms to the solicitation and is the most advantageous to RHHA (i.e., that which represents the best value to RHHA), price and other factors considered.