##VIDEO ID:Wx8Dl9ZyLrU## E RECORD MY NAME IS BRIAN WE'RE OUT DISTRICT FOR CITY COUNCILOR AND I AM THE CHAIR OF THE BOSTON CITY COUNCIL COMMITTEE ON WAYS AND MEANS. TODAY'S OCTOBER 1ST, 2024. UH, THIS HEARING IS BEING RECORDED IS ALSO BEING LIVE STREAMED BOSTON.COM.  BACKSLASH CITY DAS COUNCIL DASH TV AND BROADCAST ON INFINITY CHANNEL EIGHT AKA CHANNEL 82 AND FILES CHANNEL 964 WRITTEN COMMENTS MAY BE SENT TO THE COMMITTEE EMAIL AT C CC THAT W M AT BOSTON DOT GOV WILL BE MADE PART OF THE RECORD AND AVAILABLE TO OUR COUNCILORS PUBLIC TESTIMONY WILL BE TAKEN AT THE END OF THIS HEARING INDIVIDUALS WILL BE CALLED ON IN THE ORDER IN WHICH THEY SIGNED UP AND WILL HAVE 2 MINUTES TO TESTIFY. IF YOU ARE INTERESTED IN TESTIFYING IN PERSON PLEASE ADD YOUR NAME TO THE SIGN UP SHEET NEAR THE ENTRANCE OF THE CHAMBER.  IF YOU ARE LOOKING TO TESTIFY VIRTUALLY PLEASE EMAIL OUR CENTRAL STAFF LIAISON CHARISMA COWAN CORNER AT CHARISMA DOT CH0I SMILE AT THE HOLE NAMED K.R. I ASK H H M A DOT C H0UHA AN AD BOSTON DOT GOV FOR THE LINK IN YOUR NAME WILL BE ADDED TO THE LIST. TODAY'S HEARING IS ON DOCKET NUMBER 1002 ORDER FOR A HEARING TO CREATE A BOSTON DEVELOPMENT FUND IN THE PLANNING DEPARTMENT. THIS MATTER WAS SPONSORED BY COUNCILORS BRIAN WORRELL, JULIE MEJIA AND TANYA FERNANDEZ ANDERSON AND REFERRED TO THE COMMITTEE ON JUNE 12, 2024. TODAY I'M JOINED BY MY COLLEAGUES IN ORDER ARRIVAL COUNCIL PRESIDENT LOUIJEUNE COUNCILOR PEPEN AND COUNCILOR BREADON.  I WOULD LIKE TO NOW INTRODUCE TODAY'S PANELISTS. WE HAVE WITH US INTERIM CHIEF OF PLANNING GAVIN CORKE, ADMINISTRATIVE OF THE BOSTON HOUSING AUTHORITY KENZIE BOK, BPA SENIOR POLICY ADVISOR RUBIN KANTER AND FOUNDER AND CEO OF RISE. JIM GROSSMAN I'M GOING TO GIVE A FEW BRIEF OPENING REMARKS AND I ALSO HAVE A LITTLE PRESENTATION THAT I'LL PASS OUT TO COUNCILORS.  I INTRODUCED THIS HEARING ORDER IN JUNE SHORTLY AFTER THE CITY ANNOUNCED ITS $512 MILLION FREE CASH BALANCE.  AND THAT'S WHY AS I WAS HEARING FROM MANY CORNERS OF THE CITY THAT DEVELOPMENT IN BOSTON HAS STALLED. THAT'S SOMETHING THAT WE COULD SEE WITH OUR OWN EYES EVERY DAY. WE ONCE HAD DOZENS OF CRANES DOTTING THE BOSTON SKYLINE. NOW WE HAVE A FEW SCATTERED AS YOU CAN TELL FROM THE HEARING ORDER. THE ORIGINAL IDEA FOR REVENUE FUND WITH SOME WAS WAS TO USE SOME OF OUR FREE CASH TO CREATE AD REVENUE FOR THE CITY WHILE ALSO SPARKING THE APPROVED BUT UNBUILT INVENTORY. WE HAVE NEARLY 30,000 UNITS OF HOUSING THAT HAVE BEEN APPROVED BY THE BPA AND HAVE YET NOT YET BEEN CONSTRUCTED. BUT WHAT I SAW WHEN I LOOKED FURTHER INTO THOSE UNITS THAT WE NOT ONLY HAVE A PRODUCTION ISSUE IN BOSTON BUT WITH 25,000 OF THE 30,000 UNITS PLANNED TO BE APARTMENT WERE GOING TO BE EXASPERATED IN THE RENTER OWNER DIVIDE EVEN FURTHER IN THIS CITY IF THESE APPROVED UNITS GET BUILT SIMPLY PUT WE HAVE A PRODUCTION AND A PLANNING ISSUE IN THE CITY OF BOSTON AND SO THIS IS PROPOSED BY AND TRIES TO SOLVE FOR BOTH. LET ME TAKE YOU THROUGH THE SLIDES THAT HAVE BEEN PRINTED OUT FOR YOU.  WE ALL KNOW THAT THE CITY AND STATE AND REALLY THE COUNTRY IS FACING A HOUSING COUNTRY HOUSING CRISIS. THIS IMPACTS NOT ONLY GENERATIONAL WEALTH BUT AT THE MOST BASIC LEVEL AND OUR UNHOUSED POPULATION. MANY OF THE REASONS BEHIND THIS INCLUDE HIGH INTEREST RATES AND HIGH COSTS OF CONSTRUCTION. BUT THERE'S ALSO PERCEPTION AMONG THE PROSPECTIVE PROSPECTIVE INVESTORS THAT BOSTON IS A TOUGH PLACE TO DO DEVELOPMENT RIGHT NOW. AND SO THERE'S A FINANCING GAP HERE THAT ISN'T FELT IN MANY OTHER CITIES. IF YOU GO TO THE THIRD PAGE YOU CAN SEE A CHART OF THE UNBUILT INVENTORY WHICH IS BROKEN DOWN BY PROJECT SIZE AS WELL AS APARTMENTS VERSUS CONDOS.  IT'S ONLY ACCOUNTS FOR BPA APPROVED PROJECTS. SO YOU'RE LOOKING AT 15 UNITS OR MORE IN THESE PROJECTS.  THERE'S A HEALTHY AMOUNT OF INCOME RESTRICTED UNITS WHICH IS GREAT TO SEE WHAT IT WAS. BUT WHAT IS TROUBLING IS THE LACK OF HOMEOWNERSHIP OPPORTUNITIES. NEARLY ALL OF THESE PRESERVATION UNITS ARE APARTMENTS. SO YOU'RE LOOKING AT ABOUT 10% OF THE PIPELINE AS HOMEOWNERSHIP. AND FINALLY NUMBER THREE ON THIS PAGE DETAILS HOW BUILDING MORE UNITS CAN HELP EASE THE RESIDENTIAL TAX CRUNCH. AS YOU'LL SEE AS YOU'LL BE SPREADING THE BURDEN OVER SAY 200 TO 230000 UNITS RATHER RATHER THAN 200,000 UNITS. ON PAGE FOUR YOU CAN SEE DETAILS OF THE REVOLVING FUND. I BELIEVE THAT 150 MILLION IS THE RIGHT NUMBER AS IT WOULD LEAVE THE CITY WITH ABOUT A MONTH'S WORTH OF OPERATING BUDGET AND FREE CASH.  PAGE FIVE LAYS OUT THE GUIDELINES FOR THE FUND. WE'D LIKE TO SET UP MULTIPLE MODELS FOR DEVELOPERS AS WE KNOW THAT EACH DEAL IS UNIQUE AND WE CAN'T DO A ONE SIZE FITS ALL. WE KNOW THE MOMENTUM FUND AT THE STATE HAS PASSED AND SO WE CAN MEASURE SOMETHING LIKE THAT BUT IT DOESN'T MOVE A TON OF PRODUCTION ON ITS OWN FOR THE AMOUNT OF MONEY THAT YOU INVEST. AND SO WE SET UP SOME MODELS WHERE THE CITY CAN OPT OUT AT DIFFERENT POINTS ALONG THE WAY OR STAY IN FOR LONG TERMS AS AN EQUITY HOLDER. AS YOU'LL SEE WE'RE PUTTING A MAJOR EMPHASIS ON HOME OWNERSHIP. WE ALL KNOW IT'S THE BEST AND FASTEST WAY TO BUILD WEALTH IN THE COUNTRY.  IT'S ALSO AN INCREDIBLE ANTI DISPLACEMENT TOO BECAUSE WHEN THE VALUE OF A NEIGHBORHOOD RISES SO DOES THE VALUE OF YOUR CONDO.  IN ULTIMATELY HOME OWNERSHIP CAN BRIDGE THE GAP IN INCOME DISPARITIES.  BUT IF WE HAVE FEWER HOMEOWNERSHIP OPPORTUNITIES THEN THAT WEALTH DISPARITY GAP IS ONLY GOING TO GROW.  ON PAGE SEVEN WE SET OUT OUR CITY'S HOUSING VALUES AND THIS IS SOMETHING THAT WE'VE HEARD FROM COUNSELORS ACROSS VARIOUS DIFFERENT HEARINGS AND WORKING SESSIONS AND THESE ARE JUST A FEW AND WE'RE HAPPY TO ADD TO THIS. BUT AFFORDABILITY HOME OWNERSHIP, FAMILY FRIENDLY UNIT COASTAL RESILIENT AND FOR AND FOR THE DEVELOPERS AND CONSTRUCTION TEAMS FOLLOWING THE BJP AND MASS PUT MODEL OF INCLUSION WHICH WILL HELP US ATTRACT AND GROWING AND GROW EMERGING DEVELOPERS.  NOW WE'LL GO TO THE OPTIONS AND NOT ALL THESE OPTIONS ARE STILL A WORK IN PROGRESS BUT THESE ARE MODELS THAT WE HAVE WORKED WITH DIFFERENT DEVELOPERS ON.  ON OPTION A WE'RE INVESTING IN A 100 UNIT WOOD FRAME APARTMENT PROJECT. WHAT WE'RE GOING TO DO IS TURNING THE IDP AND MAYBE UP TO 25% INTO AFFORDABLE CONDOS AS PART OF OUR STIPULATION TO GET INVOLVED INTO THE PROJECT. YOU CAN GET THIS UP HOWEVER YOU LIKE ON THE BACK END BUT WE HAVE A COUPLE OF EXAMPLES EXAMPLES OF HOW THIS HAS WORKED OUT MORE IN STATES AND VILLAGE . SHOUT OUT TO DON ALEXIS AND TEAM OVER THERE AND ALSO HAVE PASSO P12 C IN CHINATOWN AND WE HAVE A COUPLE OF DEVELOPERS HERE WE'LL SPEAK TO THAT FURTHER IN DETAIL ABOUT IT.  OPTION B LOOKS AT THE CITY INVEST IN A LARGER AND TO A LARGER APARTMENT PROJECT WITH THE STIPULATION OF TURNING IT INTO ALL CONDOS. THE CAVEAT HERE IS WE OFTEN HEAR IT'S HARD FOR DEVELOPED TO SELL ALL THOSE CONDOS UNITS AT ONCE SO WE ARE OFFERING A TAX BREAK FOR THE FIRST THREE YEARS TO ANY UNSOLD UNITS SO THE DEVELOPER DOESN'T HAVE TO PAY PROPERTY TAXES ON UNITS UNTIL IT IS SOLD.  OPTION C IS THE SAME CONCEPT AS OPTION B BUT AT A SMALLER LEVEL AND THUS WITHOUT THE NEED FOR THE TAX BREAK IN OPTION D WE HAD A WHOLE HEARING ON THIS YESTERDAY BUT IT'S ABOUT RAISING THE BUILDING ON THE CITY PARCELS AND ENTERING INTO A 100 YEAR LAND LEASE ON THAT PROPERTY SO IT GENERATES REVENUE OVER TIME SIMILAR TO WHAT MASSPORT DOES WITH A LOT OF LAND ON THE MASSPORT MODEL AND OPTIONALLY I BELIEVE THE CITY IS ALREADY LOOKING INTO THIS WHICH IS MOVING A LOT OF MIXED INCOME PROJECTS ALONG IN CHARLESTOWN IN SOUTH BOSTON AND AS YOU CAN SEE ON THE FINAL PAGE WE'VE BEGUN TO SOLVE FOR ALL THREE OF THE ISSUES FACING THE CITY. WE'LL GET SHOVELS IN THE GROUND ON THE UNITS IN THE PIPELINE. WE ENSURE THAT MORE OPPORTUNITIES FOR HOMEOWNERSHIP AND ULTIMATELY WE'RE REALLY SOLVING FOR A LONG TERM RESIDENTIAL PROPERTY TAX CUT. AND WITH THAT I'LL START WITH JIM GROSSMAN AND JIM JIM GROSSMAN, HAPPY TO HAVE YOU HERE.  EXPLAIN A LITTLE BIT MORE ABOUT OPTION WHICH WE MODEL WITH YOU . ABSOLUTELY. THANK YOU FOR THE TIME. THANK YOU, COUNSELORS.  SO BY WAY OF BACKGROUND, I AM A PRINCIPAL AT RISE TOGETHER. WE ARE A MINORITY OWNED DEVELOPMENT FIRM BASED HERE IN BOSTON. I'M A LIFELONG BOSTON RESIDENT CURRENTLY LIVE IN DORCHESTER SO I COMMEND EVERYONE FOR WORKING ON THIS SOLUTION.  HOUSING IS OBVIOUSLY A DIRE NEED FOR ALL OF US AND AND KUDOS TO A KEEN EYE ON HOMEOWNERSHIP.  SO OUR OUR PRIMARY MARKET IS THIS FAR BELOW 99 UNITS AS A DEVELOPMENT FIRM AND WE WERE ASKED BY COUNCILOR WARHOL'S TEAM TO RUN THE FINANCIAL MODELS ON ON THESE SCENARIOS AND WHAT WE WERE TRYING TO FIND WAS WHAT ARE THE DIASTOLIC PRESSURES WITHIN THAT FINANCIAL MODEL GIVEN THE CURRENT STATE OF THE CAPITAL MARKETS HIGH INTEREST RATES WHERE CONSTRUCTION COSTS ARE AND THEN WHAT IS THE VIABILITY OF THOSE? AND SO WITH EACH ONE OF THESE WE HAD A THIRD PARTY ORGANIZATION VALIDATE OUR FINANCIAL MODELS TO FIND OUT THAT THEY ARE VIABLE AND THEY WERE IN SO AT UP AT 100 UNIT APARTMENT WE MODELED THE 25% OF THE IDP AT A FOSSIL SO MAKING THOSE CONDOMINIUMS AND THE REMAINING 75 UNITS BEING A RENTAL. WHAT WE FOUND WAS IT PASSED THE LITMUS TEST OF REQUIRED RETURN ON COST TO GET BANK FINANCING ALONG WITH AN EQUITY INVESTOR. BUT THERE WERE ALSO LOGISTICAL CHALLENGES THAT NEED TO BE WORKED OUT. WHERE DO THOSE CONDOS RESIDE WITHIN THE PROXIMITY? SO LOGISTICS BECOMES A CHALLENGE AND THEN WHAT ARE THE LEGAL RAMIFICATIONS FROM FROM HAVING A CONDOMINIUM? AND I THINK YOU KNOW, THE RELEVANT PROJECTS THAT HAVE WORKED IN THE CITY ARE A GREAT CONCLUSION TO SHOW THAT THESE ARE VIABLE AND THEY DO WORK. BUT AS WE STARTED TO TALK TO THE CAPITAL MARKETS AND PEOPLE IN THE MARKETPLACE, THOSE WERE SOME OF THE CHALLENGES THAT WERE COMING BACK. SO WE CAN SAY FROM A FINANCIAL PERSPECTIVE GIVEN THE CURRENT STATE OF CONSTRUCTION COSTS, THE CURRENT STATE OF LAND COSTS AND THE CURRENT STATE OF THE CAPITAL MARKETS MOSTLY BEING BORROWING RATES THAT THIS AUCTION A IT IS FINANCIALLY VIABLE AND FEASIBLE. THANK YOU. I JUST WANT TO ACKNOWLEDGE THAT COUNCILOR FITZGERALD AND COUNCILOR MEJIA HAS JOINED US AND ALSO COUNCILOR DURKIN.  NOW I'LL GO TO DEVON FOR ANY REMARKS AND PAINTING WITH IT THERE. THANK YOU, CHAIRMAN. HAPPY TO BE HERE. THANK YOU FOR HOLDING THIS HEARING ON AN IMPORTANT SUBJECT. FOR THE RECORD, I'M DEVON CLARKE, INTERIM CHAIR INTERIM CHIEF FOR THE PLANNING DEPARTMENT AND JOINED BY ADMINISTRATOR BOK WHO WILL SPEAK IN A MOMENT FROM THE PERSPECTIVE AND REUBEN CANTOR IS OUR SENIOR POLICY ADVISOR AND JUST A BIG THANK YOU TO JIM FOR JOINING THIS PANEL AS WELL. HE'S BEEN AN EXCELLENT PARTNER OF OURS AND THE WHOLE TEAM AT RIGHT IS CONSTRUCTION AS WE WORK TO TRY AND GET HOUSING UNITS INTO CONSTRUCTION IN OUR CITY.  JUST A COUPLE OF QUICK OPENING STATEMENTS. I WANTED TO START BY SAYING WE ARE HERE IN THE CONTEXT OF AN ANNOUNCEMENT THE MAYOR MADE LAST WEEK OF THAT CHAMBER OF COMMERCE ANNUAL BREAKFAST. SHE ANNOUNCED THAT THE CITY INTENDS TO WORK WITH THIS COUNCIL TO CREATE A HOUSING ACCELERATOR FUND TO INVEST UP TO 100 MILLION FROM THE CITY'S FREE CASH BALANCE TO CREATE MUCH NEEDED HOUSING IN OUR CITY. MUCH LIKE THE CHAIR JUST MENTIONED THE POLICY THIS POLICY IDEA IS TARGETED TO THE ECONOMIC MOMENT WE FIND OURSELVES IN THE CITY TODAY.  WE KNOW WE HAVE SIGNIFICANT BARRIERS TO HOUSING CONSTRUCTION SUCH AS THE COSTS FOR MATERIALS, LABOR, LAND AND INTEREST RATES WHICH ARE ALL EXPERIENCING RECORD HIGHS. THESE COST INCREASES HAVE DEPRESSED HOUSING STARTS AND WHILE WE'VE SEEN A MODEST BOUNCE THIS YEAR WE STILL HAVE A LOT TO DO TO PRODUCE THE HOUSING THAT OUR CITY NEEDS AS MARKET CONDITIONS THAW, WE BELIEVE IT IS NOW FEASIBLE FOR THE CITY TO STEP IN AND STRATEGICALLY CLOSE THE GAP FINANCING SOME PROJECTS TO ACTUALLY HELP CATALYZE HOUSING IN OUR CITY. THE INTENTION IS TO BUILD UPON GOVERNOR KELLY'S RECENTLY APPROVED MOMENTUM FUND THAT WAS INCLUDED IN LAST YEAR IN THE LATEST HOUSING BOND BILL THIS YEAR AND WILL BE ADMINISTERED BY MASS HOUSING BOSTON'S HOUSING ACCELERATOR FUND IS MODELED AFTER THAT STATE PROGRAM AND OTHER SIMILAR FUNDS THAT WE FOUND IN USE IN A SMALL NUMBER OF BUT VERY IMPACTFUL LOCALITIES AROUND THE COUNTRY WHICH INVOLVE INVESTING LOW COST EQUITY IN TURN INTO PROJECTS IN ORDER TO EASE FINANCIAL BARRIERS AND START CONSTRUCTION. AND MR BOCH KNOWS THESE PROGRAMS WELL AND I EXPECT WE'LL TALK ABOUT IT MORE MOMENTARILY. BUT ONE THING I WANT TO UNDERLINE FROM THE VERY START IS IT'S IMPORTANT THAT WE SAY THAT THESE ARE NOT SUBSIDY PROGRAMS. THE PROGRAM THAT WE ARE ENVISIONING INVESTS IN MARKET RATE HOUSING CONSTRUCTION AND THEREFORE EXPECTS OVER RETURN THAT THE CITY CAN SEE IN FUTURE YEARS AND THEN EITHER CHOOSE TO REINVEST IN FUTURE PROJECTS OR RETURN TO THE GENERAL FUND. AND UNLIKE AFFORDABLE HOUSING SUBSIDIES WHICH ARE THAT EXPENDED IN THE PROJECTS, WE'RE VERY CONFIDENT AT THIS MOMENT IN TIME AND MR BLOCK WOULD SPEAK TO THIS THAT THE IMPRESSIVE WORK THAT THE IS DOING IN PUBLIC PRIVATE PARTNERSHIPS WOULD SEE A BENEFIT FROM THIS TYPE OF PUBLIC PRIVATE PARTNERSHIP AND EQUITY MODEL. AND WE'RE ACTIVELY EXPLORING WITH PRIVATE DEVELOPERS WHETHER THIS TYPE OF INVESTMENT PAIRED WITH THE STATE'S MOMENTUM FUND WOULD ACTUALLY HELP TIP THE SCALES TO GET MARKET RATE PROJECTS INTO CONSTRUCTION.  SO WE'RE VERY EXCITED TO HAVE THE SUPPORT OF THIS COUNCIL AND OUR MISSION TOGETHER TO ENSURE THAT WE CAN BUILD HOMES, BRING RENTS DOWN FOR OUR RESIDENTS AND EASE DISPLACEMENT PRESSURES IN BOSTON AND WE LOOK FORWARD TO DISCUSSING THESE SOLUTIONS WITH YOU ALL TO REMEMBER AGAIN THANK YOU SO MUCH AND THANK YOU MR CHAIR AND COUNCILORS YEAH, I THOUGHT I WOULD JUST SPEAK A LITTLE BIT TO HOW WE COME TO THIS MOMENT FROM A VHA PERSPECTIVE. SO AS COUNSELORS HERE KNOW THE VHA LAUNCHED MAJOR PUBLIC PRIVATE PARTNERSHIPS IN BOTH SOUTH BOSTON AND CHARLESTOWN AND PURSUED PERMITTING FOR A MAJOR INCREASE IN DENSITY AT BOTH SITES. SO GOING FROM IN CHARLESTOWN 1100 UNITS TO 2700 IN SOUTH BOSTON FROM 1000 UNITS TO 3330 TO 100 AND IN BOTH CASES A SITUATION WHERE WE WOULD REPLACE EVERY DEEPLY AFFORDABLE PUBLIC HOUSING UNIT WITH A VOUCHER BASED UNIT FOR THE SAME RESIDENTS AND THEN ADD THE ADDITIONAL UNITS AS MARKET NOW AND BOTH OF THOSE PERMITTED PLANS INVOLVE A FEW BUILDINGS THAT ARE ALL AFFORDABLE BOTH BECAUSE BUILDING ONE OF THOSE FIRST HELPS US WITH THE RELOCATION CHALLENGE AND KEEPING EVERYBODY ON SITE AND THEN ALSO BECAUSE THERE'S AN INTEREST IN HAVING DEDICATED BUILDINGS FOR OUR SENIORS AND DISABLED POPULATIONS SO THAT WE CAN WE CAN HAVE SERVICES AND AMENITIES DEDICATED FOR THEM IN THOSE BUILDINGS. BUT THE MAJORITY OF THE BUILDINGS IN BOTH SITES THAT HAVE BEEN PERMITTED ARE MIXED INCOME BUILDINGS IN CHARLESTON 78% MARKET 22% THE REPLACEMENT UNITS IN SOUTH BOSTON 80% MARKET 20% THE REPLACEMENT UNITS NOW IRONICALLY WHEN THIS PERMITTING WAS ORIGINALLY DONE THE THEORY WAS THAT THE CAPITAL MARKETS WOULD TAKE CARE OF THE FINANCING OF THE MAJORITY MARKET BUILDINGS AND SO THAT WE WOULD BE DEALING WITH THE SUBSIDY THE AFFORDABLE HOUSING SUBSIDY WORLD FOR THE ALL AFFORDABLE BUILDINGS BUT THAT WE'D HAVE A KIND OF MARKET BASED ENGINE FOR MAKING THESE MIXED INCOME BUILDINGS GO. UNFORTUNATELY THEN INTEREST RATES ROSE.  EVERYONE KNOWS THE STORY. YOU'VE HEARD IT A BIT FROM OTHER PANELISTS AND SO IRONICALLY THAT HAS ALSO BECOME THE BIGGEST PROBLEM IN TERMS OF HOW WE MOVE THESE TRANSFORMATIONAL PROJECTS FORWARD.  AND THAT'S YOU KNOW, IT'S SOMETHING THAT IS VERY DISTRESSING TO OUR RESIDENTS.  I MEET REGULARLY WITH BOTH THE MARY ELLEN MCCORMICK TENANT TASK FORCE AND THE CHARLESTON TENANT TASK FORCE IN THE CASE OF MARY ELLEN, WE ARE JUST ABOUT TO CLOSE THIS YEAR ON THE FIRST BUILDING BUT IT'S ALL AFFORDABLE SO IT HASN'T BEEN SET BACK BY THIS YET IN THE SAME WAY. BUT IN CHARLESTON, THE FIRST BUILDING IS ACTUALLY GOING TO BE COMPLETED THIS YEAR AND THE SECOND BUILDING THAT'S SUPPOSED TO YOU KNOW, IDEALLY WE WOULD HAVE ALREADY BROKEN GROUND ON IS ONE OF THESE MIXED INCOME BUILDINGS. SO THIS HAS MEANT THAT THE VHA AND OUR RESIDENTS ARE VERY INVESTED IN THE QUESTION OF HOW DO WE GET THE ENGINE OF MIXED INCOME BUILDINGS TO GO LIKE EVERYONE ELSE'S. BUT OF COURSE WHAT WE'RE NOT INTERESTED IN DOING IS POURING PUBLIC SUBSIDY INTO THESE BUILDINGS SO THAT THE PRIVATE SIDE CAN MAKE A VERY HIGH RETURN THAT THEY WANT. WE DON'T THINK THAT THAT'S A REASONABLE EXPENDITURE OF CITY FUNDS BUT WHAT WE'VE BEEN REALLY INTERESTED IN AND I KNOW I SPOKE AT ANOTHER COUNCIL HEARING IN LAY AT LENGTH ABOUT THIS I'M NOT GOING TO DO SO TODAY BUT THE MONTGOMERY COUNTY MODEL THAT HHC DOWN THERE HAS BEEN RUNNING WHERE BASICALLY THEY STEPPED IN TO REPLACE THE REAL ESTATE INVESTMENT TRUST CAPITAL MARKET SORT OF SLICE OF THE PIE AND SO YOU'RE STILL INVESTING LIKE AN EQUITY INVESTOR BUT THE DEMAND WITH THE RETURN THAT YOU'RE DEMANDING IS LESS THAN WHAT THE EQUITY INVESTOR WOULD DEMAND. AND SO IT KIND OF GIVES US A PUBLIC ENGINE FOR MAKING THESE PROJECTS GO. WE'RE ALSO VERY INTERESTED BECAUSE PART OF WHAT THAT HAS ENABLED HFC TO DO DOWN IN MARYLAND IS TO INCREASE THE AFFORDABILITY SOMEWHAT. SO FOR INSTANCE THERE'S BEEN A LONG TERM INTEREST SINCE WE STARTED THESE PROJECTS IN WHETHER WE COULD ADD A MIDDLE INCOME TRANCHE AND WE THINK POTENTIALLY WHICH SOME FOLKS HERE KNOW IRONICALLY MIDDLE INCOME UNITS ARE THE HARDEST ONES FOR US TO FINANCE UNEXPECTEDLY SO BUT BECAUSE THE FEDERAL GOVERNMENT GIVES US SUCH SUBSTANTIAL SUBSIDIES FOR THE DEEPLY AFFORDABLE UNITS, IT'S REALLY THE MIDDLE INCOME ONES ARE THE HARDEST TO MAKE PENCIL SO YOU KNOW, OUR REAL INTEREST HERE IS IN USING THIS FIRST MIXED INCOME BUILDING AT CHARLESTOWN TO PILOT THIS THIS INVESTMENT FUND AND BOTH GET THE BUILDING MOVING BUT ALSO BE ABLE TO SOMEWHAT IMPROVE THE AFFORDABILITY MIX AND AND HAVE A SITUATION WHERE WE'RE DOING THAT AND THE MONEY IS COMING BACK TO THE CITY AND TO THE PUBLIC FOR CONTINUED USE.  WE THINK IT'S REALLY A WIN WIN WIN. WE'RE REALLY EXCITED ABOUT IT. I KNOW ACTUALLY SEVERAL OF MY RESIDENTS ARE ON THE BUNKER HILL TENANT TASK FORCE LIKE WE'RE READING THE NEW YORK TIMES STUFF ABOUT MARYLAND AND BRINGING IT TO MY ATTENTION SAYING HEY, COULD WE DO THIS? BECAUSE LIKE I SAID, NOBODY WANTS TO SEE THE PROJECT THERE STALL AND SO YOU KNOW WE THINK IT'S THAT NICE COMBINATION OF INNOVATIVE AND ALSO DOVETAILING ON SOMETHING THAT HAS BEEN DONE AND THAT WORKS AND I SHOULD SAY ALSO THAT WE'RE VERY FORTUNATE IN THAT IN MARYLAND THE HOUSING AUTHORITY THAT'S DOING THIS IS ALSO A HOUSING FINANCE AGENCY.  IT'S THE ONLY ONE IN THE COUNTRY THAT COMBINES BOTH. BUT THERE ARE PROBABLY TWO HOUSING FINANCE AGENCIES IN THE COUNTRY THAT ARE THE STRONGEST AT SOME OF THE COMPLEMENTARY FINANCING AND UNDERWRITING THAT YOU NEED TO DO THIS MODEL.  ONE OF THEM IS THIS ONE IN MARYLAND AND ONE OF THEM IS MASS HOUSING OUR CLOSE PARTNER THAT WE WORK WITH HERE IN VHA ON LOTS OF PROJECTS. SO WHAT'S EXCITING FOR US IS THAT THERE'S AN OPPORTUNITY TO PIGGYBACK ON MASS HOUSING'S UNDERWRITING CAPABILITIES AND THE MOMENTUM FUND AND KIND OF HAVE THEM BRING SOME OF THAT EXPERTISE TO THE TABLE SO THAT AGAIN WE KNOW THAT THE CITY DOLLARS PUBLIC DOLLARS QUITE WELL SAFEGUARDED. SO THAT'S JUST A LITTLE BIT OF CONTEXT ABOUT SORT OF HOW WE GOT HERE AND WHY WE'RE SO EXCITED ABOUT THIS ANNOUNCEMENT . I SHOULD JUST SAY AT THE OUTSET THAT BECAUSE THE NATURE OF THIS NOW WILL BE A NEGOTIATION,  RIGHT, TO FIGURE OUT EXACTLY WHAT'S THE MINIMUM AMOUNT OF MONEY THAT'S NEEDED TO MAKE EACH OF THESE PROJECTS GO. AND AT VHA WE HAVE, YOU KNOW, MORE THAN 15 OF THESE MIXED INCOME BUILDINGS PERMITTED BETWEEN THE TWO SITES. SO BECAUSE OF THAT WE'RE NOT GOING TO COMMIT UPFRONT TO THIS IS THE NUMBER THAT'S GOING INTO THAT FIRST BUILDING AT CHARLES TOWN BECAUSE WE REALLY NEED TO NEGOTIATE THAT THAT NUMBER IS AS LOW AS POSSIBLE. SO I CAN'T FROM A SORT OF PUBLIC INTEREST PERSPECTIVE PUT A NUMBER ON THE TABLE THAT THEN SETS THE KIND OF FLOOR FOR WHERE WE MIGHT END UP WITH THAT DEAL. SO I JUST WANTED TO FLAG THAT OFF FROM THE BEGINNING BUT AND I WOULD SAY THAT JUST YOU KNOW, OBVIOUSLY WE'RE THRILLED TO BE HERE TALKING ABOUT THIS LESS THAN A WEEK SINCE THE MAYOR MADE HER ANNOUNCEMENT AND WE DO EXPECT TO COME BACK TO THE COUNCIL WITH A PROPER APPROPRIATION ORDER AND BE ABLE TO SPEAK TO SOME OF THE MORE DETAILS THEN AS WELL. BUT SHE HAS JUST MR CHAIR, THANKS SO MUCH FOR HAVING US. THANK YOU. I JUST WANT TO ACKNOWLEDGE THAT COUNCILOR FLYNN HAS ALSO JOINED US NOW I'LL TURN IT OVER TO MY COUNCIL COLLEAGUES IN ORDER TO ARRIVE BEFORE ANY QUESTIONS STARTING WITH COUNCIL PRESIDENT LOUIJEUNE THANK YOU MR CHAIR. THANK YOU FOR THIS HEARING ORDER SOME ADVANTAGES TO BEING THE CHAIR OF WAYS AND MEANS. YOU'VE BEEN TALKING ABOUT THE FREE CASH FOR QUITE SOME TIME SO EXCITED TO HAVE A HEARING ON YOUR HEARING ORDER AND SEEING HOW IT MARRIES WITH THE MAYOR'S ACCELERATED PROPOSAL. I WANT TO THINK THIS PANEL FOR YOUR EXPERTISE IN THE WORK THAT YOU'RE DOING ACROSS THE CITY I ACTUALLY HAVE SOME MORE GENERAL QUESTIONS I THINK PROBABLY HAVE TO DO DEVIN AND JIM WOULD PROBABLY BE THE MOST APPROPRIATE TO ANSWER WHEN YOU'RE DEVELOPING IN AFFORDABLE HOUSING UNIT WHETHER IT'S IN YOU HAVE AN AFFORDABLE HOMEOWNERSHIP OPPORTUNITY VERSUS AFFORDABLE RENTAL OPPORTUNITY WHICH ONE IS MORE PROFITABLE AND MORE ATTRACTIVE TO A DEVELOPER?  YEAH. OH OH AND MOVING TO A FEW HUNDRED AND 22 I MEAN EVERYONE IF ANYBODY WANTS TO BUT I JUST THE DEVELOPER ON THE PANEL SO SO SO FROM A FROM AN AFFORDABLE HOUSING FOR SALE PRODUCT YOU KNOW AND THESE ARE WELL PUBLICIZED IT'S YOU KNOW THE BOSTON GLOBE HAD A GREAT ARTICLE ON IT IT'S APPROXIMATELY AROUND $600,000 PER UNIT TO BUILD IN OUR MARKETPLACE HERE 620,000 CORRECT AND ALL TO TO BUILD A HOUSING UNIT AND AGAIN COUNCIL ROOM MENTIONED IT EVERY PROJECT IS UNIQUE IN THAT THAT IS THE CHALLENGE I THINK FOR EVERYONE THAT WORKS IN THE POLICY WORLD IS HOW DO YOU CREATE A POLICY THAT TAKES INTO THAT ACCOUNT THAT UNIQUENESS AND SO THAT MAY VARY SOMEWHERE BETWEEN 500000 TO 600000 PER UNIT WHEN WHEN YOU LOOK AT IN AND THOSE NUMBERS ARE THE SAME SO THAT DEVELOPMENT COSTS ARE THE SAME WHETHER YOU'RE DEVELOPING LIKE IT AS A CONDO OR AS A RENTAL YOU GENERALLY YES YEP. SO DIRECTIONALLY ABSOLUTELY AND THEN DENSITY TYPE IF IT'S A HIGH RISE YOU TEND TO BE ON THE HIGH SIDE OF THAT SCALE IF YOU'RE ROBB WOOD FRAME MID-RISE YOU TEND TO BE ON THE LOWER SIDE OF THAT SCALE JUST BECAUSE OF THE MATERIALITY OF THE PROJECT UNTIL WE WHEN WE THINK ABOUT FOCUSING ON THOSE IN AND FINDING AN AREA TO TO OF PROFITABILITY THE REALITY IS BASED UPON AMI YOU'RE ALWAYS LESS THAN THAT COST TO BUILD AND SO YOUR MARKET RATE SUBSIDIZES THE FACT THAT YOU ARE NOW EITHER SELLING AND OR RENTING FOR A BELOW COST UNIT TURNED OVER AND THAT YOU KNOW GOES THROUGH THE BPA PROCESS IN AND THE AFFORDABILITY PROCESS HERE IN BOSTON AND SO THAT FROM A PROFITABILITY PERSPECTIVE BUT THEY THEY EACH ONE OF THOSE WHETHER FOSSIL OR FOR RENT THEY TEND TO LEAN ON THAT SAME SCALE THE THE REALITY IS THIS IN THE MARKETPLACE IT REALLY COMES DOWN TO FINANCING AND WE DID ON ONE OF OUR PROJECTS HAVE THE SAME CONVERSATION AT THE BPA BOARD WHERE LARGER PROJECTS ARE VERY HARD TO FINANCE WHEN THEY'RE FOR SALE AND THAT IS JUST BECAUSE THE WAY THE CAPITAL WORKS IN THE PRIVATE MARKETS IS YOU GET LESS DEBT ON A CONDOMINIUM PROJECT ON A FOSSIL PROJECT IN THE PRIVATE MARKETPLACE BECAUSE IT'S SEEN AS MORE RISKY THAT CAPITAL IS SEEN AS MORE RISKY.  AND SO WE'RE ON AN APARTMENT BUILDING YOU CAN GET UP TO 70% OF THE COST IN THE FORM OF OF DEBT YOU KNOW, SOMEWHERE BETWEEN THAT 60 AND 70% ON A CONDOMINIUM PROJECT YOU'LL BE IN THAT 50% RANGE WHICH MEANS NOW YOU HAVE TO GO FIND MORE EXPENSIVE CAPITAL TO COMPLETE THE STACK IN INEQUITY THAT IS JUST A MORE EXPENSIVE SOURCE OF CAPITAL SO THAT IS WHAT I THINK IS IS THE RESTRICTION ON FOR SALE IS THE WAY THE CAPITAL MARKETS WORK MUCH LESS THAN CALL IT THE NUMBERS IF YOU WILL BEHIND THAT PRO FORMA IT'S MORE AROUND CAPITAL SOURCES THAT MAKE IT MORE EXPENSIVE ON THE FOSSIL SIDE I THINK IT'S A VERY INNOVATIVE THOUGHT PROCESS TO SAY CAN WE CAN WE MIX THOSE TWO? CAN WE LEAVE 75% OF THESE UNITS AS FOR RENT WHICH MAKE THEM MORE VIABLE FROM A FINANCING PERSPECTIVE AND DE-RISK BECAUSE THERE WILL BE FEWER FIRE SALE UNITS I THINK IS A VERY SMART APPROACH AND DID IT DID WORK OUT IN OUR MODELING OF IT, OUR FINANCIAL MODELING OF IT HOPEFULLY THAT ANSWER THE QUESTION YET DOES IT IDENTIFY LIKE BECAUSE I KNOW I'VE HAD THESE CONVERSATIONS WITH DEVELOPERS AND THERE IS A SKEW TOWARDS RENTAL AND YOU IDENTIFIED ARTICULATED EXACTLY WHY THAT SKEW EXIST AND IT JUST MAKES ME RETURN TO US AS LEGISLATORS TO FIGURE OUT THEN UNDERSTAND THAT RELUCTANCE AND THAT IMBALANCE BECAUSE OF THINGS THAT ARE ALL MARKET BASED RIGHT THINGS THAT ARE BEYOND OUR CONTROL AS GOVERNMENT ACTORS WHERE AND WHAT SHOULD WE BE DOING ISSUE WE SHOULD BE DOING ANYTHING TO SORT OF TIP THE SCALE OR TO INTERVENE IN A WAY THAT THE MARKET WON'T. SO I APPRECIATE THAT ANSWER AND I THINK DEVIN IF I COULD JUST JUMP IN MORE I THINK WHICH IS YOUR QUESTION IS ABOUT AFFORDABLE HOUSING SPECIFICALLY I THINK WE'RE WE'RE SPEAKING ABOUT MARKET RATE HOUSING TOO. YEAH. BUT I UNDERSTAND THE WAY THAT HE ANSWERED AND I UNDERSTAND WHY HE ANSWERED IT THE WAY HE DID. YEAH BUT YEAH, ONE THING I THINK IT'S IMPORTANT FOR US TO AN IMPORTANT PERSPECTIVE PERSPECTIVE TO BRING IS THAT WE'RE ONE OF THE FEW CITIES IN AMERICA THAT IS ACTUALLY FUNDING AFFORDABLE HOMEOWNERSHIP OPPORTUNITY AND THE REASON FOR THAT IS THAT THE FEDERAL GOVERNMENT IS NOT THAT THERE AREN'T THERE AREN'T MAJOR SOURCES OF SUBSIDY CAPITAL THAT EXIST FOR US TO BE ABLE TO PULL INTO AFFORDABLE HOMEOWNERSHIP WHICH MEANS A LOT MORE OF THE DOLLARS HAVE TO BE LOCAL DOLLARS. THE STATE DOES HAVE SOME PROGRAMS FOR THIS IN THE CITIES IN MAYOR'S OFFICE HOUSING UNDER SHEILA'S LEADERSHIP, CHIEF DAWN'S LEADERSHIP HAS BEEN SIGNIFICANTLY INVESTING IN HOMEOWNERSHIP OPPORTUNITIES. BUT IT'S SOMETHING THAT THERE ARE JUST VERY FEW MUNICIPALITIES IN THE COUNTRY THAT ARE DOING IT BECAUSE OF THE LACK OF CAPITAL TO DO SO AT THAT SCALE ON THE FEDERAL LEVEL. SO SOMETHING WE SHOULD CERTAINLY LOOK TO DO MORE OF THE REASONS WHY WE'RE HERE BUT ALSO AND PROBABLY IMPORTANT FOR US TO REALIZE THAT WHEN WE'RE DOING RENTAL HOUSING WHETHER IT'S PUTTING CITY DOLLARS IN MARKET FOR AFFORDABLE, IT'S GOING TO STRETCH FURTHER BECAUSE THERE ARE OTHER SOURCES OF CAPITAL THAT WE CAN PULL IN FROM THE STATE AND FEDERAL LEVEL AND SO WE MIGHT GET MORE HOUSING FOR OUR LOCAL DOLLAR IN THERE IF WE'RE INVESTING IN THE RENTAL MARKET UNDER STATE FEDERAL GOVERNMENT BLOCK GRANTS WHAT WITHIN THE PURVIEW OF MUNICIPALITIES TO DECIDE HOW THEY'RE ALLOCATING RESOURCES TO A CERTAIN EXTENT HAVE BEEN USED FOR HOME OWNERSHIP THAT I WOULD I DON'T KNOW MR BOCH KNOWS ANSWER THAT QUESTION. I'M NOT SURE IF CDS IS I SUSPECT $6 CAN BE USED FOR EXAMPLE FOR HOMEOWNERSHIP BUT I DON'T KNOW FOR SURE IT'S PROBABLY A MAYOR'S OFFICE HOUSING COMMISSION. OKAY, CAN I JUST SAY ONE MORE THING? SO JUST A COUPLE MORE NOTES ON THAT. SO JUST TO EXPAND ON HIS POINT ABOUT WHY IT'S PERCEIVED BY THE MARKETS AS RISKIER, I MEAN I WOULD SAY IT IS RISKIER LIKE TO BUILD A LARGE HOMEOWNERSHIP PROGRAM THAN TO PROJECT THAN TO BUILD A LARGE RENTAL PROJECT. AND THE REASON JUST SO FOLKS UNDERSTAND IS BECAUSE A RENTAL PROJECT ITS VALUE IS PRICED BASED ON ITS LIKE NET OPERATING INCOME RIGHT AFTER EXPENSES AND THAT'S BASED ON THE RENTS YOU COME IN. NOW IF YOU GOT YOUR ESTIMATES WRONG LIKE IT TURNS OUT IT'S A WEAKER YEAR THAN YOU EXPECTED LIKE IT'S 2020 RIGHT AND COVID THEN YOUR OPERATING INCOMES DIPPING FOR A YEAR BUT IT CAN EASILY RECOVER THE RENTAL MARKET CAN RECOVER AND NEW VALUES ARE BASED ON LONG TERM LIKE PROJECTIONS. SO IF THERE'S LIKE ONE WEIRD YEAR OR LIKE FOR SOME REASON YOU YOU KNOW YOU HAVE A FIRE AND YOU NEED TO EMPTY TEN UNITS AND SO THEY'RE VACANT FOR 12 MONTHS LIKE THAT CAN BE A BLIP IN THE NOI CALCULATIONS FOR A LARGE PROJECT WITH HOME OWNERSHIP IF YOU FINANCE IT IF THE BANK LETS YOU TAKE OUT A LOAN AND YOU GET YOUR EQUITY INVESTORS ALL BASED ON THE ASSUMPTION THAT YOU'RE GOING TO SELL AT A CERTAIN PRICE AND THEN IT TURNS OUT THAT THE MARKET IS SOFTER WHEN YOU GO TO SELL EITHER BECAUSE OF MARKET CONDITIONS OR MAYBE YOU MISCAST HOW PEOPLE WOULD LIKE YOUR LOCATION OR THE QUALITY OF YOUR PRODUCT, RIGHT? WHATEVER REASONS IT'S ONE AND DONE SO SAY YOU SAID OH, I'M GOING TO SELL THESE UNITS FOR 800,000 A POP AND YOU ONLY SELL THEM FOR 750 YOU POP YOU HAVE NO WAY OF RECOVERING THAT MONEY AND ALL YOUR INVESTORS EAT THE LOSS. SO THAT'S WHAT'S GOING ON WITH THE PERCEPTION THAT HOMEOWNERSHIP IS MORE IS RISKIER. IT HAS TO DO WITH THE FACT THAT YOU HAVE THIS ONE AND DONE MOMENT FOR REALIZING THE VALUE VERSUS RENTAL CAN ABSORB A LOT MORE SHOCKS AND CHANGES IN CIRCUMSTANCE I THINK.  MR JONES MY TIME UP YES. OKAY. I WILL RESERVE MY QUESTIONS FOR A SECOND ROUND. THINK YOUR CONCENTRATE ON THE FLOOR IS YOURS.  THANK YOU. SO YOU'VE TALKED A LITTLE BIT ABOUT VHA PROJECTS AND I'M ALSO BRIGHT IN DISTRICT NINE HAS A LOT OF PERMANENT PROJECTS THAT ARE NOT PERMANENT. THEY'RE APPROVED PROJECTS BY THE BPA BUT THEY'RE SITTING SOME OF THEM HAVE BEEN SITTING FOR TEN YEARS. HOW DO YOU SEE THIS?  DO THE DEVELOPERS AND HOW DO YOU DO YOU APPROACH DEVELOPERS TO OFFER THIS PROGRAM OR THEY DO THEY HAVE TO COME TO YOU?  I'M JUST THINKING IN TERMS OF BECAUSE WE WOULD LOVE TO SEE SOME OF THAT INVENTORY ACTUALLY GET BUILT ESPECIALLY ANYTHING THAT'S A CONDO PROJECT BECAUSE OUR HOMEOWNERSHIP LEVELS ARE SO LOW.  I WAS IN BRIGHTON SO ANY THOUGHTS ON THAT? YEAH, I KNOW WE'VE TALKED ABOUT THIS. YEAH ABSOLUTELY. AND I THINK YOU'RE NAILING THAT THE PROBLEM STATEMENT COUNCILOR THERE ARE THERE ARE WELL OVER 20,000 UNITS OF APPROVED BPA BOARD APPROVED HOUSING THAT ARE NOT IN CONSTRUCTION ACROSS THE CITY AND YOU KNOW THAT IS IT'S NOT LOCAL FACTORS THAT ARE CAUSING THOSE TO NOT MOVE INTO CONSTRUCTION RIGHT THERE THEY'RE THEY'RE BROADER CAPITAL MARKET ISSUES COST ISSUES THE THINGS THAT WE POINT OUT IN THE PANEL HERE BUT WE CAN BE PART OF THE SOLUTION. WE CAN'T WE PROBABLY CAN'T FIND OUR WAY TO 20,000 UNITS OF CONSTRUCTION.  BUT IN THIS MOMENT WHERE INTEREST RATES ARE STARTING TO IMPROVE AND WE KNOW THERE'S JUST NOT QUITE ENOUGH TO TIP THE SCALES, MAKE A PROJECT FINANCEABLE AND START CONSTRUCTION TODAY OR OUR CONCEPT OF WORKING CLOSELY WITH WITH KENSI IS TO HAVE A PRODUCT THAT THAT LOWERS THE COST OF CAPITAL TAKES A INSTEAD OF GOING OUT TO THE CAPITAL MARKETS AND GETTING AN EQUITY THAT EXPECTS A 15% RETURN SAY SAID HE EXPECTS A 3% RETURN NOW THAT TOTALLY CHANGES CHANGES THE NUMBERS THAT WOULDN'T HAVE WORKED IF THAT IF THE IF THE GAP THE GAP IS MASSIVE THAT'S NOT GOING TO HELP YOU. BUT IF THE GAP IS INCREMENTAL THAT'S GOING TO GET A PROJECT IN CONSTRUCTION. AND I SAID IN OPENING STATEMENT THE IDEA BEHIND THESE ARE MARKET RATE PROJECTS WE'RE TALKING ABOUT SO WE'RE NOT SAYING WE'RE GOING TO PLANT TO THESE INVESTORS. WE WANT TO BE AN INVESTOR TO ADD THIS IS THESE ARE THIS IS HOUSING THAT WILL PRODUCE TAX DOLLARS IN OUR CITY THAT WILL HOUSE INDIVIDUALS IN OUR CITIES IS A REASON WHY WE WANT TO SEE THIS HAPPEN AND MAYBE WE'LL TAKE A LOWER RETURN.  BUT WE WANT TO GET OUR MONEY BACK BECAUSE THIS IS MARKET RATE INVESTMENT.  THIS ISN'T AFFORDABLE HOUSING AND THAT MONEY COMES BACK TO OUR GENERAL FUNDING. YOU CAN CAN GET IT CAN BE REINVESTED IN FUTURE IN FUTURE PROJECTS OR BE REINVESTED IN ANY PRIORITY OF THE OF THE COUNCILORS AT THE ADMINISTRATION'S IN THE FUTURE WHEN IT RETURNS.  SO IN TERMS OF HOW WOULD HOW WOULD YOU APPLYING WELL AGAIN THAT'S WHY WE'RE STARTING WITH THAT VHA PROJECTS WHERE THEY IT'S VERY CLEAR THAT THERE'S AN OWNERSHIP STAKE IN THE PUBLIC SECTOR AND THERE'S AN EXISTING PARTNERSHIP ALREADY. WE KNOW THAT THAT TYPE OF MODEL WILL ABSOLUTELY WORK. THE STATES ANNOUNCED A MOMENTUM FUND. THEY'LL HAVE OUT AN APPLICATION PROBABLY LATER THIS MONTH TO ENTER INTO A COMPETITIVE ROUND OF FINANCING AND WE'D LIKE TO SEE THOSE DOLLARS GO FIRST. THOSE AREN'T THOSE ARE OUR DOLLARS OF STATE DOLLARS. THEY'RE TARGETING THE SAME ISSUE IF THEY IF THE STATES DOLLARS ARE ENOUGH TO MOVE PROJECTS INTO CONSTRUCTION GRADE, WE SHOULD FOCUS OUR DOLLARS ON VHA PUBLIC PRIVATE PARTNERSHIPS. BUT WE ARE GOING TO BE LOOKING AT IT ON A PROJECT BY PROJECT BASIS. WHAT ARE SOME OF THE PROJECTS IN YOUR DISTRICT OR IN OTHER DISTRICTS AFTER THEY'VE ALREADY HAVE THE FULL MOMENTUM FUND AWARD IF THEY NEED INCREMENTALLY MORE TO TO ACTUALLY GET CONSTRUCTION IN THE NEXT 12 MONTHS, THAT'S THAT'S WHAT WE WANT TO UNDERWRITE AND DETERMINE IF OUR DAUGHTER WILL ACTUALLY GET THEM THERE IN WHICH CASE WE'D LIKE TO RECOMMEND THAT POTENTIALLY WE INVEST IN THAT PROJECT. HOW MANY UNITS DO YOU FORESEE LIKE IN THE FIRST YEAR THAT WE'LL BE ABLE TO MOVE GOING FORWARD MOVE FORWARD?  I MEAN I THINK THAT THE IT'S A LITTLE BIT OF A HARD QUESTION TO ANSWER. I WILL SAY THAT THE BUILDING THAT WE WERE TRYING TO MOVE IN CHARLESTON IS A 265 UNIT BUILDING AND ONE OF THE REASONS WHY IT'S SUCH A GOOD FIRST CANDIDATE FOR US IS THAT IT'S COMPLETELY DESIGNED AND PERMITTED LIKE EVERYTHING IT'S LIKE READY TO GO, RIGHT? SO BUT THAT'S THAT'S 265 UNITS. I THINK THAT THE THING ABOUT HOW MANY UNITS WE CAN MOVE IN THE IN THE MODEL WITH PRIVATE PARTNERSHIP THE THING IS IT REALLY DEPENDS ON LIKE WE WANT TO UNDERWRITE THESE FOR THE MINIMUM POSSIBLE PER UNIT SO FOR INSTANCE LIKE IT MIGHT BE THAT THE STATE IS IN AS DEVIN WAS JUST SAYING FOR THE MAXIMUM THAT THE MOMENTUM FUND WILL PUT IN A PROJECT AND WE FIND THAT THERE'S ACTUALLY A RELATIVELY SMALL AMOUNT MORE OF LIKE FAVORABLE FINANCING FROM THE CITY THAT'S NEEDED.  AND SO YOU CAN IMAGINE LIKE THOSE NUMBERS WOULD GET SKEWED IF THERE WAS A 300 UNIT BUILDING THAT THE CITY ONLY NEEDED TO PUT 3 MILLION INTO BECAUSE BECAUSE OF WHAT THE STATE HAD ALREADY PUT IN RIGHT THEN IT WOULD BE LIKE WE'D START DOING QUITE A LOT WITH A FUND OF THIS SIZE VERSUS IF THE CITY'S THE ONLY PARTNER IN OR IF FOR INSTANCE WE'RE PUTTING A LITTLE BIT MORE IN IN ORDER TO DRIVE WHAT I MENTIONED BEFORE LIKE A LITTLE BIT MORE AFFORDABILITY YOU'RE GETTING SOME MIX IT SO IT'S JUST THAT'S WHY IT'S A LITTLE BIT LIKE HOW LONG IS A PIECE OF STRING IN TERMS OF EXACTLY HOW MANY BUT YOU KNOW I THINK WE'RE DEFINITELY YOU KNOW I THINK IT'S A WE WOULD LOVE TO BE AT A THOUSAND OR MORE, YOU KNOW LIKE I THINK IS THE SORT OF THE THE FEELING BUT I THINK WE WE ALSO DON'T WANT TO THIS IS REALLY A BOUGHT FOR PROGRAM IT'S ENVISIONED AS LIKE MONEY THAT MAKES A PROJECT THAT IS NOT GOING GO.  SO OUR CONCERN ABOUT GETTING FOLKS NOT TO THINK ABOUT IT LIKE A SUBSIDY PROGRAM IS LIKE WE DON'T WANT DEVELOPERS AND OTHER FOLKS OUT IN THE WORLD THINKING OKAY I CAN JUST COUNT ON THIS AMOUNT FROM THIS FUND LIKE IT NEEDS TO REALLY BE THAT LIKE THEY WORK WITH OUR TEAM THAT WE'RE WORKING WITH THE STATE THAT WE'RE REALLY LOOKING AT LIKE WHAT DOES THIS ACTUALLY NEED TO MOVE? YEAH I THINK AS WELL THAT THE WHOLE ISSUE BUT MIDDLE INCOME UNITS AND AND SO YOU CALL THEM MARKET RATE DOES THAT INCLUDE A SPREAD OF AFFORDABILITY WITHIN THE MARKET RATE GROUP AS WELL PROGRAM CRITERIA SO A COUPLE OF THINGS ON THE MOMENTUM FUND DOES HAVE A REQUIREMENT OF 20% AFFORDABILITY BUT FOR THE MARKET RATE UNITS THERE'S NO THERE'S NO INCOME REQUIREMENT ON THE MARKET UNITS FOR THE MOMENTUM FUND. WE'VE DONE OUR ANALYSIS AND WE'RE WORKING CLOSELY WITH THE STATE AND WE'VE BEEN CALLING AROUND TO A NUMBER OF DEVELOPERS TO TO SEE YOU KNOW, WHICH OF THEM HAVE PROJECTS THAT THIS WOULD WORK FOR. WE'RE ESTIMATING ABOUT $50,000 PER UNIT OF INVESTMENT WOULD BE ELIGIBLE FROM THE MOMENTUM FUND. SO ALL TOLD BASED ON WHAT WE THINK WOULD COME TO TO THE CITY WE'RE PROBABLY TALKING ABOUT BETWEEN 501,000 UNITS JUST FROM THE MOMENTUM FUND SIDE FROM THE STATE THAT'S ALL RENTAL PROJECTS THAT ARE 20% OR HIGHER IDP AND THERE'S A LOT OF INTEREST INCLUDING FROM FROM FROM MY FRIEND JIM HERE FOR FOR THIS PARTICULAR FUND.  BUT WE'VE DEFINITELY BEEN REACHING OUT TO A NUMBER OF FOLKS ALSO IN AUSTIN NOW AND IN ALL DISTRICTS TO TRY TO FIND DEVELOPERS WHO ARE WHO WOULD BE INTERESTED IN TAKING THIS UP AND WE'RE INTRODUCING THEM TO THE STATE TO MAKE THAT CONNECTION AND AS THEY GET PREPARED TO MAKE THEIR ANNOUNCEMENT, IT COULD HAVE IT DONE FOR A TIME. YEAH. TIME'S UP. TIME'S UP. BREADON THANK THANK YOU. COUNCILOR FITZGERALD, THE FLOOR IS YOURS.  THANK YOU, CHAIR AND THANK YOU PANEL FOR BEING HERE. I'VE HAD ALL MY OLD BOSSES IN FRONT OF ME THIS WEEK THIS FANTASTIC.  SO I LIKE THIS IDEA OF BEING EQUITY PLAYERS IN DEVELOPMENT, RIGHT? THERE'S PLENTY OF PEOPLE HAVE MADE MONEY OFF OUR CITY ABOUT TIME WE START DOING THE SAME AND THAT'S A GREAT THING TO BE ABLE TO BORROW AT A LESSER RATE REQUIRE A LOWER RATE OF RETURN TO PRODUCE MORE AFFORDABLE HOUSING NOT JUST HOUSING.  IT ALL SOUNDS LIKE A VERY POSITIVE THING AND KENSI MAY HAVE JUST MENTIONED THIS SORRY GUYS. SO WE DID BUT ARE WE ONLY THE LAST MILE LIKE BRIDGE FINANCING HERE AND AT WHAT POINT DOES THE DEVELOPER COME INTO THE PROCESS TO SAY THIS IS WHAT WE'VE DONE WITHOUT YOU AND NOW WE ARE FINALLY COMING IN FRONT OF YOU AND HERE'S OUR SCENARIO WHERE WE NEED YOU OR IS IT DO YOU WORK WITH THEM FROM THE BEGINNING TO YOUR POINT OF LIKE WE DON'T WANT TO BE THE TOOL FROM THE GET GO SO AT WHAT POINT DO THEY ENTER AND WHAT QUALIFIES THEM TO MAYBE BE HELPED?  YES. SO I'LL LET DEVIN ANSWER FOR KIND OF THE GENERAL FOLKS. I THINK AGAIN IT'S A SPECIAL CASE IN THE CASE OF THE CHARLESTOWN AND MARY ELLEN PROJECTS OBVIOUSLY HAVE AN ESTABLISHED PARTNER THERE AND HONESTLY WE WORK LIKE AS A TEAM ON HOW WE MOVE THINGS FORWARD. SO LIKE AT THE BUNKER HILL CASTLE WE'VE WE'VE BEEN RUNNING FINANCING MODELS ON THE FIRST MIXED INCOME BUILDING THERE FOR THE LAST TWO YEARS BECAUSE WE'VE BEEN TRYING TO BE LIKE OKAY WELL WHAT IF WE COMBINE THIS SOURCE? CAN WE RIGHT BECAUSE WE'RE ALL VERY ALIGNED IN WANTING THAT TO GO.  SO I THINK THAT NOW THAT THE CITY COMES IN THERE'S OBVIOUSLY A NEGOTIATION COMPONENT WITH THE DEVELOPER BECAUSE WE HAVE AN EXISTING DEVELOPMENT AGREEMENT, RIGHT? SO THAT'S A PROCESS THAT HAS TO PLAY OUT AND AGAIN THAT I DON'T WANT TO TALK ABOUT ASIDE FROM THOSE TWO THOUGH TWO NEW PROJECTS I'M JUST SO ALL THAT IS SAY SO I MEAN WE GET IT NO, NO, NO PROBLEM. YES. ALL RIGHT. I GUESS THE PROBLEM PLACE TO START, COUNCILOR , IS THERE'S A REASON WHY WE'RE SAYING WE'D LIKE TO LOOK AT VHA FIRST IS BECAUSE WE ALREADY HAVE THOSE EXISTING PARTNERSHIPS WE HAVE FROM THE START. SO IT MIGHT BE THAT IF WE'RE INVESTING CITY CAPITAL THAT THE BEST PLACE FOR IT TO GO IS JUST INTO VHA PROJECTS WHERE WE ALREADY HAVE THESE PUBLIC PRIVATE PARTNERSHIPS. BUT IF THERE IS AN OPPORTUNITY TO ANSWER YOUR QUESTION WHERE WILL WE GO IN THE PRIVATE READINESS HAS TO BE A NUMBER ONE CRITERIA. WE WOULD ONLY WANT TO INVEST IN PROJECTS THAT GET IN RETURN FOR GETTING OUR FUNDING WOULD BE WILLING TO START CONSTRUCTION SAY IN A 12 MONTH TIME FRAME THAT THAT WOULD BE A CONDITION OF AWARD WOULD BE ONE OF THE COMPETITIVE CRITERIA ON WHICH WE AND WE'RE ENVISIONING UTILIZING MASS HOUSING'S UNDERWRITING CAPABILITY AND BOTH US AND THEM WOULD SAY HEY, WE'RE THIS WE DON'T WANT THIS MONEY SITTING IN A BANK ACCOUNT WITHOUT THIS MONEY GOING INTO A PROJECT NOW TO START CONSTRUCTION NOW THAT IS THE THESIS BY WHICH WE'RE WILLING TO MAKE THIS INVESTMENT SO THAT THE HAVING A DATE CERTAIN FOR CONSTRUCTION START WITH THIS ADDITIONAL DOLLAR IS WHAT WE'D BE SEEKING IN THOSE DISCUSSIONS. SO THEY'D LIKELY BE THEY'D BE THROUGH ARTICLE 80 THEY'D BE THROUGH THEY'D HAVE ALL THE PERMITS IN HAND OR TO BE IN NOW IT'S ABOUT READY TO ISSUE. IT'S CERTAINLY ALREADY HAS TO BE APPROVED. YEAH RESOLVED OTHER ISSUES YEAH I'M ROBIN MENTIONED THIS REALLY CRITICALLY IMPORTANT MASS HOUSING'S A STATUTORY REQUIREMENTS IF WE'RE GOING TO LEVERAGE THEIR DOLLARS REQUIRE A PROJECT TO BE 20% AFFORDABLE AND SO IT WOULD BE REALLY BEYOND ME LOOKING AT THE UNIVERSE OF PROJECTS LIKE A NUMBER OF PROJECTS IN BOSTON THAT ARE ALREADY 20% OR ABOVE AND THERE'S A GOOD NUMBER THAT ARE AT 1710 TO 19 THAT COULD PROBABLY ADD UP TO AFFORDABLE UNITS INTERNET ACCESS THAT'S LOW COST CAP. THANK YOU. IT WAS ACTUALLY MY NEXT QUESTION OF DO WE HAVE SPECIFIC PROJECTS IDENTIFIED ALREADY AND DO WE KNOW HOW MANY UNITS OWN PRODUCE AND WHERE THEY ARE? YEAH, SO WE HAVE DEVELOPERS WE'VE BEEN TALKING TO IN CONVERSATIONS WE HAVEN'T WE HAVEN'T GOT TO LIKE YET. THESE ARE THE PROJECTS WE WANT TO FUND THAT'S PART OF THAT'S THE NEXT PHASE OF WORK. LAST TWO QUESTIONS I JUST A QUICK ANSWER IF THE DEFINITION OF DEEPLY AFFORDABLE AND WAS SAYING DEEPLY AFFORDABLE, DEEPLY AFFORDABLE, IS THERE A DEFINITION BEHIND THAT? YEAH. SO I'LL SAY THAT I THINK I WAS SAYING THAT AND THAT'S IN RELATIONSHIP TO THESE REPLACEMENT UNITS AT THE SITE SO WE TEND TO CHARACTERIZE THEM AS DEEPLY AFFORDABLE JUST TO FLAG FOR FOLKS THAT THOSE ARE REPLACEMENT PUBLIC HOUSING UNITS. SO THEY'RE PROJECT BASED VOUCHER UNITS. SOME PEOPLE WOULD DESCRIBE THEM AS LIKE 30% ARMY UNITS. BUT THE TRUTH IS THAT THE LIKE THE FOLKS WHO WE HOUSE OUR BIG FAMILIES ARE ON AVERAGE AT 17%. AM I SO THAT'S WHAT SO THEY'RE SERVING LIKE THE EXTREMELY, EXTREMELY LOW INCOME FOLKS. WHAT'S WHAT'S PROBLEM AND SO WHAT'S INTERESTING THOUGH IS THAT BECAUSE THEY COME BACKED WITH A FEDERAL SUBSIDY THEY ACTUALLY ARE EASIER TO FINANCE THAN AN ITP UNIT THAT SERVES A MIDDLE CLASS, MIDDLE MIDDLE INCOME PERSON AND IT WHAT HAPPENS IF WE DO NOT SEE THE RETURN FOR SOME UNFORESEEN REASON? RIGHT. THIS IS OUR LAST PAGE AND THIS IS INTENDED TO BE A REVOLVING FUND SOME CATASTROPHIC GETS IT HAPPENS OR JUST THE MARKET OR JUST THE PROJECTS THEMSELVES DON'T HAPPEN. WHAT HAPPENS ON THE CITY SIDE AND DO WE JUST CHALK IT UP OR DO WE JUST EAT THE LOSS AND SAY YOU KNOW, JUST LIKE A PRIVATE INVESTOR WOULD IF THEY WERE FINANCING MAYBE ACTUALLY TAKE THAT THINK SO I'VE HAD A LOT OF CONVERSATIONS WITH MASS HOUSING ABOUT THEIR UNDERWRITING PRACTICE JUST TO TO TALK ABOUT THE RISK THAT YOU'RE TALKING ABOUT AND WE BELIEVE WE'RE IN A PLACE WHERE THERE'S VERY, VERY LITTLE RISK BECAUSE MASS HOUSING IS LIKE $8 BILLION OF LOAN AND EQUITY INVESTMENTS OUT THERE ALREADY THEY HAVE REALLY DEEP EXPERIENCE IN UNDERWRITING AND THROUGH THE MOMENTUM FUND WE'RE ALSO PAIRING THIS WITH A SENIOR DEBT PRODUCT THROUGH THROUGH FREDDIE MAC. SO THERE'S ACTUALLY TWO LAYERS OF UNDERWRITING TO BEGIN WITH THAT ARE REALLY IMPORTANT.  AND SO THEN THE OTHER PIECE IS THAT BECAUSE OF THE STRUCTURE OF THIS FUND THE CITY WOULD BE GETTING ITS MONEY BACK BEFORE THE INVESTORS AND BEFORE THE DEVELOPER. SO THERE'S REALLY IS THAT WHERE WE ARE IN THE WATERFALL WHERE WE'RE IN THE NUMBER ONE? YEAH. SO IT'S A PRETTY STRONG POSITION FOR US AND SO I THINK THAT'S WHY WE FEEL LIKE THIS IS SUCH A GREAT PLACE FOR US TO BE IN A GOOD PROGRAM PROGRAM I KNOW THAT SOUNDS VERY SHORT. QUICK ANSWER JIM YOU SAID THAT A BIG PART OF THIS IS CONDOS IN FOR SALES ARE MORE RISKY CAPITAL IN THE MARKET. WHY IS IT JUST THE WAY IT'S STRUCTURED? YOU SAID THAT'S THE REASON BUT WHAT IS THE REASON THAT THAT IS THE WAY IT IS? I THINK IT'S EXACTLY AS AS MACKENZIE PUT IT IT'S IT'S MORE SUSCEPTIBLE TO MARKET VOLATILITY. SO IN THE WORLD OF AN APARTMENT YOUR INVESTMENT MIGHT BE OVER SEVEN YEARS AND YOU CAN ABSORB MARKET VOLATILITY IN A CONDOMINIUM.  YOU'RE STUCK IN THAT TIME FRAME. YEAH, SHE DID GREAT. THANK YOU VERY MUCH. THANK YOU, JEFF.  THANK YOU, COUNCILOR MEJIA THE FLOOR IS YOURS. THANK YOU.  THANK YOU GUYS FOR BEING HERE. GOOD TO SEE YOU.  SO I'M JUST I ALWAYS LIKE TO UNDERSTAND THE PROCESS ESPECIALLY FOR THOSE FOLKS WHO ARE NOT AS PRIVILEGED TO UNDERSTAND ALL OF THE STUFF THAT WE'VE HEARD HERE TODAY. CAN YOU JUST IN THE VERY SIMPLE WAY EXPLAIN TO US KIND OF WHAT ARE THE WINS?  WHO ARE THE WHO ARE THE MANUFACTURERS WHO WILL BENEFIT FROM THIS COMPANY?  I MEAN A GREAT PLACE TO START IS IN BOSTON WRIT LARGE. WE I THINK WE ALL AGREE THAT HOUSING COSTS ARE TOO EXPENSIVE IN OUR CITY AND WE SHOULD BE DOING EVERYTHING WE CAN TO BRING THEM DOWN AND.  ADDING HOW ADDING HOUSING IN OUR CITY IS ONE EXTREMELY IMPORTANT WAY TO DO THAT. WHY SUPPLY IS NOT THE ONLY ANSWER. THERE'S LOTS OF OTHER THINGS WE SHOULD BE WORKING ON BUT TODAY'S HEARING IS REALLY FOCUSED ON THE SUPPLY AND MARKET SIDE OF OF OF HOUSING COST AND GETTING PROJECTS THAT WE'VE APPROVED AND THAT WE'VE BEEN THROUGH A LENGTHY REVIEW PROCESS AND THAT LED TO A SUCCESSFUL BOARD VOTE. AND SO AT THIS POINT THE CITY HAS ENDORSED THEM MOVING FORWARD BUT THEY'RE NOT ABLE TO START CONSTRUCTION BECAUSE THEY THE DEVELOPER, THE PRIVATE I DON'T LIKE HELPED ME UNDERSTAND WHERE THE DEVELOPERS YOU KNOW, ARE THE BOSTON BASED DEVELOPERS ARE THE DEVELOPERS OF COLOR WOMEN OWNED. WHEN YOU SAY DEVELOPERS WHO IS I? I GUESS WHAT I'M TRYING TO GET AT IS ALWAYS WHO IS GOING TO BENEFIT FROM THIS THE MOST. YOU TALK A LOT ABOUT RACIAL EQUITY SO I'M JUST TRYING TO UNDERSTAND AND GAIN SOME INSIGHT IN TERMS OF HOW THIS WILL HELP CLOSE THE RACIAL WEALTH GAP THAT WE KEEP TALKING ABOUT IN TERMS OF BENEFIT NOT JUST FOR HOUSING PURPOSES AND BUILDING IT BUT LIKE THE LONG TERM GOAL OF REACHING THAT EQUITY GOALS. THAT'S WHAT I WANT TO YEAH.  GOTCHA. AND IN TERMS OF TAKING AN EQUITY LENS TO THIS INVESTMENT AND SAY THERE'S PROBABLY TWO PLACES TO GO WHO IN THE DEVELOPMENT COMMUNITY ARE WE WORKING WITH THAT ARE AND ARE THE BUSINESSES MAKING MONEY AND ASSOCIATE WITH HOUSING CONSTRUCTION? THAT'S BEEN A LONG TIME VIEWPOINT OF OURS FROM HOW WE AWARD CITY LAND FOR EXAMPLE WE HAVE LONG HAD THE COUNCIL WERE REFERRED TO AS THE NASCAR MODEL BUT I REALLY THINK THE CITY OF BOSTON MODELS TAKING THAT TO THE NEXT LEVEL OF REQUIRING THAT ACROSS ALL PHASES OF CONSTRUCTION PRE-DEVELOPMENT THE ACTUAL PEOPLE DOING THE WORK WITH CONSTRUCTION AND THE TENANTS AND OWNERS THAT TAKE RESONATE AND DEVELOPMENT AFTER THE FACT THAT THAT'S HOW WE LOOK AT PUBLIC PROPERTY INVESTMENT WE ARE IN TERMS OF THIS INVESTMENT AND WE WANT TO HAVE THAT SAME TYPE OF EQUITY LENS BUT WE HAVEN'T WRITTEN THOSE PROGRAM CRITERIA ISN'T SOMETHING WE'LL BE WORKING ON. I'M HAPPY TO DISCUSS WITH YOU AS YOU SO THAT'S THE SORT OF WHO BENEFITS FROM THAT INVESTMENT SIDE AND THEN WHO BENEFITS ON THAT BECAUSE WE'RE PRODUCING HOUSING AND IN THAT AND THAT'S A VERY BROAD BASE OF OF ALL BOSTONIANS ALL BOSTONIANS SUFFER FROM THE EXTREME HOUSING COST BUT DISPROPORTIONATELY LOWER INCOME COMMUNITIES OF COLOR ARE FACING GREATER DISPLACEMENT RISK IN OUR COMMUNITY BECAUSE OF THE COST OF HOUSING AND SO DOING EVERYTHING WE CAN TO KEEP THOSE COMMUNITIES HERE IS PART OF WHY WE NEED TO MAKE THIS INVESTMENT . AND IF I CAN SAY ONE THING, COUNCILOR , YOU KNOW I THINK THAT FOR THE FAMILIES WHO LIVE IN THESE TOO YOU KNOW, CHARLESTOWN WAS STARTED IN 1941 AND AT MERRILL IN 1938. SO THEY'RE VERY OLD BRICKS. I KNOW YOU KNOW LIKE WE WE REALLY STRUGGLE WITH LIKE THE JUST THE AMOUNT OF INVESTMENT AND MAINTENANCE THAT THESE BUILDINGS NEED. AND SO FOR ME WHEN WE TALK ABOUT, YOU KNOW, GIVING PEOPLE NEW HOMES ON THOSE SITES LIKE EVERY YEAR MAKES A DIFFERENCE BECAUSE WE'VE GOT PEOPLE LIKE SITTING IN A BUILDING BEING LIKE WHEN AM I GOING TO GET SOMETHING NEW? AND FOR ME IT'S BEEN VERY FRUSTRATING THAT THE PROGRESS ON REPEAT ON THOSE VHA REPLACEMENT UNITS IS BEING STALLED BY THIS BOOM BUST REAL ESTATE MARKET. RIGHT? AND THE FACT THAT THEY'RE THE REASON THAT PROJECTS AREN'T GOING IS BECAUSE THERE'S A BUNCH OF YOU KNOW LIKE WE TALKED ABOUT THE CAPITAL MARKETS IT'S JUST LIKE, YOU KNOW, BIG INVESTORS WHO ARE LIKE EITHER I NEED TO MAKE THIS MUCH MONEY OR I'M NOT INVESTING AND THEY RAISE THAT AMOUNT OF MONEY WHEN INTEREST RATES WENT UP AND THE PROJECTS CAN'T PAY THEM THAT AMOUNT OF MONEY. SO WE'RE STALLED. SO TO ME THIS IS A CHANCE FOR THE PUBLIC TO STEP IN AND SAY WE'RE NOT GOING TO BE SUBJECT TO YOUR BOOM BUST CYCLE. WE'RE GOING TO ACTUALLY LIKE STABILIZE IT SO THAT WE CAN MOVE THESE PROJECTS FORWARD. AND SO I THINK FOR THE VHA RESIDENTS THERE'S A REALLY BIG WIN IF WE CAN CONTROL THE TIMELINE AND NOT BE STUCK.  I APPRECIATE THAT. THANK YOU. I GUESS WHAT I'M ALSO TRYING TO UNDERSTAND AND IS THIS WHOLE IDEA OF LLC AND FOLKS WHO ARE BUILDING CAN WE WITHIN THE CONSTRUCT OF WHAT WE'RE WORKING NOW BE A LITTLE BIT MORE CAREFUL ABOUT WHO IS DEVELOPING HERE IN THE CITY OF BOSTON THAT THEY AREN'T OUTSIDE OF THE STATE SOMETIMES OUTSIDE OF THE COUNTRY THEY'RE BUYING UP SPACE . HOW CAN WE WITH THIS FUNDS OR POTENTIAL OPPORTUNITIES REALLY KIND OF HONE IN ON SOME OF THE THINGS THAT WE'VE BEEN HEARING ABOUT IN TERMS OF LIKE FOLKS JUST COMING TO THE CITY OF BOSTON BUILDING AND DISPLACING PEOPLE? WHAT ARE SOME GUARDRAILS YOU THINK YOU KNOW THAT'S IT. I MEAN THAT'S INCREDIBLY IMPORTANT.  I WOULD FIRST MAYBE POINT TO A BROADER SCALE EFFORT OF OUR EFFORTS TO IMPROVE THE QUALITY PROCESS WHICH IS THE PROCESS BY WHICH WE IMPROVE CONSTRUCTION IN BOSTON AND TO ASK THAT QUESTION AT THE VERY BEGINNING SO NOW WE'RE HERE IN THAT CONTEXT I'M TALKING ABOUT PROJECTS THAT HAVE ALREADY BEEN APPROVED BUT I THINK IT'S REALLY IMPORTANT THAT WE ASK THE QUESTION AT THE VERY BEGINNING WHEN YOU WANT TO BUILD IN BOSTON I WHO DOES THIS BENEFIT PROVIDER STATEMENTS OF BENEFICIAL INTEREST BUT ALSO WHO MIGHT BE DISPROPORTIONATELY HARMED BY THIS DEVELOPMENT.  SO ONE OF THE THINGS WE PROPOSED IN OUR ACTION PLAN THAT CAME OUT LAST WEEK IS TO REQUIRE A DISPLACEMENT ANALYSIS AT THE VERY BEGINNING AND AND FOR THE DEVELOPER TO IDENTIFY IF THERE ARE AND AND A PLAN FOR MITIGATING ANY DISPLACEMENT. FOR EXAMPLE.  SO I THINK THE MOST IMPORTANT PLACE TO PUT THAT WOULD TO PUT THAT LENS ON IT IS AT THE VERY BEGINNING FOR EVERY AND ALL CONSTRUCTION PROJECT AND THEN AS WE ARE THINKING ABOUT THE INVESTMENT AGAIN REALLY THE REASON WHY WE'RE STARTING WITH THE PUBLIC PRIVATE PARTNERSHIPS WE HAVE WITH WITH KENSI AND THE TEAM AT VHA BECAUSE WE ALREADY KNOW THE TEAMS ALREADY KNOW THE POOL WHO IS GOING TO BENEFIT. BUT AS WE LOOK TO EXPAND THAT PROGRAM I THINK WE SHOULD TAKE THIS LENS TO IT AND IF OH IF I CAN JUST ADD TO THAT. SO FOR INSTANCE, YOU KNOW AT BOTH MARY ELLEN AND CHARLESTON WE HAVE A BUNCH OF AGREEMENTS IN PLACE RELATED TO GETTING RESIDENTS EMPLOYED ON THESE ON THESE JOBS. YOU KNOW, WE'RE ACTUALLY YOU KNOW, I'M HOPING TO HAVE MORE TO SAY ON THIS IN THE NEXT FEW MONTHS. BUT WE'VE BEEN WORKING ON A PILOT TO THINK ABOUT HOW WE USE THE CONSTRUCTION PROJECTS TO SUPPORT MORE OF OUR CHILD CARE PROVIDERS AT VHA FAMILY CHILD CARE IS LIKE SO THAT'S THE TYPE OF STUFF THAT I THINK WE CAN DO IN OUR SITES THAT IS HARDER FOR THE GENERAL. AND SO I GUESS BECAUSE MY TIME IS GOING TO RUN UP AND I WANT TO MAKE SURE THAT I GET SOME THINGS IN HERE BUT I I'M NOT ANTI-DEVELOPMENT SO I JUST FOR THE RECORD AND THOSE WHO ARE PAYING ATTENTION GET THAT OUT OF YOUR HEAD BECAUSE IT'S NOT THE CASE.  BUT WHAT I AM CONCERNED ABOUT IS THE HOW WE GO ABOUT DOING IT AND THE UNINTENDED CONSEQUENCES RIGHT BECAUSE THERE'S INTENT AND THEN THERE IS THE IMPACT AND I THINK THAT THESE ARE THE CONVERSATIONS THAT WE NEED TO HAVE NOW ESPECIALLY IF WE REALLY ARE SERIOUS ABOUT RESTORING TRUST IN GOVERNMENT BECAUSE WE DON'T TRUST THE PROCESS. THE PROCESS HAS NEVER REALLY BEEN SET UP IN WAYS THAT WE WIN. AND SO I THINK AS WE CONTINUE TO HAVE THESE CONVERSATIONS WE HAVE TO REALLY START HONING IN ON WHAT WE CAN DO TO PREVENT THINGS FROM HAPPENING TO FOLKS SO THAT PEOPLE WON'T BE SO ADVERSE TO THE IDEA OF DEVELOPMENT.  SO I'LL JUST WAIT FOR MY SECOND ROUND SO I CAN FINISH UP MY REST OF MY QUESTIONS. THANK YOU. CAST ME . COUNCILOR FLYNN, THE FLOOR IS YOURS AND THANK YOU, MR CHAIRMAN.  I JUST WANTED TO KNOW ON THE CITY ON THE HEARING ORDER.  WELL, BEFORE I BEGIN, TELL ME A GOOD THANK YOU.  THE PANELS TELL ME ABOUT THE CITY OF BOSTON HAS FREE CASH. TELL ME WHAT YOU MEAN BY FREE CASH. WHERE IS THIS FREE CASH? I CAN SAY A LITTLE BIT ABOUT THAT COUNCILOR SO THE STATE HAS A PROCESS WHERE EVERY SPRING THEY CERTIFY THE AMOUNT OF CASH IN THE CITY'S RESERVES WHICH THEY CONSIDER TO BE FREE AND IT IS A FUNNY TERM BUT THAT'S THE TERM THAT THE STATE USES FREE CASH AND WHAT IT MEANS IS THAT IT'S CASH THAT ISN'T OBLIGATED TO SOMETHING ELSE BECAUSE WE ALL KNOW YOU COULD HAVE CASH IN YOUR ACCOUNT BUT YOU COULD OWE SOME BILLS AND THEREFORE IT'S NOT REALLY CASH THAT YOU CAN SPEND. SO WHAT THE STATE DOES IS IT GOES THROUGH THE CITY'S WHOLE AUDITED FINANCIALS AND IT SAYS OKAY, WE UNDERSTAND THAT YOU HAVE ALL THESE OBLIGATIONS AND THEN THIS IS THE AMOUNT IN YOUR BANK ACCOUNT THAT ISN'T THAT ISN'T OBLIGATED TO ANYTHING. AND SO IN GENERAL THE CITY HOLDS THAT FREE CASH AS A FUNCTIONALLY AS A RESERVE IN CASE OF AN UNEXPECTED, YOU KNOW, BAD SITUATION WHERE WE NEED TO SPEND MONEY AND IT'S AN OUT OF THE MAIN THING THAT THE CITY'S APPROPRIATED OUT OF FREE CASH IN RECENT YEARS HAS BEEN THAT $40 MILLION OPEB TOP UP THAT WE DO EVERY YEAR THAT'S OFTEN COME OUT OF FREE CASH LOOK I12 ALSO NOTE THE BOSTON RESIDENTS JOB POLICY THE ENFORCEMENT PIECE OF THAT IS THE BOSTON EMPLOYMENT COMMISSION THAT'S A CRITICAL COMPONENT OF THE BOSTON RESIDENTS JOB POLICY BOSTON EMPLOYMENT COMMISSION ENACTED UNDER MY FUND I LISTENED CLOSELY IT COSTS ABOUT $620,000 TO BUILD A UNIT AFFORDABLE UNIT WHAT IS THE SAVE FOR FOR THE LIFE OF THAT SAY 4050 YEARS THAT'S $620,000? HOW MUCH MONEY IS IS THEN EVENTUALLY PUT IN TO SUPPORT THAT UNIT WHETHER IT'S CITY, STATE OR FEDERAL IN TERMS OF UPGRADING THEIR FIX OF THE UNIT, DEALING WITH RENOVATION OF THE UNIT, PUTTING IN A NEW SAYING, PUTTING IN A NEW TOILET, FIXING THE HVAC SYSTEM. TELL ME ABOUT THAT UNIT GENERALLY SPEAKING THE 620,000 HOW MUCH DOES IT EVENTUALLY COST OVER A PERIOD OF 50 TO 50 YEARS? HOW MUCH HOW MUCH MONEY ARE WE INTO THAT UNIT?  WELL, I THINK IT DEPENDS ON THE TYPE OF UNIT BECAUSE EVEN THOUGH THEY ALL COST ROUGHLY SIMILAR TO BUILD AND I SHOULD SAY THAT THE PUBLIC HOUSING REPLACEMENT UNITS TEND TO COST MORE MONEY TO BUILD BOTH BECAUSE OF OUR HIGH LABOR STANDARDS AND ALSO BECAUSE WE HAVE TO DO LIKE DEMOLITION AND SUCH OF THESE VERY STURDY BRICK BUILDINGS.  SO YOU KNOW SO IT'S OFTEN A BIT HIGHER THAN THAT BUT SO COUNCILOR IN THE CASE OF THE VHA ONES THE GOOD THING IS THAT WE HAVE THAT FEDERAL SUBSIDY THE FEDERAL SUBSIDY FOR PUBLIC HOUSING HAS NOT AS YOU KNOW REALLY PROVIDED FUNDS FOR ALL THAT ONGOING MAINTENANCE. BUT THE VOUCHER THE PROJECT BASED VOUCHER PAYS MORE AND SO THERE WOULD BE A KIND OF ONGOING IT'S THE RENTAL STREAM BUT IT'S WHAT YOU'RE USING FOR ALL OF THAT SO THAT COULD BE QUITE A LOT OF MONEY OVER TIME BUT IN THE CASE OF THESE OTHER ONES IT'S KIND OF A ONE AND DONE THING THE PUBLIC HOUSING IN BOSTON IS THE ONLY PLACE WHERE THE CITY PUTS PUBLIC DOLLARS INTO THE ONGOING COST OF HOUSING FOR WE'RE HERE TODAY MOSTLY ABOUT MODERATE HOUSING AND I'M SURE JIM CAN TALK ABOUT ANY HOUSING THAT HE'S EXPERIENCED IN THE PORTFOLIO BUT AND FOR MERCURY HOUSING WHERE WE'RE NOT THE ANSWER IS ZERO BECAUSE WE DON'T GENERALLY PUT MONEY INTO WHETHER UPFRONT CAPITAL OR ONGOING MAINTENANCE AND MARKET HOUSING AND THEN FOR AFFORDABLE HOUSING I YEAH. CHIEF DOLAN PROBABLY THE BEST PERSON TO ANSWER YOUR QUESTION BUT I THINK THAT THE BOTTOM LINE ANSWER IS PUT SUBSTANTIAL CAPITAL UPFRONT INTO CONSTRUCTION AND NO LONG AND THEN AS THEY'RE RUNNING THEIR NUMBERS AND DOING THE UNDERWRITING MAYOR'S OFFICE OF HOUSING THEY EXPECT NO ONGOING INVESTMENT THEY EXPECT THE RENTS FROM THE ACTUAL DEVELOPMENT TO SUPPORT THE ONGOING COSTS SO NO CITY DOLLARS.  SO SO FOR THIS PROGRAM THE CITY WOULD BE PUTTING IN $100 MILLION TO SUPPORT SOCIAL HOUSING. IS THAT IS THAT ACCURATE TO SAY IT WOULD BE INVESTING? THE KEY THING IS THAT THE CITY WOULD GET ITS MONEY BACK SO IT'S FUNDAMENTALLY DIFFERENT FROM OUR OUR PROGRAMS WHERE WE SPEND MONEY. SO OBVIOUSLY LIKE THE LINKAGE FUNDS RIGHT THAT ARE THAT COME AND GO THROUGH THE NEIGHBORHOOD HOUSING TRUST AND GET ASSIGNED TO PROJECTS THOSE WE SPEND WHAT WE GET IS THE PROJECT AND WE DON'T GET THE MONEY BACK. THIS IS REPLACING THE EQUITY FUND SO THEREFORE IT WILL COME BACK TO THE CITY. BUT IT IS IT IS CITY FUNDS. SO YES. OKAY. SO WE WOULD SPEND $100 MILLION OR ARE WE SPENDING MORE THAN THAT OR LESS THAN THAN THE GOAL TODAY WE'RE NOT WITH THE MAYOR ANNOUNCE THAT SHE'S VERY INTERESTED IN PURSUING UP TO $100 MILLION OF THE CITY'S FREE CASH FOR THIS PURPOSE WITH A FIRST PRIMARY FOCUS ON PUBLIC PRIVATE PARTNERSHIPS. WE'RE NOT WE HAVEN'T FILED AN APPROPRIATION OR WE'RE NOT HERE TODAY ASKING FOR A SPECIFIC AMOUNT OF MONEY. I DON'T THINK IT WILL BE GREATER THAN $100 MILLION BUT THAT'S WHAT WE NEED TO EXPLORE IN THE WEEKS AHEAD AND THEN COME BACK AND THE CITY DEFINITELY HAS $100 MILLION TO SPEND ON THIS PROGRAM.  I WOULD EXPECT THAT WHEN WE COME BACK WE'D ALSO BRING CHIEF GRAFF BERGER WITH US WHO COULD SPEAK TO THAT WHAT IS AN APPROPRIATE MOUNTAIN TO KEEP IN THE CITY'S FREE CASH BALANCE? I KNOW THE CHAIR SPOKE A LITTLE BIT ABOUT THIS FROM HIS BASIC MEETINGS EXPERIENCE. SO WHERE WHERE IS THAT $100 MILLION? WHERE IS IT SITTING RIGHT NOW? IT'D BE SITTING IN THE FREE CASH BALANCE SO WHICH IS WHICH HAS BEEN CERTIFIED BY THE STATE AND A LITTLE MORE THAN HALF A BILLION DOLLARS AND SO THAT MEANS THAT'S FOR THE CITY TREASURER. IT'S YEAH IT'S IN THE CITY TREASURY COLLECTING INTEREST RATE YEAH YES THERE'S CITY INVESTMENT POLICY WHICH IS FAIRLY CONSERVATIVE BECAUSE THE CITY DOESN'T WANT TO LIKE BE IN A SPECULATIVE POSITION AND LOSE ITS MONEY. BUT THERE'S A CITY INVESTMENT POLICY MANAGED BY THE CFO SO THE CITY'S MONEY IS INVESTED IN A NUMBER OF DIFFERENT ACCOUNTS AND INSTRUMENTS.  TELL ME ABOUT THE LOAN PROGRAM AND I KNOW THERE'S A LOAN PROGRAM IN THE HEARING ORDER. YEAH WE'RE NOT CURRENTLY PROPOSING THE ADMINISTRATION IS NOT PROPOSING A PROGRAM AT THIS TIME, ARE THEY ARE YOU GIVING OUT GRANTS OR FINANCIAL ASSISTANCE TO POTENTIAL HOMEOWNERS THROUGH THIS PROGRAM? ALSO KNOW THAT WOULDN'T IT?  WELL, I KNOW THAT THERE'S A NUMBER OF THINGS THAT I KNOW THE COUNCIL IS WILLING EAGER TO EXPLORE BUT IN TERMS OF WHAT THE MAYOR MENTIONED HER SPEECH LAST WEEK AND WHAT WE'VE BEEN WORKING ON CLOSELY WORKING WITH THE STATE AND THE VHA RIGHT NOW WHERE WE ARE NOT CURRENTLY CONSIDERING ANY FORMS OF DIRECT SUBSIDY OR DIFFERENT FORMS OF LENDING HOWEVER WE'RE LOOKING AT IS LOW COST EQUITY INVESTMENT IN MARKET RATE DEVELOPMENT AGAIN THAT WAS PREVIOUS MENTIONED IT HAS RETURNED FOR THE CITY.  THANK YOU. THANK YOU COUNCILOR DURKIN DISCLOSURES THANK YOU SO MUCH CHAIR SO I APPRECIATE CONTEXT OF THE ANNOUNCEMENT AND IT'S SO EXCITING AND THANK YOU SO MUCH TO ADMINISTRATOR BROCK AND DEVIN KIRK AND RUBIN AND AND JIM GREAT TO SEE YOU I APPRECIATE THE CONTEXT FOR AND BUT IT FELT LIKE KIND OF REMISS THAT NO ONE MENTIONED THAT THE NEW INCLUSIONARY ZONING IS TAKING EFFECT TODAY FOR NEW FILINGS.  AND I KNOW WHEN WE VOTED THE CITY COUNCIL VOTED FOR THAT NEW ZONING.  IT WAS DELAYED GIVEN CONSTRUCTION COST LABOR COST INFLATION, THE RISE IN COST OF CONSTRUCTION MATERIALS AND WE KNOW THAT THE INTEREST RATES HAVE JUST COME DOWN A LITTLE BIT BUT BUT THAT DEVELOPERS DON'T NECESSARILY FEEL THOSE CHANGES IMMEDIATELY. SO I JUST WAS CURIOUS HOW CONFIDENT THE ADMINISTRATION AND HOW CONFIDENT THE PLANNING DEPARTMENT FEELS IN ALL NEW FILINGS GOING THROUGH 20% HEIDI, IT'S SOMETHING THAT I PROUDLY SUPPORTED BUT I'M DEFINITELY HEARING A LOT FROM THE ARTICLE POTENTIAL ARTICLE 80 PROJECTS IN MY DISTRICT AND DEVELOPERS THAT THAT IT FEELS THAT WE YOU KNOW THAT THOSE MAYBE THOSE THINGS THAT WE DELAYED IT FOR HAVEN'T CHANGED TOO MUCH I JUST WANT TO GET ON THE RECORD SORT OF GET THAT ANSWERED YEAH HAPPY TO HAPPY TO TAKE THAT I YES IT IS OCTOBER 1ST SO ALL NEW FILINGS AS OF TODAY AND GOING FORWARD WILL BE SUBJECT TO THE NEW INCLUSIONARY ZONING AND I THINK IT'S GREAT THAT WE HAVE WE NOW HAVE IN OUR ZONING CODE IN THE IN THE LAW THAT GOVERNS CONSTRUCTION IN OUR CITY A REQUIREMENT FOR INCLUSIONARY HOUSING. IT'S NO LONGER IN NEGOTIATIONS FOR REQUIREMENT BUT OF COURSE THE RATE THAT IT'S AT HAS BEEN SUBJECT TO A LOT OF SCRUTINY.  WHAT I THINK IS REALLY IMPORTANT FOR TODAY'S HEARING IS THAT WE'RE FOCUSED ON THE MORE THAN 20,000 PROJECTS THAT ARE IN THAT HAVE BEEN APPROVED BY THE EPA ALREADY THAT WERE APPROVED AT A VARIETY OF DIFFERENT INCLUSIONARY HOUSING PERCENTAGE IS AND HOW TO MOVE THOSE PROJECTS INTO CONSTRUCTION BECAUSE THEY'RE THE CLOSEST TO STARTING CONSTRUCTION. SO THOSE THOSE PROJECTS WERE INCLUSIONARY ZONING WERE NOT THAT APPLIED TO THOSE PROJECTS NOR IS IT APPLIED TO ANY OF THE PROJECTS THAT ARE CURRENTLY UNDER REVIEW AT THE BPA BECAUSE THEY WERE FILED BEFORE TODAY. SO WE HAVE A SIGNIFICANT PIPELINE OF PROJECTS THAT WE NEED TO ADJUDICATE AND HELP GET INTO CONSTRUCTION BEFORE INCLUSIONARY ZONING TAKES EFFECT WHICH IS THERE'S PLENTY OF TIME TO CONTINUE TO CONSIDER THAT RATE. BUT I THINK WHAT WE'RE WHAT WE'RE FOCUSED ON IS MOVING THE THINGS THAT WE ALREADY APPROVED. THEREFORE WE BELIEVE THAT THEY ARE THE RIGHT PROJECTS FOR OUR CITY BECAUSE WE APPROVE THEM HOW WE WOULD LIKE TO GET THOSE INTO CONSTRUCTION. AND ALONG THAT SAME VEIN I'VE BEEN VERY PASSIONATE ABOUT MAINTAINING THE SUNSETTING PROVISION IN ARTICLE 80 PARTIALLY BECAUSE IT GIVES US THE OPPORTUNITIES OF CITY TO CONTINUE TO HAVE A CONVERSATION WITH EVERYONE WHO DOES HAVE AN APPROVED PROJECT AND SEE WHERE THEY ARE WITH FUNDING, SEE WHERE THEY ARE WITH LIKE GETTING THEIR CAPITAL STOCK IN ORDER AND I THINK WE NEED A REASON AS A CITY TO CONTINUE THE CONVERSATION WITH DEVELOPERS AND.  I THINK OBVIOUSLY THIS HAPPENS A LOT AND TO THINK OBVIOUSLY THIS HAPPENS A LOT AND TO OUR DATE THERE ARE PROMISE TRANSPORTATION IMPROVEMENTS AND OTHER IMPROVEMENTS THAT THE CITY IS WAITING ON AND OTHER MITIGATION THAT THE CITY IS WAITING ON THAT'S PROMISED THROUGH THESE PROJECTS AND OFTENTIMES THAT MEANS THAT THAT PROJECT MAY GET TO THE BOTTOM OF YOU KNOW, BOTTOM OF THE STACK BECAUSE WE'VE ALREADY HAVE A PROJECT THAT IS GOING TO PROVIDE FOR THAT MITIGATION IN COMMUNITIES.  SO I WAS JUST CURIOUS IF THERE WAS ANY UPDATE ON THE SUNSETTING PROVISION OF ARTICLE 80 BECAUSE I THINK COUNCILOR BRADEN'S POINT WAS REALLY FAIR ABOUT JUST LIKE THE YOU KNOW, GO SEE BUILDINGS AND OTHER BUILDINGS THAT ARE THERE AND WE'RE PLANNING FOR THEM AND WE SEE THEM IN THE MODEL ROOM BUT THEY AREN'T YET YOU KNOW, WE AREN'T FULFILLING THOSE.  SO THAT YES THERE IS A SUNSET CLAUSE OR A DATE IN THE ZONING LANGUAGE AND ARTICULATED SAYS AFTER TWO I BELIEVE IT'S TWO YEARS I SHOULD GO FACT CHECK THAT IT'S A IS IT BECAUSE WE'LL GIVE YOU THE PRECISE STATES TWO OR 2 TO 3 YEARS AND AFTER THAT THE EPA WOULD BE WITHIN ITS RIGHTS TO REQUIRE THE PROJECT TO GO THROUGH A NOTICE OF PROJECT CHANGE IN ORDER TO TEN PROCEED TO A BUILDING PERMIT. WE HAD WHAT WE'VE BEEN DOING THROUGH THE ARTICLE 80 IMPROVEMENT PROCESS IS TAKING A HARD LOOK AT THE DATES AND TIMELINES IN THE ZONING CODE AND REESTABLISHING METRICS THAT MAKE SENSE FOR TODAY'S CONSTRUCTION AND MARKETING ENVIRONMENT AND NO LESS THAN THE SUNSET PROVISION BUT CERTAINLY IN THE CODE ARE OUR TIMELINES FOR HOW LONG IT SHOULD TAKE THE EPA TO CONDUCT ITS OWN REVIEW AND THOSE TIMELINES ARE NOT ENFORCED MOSTLY BECAUSE THEY DON'T THEY WERE CREATED IN THE NINE YEARS OF THE LEVEL OF REVIEW THAT IS MUCH LESS HIGH SCRUTINY THAN THE TYPE OF REVIEW WE DO TODAY. SO WE'RE GOING THROUGH A PROCESS BY WHICH WE WILL HAVE REVIEW ON ALL OF THOSE DATES AND TIMELINES.  BUT YEAH, WE NEED WE NEED A HISTORICALLY APPROVAL SHOULD NOT BE GOOD FOREVER. IT NEEDS TO BE DONE MOVING TO CONSTRUCTION RELATIVELY QUICKLY AND THEN WE NEED TO HAVE THE OPPORTUNITY TO RENEGOTIATE IT. THANK YOU. AND I KNOW WE'RE IN AN INCREDIBLY IMPORTANT MOMENT FOR OUR CITY AND I THINK THIS HOUSING ACCELERATOR FUND REALLY IS MEETING THE MOMENT IN TERMS OF CHOOSING TO INVEST IN HOUSING AND CHOOSING TO FILL THOSE GAPS AND IT. ADMINISTRATOR BOX A POINT ABOUT LIKE THIS IS HOW WE GET TO THE FINISH LINE WITH SO MANY OF THESE PROJECTS THAT WE'RE LOOKING TO COMPLETE AND AFFORDABLE HOUSING AND IS SO IMPORTANT IN OUR CITY AND I APPRECIATED HEARING ABOUT THE CHARLESTOWN AND SOUTH BOSTON VHA PROJECTS. THANK YOU AGAIN TO SCHRADER BOK FOR ALL THAT YOU DO I THINK I'M ON MY END. I'M JUST TRYING TO FIGURE OUT SORT OF HOW I WILL INTERACT WITH THAT SO I APPRECIATED THE POINT ABOUT, YOU KNOW, A LETTER AND SOMETHING THAT WE CAN APPROVE ARRIVING BECAUSE I THINK IT'S A BIG ANNOUNCEMENT AND WE'D LOVE TO HEAR LIKE HOW HOW THE CITY IS MEETING THE MOMENT ON EACH INDIVIDUAL PROJECT AND HOW HOW THE CITY COUNCIL IS A PART OF THAT. BUT THANK YOU SO MUCH TO ALL OF YOU FOR FOR BEING HERE. THANK YOU. COUNCILOR DURKAN I ALSO WANT TO ACKNOWLEDGE AND CALL ON COUNCIL MURPHY. COUNCILOR MURPHY THE FLOOR IS YOURS.  THANK YOU. CHAIR THANK YOU ALL FOR BEING HERE.  JUST A COUPLE QUESTIONS. I'VE BEEN LISTENING IN AND YOU ANSWERED A LOT OF WHAT I WAS ALREADY THINKING BUT THE FIRST ONE HAVE WE EVER INVESTED THIS MUCH MONEY IN A FUND WHERE WE'RE JUST TAKING AND I NEVER LIKE THE WORD FREE THINGS FOR YOU BUT YOU KNOW WE HAVE EXCESS MONEY WHICH I KNOW YOU TALK A LOT ABOUT HERE ON THE COUNCIL ABOUT INVESTING YOU KNOW, WHAT IS IT 20% OF IT INTO SOMETHING LIKE THIS? TO THE BEST OF MY KNOWLEDGE NOW I THINK THIS IS A REALLY UNIQUE USE OF THE FREE CASH RESERVE. I THINK ONE THING THAT'S IMPORTANT AND YOU CAN SEE TOUCHED ON THIS EARLIER IS THAT IF YOU'RE DRAWING AND IF YOU'RE GOING TO DIP INTO YOUR FREE CASH RESERVE, IT SHOULD BE FOR A ONE TIME PURPOSE, RIGHT? NOT AN ONGOING EXPENSE.  THIS IS VERY, VERY EXPLICITLY JUST A ONE TIME INVESTMENT IN THE MIND TO ADDRESS THE CRITICAL MARKET NEEDS AND CREATE ADDRESS HOUSING CONSTRUCTION IN OUR CITY TODAY. YES.  I JUST WANT TO MAKE IT CLEAR TO THE RESIDENTS THAT'S NOT SOMETHING WE NORMALLY DO THAT THIS IS VERY A BOLD AND THERE'S ALWAYS RISK LIKE WHAT IF ANY RISK.  KINSEY, YOU HAVE STUDIED THIS. I KNOW YOU'VE PROBABLY UNDERSTAND BUT NOW HOW LONG WILL IT TAKE TO PAY BACK THE CITY AND WHAT RISK IS THERE THAT WE AREN'T ABLE TO AND HOW DO WE HOLD OUR OWN SELVES ACCOUNTABLE? YOU KNOW, IT'S LIKE WHEN YOU SPEND YOUR OWN SAVINGS AND YOU TELL YOURSELF YOU'RE GOING TO PUT IT BACK IN BUT THEN YOU NEVER GET AROUND TO IT LIKE HOW HOW WILL WE ADDRESSING THAT TO MAKE SURE THAT YEAH WHOEVER HAS GOOD SO I MEAN I THINK REUBEN CAN SPEAK TO THIS A LITTLE BIT MORE. YOU SPOKE EARLIER JUST ABOUT THE DOUBLE UNDERWRITING STANDARD DOING IT SO WE'RE WE'RE PIGGYBACKING THIS PROGRAM OFF OF THE A NEWLY ANNOUNCED AND STILL SORT OF WE'LL WORK OUT THE DETAILS PROGRAM AT THE STAKE ON THE MOMENTUM FUND, THE MASS HOUSING AND SO WE WOULD BE WE WOULD BE UTILIZING THEIR UNDERWRITING SO THEY HAVE TO THERE ARE TWO KEY PIECES TO THAT. FIRST OF ALL THEY HAVE $8 BILLION ALONE IN EQUITY OUT IN THE MARKET RIGHT NOW.  THEY HAVE A REALLY DEEP UNDERSTANDING OF UNDERWRITING THAT WE TRUST. AND THEN THE SECOND PIECE OF THAT IS THE THE PROJECTS WOULD ALSO BE USING A SENIOR DEBT PRODUCT THROUGH FREDDIE MAC AND FREDDIE MAC OF COURSE HAS TREMENDOUS UNDERWRITING SO IT'S ACTUALLY A DOUBLE UNDERWRITING PIECE. SO THAT'S THE FIRST PIECE. AND THEN THE SECOND PART IS THAT WE WOULD FALL IN GETTING OUR RETURN BACK. WE WOULD BE RECEIVING OUR FUNDS BEFORE THE DEVELOPER AND BEFORE THE INVESTORS. SO WE'RE ACTUALLY SORT OF A HIGH PRIORITY AND VERY, VERY LOW RISK WHICH IS WHY WE'RE STRUCTURING THE PROGRAM THIS PIGGYBACK PIGGYBACKING OFF OF THE STATE PROGRAM AND IF I CAN ANSWER THE QUESTION ABOUT TIMELINE SO GENERALLY WITH RENTAL PROJECTS THAT YOU PART OF PART OF WHAT THIS LIKE FINANCING SOLUTION TAKES ADVANTAGE OF IS THAT THE COST OF OTHER PEOPLE'S MONEY FOR PRODUCING A NEW CONSTRUCTION PROJECT IS VERY EXPENSIVE BECAUSE EVERYONE'S WORRIED ABOUT THE RISK OF LIKE WHAT IF THERE'S SOME ACCIDENT THINGS FALL DOWN ETC. AND SO THEREFORE WHAT THE MARKETS DEMAND IS WE WANT A QUITE A HIGH PROFIT IN ORDER TO GIVE YOU OUR MONEY. BUT THEN ONCE YOU HAVE A RESIDENTIAL RENTAL BUILDING CONSTRUCTED AND OCCUPIED THEN IT'S CONSIDERED A STABILIZED ASSET AND THEN THERE'S LIKE A WHOLE BUNCH OF INVESTORS WHO LOOK FOR A MUCH LOWER RATE OF RETURN BUT WHO WANT TO BE SAFE LIKE YOU THINK ABOUT PENSION FUNDS FOLKS LIKE THAT AND THEY'RE LIKE OH YEAH I'D LOVE TO INVEST IN A MIXED INCOME STABILIZED OCCUPIED BUILDING BECAUSE I SORT OF KNOW IT'LL GIVE ME THIS MORE MODEST RETURN. SO PART OF WHAT YOU'RE DOING AS WITH THIS CITY EQUITY IS YOU'RE COMING IN TO REPLACE THAT SUPER EXPENSIVE EQUITY BUT THEN ONCE YOU STABILIZE YOU KNOW THAT YOU CAN GET TAKEN OUT BY THIS POOL OF MORE MORE KIND OF LIKE LOWER COST INVESTORS IN A STABILIZED ASSET. SO THAT'S THAT'S PART OF THE CONFIDENCE OF WHAT YOU'RE DOING. AND I WOULD SAY THAT YOU KNOW,  THE OTHER THE OTHER INTERESTING THING FOR US ABOUT THIS IS THAT RIGHT NOW LIKE IF WE GO OUT ON THE CAPITAL MARKETS LOOKING FOR AN EQUITY INVESTOR IN THE MIXED INCOME BUILDING AT CHARLESTOWN ,WE GET SORT OF TREATED LIKE ANY MARKET BUILDING WITH INCLUSIONARY HOUSING IN THE COUNTRY. RIGHT. AND PEOPLE ARE SORT OF SAYING OH, THIS IS THIS RISKY OF A PRODUCT? NOW WE KNOW THAT IT'S BACKED BY THE CITY OF BOSTON THAT WE HAVE A GROUND LEASE, THAT WE'VE GOT THESE FEDERAL COMMITMENTS LIKE IN FACT IT'S ACTUALLY A LESS RISKY BET IN A FUNNY WAY THAN IT'S BEING PRICED BY THE CAPITAL MARKETS. SO WHEN YOU'RE PAYING THE CAPITAL MARKETS YOU'RE LIKE OVERPAYING ON THE RISK SIDE. AND SO THIS WAY WE KIND OF GET OUT FROM UNDER THAT THAT EXTRA COST SO AND THIS MIGHT BE MORE TO THE LEAD SPONSOR BUT THE RETAIL SPACE THOUGHT IDEAS SO A BUILDING WOULD IT BE A SPACE WHERE IT'S LIKE ONE SPACE IN A BIG BUILDING AND WE'RE GOING TO PUT LIKE IT'S LISTING YOU KNOW, A SENIOR CENTER OR SOME SORT OF COMMUNITY CENTER?  WHAT'S THE THOUGHT THERE? YEAH, NO THE IDEA BEHIND THE FUND WAS TO MAKE SURE THAT OUR VALUES AS A COUNCIL WERE INCORPORATED INSIDE OF THAT FUND IN ORDER IN ORDER TO BUILD, YOU KNOW, THE NEIGHBORHOODS, THE DEVELOPMENTS THAT WE WANT NOT JUST HOUSING BUT IF THERE'S SPACE TO PUT IN ,YOU KNOW, A GYM OR A DAYCARE CENTER ABSOLUTELY AWESOME.  ALL RIGHT. NOW THAT'S GOOD IN JUST THE WORDING BECAUSE IT DOESN'T SAY YOU KNOW, DEFINITELY IT'S THE WHEREAS WHERE IT TALKS ABOUT DEVELOPERS WOULD BE PRIORITIZED. I DO HAVE AN IDEA ALREADY OF HOW WE WOULD BE CHOOSING BECAUSE IT SEEMS THERE'S A LIST BUT IT'S SAYING NOT AND BUT YOU'RE RIGHT THEY'RE COMMITTED TO THIS.  THE COMMUNITY MOSTLY SUPPORTED IT.  UM WE HAD THE HEARING YESTERDAY I MEAN I'M GLAD IT'S LISTING ADHERING TO THE JOBS POLICY AND ALL OF THOSE THINGS WHERE WE KNOW MANY TIMES WE ARE GIVING OUT CITY CONTRACTS AND LICENSES TO PEOPLE WE KNOW WHO HAVE VIOLATED THAT ALREADY BUT SO IN TERMS OF SO WE HAVE MORE WORK TO DO BEFORE WE COME BACK FOR AN APPROPRIATE PROVISION HERE AND TO ANSWER SOME OF THE SPECIFICS ON HOW THE DOLLARS WOULD BE AWARDED. BUT I DO THINK WE HAVE SOME CONCEPTS THAT WE CAN SHARE NOW . ONE IS IT'S AN ALREADY APPROVED PROJECTS THAT MEANS IT NEEDS TO BE COMPLIANT WITH ALL CITY POLICIES AND TO COUNTER FITZGERALD'S POINT FROM EARLIER IT NEEDS TO BE READY TO START CONSTRUCTION WITH THE PURPOSE OF THIS FUND IS TO INVEST IN THINGS THAT WE WANT. WE WANT TO CONSTRUCT NOW THREE IS THAT THEY HAVE TO NEED OUR MONEY WITHOUT IF THEY DON'T NEED OUR MONEY WE DON'T WANT TO INVEST ONE THEM. THIS IS ABOUT CLOSING A GAPS THAT NEEDS TO BE GO THROUGH THE UNDERWRITING PROCESS THAT THAT RUBIN HAS HAS TALKED ABOUT AND BECAUSE THIS IS ALL HONESTLY ONLY TIME LIMITED AND WHILE $100 MILLION IS A LOT OF CITY DOLLARS IT'S NOT ALL THAT MUCH IN TERMS OF LIKE WHAT'S GOING TO MOVE THE NEEDLE ON HOUSING IN BOSTON.  SO THIS IS ABOUT CATALYZING A JUMPSTART TO HOUSING CONSTRUCTION IN OUR CITY AT A TIME WHERE WE CAN MAKE IT A IMPACTFUL INVESTMENT AND GET THINGS MOVING IN ONE LAST MORE LIKE A STATEMENT IS THE HOPE THAT THIS IS SUCCESSFUL AND THAT IT GROWS OR IS THIS REALLY JUST A ONE TIME AND WE'VE KIND OF TRIED TO FIX A BIGGER ISSUE. ARE YOU THINKING AHEAD THAT THIS IS SOMETHING WE CONTINUE TO DO AND MAYBE NOT JUST IN THIS AREA BUT WE'RE TAKING MONEY OUT BECAUSE I KNOW WE TALK ABOUT IT A LOT THROUGH THE BUDGET. I THINK THERE'S I THINK MAYBE A DIFFERENT PERSPECTIVE BETWEEN PUBLIC HOUSING PROJECTS AND OUR PROJECTS. I THINK FOR A GREAT INVESTMENT I FOR MARKET REINVESTMENT I DON'T THINK WE WANT TO BE A LONG TIME PLAYER IN ACCELERATING HOUSING STARTS. I THINK THAT'S ABOUT WHAT IS HAPPENING TODAY AND THAT CHALLENGE OF PRODUCING HOUSING AND I DON'T FORESEE CONTINUING THIS IN FROM THAT PERSPECTIVE BUT KENSI MIGHT HAVE MORE. YEAH I MEAN I THINK THAT WE WOULD LOVE TO HAVE THIS BE AN ENGINE THAT WORKS AND THAT CAN KEEP REVOLVING YOU KNOW, AND THAT IS WHAT MONTGOMERY IS SEEING. SO IT'S ALREADY GOTTEN THE MONEY BACK FROM ITS INITIAL DEALS AND NOW IT'S PUTTING THEM INTO NEW DEALS AND WHEN YOU THINK ABOUT THE FACT THAT AS I MENTIONED BEFORE, WE HAVE, YOU KNOW, ALMOST 20 MIXED INCOME BUILDINGS PERMITTED BETWEEN THE MARY ELLEN MCCORMICK AND BUNKER HILL SITES LIKE THAT'S A LOT OF MIXED INCOME HOUSING PRODUCTION THAT WE WANT TO SEE ON YOU KNOW, ON OUR LAND IN PLACES WHERE WE HAVE LIKE A LOT OF TENANT PROTECTIONS IN PLACE, A LOT OF LIKE, YOU KNOW, INVOLVEMENT AND TASK FORCES AND STUFF. AND SO I THINK FOR US IT WOULD BE GREAT TO HAVE THIS BE A MECHANISM THAT REALLY WORKS AND THAT FOLKS HAVE CONFIDENCE IN BUT I THINK THE THE GREAT THING ABOUT IT BEING AN INVESTMENT RATHER THAN A SUBSIDY IS THAT THE IDEA IS NOT TO HAVE IT BE SUCCESSFUL AND THEN KEEP COMING BACK TO THE COUNCIL FOR MORE MONEY. THE IDEA IS IS THAT THAT APPROPRIATE AND RECYCLES BACK RIGHT AND I THINK OBVIOUSLY THE DECISION WHEN YOU GET THAT MONEY BACK ABOUT WHETHER IT REVOLVES INTO ANOTHER HOUSING PROJECT OR WHETHER IT COMES BACK TO THE CITY'S GENERAL FUND IS A DECISION FOR CITY POLICYMAKERS TO MAKE. YOU KNOW, BUT I THINK THAT CERTAINLY AS A HOUSING PERSON I WOULD LOVE TO SEE IT INVOLVED IN HOUSING. I THINK IT'S SAFE TO SAY THANK YOU. THANK YOU. AND I WOULD AGREE WITH THE ADMINISTRATIVE BLOCK. I WOULD LOVE TO SEE REVOLVING HOUSING AND THIS IS WHY I CALLED FOR THE HEARING KNOWING THAT THE MAYOR AND I DO APPLY THE ADMINISTRATION, THE MAYOR AND EVERYONE WHO HAS WORKED ON CREATING THIS REVOLVING FUND I APPLAUD YOU ON ON THAT WORK. BUT I ALSO THINK THAT AS COUNCILORS I MEAN WE HEAR ABOUT HOUSING ISSUES ON A DAILY BASIS. SO I THINK THIS IS AN OPPORTUNITY TO ADVOCATE TO THE ADMINISTRATION ON WHAT TYPE OF PROJECTS WE WILL BE INVESTING IN AND YOU KNOW, TO THAT POINT I KIND OF WANT TO KIND OF GET AN IDEA OF THE LOGISTICS OF HOW HOW THIS DOES WORK.  YOU KNOW, THERE'S BEEN A ONE TIME APPROPRIATION AND TO A REVENUE OR REVOLVING FUND IS IT YOU KNOW, ONE OFFS TO EACH PROJECT THAT WE'RE GOING TO BE DOING. HOW DO YOU ENVISION YOU KNOW, THE THE LOGISTICS OF STAYING IN THIS UP AND HOW MANY TIMES WOULD YOU BE COMING BACK TO THE COUNCILORS AND FOR WHAT IS IT JUST THE APPROPRIATION OR IS IT ALSO FOR THE REVENUE FUND? SO I THINK THAT LIKE A LITTLE BIT WANT TO RESERVE THE DETAILS FOR WHEN WE ACTUALLY FILE THE APPROPRIATION ORDER. BUT I THINK WHAT IT'S SAFE TO SAY IS THAT YOU DON'T WANT IT TO BE PROJECT BY PROJECT BECAUSE OF THIS KIND OF BUT FOR ASPECT WHERE YOU'RE TRYING TO NEGOTIATE DOWN TO THE ABSOLUTE MINIMUM THAT THE CITY NEEDS TO INVEST IN ORDER TO GET THE PROJECTS TO GO. SO THE PROBLEM IS IS LIKE ONCE THE COUNCIL APPROPRIATES $10 MILLION TO THIS PROJECT GOOD LUCK GETTING THE NUMBER DOWN RIGHT IN A NEGOTIATION. SO BECAUSE OF THAT AND THE OTHER THING IS THAT JUST IN TERMS OF LIKE TECHNICALLY THE AS YOU KNOW COUNCILOR WITH YOUR REAL ESTATE BACKGROUND LIKE THESE REAL ESTATE FINANCINGS LIKE THEY ALL COME TOGETHER IN A MOMENT OF CLOSING AND THERE'S LOTS OF THINGS THAT CAN LIKE KIND OF MOVE LIKE THE BASIS POINTS CAN MOVE BETWEEN WHEN YOU THINK YOU'RE GOING TO HAVE THE DEAL AND WHEN IT ACTUALLY CLOSES. SO WHAT WE'RE DEFINITELY GOING TO WANT IS APPROPRIATION INTO A FUND THAT HOLDS THE MONEY AND THEN THAT FUND DOES TRANSFERS INTO THOSE FINANCIAL CLOSINGS OF THE SPECIFIC DEALS.  AND I THINK THAT WHAT THEREFORE WHAT'S GOING TO BE IMPORTANT FOR THE CONVERSATION WITH THE COUNCIL IS ABOUT REALLY SETTING THE PARAMETERS THAT FUNDS SO THAT EVEN THOUGH YOU DON'T EVEN THOUGH YOU DON'T KNOW IT'S GOING TO BE DOWN TO THIS SENSE THIS AMOUNT TO THIS PROJECT YOU SORT OF KNOW WHAT IT IS THAT IT'S GOING TO FUND AWESOME. AND THEN IN DEVIN YOU SPOKE ABOUT YOU KNOW A LOAN VERSUS LOW COST EQUITY INVESTMENT AND JUST FOR THE PUBLIC CAN YOU JUST EXPLAIN THE DIFFERENCE BETWEEN THE TWO? YEAH, ABSOLUTELY.  SO I MEAN IMPORTANTLY AND SO A PROJECT WHEN IT ASSEMBLES ITS CAPITAL STACK THERE ARE INVESTORS THAT IT PRODUCES THAT PUT IN THE LOAN THAT YOU PAY BACK ON AN ANNUAL BASIS WITH AN INTEREST RATE SO AND THEY HAVE PROBABLY A FORECLOSURE POSITION ON THE ASSET THAT THE HOUSING ITSELF IS MORTGAGED AGAINST THAT LOAN SO THAT YOU DON'T PERFORM THAT THE BANK THAT IS MAKING THAT LOAN CAN TAKE THAT PROPERTY THE PROPERTY BACK AND THAT'S THE BASIS ON WHICH THEY MAKE THE INVESTMENT THAT DEPENDING ON AND JIM CAN PROBABLY SPEAK TO THIS BETTER THAN ANYONE BUT HANG ON WHERE YOU ARE IN THE MARKET YOU MIGHT EXPECT ANYTHING FROM 70% OF THE TOTAL CAPITAL COSTS TO BE DEBT IN THE FORM OF A LOAN AND MAYBE UPWARDS OR DOWNWARDS TO LIKE 50%. WHAT WE'RE TALKING ABOUT IS INVESTING IN EQUITY WHICH IS CASH THAT YOU PUT INTO INTO THE CONSTRUCTION OF THE PROJECT AND THEN WHEN THAT PROJECT IS SOLD THE REFINANCE.  SO ARE YOU SAYING THE LOAN IS IN THE LOAN OR NOT CASH DAY THE BANK PUTS IN CASH TO ADD TO TO FUND THE TO FUND THE PROJECT AND GET PAID BACK GENERALLY ON A MONTHLY BASIS. THE EQUITY INVESTOR DOES NOT GET PAID BACK UNTIL THE PROPERTY IS SALISBURY FOR OR REFINANCE THE REFINANCES.  SO THAT'S THE TYPE OF INVESTMENT WE'RE SUGGESTING THAT WE MAKE RATHER THAN A PAYMENT TO THE CITY EVERY MONTH RATHER A 1 TO 1 PROJECT REFINANCE IS WAR SELLS. THAT'S WHEN THE CITY GETS ITS INVESTMENT IN. IT'S PROBABLY WORTH SAYING THAT PART OF THE REASON WHY WE'RE LOOKING AT HAVING IT BE AN EQUITY FUND INSTEAD OF A LOAN IS BECAUSE MOST LIKE BANKS AND LENDERS WILL HAVE A MAXIMUM LOAN TO VALUE RATIO WHERE THEY THEY SAY ALL LEND YOU MONEY BUT NO MATTER WHO ELSE YOU GO TO YOU CAN'T HAVE MORE THAN X PERCENT WHETHER IT'S 50 OR 60 OR 70% LIKE BASED ON LOANS BECAUSE OF COURSE THEY'RE WORRIED THAT IF YOU GO GET 100% OF YOUR MONEY FROM DIFFERENT LENDERS THAT YOU'RE GOING TO DEFAULT LIKE YOU'LL PAY PETER AND STEAL FOR AND NOT PAY BACK THEM. SO THAT'S THE PROBLEM IS THAT I THINK ONE OF THE THINGS THAT BOTH WE AND THE STATE LOOKED INTO WAS THIS QUESTION OF LIKE COULD WE STRUCTURE LIKE WHATEVER WE PUT IT IN AS A LOAN BECAUSE OF COURSE THE NICE PREDICTABILITY OF THAT IS THAT YOU'RE NOT YOU'RE NOT WRITING ANY OF THE RISKINESS OF AN EQUITY INVESTMENT. BUT THE PROBLEM IS EVERYONE SAID WELL IT DOESN'T HELP ME BECAUSE I CAN'T IF YOU GIVE ME THAT MONEY THE BANK'S JUST GOING TO REDUCE THE AMOUNT THAT THEY LOANED TO ME BECAUSE IT'S AN ABSOLUTE MAXIMUM ON HOW MUCH CAN BE LOANS AND AND ANOTHER IMPORTANT POINT TO MAKE IS HOW MUCH INVESTMENT WE'RE TALKING ABOUT HERE. SO THE BANK MIGHT ONE SINGLE BANK MIGHT PERFORM THE ENTIRE DEBT PIECE OF A PROJECT AND SAY WE HAVE $100 MILLION PROJECT 60% OF IT IS DEBT. SO THEY'RE GOING TO MAKE A $60 MILLION LOAN AND THEY'RE GOING TO CREATE THE INTEREST RATE ON THAT LOAN WHICH ARE WHICH ARE VERY HIGH TODAY AND HOPEFULLY COMING DOWN ON THE EQUITY SIDE IT'S A SMALLER TOTAL AMOUNT AND THEN OUR OUR PORTION OF THAT EQUITY STACK WOULD BE AND FIRST MASS HOUSING IS GOING TO GO UP TO 25% OF THE EQUITY IN THE DEAL AND THEN WE MIGHT GO ON WITH ANOTHER 5% ON TOP EVENTS THAT WE'RE TALKING ABOUT IN THAT SAME I $100 MILLION PROJECT THE CITIES PORTION OF WHICH WE'RE TRYING TO FUND IS MAYBE UP TO $5 MILLION. THAT MEANS WE'RE OFF. SO IF WE WERE TRYING TO MAKE LENDING INVESTMENTS TO BRING DOWN THE COSTS OF DEBT WE'D HAVE TO MAKE A $60 MILLION LOAN TO THE PROJECT AND TAKE OUT THAT RELATIVELY LARGE HIGH COST TO DO THAT ON THE EQUITY SIDE IT'S EASIER FOR US TO MAKE A SMALLER INVESTMENT AND HAVE A LARGER IMPACT ON THE OVERALL PROJECT FINANCING AND ADMINISTRATIVE BLOCK. I KNOW THAT THE BUDGET DOES HAVE SOME SCATTERED SITE PROJECT AND YOU TALKED ABOUT 15 SITES THAT YOU ARE EXPLORING AND HOW MANY OF THOSE ARE IN SCATTERED SITES IS THE HOMEOWNERSHIP OPPORTUNITIES HOW MANY OF THOSE HOMEOWNERSHIP OPPORTUNITIES ARE IN THESE 15 SITES? OH SORRY . SO LET ME DISTINGUISH BETWEEN SO THERE'S JUST THE 15 THAT I WAS MENTIONING IS ACTUALLY AND I THINK IT'S A LITTLE MORE THAN THAT IS BETWEEN BETWEEN THE JUST THE BUNKER HILL PROJECT AND THE MARYLAND PROJECT HOW MANY MIXED INCOME BUILDINGS THAT WE ALREADY HAVE APPROVED ON THOSE TWO SITES. SO THAT'S DIFFERENT FROM THE SCATTERED SITES. YOU'RE RIGHT COUNCILOR , OF COURSE THAT WE LIKE WE THE VHA DOES HAVE SOME SCATTERED SITES AND WE'VE BEEN WORKING ON INVESTING ARPA AND SOME HOMEOWNERSHIP OPPORTUNITIES THERE AND IT MIGHT BE A GOOD THING TO COME BACK AND HAVE ANOTHER CONVERSATION ON BECAUSE THERE'S A LIKE YOU KNOW LOT LONG UPDATE ON THAT BUT IT'S SOMETHING WE'RE EXCITED ABOUT BECAUSE THE THE SCATTERED SITES ARE MIXED INTO THE COMMUNITY AND A LOT OF THEM ARE GOOD HOMEOWNERSHIP OPPORTUNITIES AND THE FLIP SIDE IS THEY'RE ACTUALLY QUITE DIFFICULT TO MAINTAIN AS A PUBLIC HOUSING PORTFOLIO BECAUSE YOU DON'T HAVE A CENTRALIZED MANAGEMENT OR MAINTENANCE OFFICE. SO THAT'S SOMETHING THAT WE'RE WORKING ON. I'M REALLY GRATEFUL FOR THE ARPA SUPPORT FROM THE CITY AND THEN THERE'S ALSO LIKE IN THE CATEGORY OF SORT OF VHA DEVELOPMENT INTERESTS, RIGHT? THERE'S THESE 3000 FAIRCLOTH UNITS AND WE'VE BEEN LOOKING AT SITES THAT WE CONTROL THAT OTHER PUBLIC ACTORS CONTROL AND THAT PRIVATE FOLKS CONTROL WHERE WE COULD SITE THESE ADDITIONAL DEEPLY AFFORDABLE UNITS AND WELL WE IMAGINE THAT SOME OF THOSE WOULD BE IN HUNDRED PERCENT AFFORDABLE BUILDINGS AGAIN, AS I MENTIONED BEFORE AND I DO WANT TO DO A SENIOR LIKE ELDERLY DISABLED BUILDING SOMETHING A SUPPORTIVE HOUSING BUILDING SOMETHING THAT HAS A BUNCH OF AMENITIES THAT ARE TARGETED AT THE POPULATION . WE'RE ALSO HOPING THAT SOME OF THOSE WILL TURN OUT TO BE MIXED INCOME DEVELOPMENTS WHERE THERE'S LIKE A TRANCHE OF FAIRCLOTH UNITS AND THEN THERE'S UNITS AT DIFFERENT INCOMES AND AN ALL AFFORDABLE BUT MIXED EXAMPLE OF THAT IS THAT THE PLAN FOR THE WEST END LIBRARY IS THAT WE WOULD HAVE I THINK IT'S 35 OR 36 FAIRCLOTH UNITS IN A 114 UNIT BUILDING WITH DIFFERENT LEVELS OF AM-I MIXED IN. NO AND I ASK THE QUESTION KNOWING THAT THE VHA DOES OWN SOME HOMEOWNERSHIP OPPORTUNITIES JUST KIND OF JUST WANTED TO KNOW IF YOU KNOW IF THAT WAS THE INTENTION OF ANY OF THESE PROJECTS GOING IN THE FUTURE. SO I THINK THE CHALLENGES THAT ARE VHA HOMEOWNERSHIP LIKE THE THE HOMEOWNERSHIP PRODUCTION ASPECT OF OUR HOMEOWNERSHIP ACTIVITIES IS A SUBSIDY PROGRAM BY WHICH I MEAN LIKE WE KNOW THAT WE'RE GOING TO BE PRODUCING THESE UNITS AND SELLING THEM TO FIRST TIME HOMEBUYERS AT AN ULTIMATE LIKE FINANCIAL LOSS RATE.  AND THAT'S FINE BECAUSE IT'S A PUBLIC INTEREST TO GET THESE FAMILIES ROOTED AND LIKE COUNCILMAN , HE HAD MENTIONED CLOSE THE RACIAL WEALTH GAP BUT IT'S I THINK KEY FOR US TO KEEP THOSE THINGS WHERE WE'RE JUST SPENDING MONEY ON SOMETHING THAT WE THINK IS A GOOD HOUSING PURPOSE SEPARATE FROM AN INVESTMENT THAT WE EXPECT TO RETURN. AND SINCE IT'S A NET SPEND WE WOULDN'T EXPECT TO RETURN ANY INVESTMENT IN IN THOSE LIKE AFFORDABLE HOMEOWNERSHIP CASES . GOT IT. AND I GUESS FOR JIM FOR YOU IT'S A ARE WE ABLE TO CREATE AFFORDABLE HOMEOWNERSHIP WITH YOU KNOW WHAT YOU'VE HEARD TODAY IN TERMS OF THE CITY BEING AN EQUITY PARTNER INSIDE OF A RENTAL HOMEOWNERSHIP MODEL? DEFINITELY SO YOU KNOW, OUR MODELING AND THEN VERIFIED BY A THIRD PARTY MODELING COMPANY DID PROVE THAT OUT IN OUR TEST CASE WITH THAT 100 UNIT IN MULTIPLE. SO EVERY SCENARIO THAT YOU LAID OUT HERE, COUNSELOR WE MODELED EACH ONE OF THOSE THEY DO COME WITH THOSE LOGISTICAL CHALLENGES OF HOW DO YOU MAKE ALL OF THAT WORK BUT NONE OF THEM ARE ARE WOULD SINK THE PROJECT A COMPLETELY VIABLE CONCEPT. GOT IT. AND DONALD ALEXIS WHO'S A DEVELOPER HERE IN THE CITY OF BOSTON, HE WAS SUPPOSED TO BE IN ATTENDANCE BUT HE KIND OF MOVE THINGS AROUND.  BUT HE ALSO HAS ONE OF THE I THINK FEW COUPLE DEVELOPMENTS HERE IN THE CITY OF BOSTON WHERE THERE IS RENTAL AND HOME OWNERSHIP AND HE'S GOING TO BE WRITING A LETTER JUST TO SPEAK TO HOW HOW HE MADE IT WORK AND THE IMPORTANCE OF THE FINANCING TOWARDS THAT. BUT HOW CAN YOU TALK TO ME ABOUT HOW DOES THE RENTAL MARKET CAN WE WE ARE INVESTING IN CONDOS CAN BE RISKY BUT WHEN YOU'RE YOU KNOW HAVING A RENTAL PORTION OF IT AND THEN THE FOR SALE SIDE HOW IS THAT LESS RISK OR MORE RISK TO THE DEVELOPER IT IT IS IN IN OUR BUSINESS IN THE DEVELOPMENT BUSINESS IT'S ALL FRACTIONAL OKAY SO WHAT I MEAN BY THAT IS YOU LOOK AT RISK AS 100% SO WHEN THAT HUNDRED UNIT PROJECT IT IF YOU WERE DOING 100 FOR SALE IT WOULD CARRY THAT 100% OF RISK. KENSI BLEED OUT. BUT BY THE WAY, WE'RE ALL INCREDIBLY GRATEFUL AS A RESIDENT TO HAVE YOU AS OUR ADMINISTRATOR. YOU ARE LIKE THE SMARTEST PERSON IN THIS BUSINESS.  SO I JUST WANTED TO SAY THAT ON THE RECORD IT'S FANTASTIC TO BE A PART OF BUT BUT YOU KNOW BY CREATING JUST 25% OF THAT YOU'VE NOW SAID TO THE CAPITAL MARKETS WE'VE DE-RISKED THIS FROM THAT PERSPECTIVE AND TO KINSEY'S POINT ABOUT TIMING IS IS A HUGE PART OF THAT RISK YOU'VE NOW SAID THAT 75% OF THIS PROJECT CAN DEAL WITH THOSE RISKS FROM A TIMING PERSPECTIVE AND YOU'VE LIMITED TO A POOL OF BUYERS WHICH IS IS MUCH MORE AVAILABLE, RIGHT? BECAUSE WE KNOW THE DEPTH OF PEOPLE WHO WANT THESE AMI RESTRICTED APARTMENTS AND SO I THINK IT'S A GREAT DERISKING FACTOR ALONG WITH ALONG WITH THE INVESTMENT. AWESOME COUNCILOR CAN I SAY JUST ONE THING AND NOT TO COMPLICATE THE SITUATION BUT TO COMPLICATED A LITTLE BIT I, I, I THINK THAT WE'VE GOT SOME GREAT PROPOSED PROJECTS IN BOSTON THAT ARE A MIX OF RENTAL AND HOME OWNERSHIP SO ONE OF THEM I THINK PARCEL 12 C WAS MENTIONED AND THAT'S ACTUALLY A PROJECT WHERE WE'VE GOT AGAIN A TRANCHE OF FAIRCLOTH UNITS ALONG WITH OTHER RENTAL UNITS ALONG WITH THE HOME OWNERSHIP ONES. THEY'RE ALL GOING TO BE ON PUBLIC LAND REALLY EXCITING. THERE'S ALSO THERE'S ALSO ONE A SIMILAR PROPOSAL UP AT MISSION PARK THE ROXBURY TENANTS OF HARVARD HAVE THIS BUILDING THAT'S ON THEIR FORMER SNOW LOT THAT'S I THINK FULLY APPROVED.  IT GOT APPROVED WHILE I WAS STILL A COUNCILOR . I DON'T THINK IT'S I DON'T KNOW IF IT'S UNDER IT. DEFINITELY NOT FINISHED YET. I DON'T KNOW IF IT'S BEGUN CONSTRUCTION YET BUT AGAIN IT'S A IT'S A STACK OF RENTAL AND HOMEOWNERSHIP. THE THING I WOULD FLAG AND IT DOESN'T IT DOESN'T MEAN THAT IT CAN'T HAPPEN BUT IT'S JUST BEFORE YOU IMAGINE THAT IT CAN HAPPEN IN EVERY BUILDING IS THAT THE THE FLIP SAID SO I AGREE THAT IT DOES DE-RISK LIKE IF A SMALLER PROPORTION IS HOME OWNERSHIP THE WHOLE BUILDING'S NOT SUBJECT TO THOSE RISKS OF LIKE THE FOR SALE MOMENT IN TIME. THE FLIP SIDE IS THE RENTAL INVESTORS CAN BE A LITTLE NERVOUS ABOUT SHARING A BUILDING WITH CONDO OWNERS. THE REASON IS BECAUSE CONDO ASSOCIATIONS DON'T ALWAYS INVEST THE AMOUNT THAT THEY NEED IN REPLACEMENT RESERVES. AND SO IF YOU'RE IN A BIG BUILDING AND YOU SHARE SYSTEMS, YOU'RE GOING TO NEED TO KNOW THAT THE CONDO OWNERS ARE GOING TO BE GOOD FOR THE PORTION AND IF I'M THE RENTAL OWNER I'M LIKE GEE, I DON'T WANT TO BE IN A SITUATION WHERE 100% OF THE FACT SYSTEM NEEDS REPLACING 20 YEARS FROM NOW AND I ONLY OWN 75% OF THE BUILDING BUT I END UP COVERING MORE THAN 75% OF THE COST BECAUSE MY CONDO OWNERS HAVEN'T PUT ENOUGH INTO THE REPLACEMENT RESERVES BECAUSE THEY'RE TRYING TO NOT SPEND AS MUCH MONEY. SO IT DOES CHANGE THE PERCEPTION OF THE RENTAL INVESTORS. SO I JUST SAY THAT TO SAY I THINK THAT THERE ARE SITUATIONS LIKE I THINK FOR INSTANCE THAT THE ROXBURY TENANTS OF HARVARD AND ALSO ACDC AND CHINATOWN ARE BOTH LIKE ENTITIES IN THEIR SPACES, THEIR PLACE BASED ENTITIES WITH REMARKABLY STRONG REPUTATIONS AND THE SENSE THAT LIKE THEY CAN NAVIGATE SOME OF THE LIKE COMPLEX CITIES OF MAKING SURE THAT LIKE EVERYONE IS HOLDING UP THEIR END OF THE BARGAIN AND STRONG I DON'T THINK THAT LIKE EVERY POTENTIAL OWNERSHIP STRUCTURE WOULD HAVE THAT LEVEL OF INVESTOR CONFIDENCE IN A MIXED MODEL. SO I WANT TO SAY THAT NOT TO SAY THAT IT CAN'T BE DONE BUT JUST TO LIKE FLAG THAT IT DOES DEPEND A LITTLE BIT ON WHO THE ENTITY IS.  CAN CAN I ADD TO THAT A LOT AS WELL? SO SO IN CONVERSATIONS WITH MASS HOUSING AND TRYING TO UNDERSTAND THE DETAILS OF THE MOMENTUM FROM THE MOMENTUM FUND IS STRUCTURED AS A TAKE OUT LOAN WHICH IS AFTER CONSTRUCTION. SO BECAUSE OF THAT IT CAN ACTUALLY SUPPORT CONDOS. SO IF WE WANT TO TO PIGGYBACK AND SUPPORT THIS EFFORT THROUGH THE MOMENTUM FUND AND ALLOW US TO DO THE UNDERWRITING THROUGH THE MOMENTUM FUND, THAT IS A CHALLENGE. IT DOESN'T MEAN THERE AREN'T OTHER WAYS TO UTILIZE MASS HOUSING AND THROUGH OTHER PROGRAMS BUT SPECIFICALLY IF WE'RE PIGGYBACKING OFF OF THE MOMENTUM FUND AND AND PROVIDING ADDITIONAL SUPPORTS ON TOP OF THAT, IT'S BEEN MADE PRETTY CLEAR TO ME THAT WE'RE THAT THEY'RE NOT GOING TO BE IN POSITION TO SUPPORT HOMEOWNERSHIP UNFORTUNATELY THROUGH THAT PARTICULAR PROGRAM DOESN'T MEAN THAT THAT TAKES ALL THE OTHER IDEAS OFF THE TABLE. JUST THAT IDEA THAT DIRECTION WE WOULDN'T BE ABLE TO FOLLOW. RIGHT. BUT DOES MASS HOUSING AND OTHER SOURCES OF FUNDING SUPPORT CONDOS? THERE ARE OTHER PROGRAMS WE JUST HAVE TO WE HAVEN'T NAVIGATED AND EXPLORED HOW WE WOULD PAIR THIS WITH OTHER PROGRAMS. WE'VE BEEN REALLY FOCUSED ON THE MOMENTUM FUND AS A NEW IDEA THAT THAT THAT THE STATE HAS COME UP WITH THAT WE ARE EXCITED TO SEE HOW WE CAN SUPPORT DEVELOPMENT IN MASSACHUSETTS AGAIN, ONE OF THE ONLY STATES IN THE CITY OF BOSTON, ONE OF THE ONLY CITIES IN THE UNITED STATES IN AMERICA THAT IS FUNDING AFFORDABLE HOMEOWNERSHIP AND THAT'S PUTTING SUBSTANTIAL AFFORDABLE HOUSING GRANT SUBSIDY DOLLARS INTO HOMEOWNERSHIP CREATION. SO I THINK AS ADMINISTRATION WE ARE 100% 100% BEHIND AFFORDABLE HOUSING, AFFORDABLE HOMEOWNERSHIP CREATION.  I THINK WE HAVE MORE WORK TO DO TO DETERMINE IF THIS EQUITY INVESTMENT MODEL FOR MARKET RATE HOUSING COULD SUPPORT HOMEOWNERSHIP.  BUT THAT DOESN'T MEAN THAT IT SEEMS LIKE THESE WE'RE FOLLOWING THE MASS HOUSING MODEL. THE ANSWER IS LIKELY NO. THAT DOESN'T MEAN WE DON'T WANT TO SUPPORT HOMEOWNERSHIP THROUGH OTHER MECHANISMS AND I AGREE AND I KNOW WE DID A LOT OF THE DIALOG IN ALONG WITH YOUR TEAM, YOU KNOW, ON THE EQUITY SIDE ESPECIALLY INSTITUTIONAL INVESTMENT AND THAT'S WHY I BELIEVE THE LOGISTICS OF THIS WILL BE A LITTLE MORE CHALLENGING ON THE BIGGER SIZE OF THE PROJECT BECAUSE PENSION FUNDS HAVE A REQUIREMENT FOR RENTAL AND HOME OWNERSHIP. SO YOU KNOW TO YOUR POINT IN YOUR OPENING STATEMENT COUNCILOR AROUND EACH PROJECT IS UNIQUE.  THAT'S WHERE POLICY HAS TO BE THOUGHTFUL AROUND THAT. AND SO YOU KNOW, THE LARGER THE PROJECT, THE LOGISTICS BECOME FAR MORE CHALLENGING THAN THE SMALLER PROJECT AND I THINK WHAT IT'LL HELP EVERYONE DO IS NARROW THE FOCUS OF WHERE THIS WILL MORE LIKELY WORK THAN WHERE IT'LL BE PROBABLY MORE CHALLENGING. AND I THINK YOUR YOUR TEAM'S BREAK DOWN OF OF THAT CLASSIFICATION OF BELOW 25 UNITS AND THEN 25 TO 99 AND THEN 99 ABOVE IS A GREAT WAY TO LOOK AT IT FROM THAT PERSPECTIVE.  HOUSING COUNCIL LOUIJEUNE THE FLOOR IS YOURS.  I'M SORRY I TOOK A LITTLE BIT MORE LIBERTY YEAH NO, NO I ACTUALLY WANT TO THANK YOU AND A LOT OF MY COLLEAGUES WHO ASKED REALLY GREAT QUESTIONS AND A LOT OF MY QUESTIONS WERE ANSWERED PARTICULARLY BY DEB IN BECAUSE WHEN I LOOK AT THIS FUND AND I THINK IT'S VERY EXCITING BOTH THE MAYOR'S PROPOSAL AND CASH WHERE I WANT YOUR OFFERING I THINK ABOUT ALSO HOW YOU KNOW IT'S IT'S I THINK AS ADMINISTRATOR BOK SAID IT'S ABOUT FOR IT'S THE LAST MILE AND I THINK ABOUT HOW MANY PROJECTS THEN WILL WE BE ABLE TO ACTUALLY FUND VIA THIS MODEL LIKE WHAT IS THAT LAST MILE FOR A LOT OF DEVELOPERS IS IT IS IT IS IT 5 MILLION? IS IT 10 MILLION? IS IT LIKE THE NUMBER AND ESPECIALLY IF WE'RE YOU KNOW, WE'RE NOT AT THIS POINT I UNDERSTAND IT'S PREMATURE TO SAY THIS IS HOW MUCH WE NEED FOR THE PROJECT IN CHARLESTOWN. THIS IS HOW MUCH WE NEED FOR THE PROJECT IN SOUTH BOSTON.  THAT'S WHAT THAT'S SORT OF WHERE I A LOT OF MY MY MIND IS IS LIKE WHAT IS THE ACTUAL SCALE AND IMPACT GIVEN LIKE I DON'T KNOW IF DEVELOPERS AND DEVELOPMENT ISN'T GETTING OFF THE GROUND RIGHT NOW FOR 5 MILLION TO $10 MILLION THAT YOU KNOW THE EQUITY STAKE YOU'RE TALKING EXACTLY AND SO LIKE AND THEN AND THEN IT MAKES ME UNDERSTAND EVEN MORE WHY YOU WANT TO START OFF WITH OUR OWN PORTFOLIO.  WELL BUT YEAH SO THAT'S SORT OF WHERE I HOPE THE WORK WILL COME AND THE BETTER UNDERSTANDING FOR US, YOU KNOW, AND A BETTER UNDERSTANDING OF THE FREE CASH THAT'S ACTUALLY PERMISSIBLE WITHOUT BEING TO TAKING ON TOO MUCH RISK FOR US TO BE USING HERE WITH THIS MODEL.  SO THAT'S JUST MY FINAL THOUGHT. I DON'T IF IF THERE ARE ANY REACTIONS TO WHAT I SEE. YES. I JUST WANT TO THANK YOU ALL FOR BEING HERE AND FOR THE PERSPECTIVES THAT YOU OFFER. YEAH. THANK YOU, COUNCILOR . AND I JUST WANTED TO SAY THAT I THINK I THINK FOR US SO WE SEE IF THIS MODEL WORKS IF THIS MODEL WORKS LIKE POTENTIAL TO USE IT ON THE BEACHSIDE BOTH AT CHARLESTOWN AND AT MARY ELLEN. BUT I THINK WHAT WE'RE GOING TO FOCUS ON IS REALLY LIKE THE NUMBERS FOR THAT BUILDING AT CHARLESTOWN BECAUSE THAT'S THE ONE THAT'S LIKE SITTING READY TO BE BUILT NOW OR IS FOR IT. MARY ELLEN WE'RE JUST FINISHING UP THE CLOSING AROUND AN ALL AFFORDABLE BUILDING SO I THINK LIKE OUR OUR FOCUS FIRST IS GOING TO BE ON DOING THIS IN THAT CHARLESTOWN IT'S CALLED BUILDING APPS AND AND GETTING TO GETTING TO THAT NUMBER BECAUSE I THINK WE ALL WANT TO KNOW TO YOUR POINT LIKE HOW HOW MUCH YOU KNOW, DOES OUR PROJECT AND OUR PROJECTS BECAUSE OF BECAUSE OF THIS OF THE PUBLIC TAKING A MORE SIGNIFICANT OWNERSHIP STAKE THERE THE DOLLAR NUMBER MAY BE HIGHER BUT THEN WE GET MORE OUT OF THAT AND SO I THINK WE ALL WANT TO FIGURE OUT HOW TO BALANCE THAT BETWEEN THE BETWEEN THE DIFFERENT BUCKETS. I WILL JUST SAY THAT WHEN DEVIN GAVE THE EXAMPLE OF 5 MILLION HE WAS IMAGINING A SCENARIO IN WHICH MASS HOUSING WAS IN FOR 15. SO IT WOULD BE A PROJECT WHERE THE GAP THAT WAS BEING CLOSED BY EQUITY WAS ACTUALLY A $20 MILLION GAP BUT IT'S JUST THAT WE WOULDN'T BE THE FIRST ONE OF THOSE IS EXACTLY THIS IS JUST A GREAT OPPORTUNITY TODAY TO MAKE SURE WE LEVEL SET ON EXPECTATIONS. I THINK OUR EXPECTATION AT THE MOMENT IS THAT WE PURSUE THIS PROGRAM THAT WE ARE FOR ALL THE REASONS THAT KENZIE HAS SAID THROUGHOUT THIS HEARING VERY CONFIDENT THAT IT'S GOING TO WORK FOR THESE REALLY INCREDIBLE AND I THINK NATION LEADING PUBLIC PRIVATE PARTNERSHIPS THAT THE VHA IS LOOKING FORWARD TO TO CREATE BOTH NEW PUBLIC HOUSING AND MARKET RATE HOUSING ON THEIR ON THEIR PROPERTY TO THAT END AND THAT MIGHT BE AWARE BUT WE'RE ALSO GOING TO LOOK AT THE OPPORTUNITY TO INVEST ALONGSIDE THE STATE'S PROGRAMS AND RATHER THAN HARD DOLLARS IT'S PROBABLY BETTER TO TALK IN PERCENTAGES THE MOMENTUM FUND PROBABLY WOULD GO UP TO 25% OF THE EQUITY IN THE DEAL AND I CAN'T IMAGINE THAT OUR PROGRAM WOULD GO MORE THAN 5% FOR. SO YEAH, I THINK IT'S LIKE BALLPARK WE'VE GOT TO WORK OUT THOSE DETAILS. THAT'S SORT OF LIKE WHERE OUR HEAD IS AT THE MOMENT IN TERMS OF HOW FAR OUR DOLLARS WILL ACTUALLY GO. YEAH AND I AND I GUESS I'M EXCITED ABOUT THIS I'M I'M I GUESS IT'S IT'S IT'S JUST LIKE WHEN WE'RE TALKING ABOUT THE NUMBERS EVEN THOUGH IT'S PREMATURE I THINK IT MIGHT ALSO NEED TO CALL IT A BUT FOR I DON'T KNOW IF THAT'S GOING TO ACTUALLY BE I DON'T KNOW HAS TO BE IT HAS TO BE THERE'S NO REASON FOR US TO INVEST IN PRIVATE MARKET HOUSING IF IT ISN'T BUT FOR YEAH AND SO REALLY GLAD THAT MASS HOUSING IS INVOLVED BECAUSE THEY ACTUALLY HAVE THE EXPERTISE AND I THINK IT'S LIKE THE LIKE WILL BE THE BUT FOR IN PARTNERSHIP WITH OTHER BY FORCE YES EXACTLY THERE'S NOT THEY SHOULD GO FIRST RIGHT THERE BUT FOR THIS I DON'T THINK THAT LIKE $100 MILLION IT'S A LOT OF MONEY BUT WHEN YOU'RE LOOKING AT THE SCALE OF WHAT WANT TO DO, IT JUST IT DOESN'T FEEL LIKE IT'S A SUBSIDY ENSURE IN A SENSE OF BEING A BUT FOR FOR A NUMBER OF DEVELOPMENTS YEAH EXACTLY WHERE THERE ARE HUNDREDS OF UNITS AT THE VHA PORTFOLIO THAT WE COULD SUPPORT THROUGH THIS AND MAYBE A SEVERAL HUNDRED MORE THAT WE CAN SUPPORT WITH UNDER $100 MILLION IT'S NOT GOING TO MOVE THAT THE 20,000 UNITS THAT ARE APPROVED WE'RE NOT IN CONSTRUCTION SO THAT MOVE A PORTION OF THOSE I DON'T THINK WE SHOULD SET OUR EXPECTATIONS THAT OUR DOLLARS ARE GOING TO MOVE ALL 20,000 OF THOSE UNITS BUT IT GETS THEM THAT GETS THE WHEELS TURNING AND THAT HELPS WITH MOVING THOSE OTHER PROJECTS EVENTUALLY. AND JUST TO ADD ONE THING JUST TO YOUR POINT, COUNCILOR , I THINK IF PEOPLE WONDER, YOU KNOW LIKE WHY WHY WEREN'T WE HERE ON THIS SIX MONTHS AGO OR 12 MONTHS AGO? NO, I UNDERSTAND IT'S BECAUSE THE MARKET CONDITIONS INTEREST PLUS PLUS THE STATE APPROVING THE MOMENTUM FUND I MEAN WITHOUT THOSE THINGS THE CITY TO YOUR POINT JUST DIDN'T HAVE THE ABILITY WE WOULD HAVE DONE ONE PRIVATE PROJECT AND WITH US IN THEN GONE HOME MAYBE TO LIKE THAT DOESN'T REALLY GET US TO THE SCALE OF IMPACT THAT WE WANT IT. THANK YOU. THANK YOU. I LOOK FORWARD AND EXCITED ABOUT WHAT'S POSSIBLE HERE IN CONNECTION WITH OUR PARTNERS. SO THANK YOU JEFF OTIS HERE.  THANK YOU COUNCILOR BREADON. THANK YOU. THANK YOU ALL THE EXCITING I THINK I THINK ONE QUESTION AND I HAVE TO DASH OUT THE DOOR IN A SEC IN TERMS OF THE LAG TIME OF THE INVESTMENT LIKE NO YOU PUT THE MONEY IN WAS THE BUILDING IS BEING CONSTRUCT AND THEN IT HAS TO BE COMPLETED AND A CERTIFICATE OF OCCUPANCY AND THEN RENTED OUT AND IS IT IS IT A TWO OR THREE YEAR FOUR YEAR CYCLE.  YEAH IT'S USUALLY LIKE THE FASTER WOULD BE THREE YEARS BUT 5 TO 7 IS KIND OF MORE STANDARD . THERE ARE SOME PEOPLE WHO KIND OF MAYBE HOLD AS LONG AS TEN BUT THAT'S NOT A STANDARD SO IT'S KIND OF IN THAT 5 TO 7 BALLPARK AND I KNOW THE MONTGOMERY COUNTY BECAUSE WE HAD THE HEARING EARLY ON ABOUT THE SOCIAL HOUSING FUNDING REVOLVING FUND MONTGOMERY COUNTY THEY SEEMED TO HOLD ON TO SOME OF THEIR EQUITY HOLDINGS AND OVER THE LONGER TERM DO YOU FORESEE THAT HAPPENING IN THIS LIKE IT'S NOT A BAD THING, IT'S JUST AN OPTION? YEAH. SO I WOULD SAY THIS IS ANOTHER PLACE WHERE WE'RE GOING TO HAVE TO TALK MORE ABOUT THIS WHEN WE COME BACK WITH THE APPROPRIATION WHERE THERE'S DEFINITELY A DISTINCTION BETWEEN WHAT WE WOULD DO WITH THE VHA PROJECTS AND WHAT WE WOULD DO WITH JUST THE PURELY PRIVATE ONES. SO LIKE TO I THINK OF THIS AS TOO DIFFERENT.  SO MASS HOUSING IS LIKE THEY THEY ARE GOING TO DO EQUITY FINANCING BUT THEN THEY'RE GOING TO GET OUT OF THESE BUILDINGS RIGHT AND THEY DEFINITELY DON'T WANT A LONG TERM OWNERSHIP STAKE. MONTGOMERY ACTUALLY INHERENTLY ALL THESE BUILDINGS THAT THEY'RE DOING THEY'RE HOLDING AT LEAST A 51% OWNERSHIP STAKE LONG TERM AND SO THEN IT RAISES THE QUESTION OF WELL WAIT, HOW ARE THEY GETTING THEIR MONEY BACK IF THEY'RE CONTINUING TO OWN THE BUILDING RIGHT.  AND THE WAY THAT THEY'RE GETTING THEIR MONEY BACK IS THAT BASICALLY THEY'RE GETTING A PORTION OF THEIR MONEY BACK BY HAVING OTHER PEOPLE AT A LOWER INTEREST RATE COME IN. THIS IS THIS TAKE OUT MEZZANINE FINANCING THAT WE MENTIONED AND SO THEY'RE TAKING ADVANTAGE OF THAT ARBITRAGE FROM FROM THE VERY EXPENSIVE CAPITAL TO THE MUCH CHEAPER CAPITAL. AND SO THEY HAVE SOMETHING CALLED A CONSTRUCTION TO PERMANENT LOAN PRODUCT THAT THAT JUST BASICALLY LETS THEM PULL A BUNCH OUT BUT IT'S YOU YOU DON'T GET YOURSELF AS COMPLETELY OUT IN THEIR MODEL AS YOU DO IN THE MASS HOUSING MODEL FOR THEM. THAT'S A FEATURE NOT A BUG BECAUSE THEY THEY ACTUALLY WELL A COUPLE OF THINGS LIKE THEY WANT THAT LONG TERM PUBLIC CONTROL AND THEY HAVE MADE A COUNTY POLICY THAT IF THEY HAVE 51% CONTROL OF A BUILDING AND MOST OF THEIR BUILDINGS THEY HAVE 100% CONTROL BUT THERE'S LIKE ONE THAT'S 87 AND THEY'RE DIFFERENT THINGS BUT THEY'VE SET THEIR POLICY SO THAT IF THEY HAVE 51% CONTROL THESE NEW BUILDINGS, PAY NO PROPERTY TAX BECAUSE THEY'RE PUBLICLY OWNED AND WHAT THAT DOES IS IT LETS THEIR DOLLARS STRETCH FURTHER BECAUSE THEY'RE NOT PAYING PROPERTY TAXES ON THOSE BUILDINGS. SO YOU HAVE MORE THAT'S COMING BACK TO REINVEST IN TERMS OF THE CASH FLOW ON THE PROJECT. SO I THINK THAT LIKE WE'RE VERY INTERESTED IN THAT ASPECT OF THE MONTGOMERY MODEL ON THE PROJECT SIDE BUT THAT ISN'T A KIND OF PLACE THAT WE WOULD GO IN THESE PRIVATE PROJECTS EVEN THOUGH MONTGOMERY IS DOING THAT MONTGOMERY IS ACTUALLY BUYING THE INTEREST BASICALLY LIKE THEY'RE BUYING THE PURELY PRIVATE PERMITTED PROJECT. THEY'RE BASICALLY SAYING TO THE DEVELOPER LIKE IF YOU WANT TO TURNKEY DEVELOPMENT WE'RE ALL BUILDING THIS THING FINE BUT WE'RE GOING TO BE THE OWNER THAT'S KIND OF A BRIDGE FURTHER I THINK WE FEEL MORE COMFORTABLE EXPERIMENTING IN THAT SPACE IN PLACES WHERE WE HAVE PUBLIC LAND OH GROUND LIZ A LOT OF LIKE CONTROLS AND WE'RE NOT KIND OF JUST LIKE JUMPING RIGHT INTO THE PRIVATE WORLD. COULD I I'M SORRY I HAVE TO GO BUT THANK YOU ALL. I LOOK FORWARD TO CONTINUING THE CONVERSATION.  THANK YOU. THANK YOU, COUNSELOR HERE THE FLOOR IS YOURS. THANK YOU.  I ALWAYS TALK ABOUT THAT. I USED TO BE A TRANSLATOR FOR MY MOM GROWING UP AND I STILL FEEL LIKE VERY MUCH IN THIS CHAMBER I'M STILL THE TRANSLATOR BUT IN A DIFFERENT CONTEXT JUST BECAUSE I THINK IT'S IMPORTANT FOR US TO CONTINUE TO JUST TRY TO HELP PEOPLE UNDERSTAND EVERYTHING THAT'S HAPPENING SO LAYMAN'S TERMS AND FOR THE SAKE OF THE EXERCISE LET'S JUST KIND OF WALK THROUGH A SCENARIO SO I AM THE HEAD OF HOUSEHOLD WITH THREE CHILDREN AND I MAKE $38,000 A YEAR. HELP ME UNDERSTAND HOW THIS PARTICULAR INITIATIVE RIGHT THAT WE'RE PROPOSING HERE WILL HELP STABILIZE MY WHOLE.  SO I THINK IN THAT SITUATION A $38,000 INCOME PROBABLY THE YOUR MOST LIKELY TO BE SERVED BY THE NEW VHA REPLACEMENT UNITS BEING PRODUCED AND LIKE ALTHOUGH THERE'S CERTAINLY A WORLD IN WHICH LIKE YOU COULD IMAGINE SOME OF THESE NEW LIKE THESE OTHER NEW BUILDINGS ON THE PRIVATE SIDE IF SOMEBODY HAD A VOUCHER RIGHT THAT THEY COULD USE THEM IN THESE AND THAT IT IS AN ISSUE WE SEE LIKE RIGHT NOW EVEN OUR FAMILIES WHO HAVE VOUCHERS VACANCY IS SO LOW THAT THEY CAN'T NECESSARILY FIND AN APARTMENT. SO IN THAT SENSE THEY'RE HELPED WHEN WE GET ADDITIONAL HOUSING UNITS EVEN ON THE MARKET SIDE INTO THE MARKET BECAUSE IT JUST INCREASES OPPORTUNITIES.  BUT I THINK THE THE MAIN SITUATION WOULD BE THAT THAT FAMILY IS YOU KNOW, ON THE PUBLIC HOUSING OR VOUCHER WAITLIST AND THAT THIS IS INCREASING HOUSING OPPORTUNITIES FOR THEM YOU KNOW HAVING THE INCOME THESE COMMUNITIES TO MAKE IT REALLY ATTRACTIVE TO GET THEIR THREE THREE PLATE POINTS OF ENTRY THAT THAT FAMILY WOULD BE WOULD QUALIFY FOR LIVING IN THE BRAND NEW UNITS THAT ARE BEING PRODUCED ON THE PUBLIC HOUSING SIDE TOO. IF THIS WAS ENDED UP BEING USED ON THE PRIVATE SIDE THERE MAY VERY LIKELY BE AN AFFORDABLE UNIT WHICH COMBINES THE VOUCHER MEANS THAT'S A LOWER INCOME HOUSEHOLD THAT PROBABLY CAN'T AFFORD JUST THE BASIC AFFORDABLE RENT MEANS THE VOUCHER AS WELL WOULD BE ABLE TO AFFORD THAT NEW UNIT. SO WHETHER IT'S VHA UNIT, PRIVATE UNIT OR THE BENEFIT OF US PRODUCING MORE HOUSING WRIT LARGE IN OUR CITY HELPS MODERATE RENT INCREASES AND AT LEAST HELPS THEM NOT FACE ADDITIONAL RENT PRESSURES OVER TIME IN THE HOUSE THEY'RE IN TODAY. THANK YOU. AND I'M ALSO CURIOUS ABOUT OPPORTUNITIES FOR MUNICIPAL EMPLOYEES. WE ARE GOING TO HOST A HEARING AROUND WORKFORCE DEVELOPMENT HOUSING FOR MUNICIPAL EMPLOYEES. YOU KNOW WE HAVE THIS MANDATE THAT YOU HAVE TO THE RESIDENTS OF THE CITY OF BOSTON IN ORDER TO WORK FOR THE CITY OF BOSTON. AND I'M CURIOUS WHAT IF OPPORTUNITIES EXIST WITHIN THIS FUND TO SET ASIDE SOME VERY SPECIFIC UNITS OR EVEN A BUILDING THAT IS SET ASIDE FOR MUNICIPAL EMPLOYEES BECAUSE FROM MY CONVERSATIONS WITH THE ADMINISTRATION IS THAT SOME OF IT IS BECAUSE THERE'S SOME CONFLICTS THAT WE HAVE TO JUST BE SUPER MINDFUL OF . BUT I'M WONDERING KIND OF LIKE FOR ME I'M ALWAYS TRYING TO FIGURE OUT HOW WE FIX THESE PROBLEMS AND IF WE'RE GOING TO BE CREATING FUNDS AND DEVELOPING OPPORTUNITIES FOR THE CITY TO GROW, THEN I'D LIKE TO BE ABLE TO INSERT MY VISION FOR SUPPORTING LOW INCOME FOLKS WITHIN THIS VISION SO CURIOUS ABOUT WHAT THAT POTENTIALLY COULD LOOK LIKE AND MAYBE I'LL GIVE YOU TWO ANSWERS ONE IS A MAYBE BASIC ANSWER AND ANOTHER ONE THAT MAYBE IS MORE INNOVATIVE THAT CONNECTS TO YOUR VISION SO ON A BASIC PRINCIPLE I FOR THE BROAD WORKFORCE OF BOSTON, ONE OF THE REASONS WHY WE'RE PRODUCING AFFORDABLE AND MIDDLE INCOME HOUSING IS FOR THAT WORKFORCE. THOSE ARE CERTAINLY A TARGET POPULATION. THERE ARE SOME THERE ARE AS YOU MENTIONED SOME EXCEPTIONS TO THAT. IF YOU ARE AN EMPLOYEE WHO IS INVOLVED WITH IN MINISTRY THE ADMINISTRATION OF THIS FUND OR OF AFFORDABLE HOUSING IN OUR CITY AND THEN PERHAPS AT THE STATE ETHICS REASONS OR NOT ELIGIBLE TO PARTICIPATE. BUT THAT'S A VERY SMALL PERCENTAGE OF OUR WORKFORCE RIGHT NOW. NONE OF Y'ALL IN THAT. SO I'M TALKING ABOUT FOLKS WHO IN THE PUBLIC YES, EXACTLY. LET'S KEEP IT TO WHERE WE WHAT WE KNOW AND WHAT WE'RE TALKING ABOUT ARE THOSE FOLKS WHO ARE MAKING UNDER $50,000 A YEAR SO THAT INCLUDING OUR SCHOOLS, EVERYBODY IN THIS ROOM RIGHT NOW. YEAH. SO THOSE ARE THE FOLKS THAT I WANT TO UPLIFT AND I THINK EXACTLY. AND SO THAT'S ONE OF THE KEY REASONS WHY WE HAVE AFFORDABLE HOUSING REQUIREMENTS AND WHY WE NEED TO BE INVESTING IN HOUSING PRODUCTION IN OUR CITY IS TO SERVE PRECISELY THAT WORKFORCE WHICH THE STATE GOVERNMENT REPRESENTS. THERE'S A BUT TO GIVE YOU THE MORE INNOVATIVE OR BETTER LEAN INTO YOUR AREA YOUR VISION HERE THERE ARE COMMUNITIES IN THE COUNTRY INVESTING IN SORT OF WORKER SPECIFIC HOUSING WHETHER IT'S IS RESTRICTED TEACHER HOUSING OR RESTRICTED NURSE HOUSING FOR EXAMPLE. I KNOW THOSE MODELS DO EXIST. WE DON'T HAVE A LOT OF THAT TODAY IN BOSTON BUT IT'S CERTAINLY SOMETHING WE ARE I CURIOUS ABOUT AND EAGER TO FIND PARTNERS WHO WOULD LIKE TO DO THAT WITH US. I THINK THAT'S PROBABLY EARLIER IN THE INVESTMENT MODEL THAN WHAT WE'RE TALKING ABOUT TODAY BECAUSE TODAY WE'RE TALKING ABOUT APPROVED PROJECTS THAT ARE READY TO START CONSTRUCTION I THINK TO TO REALLY ACHIEVE THAT VISION THAT STARTS WAY MUCH EARLIER ON WITH WORKING WITH A PARTNER, IDENTIFYING A SITE AND IDENTIFYING THAT WORKFORCE THAT WOULD BE HOUSED THERE AND THEN BUILDING THE WHOLE PROJECT AND ALL OF ITS PERMITTING AND APPROVALS AROUND THAT VISION. QUESTION YES, I UNDERSTAND THAT THESE PROJECTS ARE ALREADY KIND OF LINED UP BUT EVEN WITHIN THAT SCOPE IS THERE A WAY TO JUST PUT MAYBE FIVE UNITS ASIDE FOR MUNICIPAL EMPLOYEES LIKE I JUST FEEL LIKE I STRUGGLE WITH NO OR WE CAN'T NOW THAT'S FURTHER IN THE SO HELP ME SO THAT I CAN COME TO TERMS WITH THE FACT THAT YOU CAN'T DO IT LIKE WHY CAN'T WE SET ASIDE SOME UNITS FOR MUNICIPAL EMPLOYEES WHO MAKE UNDER $50,000 WITHIN THE CONSTRUCT THAT YOU ARE SELLING TO US? RIGHT. I'M WE CAN CERTAINLY LOOK AT IT. I'M NOT AWARE OF A MECHANISM BY WHICH WE WOULD DO IT SO THAT'S WHY I'M SUGGESTING THAT WE WOULD MAYBE START EARLIER WITH A PROJECT THAT IS CLEARLY THAT'S ITS MISSION AND FOCUS. I DON'T KNOW WHAT POINT OF LEVERAGE OR WHAT POINT OF REQUIREMENT AND WHAT KIND OF ENFORCEMENT WE PUT IN PLACE TO ACHIEVE THAT WITH A PROJECT THAT ALREADY EXISTS IN RETURN FOR THIS MONEY. BUT SOMETHING LIKE THAT I THINK IT'S I THINK IT WOULD MAKE SENSE TO I DON'T KNOW COUNCILOR , IF YOU SAID THAT YOU'RE HAVING ANOTHER HEARING ON THIS LIKE I THINK ALSO JUST TALKING TO FAIR HOUSING SO FOR INSTANCE I KNOW THAT THERE A WHOLE PROCESS IT WAS A LONG TIME AGO AND I WAS I DON'T KNOW THE DETAILS OF IT BUT YOU KNOW TO MAKE SURE THAT THE ARTIST PREFERENCE HOUSING THAT THE CITY DOES WAS IN LINE WITH FEDERAL FAIR HOUSING RULES AND I THINK PROBABLY THIS TYPE OF THING WOULD BE SIMILARLY CONSTRAINED LIKE YOU'RE PROBABLY RIGHT THAT THERE'S A WAY TO DO IT BUT ALSO THAT YOU'D HAVE TO DO IT IN A WAY WHERE WE WOULDN'T GET IN TROUBLE WITH FAIR HOUSING LAW. SO BUT I, I WOULD GUESS THAT THE ARTIST PREFERENCE WOULD BE A GOOD MODEL BECAUSE OBVIOUSLY THAT'S LIKE SOMETHING THAT WE'VE DONE AND WE'VE DONE IT LIKE CONSISTENT WITH FAIR HOUSING LAWS. SO THAT MIGHT BE AN INTERESTING WAY TO THINK ABOUT IT. I MEAN I THINK WE ALL KNOW THAT THE THE TENSION HISTORICALLY IN THE CONVERSATION ABOUT THE CITY EXPLICITLY PROVIDING HOUSING FOR MUNICIPAL WORKERS IS THAT LIKE I THINK FOR ALL OF US WHO WORK IN THE CITY AND SPECIFICALLY SEE THE CONTRIBUTIONS OF THE LOWER WAGE CITY WORKERS AND PAIR WITH A RESIDENCY REQUIREMENT, I THINK LIKE THERE'S A LOT OF PEOPLE IN THIS ROOM WHO GET THE LIKE NEED FOR THAT. I THINK THERE'S ALWAYS BEEN EXTERNAL VOICES THAT HAVE SAID WHY CITY WORKERS OVER SOMEBODY WHO MAKES THE SAME AMOUNT BUT DOESN'T WORK FOR THE CITY AND WE SEE EVEN WHEN CITY WORKERS WHEN THE AFFORDABLE HOUSING LOTTERIES GET AN ITP UNIT THAT THERE'S SOMETIMES BLOWBACK FROM THAT EVEN THOUGH THEY'RE ACTUALLY JUST COMPETING IN LIKE WITH EVERYBODY ELSE WHO EARNS THAT INCOME. SO I THINK THERE'S LIKE A A POLITICAL CONVERSATION THERE ABOUT LIKE WHAT PROPORTION OF UNITS IS REASONABLE FOR THAT FOR THAT GROUP. BUT I DON'T THINK GIVE US SAW PEOPLE IN THIS ROOM ON THE VALUE OF KEEPING MUNICIPAL WORKERS IN THE CITY YEAH.  SO I'M ALWAYS GOING TO GO HARD FOR THOSE WHO HAVE NOTHING TO WORK WITH SO AND I WILL DO SO UNAPOLOGETICALLY BUT I ALSO AM I I DON'T KNOW I I WAS YOUR CO-SPONSOR. YEAH. SO I'M I SHOULD BE OVERLY ENTHUSIASTIC ABOUT THIS RIGHT?  I'M ALWAYS JUST CONCERNED ABOUT THE UNINTENDED CONSEQUENCES AND NOT HAVING THE RIGHT CONVERSATIONS WHEN WE'RE HAVING THESE OPPORTUNITIES TO LEARN FROM Y'ALL AND AND I, I WORRY ABOUT DISPLACEMENT HERE IN THE CITY OF BOSTON AND I THINK THAT THE CLEARER WE CAN GET ABOUT HOW WE'RE GOING TO GET THERE AND WHO WE'RE TAKING ALONG WITH US ON THAT JOURNEY IS GOING TO MAKE IT EASIER FOR THE CONSTITUENTS THAT WE REPRESENT TO UNDERSTAND THAT THIS IS SOMETHING THAT EVERYBODY SHOULD BE SUPER EXCITED ABOUT BUT WE'RE NOT GOING TO GET OUR EVICTION NOTICES BECAUSE WE'RE GOING TO BE ASKED TO LEAVE THE CITY THAT WE SO MUCH LOVE.  AND I THINK THAT THE THE SENSE OF DISTRUST IS REAL. I WORK HERE AND I DON'T TRUST GOVERNMENT MYSELF AND I KNOW THAT MY COLLEAGUES STATE WHEN I SAY THAT. BUT THE FACT OF THE MATTER IS IS THAT WE HAVE NEVER REALLY SEEN THE CITY WORK FOR US IN WAYS THAT MAKE US FEEL EXCITED ABOUT ANYTHING, ESPECIALLY WHEN IT COMES TO DEVELOPMENT.  I THINK THAT THERE ARE FOLKS WHO ARE COMMUTING NOW FROM BROCKTON AND STILL WORKING YOU KNOW, IN THE CITY AND MAKING SIGNIFICANT SACRIFICES BECAUSE THEY CAN'T AFFORD TO LIVE HERE AND I THINK THE IDP NEEDS TO BE INCREASED. RIGHT? I KNOW WE'RE TALKING ABOUT THE THRESHOLD BEING 20 BUT IF WE'RE GOING TO HAVE A FUND AND IF WE'RE GOING TO MAKE IT EASIER FOR DEVELOPERS TO BUILD, THEN THERE HAS TO BE SOME COMPROMISES THAT WE MAKE TO MAKE THE CITY MORE AFFORDABLE. AND I ALSO THINK IN TERMS OF HOME OWNERSHIP I'D LIKE TO SEE INVESTMENTS IN HOME OWNERSHIP AS OPPOSED I MEAN RENTALS ARE IMPORTANT. YES, BECAUSE WE HAVE TO GRAPPLE WITH BOTH.  BUT I'M A HOMEOWNER AND UNLESS I SKIP MY MORTGAGE PAYMENTS NO ONE'S GOING TO TAKE ME OUT OF MY HOME. RIGHT. AND THERE'S A SENSE OF SECURITY THAT HOME OWNERSHIP OFFERS THAT RENTAL DON'T.  AND I THINK THAT GOING BACK TO CLOSING THE RACIAL WEALTH GAP IF IT IS IF THAT'S OUR INTENT IS TO CLOSE IT, THEN I THINK THAT THAT WE HAVE AN OPPORTUNITY EVEN THROUGH THIS ONE TO ALLOCATE SOME RESOURCES FOR HOMEOWNERSHIP OPPORTUNITIES MUCH HIGHER THAN WHAT WE POTENTIALLY ARE CONSIDERING BECAUSE I THINK THAT WILL BE A EASIER SELL WHEN FOLKS KNOW THAT THEY'RE GOING TO HAVE MORE AFFORDABLE HOME OWNERSHIP OPPORTUNITIES AND THAT THEY'RE GOING TO BE BUILDING AND BEING YOU KNOW, TO STAY IN THE CITY NOT TO BE GENTRIFIED OUT I DON'T KNOW I SAID A LOT AND PROBABLY MAKES ABSOLUTELY NO SENSE BUT SOMEBODY OUT THERE UNDERSTANDS ME AND THAT'S ALL THAT I CARE ABOUT.  WOULD YOU GUYS LIKE TO RESPOND ? BUT IF NOT LIKE I JUST WANT TO PIGGYBACK ON WHAT COUNCILOR MEJIA HAS SAID IS THAT YOU KNOW, DEVELOPMENT AS I'VE I'VE SEEN IT YOU KNOW,  THROUGH THIS AND BEING A CITY COUNCILOR ESPECIALLY ON THE DISTRICT LEVEL, YOU KNOW, DEVELOPMENT KIND OF DETERMINES LIKE WHO LIVES WHO STAYS INSIDE OF THE CITY OF BOSTON, WHO'S ABLE TO CREATE GENERATIONAL WEALTH AND WHO'S NOT, YOU KNOW, AND THAT GOES FROM THE SIZE OF A UNIT TO HOW MUCH A UNIT COST. ALL OF THAT PLAYS A FACTOR INTO WHO BENEFITS AND WHO'S IMPACTED AND WHAT COMMUNITIES ARE STABILIZED HERE AND IN THE NEIGHBORHOOD. AND YOU KNOW WHAT I'VE CONSTANTLY HEARD FROM DEVELOPERS AND EVEN TO THIS PANEL AS WELL IS THAT WHEN IT COMES TO HOMEOWNERSHIP RIGHT LIKE THE SOURCE OF THE AMOUNT OF DIFFERENT FUNDING AND THE INFRASTRUCTURE THAT'S CURRENTLY SET UP HERE AND HERE IN THE CITY OF BOSTON HERE IN THIS STATE, IT'S NOT YOU KNOW, AS MUCH YOU KNOW, INVESTED IN AS RENTERS.  RIGHT. AND I DO BELIEVE RIGHT LIKE WE HAVE TO START THINKING ABOUT HOW DO WE START TURNING THAT AROUND.  RIGHT. BECAUSE YOU KNOW, EVERYTHING I JUST NAMED PRIOR TO GENERATIONAL WEALTH STABILIZE THE COMMUNITY WHO GETS TO STAY HERE IN THE CITY OF BOSTON ALL DEPEND ON IT AND THAT'S WHY YOU KNOW, I'M A CONSTANT ADVOCATE AND PUSH FOR HOMEOWNERSHIP HERE IN THE CITY OF BOSTON AND TO COUNTER ME IS POINTED WHAT CAN WHAT CAN WE DO RIGHT TO INFLUENCE THE MARKET TO INFLUENCE DEVELOPERS TO CONTINUE TO BUILD OR TO START BUILDING MORE HOMEOWNERSHIP OPPORTUNITIES AND YOU KNOW, THE NUMBERS ARE JUST EVIDENT RIGHT ? 24,000 OUT OF THE 30,000 RIGHT APPROVED BDA BUILDINGS ARE APARTMENT AND I BELIEVE I CAN'T REMEMBER EXACTLY BUT CHEADLE DOLAN SAID ONLY 900 RIGHT ARE AFFORDABLE HOMEOWNERSHIP UNIT RIGHT AND I MEAN WHEN WE LOOK AT THE POPULATION IN OF OF OF YOU KNOW WHO'S IN CERTAIN INCOME BRACKET AND WHO CAN AFFORD TO BUY IN THE OPEN MARKET WE'RE JUST KIND OF YOU KNOW TALKING ABOUT WHO GETS TO LIVE AND STAY WHO IS ABLE TO CREATE GENERATIONAL WEALTH SO YOU MADE PERFECT SENSE TO ME AND THAT'S WHAT I TOOK FROM IT. I'M GRATEFUL THAT I THINK FOR YOU TO JUST JUST WANT TO DEEPLY AGREE WITH WHAT YOU BOTH SAID ON THE POINT ABOUT HOMEOWNERSHIP.  YOU'RE RIGHT WE NEED TO DO MORE TO CREATE MORE AFFORDABLE HOMEOWNERSHIP OPPORTUNITIES, MORE PATHWAYS TO HOMEOWNERSHIP AND THERE'S A LOT OF WORK GOING HAPPENING. MAYORS OFFICE HOUSING IS ALL ABOUT THIS.  I DO THINK IT'S IMPORTANT FOR US TO TAKE A STEP BACK AND REALIZE THAT WHILE THERE'S ONLY 900 UNITS OF AFFORDABLE HOUSING IN THE PIPELINE THAT IS HOMEOWNERSHIP AND THAT'S NOT ENOUGH THAT IS 900 MORE THAN ALMOST EVERY OTHER CITY IN THE COUNTRY THAT YOU GO TO ANY OTHER CITY COUNTRY THE NUMBER IS ZERO. SO WE SHOULD BE PROUD THAT WE LIVE IN AN ECONOMY WHERE WE'RE ABLE TO FUND HOMEOWNERSHIP OPPORTUNITY AND I'M GOING TO PUSH BACK ON THAT, DAVID BUT YOU ALSO TALKING ABOUT WHAT THE TOP THREE. YEAH, YOU KNOW, REAL ESTATE MARKET IN THE COUNTRY YEAH RIGHT RIGHT YEAH SO LIKE NOT EVERY NOT EVERY CITY HAS THAT YEAH TITLE AS WELL RIGHT AND THAT GETS TO WHAT COUNCILMAN HE SAID I THINK ONE THING I JUST WANT TO MAKE SURE I REFLECT BACK IS MOST BOSTONIANS DON'T TRUST THE PLANNING AND DEVELOPMENT IN THE CITY OF BOSTON THEY DON'T HAVE TO TRUST THE BRAND AND TRUST THE EPA.  AND ONE OF THE THINGS THAT THE MAYOR HAS ASKED US TO DO IS TO CHANGE THAT DYNAMIC. SO THAT'S WHY WE'VE STARTED THE PLANNING DEPARTMENT. THAT'S WHY WE'RE CHANGING THE ZONING CODE . THAT'S WHY WE'RE CHANGING THE ARTICLE PROCESS BECAUSE WE NEED A PROCESS THAT WORKS FOR BOSTONIANS. SO THERE'S A LOT MORE TO A LOT MORE TO DO THERE. BUT I JUST WANT TO AGREE WITH THE VALUES THAT YOU'RE PUTTING FORTH.  AND JUST ONE OTHER NOTE I WOULD JUST MAKE IS AND I SAY THIS AS SOMEBODY WHO I'M IN FAVOR AS FOLKS KNOW OF LIKE AS MUCH MONEY AS POSSIBLE COMING INTO HOUSING. AND I THINK THAT IT'S IMPORTANT FOR US TO JUST ALL BE REALLY CLEAR ABOUT IN ALL THE THINGS THAT WE'RE TRYING TO ACHIEVE IN WHICH THINGS ARE SPENDS AND WHICH THINGS ARE INVESTMENTS BECAUSE TO THE POINT THAT'S BEEN RAISED ABOUT IT BEING INNOVATIVE FOR US TO LIKE POTENTIALLY LIKE THE MAYOR AND THE COUNCIL ALLOCATE MONEY OUT OF FREE CASH BECAUSE IT'S THIS IT HAS TO BE A ONE TIME THING NOT SUPPORT FOR LIKE AN ONGOING PROGRAM WHERE WE'D LIKE TO SPEND MONEY ON SOMETHING I THINK IT'S VERY IMPORTANT ALSO FROM A TRUST PERSPECTIVE THAT WHAT WE USE THAT ON IS A SORT OF BONA FIDE INVESTMENT THAT WE CAN REALLY CONFIDENTLY SAY WE FEEL GOOD ABOUT THE FACT THAT IT'S GOING TO REVOLVE BACK BECAUSE I THINK THAT THAT'S GOING TO BE IMPORTANT FOR THE RESIDENTS AND TAXPAYERS TO SEE. SO I SAY THAT BECAUSE I THINK THERE ARE THINGS THAT WE JUST NEED LIKE WE'VE SPENT MONEY ON AS A CITY AND WE NEED TO CONTINUE TO SPEND MONEY ON AND THAT MEANS LIKE ALSO CONTINUING TO CHASE OTHER SOURCES IS THE REASON A LOT OF US CHASE THE TRANSFER FEE LIKE BUT I JUST WANT US TO MAKE SURE THAT WE DISTINGUISH BETWEEN THOSE TWO THINGS SO THAT WHEN WE TALK ABOUT AN INVESTMENT FUND WE'RE ABLE TO KEEP OUR PROMISES ABOUT THAT MONEY COMING BACK. RIGHT. AND I JUST WANT TO ALSO BE CLEAR THAT, YOU KNOW, THE MODEL THAT JIM AND I WROTE WAS IT WASN'T INVESTMENT THAT DEVELOPERS WAS GOING TO PAY BACK WITH A A A SLIGHT INTEREST RATE ON IT. I CAN'T REMEMBER WHAT THE WHAT THE EXACT RATE WE MIGHT HAVE THREE 3% RIGHT SO YES IT WAS A REVOLVING FUND WHERE IT WASN'T INVESTMENT INTO THE MODEL THAT WE MODELED. I KNOW KASSAM MEJIA HAD A FOLLOW UP. YES. YOUR JIM YES, MRS. JAMES? YES. OFFICIALLY JAMES OKAY. I JUST WANT MICHAEL YOU CALLED YOU OKAY?  JAMES SORRY ABOUT THAT. I WAS ABOUT TO CORRECT HIM FOR NOTHING SO I OKAY SO SO THAT I SO I'M FOLLOWING THE THREAD HERE SO THAT I PUT A LITTLE BUTTON ON MY JOURNEY HERE WITH YOU ALL. SO BASICALLY WHAT HAS HAPPENED OVER THE LAST 11 MONTHS HERE IN THIS IN THIS COUNCIL IS THAT WE HAVE DISMANTLED THE BPA.  NOW THE CITY IS OWNING THE WORK RIGHT? AND NOW THE CITY IS GOING TO ALSO BE A LANDLORD OR A FUNDER OR SO THE CITY HAS NOW ALMOST IN THIS MOMENT IN TIME IF I'M HEARING YOU CORRECTLY NOW THE CITY IS ALSO GOING TO BE THE BANKER.  SO YOU ARE BOTH THE DEVELOPER, THE PLANNER AND THE FINANCIAL INSTITUTION.  WOW.  THAT'S THE ACCOMPANYING FINANCIAL INSTITUTION WE MASS HOUSING MOST LIKELY BUT Y'ALL BUT YOU ALL ARE PART OF THE EQUATION. SO YEAH WE SO SO THEY WERE ALL CLEAR. YEAH WE'VE DISMANTLE THE BPA NOW THE CITY OWNS PLANNING THE CITY WILL OWN FINANCING RIGHT IN THIS MODEL ABSOLUTELY THAT'S THAT'S AND THAT'S Y'ALL YEAH SO THE CITY ANY DECISION THAT REVOLVES WITH THIS THE STABILIZATION AND THE FUTURE OF LOW INCOME PEOPLE ALL FALL IN THE HANDS OF THE CITY OF BOSTON.  WOW.  ALL RIGHT. NOW OKAY, WELL YEAH NO I THINK OBVIOUSLY WITH THE WITH THE CAVEAT THAT THERE ISN'T NEARLY THE AMOUNT OF MONEY FOR THE CITY TO PLAY THAT FINANCER FOR MOST PROJECTS. RIGHT. SO IT'S SO THE THE ROLE THAT WE'RE GOING TO PLAY IN TERMS OF BEING A LENDER IS IS A IT'S JUST FOR A SUBSET OF PROJECTS AND WHO'S THE OVERSEER OF THAT SO THAT'S THAT'S PART OF WHAT WE'VE BEEN TALKING ABOUT IS THAT I THINK WE WOULD THE CITY IS GOING TO INVEST IN THIS SITUATION WITH THIS FUND ONLY IN PROJECTS THAT WERE EITHER PIGGYBACKING ON THE MASS HOUSING AND OTHER LIKE UNDERWRITERS AND AND OR YOU KNOW THESE VHA PROJECTS THAT WE'RE LOOKING AT ALTHOUGH WE THINK PROBABLY MASS HOUSING YOU KNOW WE WOULD HOPE WOULD BE INVOLVED IN THAT TOO. SO THE IDEA IS THAT LIKE IT'S GOING TO BE AND AND THAT I THINK TO THE POINT THAT YOU OR MAYBE SOMEONE ELSE IS COUNCILOR YOU KNOW, PROJECTS THAT ARE MEETING A HIGH STANDARD IN TERMS OF INCLUSIONARY DEVELOPMENT AND AND I THINK SOME OF THE STANDARDS THAT WE DISCUSSED TODAY WITH THE COUNCIL AS WELL LIKE WILL WANT TO COME BACK AND TALK ABOUT LIKE YOU KNOW WHAT ARE THE GOOD JOB STANDARDS AND THE OTHER LIKE INCLUSION INCLUSIVE THINGS SO IT'S NOT LIKE THIS ISN'T A ALL COMERS PROGRAM THE CITY DOESN'T HAVE ENOUGH MONEY THAT IT CAN SAY HEY ANYBODY IS TRYING TO BUILD A BUILDING OR COME AND HAVE A PIECE OF FINANCING FROM US. SO THIS WILL THIS WILL I COUNCILOR FOR JUST I JUST REALLY WANT TO GET CLEAR SO THAT WHEN PEOPLE ASK ME QUESTIONS I KNOW WHAT TO SAY. SO LET ME GIVE YOU TWO EXAMPLES THERE IS NO FOR CAPITAL MEASURE IF YOU'RE FAMILIAR UM PATRICK CHARGING DOES A LOT OF DEVELOPMENT HERE IN THE CITY OF BOSTON. SEE THESE? OKAY, THERE IS COLORS. CARLOS CASTILLO YOU'RE FAMILIAR WITH CARLOS. HE'S A BIG PERSON IN THE REAL ESTATE SPACE SO VERY SIMILAR TO KIND OF THE SCENARIO THAT I GAVE OF THE SINGLE HEAD OF HOUSEHOLD. $38,000 A YEAR FOR DEVELOPERS OF COLOR KIND OF LIKE WHAT IS THAT RETURN ON INVESTMENT? HOW WILL THEY BE ABLE TO BENEFIT FROM THIS? SO YEAH, YEAH ABSOLUTELY. IF IT WORKS THE WAY THAT WE ARE HOPING THAT IT DOES THEN I'M AT CARLOS AND THAT OTHER INVESTOR YOU MENTIONED THAT THEY HAVE PROJECTS OUT THERE THAT COULD BENEFIT FROM THIS FINANCING. THEY'RE GOING TO GET THE FINANCING THEY NEED TO ACTUALLY GET INTO CONSTRUCTION AND REALIZE THAT INVESTMENT. THEY RIGHT NOW THAT IF THEY HAVE DEVELOPMENTS THAT ARE NOT ABLE TO START CONSTRUCTION BECAUSE THEY CANVAS AMPLE FINANCE FOR CAPITAL STACK, THE PURPOSE OF THIS EFFORT WE'RE PURSUING IS TO CLOSE THAT GAP AND GET THOSE PROJECTS AND THE CONSTRUCTION SO THAT WE CAN THEY AND EVERYONE ELSE CAN REALIZE THE BENEFITS OF THAT. I THINK FOR ME I KNOW I'M YOUR CO-SPONSOR AND I AM HAPPY TO HELP SUPPORT THIS JOURNEY HERE BUT I THINK THAT FOR ME IT WOULD JUST BE REALLY HELPFUL AND I'M GOING TO ASSUME WE'RE GOING TO HAVE A WORKING LIKE WE'RE GOING TO WITH THIS NOW THERE'S GOING TO BE THE ADMINISTRATION WILL ALSO PROVIDE A APPROPRIATION.  I'M NOT SURE IF THERE'S GOING TO BE AN ORDINANCE OR A WHOLE NEW PETITION TO COME DOWN TO CREATE THE NO OKAY FOR APPROPRIATION INTO A FUND. AND I'M HOPING THAT WITH THAT APPROPRIATION COMES LIKE A FRAMEWORK SIGN AND YOU KNOW, DESCRIBING ON WHAT YOU KNOW, VALUES OR WHAT TYPE OF PROJECTS WE WILL BE INVESTING IN AND THAT'S WHAT WE'RE YOU KNOW,  HAVING A CONVERSATION ON NOW TO ADVOCATE FOR THE COMMUNITY. BUT I'M OPEN TO HAVING A WORKING SESSION KIND OF FLESHED THAT OUT A LITTLE BIT MORE. YEAH, I THINK IF WE REALLY WANT TO BUILD TRUST THIS IS THE TRUST BUILDING EXERCISE HERE, RIGHT? I THINK THAT IN ORDER FOR US TO REALLY GO AHEAD AND APPROVE ANY APPROPRIATIONS THAT COME THROUGH HERE, I DON'T THINK THAT I THINK THAT THERE WERE STILL SOME QUESTIONS THAT WERE FOR ME I DON'T FEEL SATISFIED IN TERMS OF LIKE, YOU KNOW, THE FRAMEWORK, THE THE RETURN OF THOSE INVESTMENTS.  WHO ARE WE IMPACTING? WHAT DOES RACIAL EQUITY LOOK LIKE WITHIN THE CONSTRUCTS OF WHAT WE'RE TALKING ABOUT HERE? I THINK THAT THERE'S STILL A LOT OF THINGS THAT STILL NEED TO BE FLESHED OUT.  BUT WHAT I HAVE SEEN HERE OVER THE LAST 11 MONTHS THAT WE'VE BEEN SITTING IN THESE SEATS IS THAT USUALLY THINGS COME THROUGH AND YOU KNOW, THINGS JUST GET APPROVED BECAUSE THAT'S JUST THE CULTURE AND CLIMATE THAT WE'RE IN.  SO Y'ALL PROBABLY ALREADY GOT YOUR MONEY LINED UP AND NOBODY HAS TO WORRY ABOUT A VOTE, RIGHT? BUT I WON'T BE TAKING ANY VOTES REGARDLESS OF WHETHER OR NOT I'M THE SPONSOR OF THIS PARTICULAR HEARING ORDER UNLESS I REALLY FEEL LIKE WE'RE MEETING THE MOMENT BECAUSE OTHERWISE WE'RE JUST DOING THIS FOR TRANSACTIONAL PURPOSES AND I FEEL LIKE WE HAVE AN OPPORTUNITY TO REALLY BE THOUGHTFUL ABOUT THOSE INVESTMENTS AND THAT WE HAVE A VERY CLEAR OUTLINE OF WHO IS GOING TO BENEFIT AND WHAT THOSE BENEFITS ARE GOING TO LOOK LIKE BEFORE WE CAN APPROPRIATE.  THAT'S JUST MY PERSONAL OPINION AND YEAH, THAT'S MY OPINION AND I JUST WANT TO CLARIFY FOR THE RECORD AGAINST ME AS WELL THAT THE ADMINISTRATION HAS A PRESENTED THEIR PLAN YET SO WE DON'T HAVE THE APPROPRIATION OR THE ADMINISTRATION'S PLAN IN FRONT OF US.  SO I WAS BEING PROACTIVE INTO GETTING THE CONVERSATION STARTED BEFORE THE APPROPRIATION CAME TO US SO WE COULD START HAVING THE CONVERSATION NOW AND START FLESHING OUT OUR FRAMEWORK ONCE THE ADMINISTRATION PRESENTS THEIR PLAN AND THE APPROPRIATION AND WE'RE COMMITTED TO PROVIDING THAT AND PROVIDING THOSE DETAILS, THAT'S EXACTLY THE NEXT STEP SHOULD BE WE AGREE WITH YOU AND IT WILL BE AND IT WON'T BE WE YOU'RE GOING TO SEND US A MEMO AND THEN WE'RE GOING TO VOTE ON IT ON WEDNESDAY AND THAT'S LIKE IT'S LIKE I THINK THAT FOR THE DUE PROCESS BECAUSE ONE OF OUR COLLEAGUES AND I MISS HIM SO MUCH SO RIGHT NOW MATT O'MALLEY WAS REALLY BIG ON STICKLER FOR THE RULES AND ALL THAT GOOD STUFF. SO IF WE'RE GOING TO BE HERE AND DO OUR JOBS AND I WANT TO DO MY JOB AND I WANT TO MAKE SURE THAT WE COME BACK TO THIS CHAMBER, FLUSH OUT WHATEVER FRAMEWORK YOU'RE GOING TO PRESENT TO US BEFORE WE GO FOR A VOTE.  I JUST DON'T FEEL LIKE YEAH, I PERSONALLY WILL NOT BE TAKING ANY VOTES THAT NOT THAT DOESN'T FEEL LIKE WE'VE FLUSH THESE THINGS OUT. COUNCIL THIS IS THIS WOULD BE A HISTORIC INVESTMENT AND I THINK WE FULLY EXPECT TO HAVE A HEARING AND TO BE TALKING ABOUT IT AGAIN TOGETHER. YEAH I HEARD THAT Y'ALL THEY'RE GOING TO DO ANOTHER HEARING AWESOME THE NEXT TIME WILL NOW GO TO PUBLIC TESTIMONY WHEN YOUR NAME IS CALLED PLEASE COME DOWN TO ONE OF THE TWO PODIUMS TO STATE YOUR NAME NEIGHBORHOOD IN OREGON ORGANIZATION AFFILIATION PLEASE SPEAKING TO THE MICROPHONE AND PLEASE KEEP YOUR COMMENTS TO TWO MINUTE. WE'LL GO TO VIRTUAL WORLD HILLARY THE FLOOR IS YOURS AND WE CAN YOU HEAR US?  YES, I CAN. CAN YOU HEAR ME ? YES, THE FLOOR IS YOURS. THANK YOU SO MUCH FOR HOLDING THIS HEARING AND FOR THIS PROPOSAL. THE CONVERSATION HAS BEEN REALLY HELPFUL I THINK FOR US WE JUST WANT TO BRING IT BACK TO WHAT I THINK IS ONE OF THE KEY POINTS OF THE PROPOSAL THAT I READ FROM COUNCILOR WORRELL AND ALSO SPONSORED BY COUNCILORS MARIA AND FERNANDA SANDERSON AND THAT IS IT SEEMS TO ME THAT ONE OF THE KEY THINGS HERE IS TO INCENT DEVELOPERS WHO WOULD OTHERWISE DO 100% RENTAL PROJECTS TO MAKE AT LEAST THOSE AFFORDABLE UNITS HOMEOWNERS DID SO USING THE CITY'S INVEST AMOUNT AND WILLINGNESS TO GO THAT LAST MILE TO ENABLE THE DEVELOPER TO MAKE MONEY AND THE INVESTORS TO MAKE MONEY OFF THIS DEVELOPMENT . WHAT WE GET IN RETURN IS THAT JUST THOSE AFFORDABLE UNITS WHICH WOULD OTHERWISE ALSO BE NECESSARY UNDER IDP MAYBE WE BUMP THOSE UP SOME BUT WE ENSURE THAT THEY MEET THE NEEDS OF THE BIPOC LOW AND MODERATE INCOME HOME BUYERS WHO ARE GRADUATING FROM OUR CLASSES IN DROVES. SO JUST FOR A FEW NUMBERS MARJA GRADUATED 2,001ST TIME HOMEBUYERS LAST YEAR OUT OF A TOTAL NONPROFIT GRADUATION OF 5600.  SO WE'VE GOT 5600 PEOPLE AND WE HAD 95 AFFORDABLE HOMEOWNERSHIP UNITS COME ONLINE.  THE PERCENTAGE OF AFFORDABLE UNITS HAS REMAINED VERY LOW AND THIS SEEMS TO BE A PROPOSAL TO TRY TO BUMP THAT UP.  YOU KNOW, AS COUNCILOR MEJIA NOTED AND WE KNOW ALL OF YOU KNOW WE'RE BECOMING A CITY OF VERY AFFLUENT FOLKS AND LOWER INCOME RENTERS.  THE PEOPLE WHO ARE GRADUATING FROM OUR CLASSES HAVE BEEN WORKING REALLY HARD. THEY'VE DONE WHAT THEY NEEDED TO DO. THEY'RE DOING A LITTLE BIT BETTER AND THEY'RE LEAVING USED TO BE FOR BROCKTON.  BROCKTON IS LESS AFFORDABLE. THEY'RE GOING TO ATTLEBORO PAWTUCKET, NEW BEDFORD, FALL RIVER AND TAUNTON AND THAT I THINK IS NOT ONLY A HUGE LOSS FOR THEM FOR THOSE WHO WANTED TO STAY AND THEY'RE JUGGLING LONG COMMUTES WITH CHILD CARE AND EVERYTHING ELSE YOU NEED TO DO BUT IT'S ALSO A LOSS FOR OUR NEIGHBORHOODS. SO I'M REALLY ENCOURAGED BY THIS PROPOSAL. I'VE LEARNED SOMETHING ABOUT DEVELOPMENT PROCESSES THIS MORNING MORE THAN I KNEW BEFORE BUT I DO WANT TO HIGHLIGHT THAT THERE'S A DESPERATE NEED FOR AFFORDABLE HOMEOWNERSHIP AND YES, WE ARE DOING MORE THAN MOST PLACES BUT I DON'T THINK WE SHOULD BE COMPLACENT WITH THAT.  I THINK WE NEED TO PUSH THE FEDS AND THE STATE GOVERNMENT TO DO MORE BUT AT THE SAME TIME USE OUR CASH THAT WE HAVE IN BOSTON AND OUR LEVERAGE WHICH IT SEEMS LIKE WE HAVE A BIT TO MAKE THESE PROJECTS GO WE SHOULD BE ABLE TO GET SOMETHING IN RETURN AND THAT RETURN COULD BE HEY, YOU'VE GOT TO DO SOME AFFORDABLE HOMEOWNERSHIP. WE'RE ARE LESSENING THE RISK BECAUSE 75% IS STILL RENTAL.  AND ALSO REMEMBER IF THE MARKET DIPS THE MARKET RATE MIGHT BE $800,000 FOR THESE UNITS AND WE'RE SELLING THEM AT 200 OR 250. SO IT'S LESS RISKY TO COME OUT WITH AN AFFORDABLE HOMEOWNERSHIP UNIT ESPECIALLY IF IT'S BALANCED IN THIS TYPE OF PROPOSAL.  SO I'M LOOKING FORWARD VERY MUCH TO CONTINUING TO LEARN MORE ABOUT THIS TO WORK WITH THE COUNCIL , THE ADMINISTRATION AND PRIVATE STAKEHOLDERS TO MAKE SURE THAT WE'RE USING THIS CASH TO INVEST IN THE TYPE OF HOUSING THAT OUR PEOPLE REALLY WANT AND NEED.  THANK YOU.  THANK YOU.  THANK YOU, HILARY. AND THANK YOU FOR ALL THAT THE WORK THAT YOU DO AROUND HOUSING AND ALL THE WORK THAT MARCIA DOES. I APPRECIATE IT. AND YOU KNOW, 5,601ST TIME NEW HOMEBUYERS IT'S A LARGE DEMAND. I KNOW WE HAVE 900 BUT THIS KIND OF JUST SPEAKS TO THE DEMAND THAT'S OUT HERE IN THE CITY OF BOSTON. SO I JUST WANT TO THANK THE PANEL FOR BEING HERE TODAY AND ALL YOUR WORK. I WANT TO THANK CENTRAL STAFF ON MY CASA COLLEAGUES.  BIG SHOUT OUT TO MATT AND JIM FOR DIVING INTO THE DETAILS AND LOOK FORWARD TO WORKING WITH THE ADMINISTRATION ON THIS AND THIS HEARING WILL REMAIN IN COMMITTEE AND WE'LL BE HAVING A WORK IN SESSION SOON TO HAMMER OUT THE DETAILS ON YOU KNOW WHAT THE COUNCIL IN BEIJING THE FRAMEWORK OR PARAMETERS TO BE AROUND THIS FIND IN OUR GOALS. BUT WITH THAT SAID THIS HEARING ON DOCKET NUMBER 1002 IS ADJOURNED --------- ##VIDEO ID:NGFEckt_WeI##  FOR  FOR THE RECORD MY NAME IS BRIAN WE'RE OUT DISTRICT FOR CITY COUNCILOR AND I AM THE CHAIR OF THE BOSTON CITY COUNCIL COMMITTEE ON WAYS AND MEANS. TODAY'S OCTOBER 1ST, 2024 THIS HEARING IS BEING RECORDED.  IT IS ALSO BEING LIVESTREAMED AT BOSTON.COM BACKSLASH CITY DASH COUNCIL DASH TV AND BROADCAST ON SPANISH UNEXPECTED CHANNEL EIGHT RCN CHANNEL 82 FILES CHANNEL 964 WRITTEN COMMENTS MAY BE SENT TO THE COMMITTEE EMAIL ASK IWM AT BOSTON.COM IT WILL BE MADE A PART OF THE RECORD AND AVAILABLE TO OUR COUNCILORS. PUBLIC TESTIMONY WILL BE TAKEN AT THE END OF THIS HAND INDIVIDUALS WILL BE CALLED ON IN THE ORDER IN WHICH THEY SIGNED UP TO HAVE 2 MINUTES TO TESTIFY IF YOU ARE INTERESTED IN TESTIFYING IN PERSON PLEASE ADD YOUR NAME TO THE SIGNUP SHEET NEAR THE ENTRANCE OF THE CHAMBER. IF YOU LOOK IN AND TESTIFY VIRTUALLY PLEASE EMAIL OUR CENTRAL STAFF LIAISON CHARISMA SHOW ON AIR CHARISMA KTAR I ASK AGE M A DOT CH0UHA AND BOSTON.COM FOR THE LINK AND YOUR NAME WILL BE ADDED TO THE LIST. TODAY'S HEARING IS ON DOCKET NUMBER 1430 MESSAGE IN ORDER FOR YOUR APPROVAL AND IN ORDER AUTHORIZING THE CITY OF BOSTON TO APPROPRIATE THE AMOUNT OF $2,225,000 FOR THE PURPOSE OF PAYING THE COSTS OF A FEASIBILITY STUDY AND SYSTEMATIC DESIGN ASSOCIATED WITH A PROJECT FOR THE PAUL AG AGASSI SHAW CHARLES H. TAYLOR ELEMENTARY SCHOOL MATTAPAN, MASS. 02126 THIS INCLUDES THE PAYMENT OF ALL COSTS INCIDENTAL OR RELATED THERETO AND FOR WHICH THE CITY OF BOSTON ME MAY BE ELIGIBLE FOR A GRANT FROM THE MASTER MASSACHUSETTS SCHOOL BUILDING AUTHORITY ALSO KNOWN AS MSP A SET AMOUNT TO BE EXPANDED ON THE DIRECTION OF THE PUBLIC FACILITIES DEPARTMENT ON BEHALF OF THE BOSTON PUBLIC SCHOOLS THIS MATTER WAS SPONSORED BY MAYOR MICHELLE WU AND REFERRED TO THE COMMITTEE ON SEPTEMBER 25,  2024. WE HAVE RECEIVED A LETTER OF ABSENCE FROM OUR COUNCIL PRESIDENT LOUIJEUNE AND WE ALSO HAVE BEEN JOINED BY COUNCILOR COUNCILOR FITZGERALD TODAY OUR PANELISTS ON BEHALF OF THE ADMINISTRATION IS CARLTON JONES EXECUTIVE DIRECTOR FOR PUBLIC FACILITIES DEPARTMENT BRIAN MCFADDEN SENIOR PROJECT MANAGER FOR PUBLIC FACILITIES DEPARTMENT AND DAO STANISLAUS, CHIEF OF CAPITAL PLANNING FOR BOSTON PUBLIC SCHOOLS. THE FLOOR IS NOW YOURS, RIGHT? SO THANK YOU, MR CHAIR. GOOD AFTERNOON. AS INTRODUCED CARLTON JONES, EXECUTIVE DIRECTOR OF THE PUBLIC FACILITIES DEPARTMENT COUNSELOR WE'RE GRATEFUL TO BE HERE TODAY TO CONTINUE OUR PARTNERSHIP WITH THE MBA AND SO I'M GOING TO TURN IT OVER TO SENIOR PROJECT MANAGER BRIAN MCLAUGHLIN WHO WILL RUN YOU THROUGH THE PRESENTATION. THANK YOU FROM GOVERNOR MR CHAIRMAN,  COUNCIL OF MASSACHUSETTS SCHOOL BUILDING AUTHORITY IS A STATE AUTHORITY THAT OVERSEES FUNDING OF PUBLIC SCHOOL CAPITAL PROJECTS IN THE COMMONWEALTH OF MASSACHUSETTS AND MEMBERS REIMBURSEMENT AGENCY AND WORKS WITH LOCAL COMMUNITIES TO CREATE AFFORDABLE, SUSTAINABLE ENERGY EFFICIENT SCHOOLS ACROSS MASSACHUSETTS IS FUNDED THROUGH ONE PENNY OF THE MASSACHUSETTS SALES TAX.  THE FIRST STEP IN THE MSP PROCESS IS TO SUBMIT THE STATEMENT OF INTEREST WHICH IS WHAT THE MSP REFERS TO AS THEIR APPLICATION. MSB HAS TWO PROGRAMS THE CORE PROGRAM IN THE ACCELERATED REPAIR PROGRAM CORE PROGRAM IS FOR LARGER CONSTRUCTION PROJECTS SUCH AS A JULY THE UPPER SCHOOL WHICH OPENED LAST MONTH THE CARTER SCHOOL WHICH IS WHICH WILL OPEN NEXT SEPTEMBER.  THE BOSTON ARTS ACADEMY OPENED IN 2022 IN THE DEARBORN SCHOOL WHICH OPENED IN 2019. THE ACCELERATED REPAIR PROGRAM IS A PROGRAM THAT FOCUSES JUST ON REPAIRS TO ROOF WINDOWS AND BOILERS OF OTHERWISE STRUCTURALLY SOUND BUILDINGS.  AND TO DATE THE CITY OF BOSTON HAS COLLABORATED WITH 35 OF THOSE PROJECTS IN SCHOOLS ACROSS THE CITY WITH EIGHT CURRENTLY UNDER REVIEW FOR REPAIR PROJECTS. THE STATEMENT OF INTEREST FOR THE SEAN TAYLOR SCHOOL WAS SUBMITTED TO THE MBA IN APRIL 2023. THAT SUBMISSION WAS SUPPORTED BY A VOTE OF THE CITY COUNCIL ON APRIL 6TH. SINCE THAT TIME THE MSP MSP REVIEWED BOTH THE SEAN TAYLOR STATEMENTS OF INTEREST VISITED THE SCHOOLS IN THE FALL OF 2023 AND INVITED THE SHAW ELEMENTARY SCHOOL INTO THEIR CORE PROGRAM AT THEIR DECEMBER 2023 MEETING WITH THE INDUSTRY UNDERSTANDING THAT A FUTURE SCOTT SHAW PROJECT WOULD BE FOR A COMBINED SHAW TAYLOR SCHOOL COMMUNITY AND ONCE A PROJECT IS INVITED INTO THE CORE PROGRAM IT STARTS WITH AN INVITATION INTO THE ELIGIBILITY PERIOD.  SO THE DECEMBER MSP BOARD MEETING IN 2023 THE SHAW SCHOOLS BY THEN INTO THE ELIGIBILITY PERIOD WHICH ALLOWS THE MSP TO GAUGE FINANCIAL AND COMMUNITY READINESS BY DISTRICTS BY ALLOWING THEM NINE MONTHS TO COMPLETE CERTAIN PREREQUISITE PRELIMINARY REQUIREMENTS.  ACTION ITEMS INCLUDE COMPLETING AN INITIAL COMPLIANCE CERTIFICATION, FORMING A SCHOOL BUILDING COMMITTEE, COMPLETING ENROLLMENT QUESTIONNAIRE, PROVIDING DISTRICTS CAPITAL MAINTENANCE PLAN, SUBMITTING THE PARTICULAR SCHOOL'S EDUCATIONAL PROFILE AND APPROPRIATING FUNDS FOR FEASIBILITY STUDY THROUGH SMAC DESIGN THE CHARLOTTE SHAW ELEMENTARY SCHOOL PROJECT STARTED L EXCUSE ME ELIGIBILITY PERIOD STARTING ON JULY 1ST AND SINCE THAT TIME THE INITIAL COMPLIANT CERTIFICATION FORM HAS BEEN COMPLETED.  THE SCHOOL BUILDING COMMITTEE HAS BEEN FORMED. THE CITY AND BPC JUST SUBMITTED THE ENROLLMENT QUESTIONNAIRE THIS PAST FRIDAY IN THE SCHOOL AGE EDUCATIONAL PROFILES MEET YESTERDAY AND TODAY WE HEAR BEFORE YOU REQUESTING $2,225,000 TO SUPPORT THE FEASIBILITY STUDY THROUGH SCHEMATIC DESIGN FOR A FUTURE SHAW PROJECT.  THIS SLIDE PROVIDES A TIMELINE OF MILESTONES OF THE PROJECT WITHIN THE MSP PROCESS STARTING BACK IN THE WITH THE DECEMBER BOARD VOTE AND THE START OF ELIGIBILITY PERIOD JULY 1ST NEXT STEP FOR THE PROJECT IS TO COMPLETE THE REMAINDER OF THE ELIGIBILITY PERIOD TASKS WHICH WILL BE COMPLETE BY MARCH 2025. MSP BOARD WILL THEN VOTE TO INVITE THE SHOT INTO THE CAPITAL PIPELINE WHICH WILL LIKELY HAPPEN AT YEAR ONE OF THIS SPRING MEETINGS AFTER WE'RE INVITED IN TO THE CAPITAL PIPELINE TO PARTICIPATE IN THE FEASIBILITY STUDY WE'LL USE THE FUNDS THAT REQUESTED TODAY TO BRING ON AN ONEROUS PROJECT MANAGER AND ARCHITECT WHICH WILL LIKELY BE CONTRACT NEGOTIATIONS. THOSE TWO CONSULTANTS WILL LIKELY BE IN THE SUMMER OF 2025 IN THE START OF THE FEASIBILITY STUDY OR PRE-DESIGNED WORK WILL COMMENCE THIS TIME NEXT YEAR IN THE FALL OF 2025. WITH THAT I'M GOING TO TURN IT OVER TO DELL WHO WILL BE SPEAKING MORE SPECIFICALLY TO THE SHAW TAYLOR COMMITTEE RIGHT . THANKS BRIAN.  GOOD AFTERNOON EVERYONE.  DALE STANISLAUS, THE CHIEF OF CAPITAL PLANNING FOR IN SEPTEMBER 2020 FOR THE SEAN TAYLOR SCHOOL STARTED OFF THE SCHOOL YEAR AS A JOINT SCHOOL COMMUNITY. THE GRADES K THROUGH ONE ARE CURRENTLY LOCATED AT THE SHAW BUILDING AND GRADES TWO THROUGH SIX ARE LOCATED AT THE TAYLOR BUILDING. SO THEY'RE IN A JOINT SPLIT CAMPUS SCHOOL.  THERE HAS BEEN A ROBUST COMMUNITY ENGAGEMENT TO SUPPORT THE JOINING OF BOTH COMMUNITIES. THERE HAVE BEEN TEN COMMUNITY MEETINGS REGARDING THE MERGER PROCESS SINCE THE SPRING OF 2022 AND ADDITIONALLY SEVEN MERGER PLANNING TEAM MEETINGS SINCE THE WINTER OF 2023 OVER THE SUMMER THE BYPASS FACILITIES TEAM PERFORMED LIFE RENOVATIONS INCLUDING SOME ELECTRICAL WORK INTERIOR PAINTING PIPE COVERINGS. OUR TEAM ALSO SUPPORTED THE MOVE AND ACQUIRED NEW FURNITURE FOR THE BUILDINGS AS THEY COMBINED SCHOOL THE SEAN TAYLOR HAS BECOME A COMMUNITY HUB SCHOOL AND AS A RESULT HAS RECEIVED AN ADDITIONAL FTE. THIS PERSON HELPS TO COORDINATE COMMUNITY RESOURCES TO PROVIDE HOLISTIC WRAPAROUND SUPPORTS FOR OUR STUDENTS AND FAMILIES. CURRENTLY THERE ARE HELPING TO COORDINATE RESOURCES TO SUPPORT STUDENTS THAT ARE EXPERIENCING HOMELESSNESS AS WELL AS BEFORE AND AFTER SCHOOL CARE.  WE ARE EXCITED THAT THE SCHOOL COMMUNITY IS NOW A UNIFIED COMMUNITY AND ARE EXCITED TO WORK TOGETHER.  THEIR FUTURE BUILDING PENDING CONTINUATION AND ELIGIBLE PERIOD WITH THE MSI WE WILL USE THE TOOLS THAT WERE DEVELOPED WITH THE CPS COMMUNITY DURING THE PRE-K THROUGH SIX SEVEN THROUGH 12 SCHOOL DESIGN STUDY TO ENSURE WE'RE DESIGNING A NEW ELEMENTARY SCHOOL IN MATTAPAN.  THANK YOU.  THANK YOU. I JUST WANT TO ACKNOWLEDGE THAT WE'VE BEEN JOINED BY MY COUNCIL COLLEAGUE COUNCILOR FLYNN,  COUNCILOR MURPHY AND COUNCIL PRESIDENT LOUIJEUNE. NOW I'LL TURN IT OVER TO MY COUNCIL COLLEAGUES IN ORDER ARRIVAL FOR ANY QUESTIONS STARTING WITH COUNCILOR FITZGERALD THE FLOOR IS YOURS. THANK YOU CHAIR AND THANK YOU PANEL FOR BEING WITH US TODAY. GOOD TO SEE YOU ALL CORRECT ME IF I'M WRONG BUT JUST ONCE THE LPM AND ARCHITECT ARE ON BOARD TO START THIS FEASIBILITY STUDY.  RIGHT? THE SBA REQUIRES ALL DISTRICTS TO LOOK AT MULTIPLE SOLUTIONS TO A FACILITY'S PROBLEMS. THIS INCLUDES NO BUILD. WHAT ARE YOU GOING TO ADD TO IT? DO A RENOVATION OR NEW CONSTRUCTION ALL TOGETHER. RIGHT. THIS IS ONLY FIGURED OUT AFTER WE DO THE FEASIBILITY STUDY ABOUT WHICH WILL WE DO BUT WE WILL RUN THROUGH ALL OF THESE PROCESSES DURING THIS FEASIBILITY STUDY, CORRECT? YEAH SO WE BRING ON THE WE PROCURE THE OPIUM IN ARCHITECT IN PARAMUS EPA REGULATIONS WE NEED TO LOOK AT THE OPTIONS THAT YOU MENTIONED INCLUDING NOT BUILD ADDITIONAL RENOVATION A NEW SCHOOL, NEW COOL NEW SCHOOL CONSTRUCTION OR A QUARTER OF THE DISTRICT IN THE SCHOOL COMMUNITY TO IDENTIFY WHAT THE MOST FISCALLY RESPONSIBLE AND EDUCATIONALLY APPROPRIATE SOLUTION WOULD BE FOR A PARTICULAR SCHOOL COMMUNITY.  SO THAT WILL BE DONE ONCE WE'LL FIGURE OUT WHAT PROJECT WILL BE ONCE THAT FEASIBILITY STUDY IS COMPLETE. SO IT'S ALSO POSSIBLE THAT THIS THIS 2.2 IDEALLY RIGHT 2.2 MILLION WE'RE ASKED FOR NOW TO FIGURE WHAT WE GET IN SORT OF COMBINING THESE SCHOOLS IN THE LONG RUN WE SAVE MONEY THERE'S 2.2 IS A GOOD INITIAL INVESTMENT SHOULD I SAY INTO FIGURING OUT HOW TO COMBINE THESE TWO SCHOOLS, SAVE MONEY AND ALSO PROVIDE A BETTER BETTER EDUCATION THROUGH A NEW SCHOOL IF I'M TO UNDERSTAND THAT THAT'S THE PROCESS GOING FORWARD.  YEAH. SO THE IN THE LIFE OF IT MUST BE A PROJECT YOU APPROPRIATE TWICE.  THE FIRST IS THE WHAT WE HAVE BEFORE YOU TODAY FOR THE FEASIBILITY STUDY FUNDS THAT WILL BRING THE DESIGN TO A POINT WE WILL HAVE A BETTER UNDERSTANDING OF WHAT THE TOTAL AMOUNT OF THE PROJECT WOULD BE. IT WILL COME AGAIN BEFORE THE COUNCIL AT THAT TIME REQUESTING THE BALANCE OF THE FUNDS TO CONSTRUCT THE NEW BUILDING FOR THE COMBINED SHATILA.  HOW MANY KIDS ARE CURRENTLY IN THE SHATILA?  DOES ANYBODY KNOW?  IF YOU GIVE ME JUST A COUPLE SECONDS COUNSELOR, I CAN SURE. WELL, WHILE YOU'RE LOOKING AT THAT, I JUST HAVE ONE OTHER OVERALL OF PAST PROJECTS TOO.  WHAT IS THE AMOUNT OF DOLLARS WE HAVE IN WITH THE MBA CURRENTLY?  SURE. SO TOTAL CONSTRUCTION DOLLARS IS UPWARDS OF $650 MILLION AROUND $630 MILLION OF TOTAL CONSTRUCTION COSTS THAT HAVE BEEN EITHER COMPLETED OR APPROVED THROUGH THE PROCESS IN THE CITY HAS RECEIVED OR BEEN APPROVED FOR A REIMBURSEMENT OF 240 MILLION OF THAT $640 MILLION. OKAY, GREAT.  IN I CAN GET THE BREAKDOWN OF AARP'S APIS MEANING SO THE COURT A LITTLE LARGER PROJECTS YES. IN THERE'S BEEN ABOUT $525 MILLION WORTH OF CORPORATE PROGRAM WORK WITH THE VA CARTER JQ WEST DEARBORN IT WILL RECEIVED $180 MILLION IN REIMBURSEMENT ON THOSE PROJECTS THE UP WHICH IS THE REPAIRS IT'S JUST UNDER 110 MILLION AND WE RECEIVED JUST OVER $61 MILLION IN REIMBURSEMENT ON THOSE PROJECTS AND THAT THAT'S CONSIDERED GOOD REIMBURSEMENT RATE FOR THESE PROJECTS THAT WE COULD WE STRIVE FOR MORE FOR MORE REIMBURSEMENT. OBVIOUSLY I WOULD LOVE TO SEE MORE REIMBURSEMENT. I THINK IT'S GREAT THAT WE'VE RECEIVED $240 MILLION WHICH IS A NEW SCHOOL, A COUPLE OF NEW SCHOOLS. YEAH. SO WE CAN SPREAD THE MONEY OUT . GREAT. AND I GUESS IF YOU I DON'T KNOW IF YOU HAVE THE ANSWER. I DO. OKAY. SO THE ENROLLMENT AT THE SHAH WAS 201 STUDENTS AND THE TAYLOR THE ENROLLMENT WAS 343 STUDENTS. SO NOW THEY'RE COMBINED WHERE THE PRE-K THROUGH ONE IS AT THE SHORE AND THE TAYLOR THE GRADES TWO THROUGH SIX AT THE TAYLOR SO OF THAT I THINK THE MATH IS 542 TOTAL STUDENTS IN THE NEW SCHOOL OR OR ADD RENNO OR NO BUILD WHATEVER WE DECIDE TO GO WITH HERE THROUGH THIS STUDY IS THAT STILL IS THAT 542 SOMEWHAT SO IT'S STILL GOING TO BE THE SAME ENROLLMENT IS GOING TO INCREASE DECREASE DO WE KNOW AT THIS POINT THE PLAN THE PLAN HERE THE LIKE OUR PLAN AND WHAT WE'VE SUBMITTED TO THE MSP IS TO EXPAND THE ENROLLMENT WHEN A NEW SCHOOL IS BUILT. WHEN WE LOOK AT NUMBERS IN THE MATTAPAN SOUTH DORCHESTER AREA IS THAT WE HAVE LIKE A NUMBER OF STUDENTS THAT ARE BEING TRANSPORTED OUT OF THAT AREA TO GET ACCESS TO CERTAIN SPECIAL EDUCATION PROGRAMS ETC. AND WE WANT TO MAKE SURE THAT STUDENTS HAVE HIGH QUALITY SEATS CLOSE TO HOME.  SO OUR GOAL AS PART OF THIS PROJECT IS THAT WE'RE ADDING ADDITIONAL CAPACITY IN THAT AREA. GREAT, GREAT. THAT'S ALL. THANK YOU VERY MUCH FOR YOUR INFORMATIVE ANSWERS. I APPRECIATE IT.  THANK YOU. COUNSELOR FITZGERALD COUNCIL PLANNING THE FLOOR IS YOURS.  THANK YOU, CHAIR AND THANK YOU TO THE PANEL. THANK YOU, CARLTON, BRIAN AND DOHME FOR THE IMPORTANT WORK YOU ARE DOING.  I HAVE THE OPPORTUNITY TO WORK WITH ALL OF YOU OVER THE YEARS AND I WANT TO THANK YOU FOR WORKING WITH THE MSP A TREASURER TIM GOLDBERG. HER TEAM ON JOSIAH QUINCY ON THE COTTAGE SCHOOL AS WELL PROBABLY SO MANY OTHERS.  I JUST WANT TO ACKNOWLEDGE THE IMPORTANT WORK YOU DO FOR THE RESIDENTS OF THE CITY. I DON'T NECESSARILY HAVE ANY QUESTIONS ON SHORT TERM SCHOOL I WILL BE VOTING TO SUPPORT IT . I THINK YOU OUTLINED IT PERFECTLY AND I HAVE NO QUESTIONS BUT IF I COULD ASK ONE QUESTION HOW ARE WE DOING WITH THE COST OF SCHOOL? I THINK IT'S PROBABLY THE BEST SCHOOL IN THE CITY IN BOSTON IN MY OPINION. BUT I KNOW WE'RE DOING A THERAPEUTIC POOL SO CHILDREN STUDENTS WITH DISABILITIES ARE ABLE TO GET THEIR EXERCISE. HOW HOW ARE WE DOING ON THAT?  WELL, LET ME START FROM THE CONSTRUCTION SIDE AND START ON THE OTHER SIDE.  SO IT JUST SO HAPPENS, MR COUNCILOR QUINN, THAT I WAS JUST OUT THERE LAST FRIDAY AND HAD A THOROUGH WALK THROUGH THROUGH THE SITE. I'M VERY PLEASED TO REPORT THAT THEY ARE DOING VERY WELL.  THE STEEL IS UP, WALLS ARE GOING UP, ALL THE INFRASTRUCTURE IS GOING INTO PLACE. WE'RE VERY HAPPY AND LOOKING FORWARD TO TURN OVER COMPLETION SOMEWHERE IN THE SPRING OF 2025 FOR YOU KNOW FOR THE SCHOOL TO TAKE PART OF THE ALL OF THE AMENITIES. IT'S STUNNING TO HAVE BEEN IN THE ORIGINAL FACILITY AND THEN TO WALK IN THIS ONE IT'S IT'S STUNNING AND YOU WILL FEEL THAT WAY WHEN YOU WALK THROUGH I'M SURE WELL WELL THANK YOU, CARLTON AND I KNOW YOU AND YOUR TEAM HAVE PROVIDED EXCEPTIONAL WORK WORKING WITH BRIAN AND WORKING WITH DOE AND WORKING WITH OTHER CITY OFFICIALS. SO JUST WANT TO SAY THANK YOU JUST WANT TO SAY THANK YOU FOR YOUR PROFESSIONAL WORK THAT YOU HAVE BEEN DOING. ALL OF YOU HAVE BEEN DOING FOR MANY YEARS. THANK YOU. THANK MR CHAIR.  THANK YOU, COUNCILOR MURPHY, THE FLOOR IS YOURS. THANK YOU.  I ECHO COUNCILOR FLYNN SAID HAPPY TO BE HERE. SUPPORT IT. THANK YOU FOR BEING HERE. CONGRATULATIONS, BRIAN FOR YOUR SHATTUCK WARD. THANK YOU. AND IT IS YOUR LEADERSHIP I BELIEVE WITH YOU AND YOUR TEAM THAT REFLECTS LIKE WE WERE A CITY THAT DIDN'T TAKE ADVANTAGE OF MSB FUNDS IN THE PAST AND EXCITED TO BE AT THE CARTER WORKED WITH MARK AT THE HENDERSON WHEN HE WAS IN HIS TRAINING WONDERFUL PRINCIPAL WONDERFUL SCHOOL COMMUNITY IN THE QUINCY.  IT IS GREAT WHEN WE CAN CUT RIBBONS ON NEW SCHOOLS OR MAKE THESE RENOVATIONS SO LOOKING FORWARD TO SUPPORT THIS AND CELEBRATING YOU SOON. SO CONGRATULATIONS OF COURSE. THANK YOU JOE.  THANK YOU. AND COUNCIL PRESIDENT LOUIJEUNE TO SHATTUCK.  THANK YOU, MR CHAIR.  AND MR CHAIR, IF YOU READ MY ABSENCE LETTER I APOLOGIZE BECAUSE I'M HAPPY THAT I WAS I WAS GOING TO BE VERY SAD TO MISS THIS BUT VERY HAPPY TO BE HERE AND TO CONTINUE AS WE DO THIS MERGER. AS I KNOW YOU ALL KNOW THAT TAYLOR IS MY SCHOOL SPENT NO LONGER I IT'S A SCHOOL I SPENT THE LONGEST AMOUNT OF TIME IT'S A SCHOOL THAT MEANS A TREMENDOUS AMOUNT TO ME AND TO MY FAMILY AND I'M REALLY GLAD TO SEE THESE RENOVATIONS HAPPENING. I YOU KNOW, A LOT OF THESE COMMUNITY MEETINGS ABOUT THE MERGERS WERE REALLY DIFFICULT, A LOT OF EMOTION IN TERMS OF WHAT IT MEANS AND I REALLY FEEL LIKE RIGHT NOW THERE'S A GOOD BALANCE. DELL DO YOU OR ANYONE DO YOU KNOW OTHER MORE COMMUNITY MEETINGS HAPPENING BETWEEN THE THE TWO SCHOOLS ABOUT THE ONGOING MERGER YEAH SO THIS SCHOOL YEAR BOARDS SCHOOL COMMUNITIES HAVE COME TOGETHER AS A JOINT SCHOOL COMMUNITY THERE IS LIKE ONGOING ENGAGEMENT SO THE CAPITAL PLANNING TEAM HAS A SENIOR PROJECT MANAGER ON THIS PROJECT AND THE SCHOOL COMMUNITIES ARE DOING THINGS LIKE THIS LIKE RENAMING AND ALL OF THAT GOOD STUFF THAT THEY ARE WORKING COLLABORATE OF LEON WITH THE JOINT COMMUNITY SO THE MERGER IT'S SORT OF LIKE ENGAGEMENT WITH THE COMMUNITY. IT'S GOING TO BE LIKE A LOT LESS NOW THAT THEY'RE LIKE THEY'RE MERGED. IT'S GOING TO BE LIKE A RAMP IN A DIFFERENT WAY AS WE MOVE FORWARD WITH THE MSP PROCESS.  YEAH RIGHT. BECAUSE IT TAKES LIKE A LOT OF ENGAGEMENT AND INVOLVEMENT WITH WITH LIKE THE SCHOOL COMMUNITY TO BRING THIS PROCESS ALONG. SO I THINK THAT IN TERMS OF LIKE MERGING AND STARTING SCHOOL THAT'S LIKE THE ONE SET OF ENGAGEMENT THAT WE'VE LIKE SORT OF LIKE IS LIKE WRAPPING UP AND THEN NOW IT'S LIKE RAMPING UP IN A DIFFERENT WAY AS WE ARE WORKING THROUGH THE MSP PROCESS AND IT'S GOING TO BE ONGOING FOR A WHILE AS WE MOVE THROUGH THE ELIGIBILITY.  GREAT. I KNOW I CAN PROBABLY GET SOME OTHER WAY BUT THROUGH THE CHAIR IF WE COULD GET IF I COULD GET THAT SCHEDULE THAT THE PROJECT MANAGER HAS IN TERMS THE ONGOING CONVERSATIONS, I THINK THAT WOULD BE HELPFUL. IT'S OBVIOUSLY FOR ME I WANT TO MAKE SURE THAT WE CONTINUE TO SEE WHAT'S GOING ON. YOU KNOW THE LAST TIME I VISITED THE SCHOOL THERE WERE A LOT OF STUDENTS COMING TO THE TAYLOR FROM ALLSTON AND BRIGHTON FOR A SHELTERED ENGLISH IMMERSION CLASSES.  DO YOU KNOW I, I MAYBE ASK YOU MAY NOT BE THE RIGHT AUDIENCE BUT DO YOU KNOW IS THAT SOMETHING THAT'S STILL HAPPENING?  THANK YOU FOR THAT QUESTION COUNCILOR I DON'T KNOW THE NUMBERS OFF THE TOP OF MY HEAD BUT I DEFINITELY CAN GET YOU THE ANSWER TO THAT QUESTION YEAH, JUST IN TERMS OF LIKE THE SPECIAL PROGRAMING THAT HAPPENS UNDER SCHOOL, THE REASON WHY THERE ARE STUDENTS THAT TRANSFER AND STUDENT THAT THAT TRAVEL TO THE TYLER OKAY YUP I CAN GET I CAN GET YOU THAT INFORMATION LIKE WHERE STUDENTS ARE PULLING FROM FOR THE SPECIAL PROGRAM OKAY AND MY LAST MY LAST COMMENT QUESTION IS YOU KNOW YESTERDAY WE HAD A HEARING HERE ON THE CITY COUNCIL THAT I SPONSORED ABOUT USING FORMER SCHOOL BUILDINGS FOR AFFORDABLE HOUSING WHICH WE HAVE DONE HISTORICALLY IN WHICH I WANT US TO CONTINUE TO DO IN A MORE INTENTIONAL WAY. I KNOW THAT RIGHT NOW WE'RE WORKING THROUGH WHAT WITH A FUTURE MERGER BE THE FUTURE SITE OF THE SCHOOL. I TEND TO BELIEVE THAT THE TAYLOR FOOTPRINT IS ACTUALLY A REALLY GOOD FOOTPRINT AND THE PHYSICAL STRUCTURE OF THE SCHOOL IS PRETTY NOT ENGINEERED BUT IT SEEMS TO ME PRETTY SOLID A LOT.  RENOVATIONS DO NEED TO HAPPEN IN THE INTERIOR OF THE SCHOOL THAT IT LOOKS THE SAME AS WHEN I WENT TO ELEMENTARY SCHOOL THERE. I WONDER IF THERE IF YOU WANT TO GIVE US A SNEAK PEEK INTO WHAT WHAT WE'RE THINKING ABOUT THE PHYSICAL STRUCTURE.  I MEAN IF AN ENGINEER SAYS OR IF AT THE IN THE DAY WE'RE SAYING WE THINK ANOTHER SITE WOULD BE MORE FEASIBLE FOR THESE TWO SCHOOLS TO COEXIST AND WE JUST WHERE ARE THE DISCUSSIONS AND WHAT WHAT ARE FOLKS SAYING SO I'LL START THEN I'LL KICK IT OVER TO BRIAN IN TERMS OF LIKE TIMELINE BUT AS WE MOVE THROUGH THE ELIGIBILITY PERIOD THEN ANOTHER PHASE OF THIS IS SORT OF LIKE FEASIBILITY WHERE THE MSP WOULD COME IN AND THEY WOULD LOOK AT THE SHAW BUILDING, THE TAYLOR BUILDING OR ANY OTHER DISTRICT ASSETS THAT THE DISTRICT HAVE AND LOOK AT THE FEASIBILITY OF EITHER RENOVATING ONE OF THOSE BUILDINGS OR BUILDING ON SITE ETC. SO THAT THE TAYLOR BUILDING WILL BE A PART OF LIKE THE FEASIBILITY CONVERSATION WITH THE MSP AT THE END OF THE DAY LIKE RIGHT NOW WE TO KNOW LIKE WHAT THE MSP WOULD SEE AS LIKE THE BEST FEASIBLE OPTION BUT ONCE THAT PERIOD STARTS THE MSP WITH LIKE IN COLLABORATION WITH LIKE THE DISTRICT AND THE CITY WOULD LET US KNOW LIKE WHAT'S THE BEST FEASIBLE OPTION THAT WE SHOULD MOVE FORWARD WITH AND WHAT'S THAT TIMELINE JUST TO FOR PRECISION THE START IS THE START PERIOD NOW BASICALLY BASICALLY OKAY WHEN DOES IT START AND WHEN WILL IT END?  I'M TRYING TO THINK ABOUT WHEN WE'LL HAVE A DECISION ABOUT WHAT THE FUTURE PHYSICAL FUTURE OF IT WILL BE SHORT SO THE ELIGIBILITY PERIOD WILL END IN MARCH OF 2025.  WE'LL HAVE TO GO THROUGH A PROCUREMENT OF OPM AN ARCHITECT . SO WE WANT TO START THE FEASIBILITY STUDY TO ACTUALLY DO LIKE THE PRE DESIGN WORK AND LOOKING AT LOCATIONS LIKE DELL REFERENCE UNTIL THIS TIME NEXT YEAR. SO THAT'S WHEN THE CLOCK STARTS . OKAY.  YES. YEAH. SO IT'S LIKELY TO BE MAYBE I DON'T WANT TO PUT A DEFINITE TIMEFRAME ON IT BUT IT COULD BE UPWARDS OF 18 MONTHS TO 24 MONTHS. OKAY.  JUST BASED UPON LOOKING AT MULTIPLE SITES YOU HAVE THE CHARLOTTE TAYLOR AND THEN YOU'LL LOOK AT THAT NO BUILD OPTION ADDITION RENOVATIONS AT BOTH THOSE SCHOOLS SO THE MORE OPTIONS THAT WE LOOK AT WILL WE'LL MAKE THE FEASIBILITY STUDY A LITTLE LONGER. BUT AGAIN WE WANT TO DO THE DUE DILIGENCE ON BEHALF OF THE CITY AND WORK WITH THE MSP TO MAKE SURE WE GET THE BEST FINAL PRODUCT FOR THAT FOR THE STUDENTS SO ALTHOUGH THE MSB PROJECT PROCESS IS USUALLY ADDS TIME TO A CONSTRUCTION PROJECT, I THINK IN THE END THE RESULTS SPEAK FOR THEMSELVES. FOR THE U.S. TO BE A BEAUTIFUL SO YOU CAN SEE KIND OF THAT WHAT WILL WHAT WE'LL BE SEEING FOR THE SHAH AND TAYLOR STUDENTS IS WE'VE WHAT THE CITY'S DELIVERED WITH THE MSB AT THE B.A. AND JACOBSEN YEAH I HAD BOTH RIBBON CUTTING FOR BOTH SCHOOLS AND TREMENDOUS JOB HONESTLY AND GREAT JOB ON LEVERAGING SBA FUNDS.  WE SHOULD BE BUILDING MORE SCHOOLS AS WE FIGURE OUT THE PLANS TO CLOSE AND MERGE SCHOOLS. I THINK IT'S I THINK THOSE SCHOOLS THE JQ AS I JUST TOOK MY BREATH AWAY IN TERMS OF HOW INTENTIONAL AND HOW MUCH THAT'S THE THAT SHOULD BE THE MODEL FOR WHAT WE'RE GIVING OUR KIDS ACROSS THE CITY INSIDE.  BUT WHEN WE START REALLY UP THE FEASIBILITY STUDY THERE WILL BE COMMUNITY MEETINGS, MORE INPUT INTO THIS PROCESS SO THAT THAT WOULD DEFINITELY HAPPEN SO THAT WE DO HAVE A SCHOOL THAT REPRESENTS THE STUDENTS THERE. THANK YOU. THANK YOU SO MUCH. I'M VERY EXCITED ABOUT THIS PROJECT. THANK YOU. THANK YOU. AND EVERY TIME I'M IN MBA HERE AND I JUST HAD A COUNCIL BRAID AND JUST APPLIED IN THE ADMINISTRATION FOR APPLYING FOR THE MBA GRANT. SO IN THE SPIRIT CATEGORY WHO'S NOT HERE YOU KNOW, THANK YOU GUYS FOR YOU KNOW, YOUR LEADERSHIP AND ALL YOUR WORK IN APPLYING FOR THESE FUNDS JUST FOR CLARIFICATION PURPOSES FOR MYSELF AND ASK OF MY COUNSELOR COLLEAGUES HOW MANY MORE TIMES WOULD YOU YOU GUYS UP UNTIL MARCH 2025 COME TO THE COUNCIL FOR AN APPROPRIATE AND OF FUNDS IS THIS THIS WILL BE THE ONE APPROPRIATION OKAY YES THIS WILL BE THE THIS WILL BE THE APPROPRIATION THAT'S NEEDED DURING THE ELIGIBILITY PERIOD. OKAY. AND THEN HOW MANY MORE APPROPRIATIONS I GUESS THROUGHOUT THIS TIME I JUST DIDN'T TIMELINE ONE SO WE'LL GO THROUGH THE FEASIBILITY STUDY FROM A TO Z, RIGHT FROM A TO Z THERE'S ANOTHER ONE THERE'LL BE ONE MORE ONE MORE, ONE MORE. SO JUST TO TALK TO DOLLARS DURING THE LIFE OF IT MUST BE A PROJECT. YES. OKAY AWESOME. AND THEN IF THE PROJECT COSTS EXCEED THE AMOUNT GRANTED BY THE SBA, HOW WILL THE CITY HANDLED THE OVERAGE? SO WHEN AT THE END OF THE FEASIBILITY STUDY WE'LL HAVE AN IDEA OF WHAT THE COST OF THE PROJECT IS GOING TO BE. SO WE'LL COME BACK TO THIS BODY AND IN REQUEST THE THE TOTAL AMOUNT OF FUNDS WHICH WE'VE DONE FOR THE BIA AND JAKE, U.S. UNFORTUNATELY ON A COUPLE OF THOSE SEEN THE BUDGETS EXCEED WHAT WAS ORIGINALLY APPROPRIATED AND WE'VE HAD TO COME BACK TO THE COUNCIL ON THE CARTER AND MOST RECENTLY DESIRE QUINCY TO REQUEST MORE MONEY WHICH THIS BODY HAS DONE TO SUPPORT THOSE SCHOOLS.  IDEALLY IT WON'T HAPPEN I THINK WITH THE WITH THE CARTER AND THE JQ AS THERE WAS IN THE VA IT WAS DURING COVID THERE WAS SOME UNFORESEEN SOIL CONDITIONS THAT IMPACTED THE COST OF THE PROJECT AND HOW THE DURATION OF THE PROJECT WHICH RESULTED IN SOME COSTS THAT WERE OBSCENE AT THE TIME WHEN WE ORIGINALLY CAME TO YOU GUYS AND IF I CAN ADD I JUST WANT TO SAY THAT OUR FIRST STEP IS NOT TO COME BACK AND ASK FOR MORE MONEY. WE FIRST GO BACK TO A PROCESS OF VALUE ENGINEERING WHERE WE LOOK AT THE PROJECT AND WE SAY HOW CAN WE REDUCE THE COST? WE OUR POLICY IS WE WANT TO REDUCE THE COST UP UNTIL THE POINT WHERE WE HAVE THEN TOUCH THE PROGRAM SO WE DON'T WANT TO GIVE THE SCHOOL ANYTHING LESS THAN WHAT THEY DESERVE BUT WE WANT TO MAKE SURE THAT WE'RE NOT USING MATERIALS COULD BE DONE IN A SUFFICIENT WAY BUT NOT AS EXPENSIVE WAY. THAT MAKES SENSE. I DON'T WANT TO SAY CHEAPER THAT'S WE DON'T WANT CHEAP BUT WE WANT COST EFFECTIVE SO WE LOOK FOR EVERY COST EFFECTIVE MEASURE WE CAN. I MEAN WE GO THROUGH AN EXHAUSTIVE SET OF STEPS IN TO DO THAT JUST TO MAKE SURE THAT WE ARE IF WE COME BACK WE'RE ONLY BACK BECAUSE WE FEEL LIKE WE ABSOLUTELY HAVE TO AND NEED TO VERSUS YEAH, LET'S JUST GO GET SOME MORE MONEY RIGHT NOW. THAT'S GOOD TO HEAR THAT THAT EVALUATION PERIOD IS IMPLEMENTED IN THE PROCESS AND THE OTHER QUESTIONS FROM MY COUNCIL COLLEAGUES. WELL YEP JUST SORRY JUST ONE THING TO ADD THAT THIS TYPE OF APPROPRIATION REQUIRES TWO VOTES TO SEE COUNCIL SO SPACE TWO WEEKS APART I JUST LIKE TO MAKE THAT OFFER THIS ONE APPROPRIATION RIGHT? YEAH. YEAH. OKAY AWESOME IS NO PUBLIC TESTIMONY. I'M LOOKING FORWARD TO PUTTING THIS UP TO PASS TOMORROW AT THE CITY COUNCIL SO THANK YOU GUYS FOR ALL YOUR HARD WORK. THANK YOU TO ESSENTIAL STAFF, MY TEAM AND THIS HEARING ON DOCKET NUMBER 1.30 IS ADJOURNED