##VIDEO ID:lVFROQiFCy8## 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 LOOKING TO TESTIFY VIRTUALLY PLEASE EMAIL OUR CENTRAL STAFF LIAISON LIAISON MAKING CORRIDOR AT MEGHAN AND E AGE AND DOT C0RU GEDO AB BOSTON.COM FOR THE LINK YOUR NAME WILL BE ADDED TO THE LIST. TODAY'S HEARING IS ON DOCKET NUMBER 0108. MESSAGE IN ORDER FOR YOUR APPROVAL IN ORDER AUTHORIZING THE CITY OF BOSTON TO APPROPRIATE THE AMOUNT OF $110 MILLION FOR PURPOSES OF FUNDING THE HOUSING ACCELERATOR PROGRAM THE EXPENDITURES RELATED TO THE PROGRAM ARE ONE TIME IN NATURE AND ARE ASSUMED TO BE NON-RECURRING COSTS OF THE CITY THEREFORE THE APPROPRIATE TO BE FUNDED WITH NON-RECURRING REVENUE. TODAY I'M JOINED BY MY COUNCIL COLLEAGUES AND ORDER ARRIVAL COUNCIL PRESIDENT LOUIJEUNE CASTLE FITZGERALD CASTLE SANTANA CASTLE HERE CASTLE FLYNN CARTER COLETTA ZAPATA CASTLE WEBER AND CASTLE MURPHY. I ALSO WANT TO JUST ACKNOWLEDGE THAT WE HAVE RECEIVED LETTERS OF ABSENCE FROM COUNCIL PEPEN AND CASTLE BRADING. I WOULD COUNCIL BRANDON HAS ALSO SUBMITTED QUESTIONS. SO WHEN IT COMES TO QUESTIONS FROM COLLEAGUES I WILL ALSO BE READING COUNCILOR BRADY'S QUESTIONS FOR THE RECORD. I WOULD NOW LIKE TO INTRODUCE TODAY'S PANELISTS TESTIFYING ON BEHALF OF THE ADMINISTRATION CHIEF FINANCIAL OFFICER ASHLEY GRAFTON BURGER CHIEF OF HOUSING SHEILA DILLON, ADMINISTRATIVE BOSS AND HOUSING AUTHORITY ADMINISTRATOR KENZIE BOK DEPUTY OF CHIEF OF PLANNING FOR THE PLANNING DEPARTMENT DEPUTY CHIEF DEVIN CLARK AND SENIOR PUBLIC POLICY ADVISOR FOR THE PLANNING DEPARTMENT SENIOR SENIOR POLICY ADVISER RUBY KANTOR. THE FLOOR IS NOW YOURS.  THANK YOU, CHAIR. THANK YOU CHAIR WELL ON THE CITY COUNCIL FOR HEARING THIS HAVING THIS HEARING ON THIS IMPORTANT TOPIC I'M DEVON QUIRK, DEPUTY CHIEF PLANNING DEPARTMENT. WE'RE VERY EXCITED TO BE HERE TO REQUEST FROM THIS BODY A $110 MILLION ALLOCATION TO LAUNCH BOSTON HOUSING ACCELERATOR FUND, AN INNOVATIVE NEW TOOL TO ADDRESS HOUSING PRODUCTION AND HOUSING AFFORDABILITY IN OUR CITY. TODAY'S REQUEST REPRESENTS MORE THAN A YEAR OF HARD WORK PUTTING TOGETHER THE DETAILS OF THIS FUND AND HOW WILL BE ADMINISTERED AND APPLIED IN OUR CITY. AND I PARTICULARLY WANT TO THANK THIS COUNCIL ON ALL THE COUNCILORS HELPED TO SHAPE THIS PARTICULAR CHAIR WHERE I WAS ASKING FOR YOUR LEADERSHIP ALONG THE WAY AND TO KANTOR WHO I'LL HAND IT OVER TO YOU IN A MINUTE. WHO SPEARHEADED A HUGE PORTION OF THIS EFFORT. I CAN GO TO THE NEXT SLIDE.  I WANT TO START BY SAYING THAT IT'S REALLY IMPORTANT FOR US TO HIGHLIGHT THAT THIS ACCELERATOR FUND IS AN INVESTMENT. AND OF COURSE I MEAN THAT IN THE CONTEXT OF INVESTING IN THE PEOPLE AND IN HOUSING AND SMALL BUSINESSES IN OUR CITY AND MAKING OUR CITY BETTER. BUT I ALSO MEAN THAT IN THE CONTEXT OF A TRUE FINANCIAL INVESTMENT LIKE PRIVATE INVESTORS AND HOUSING DEVELOPMENT UNDER THIS PROPOSAL THE CITY WILL BE TAKING A EQUITY OWNERSHIP POSITION IN PRIVATE MARKET HOUSING, HOUSING AND HOUSING PRODUCTION IN BOSTON.  AND LIKE ALL PRIVATE INVESTORS, EVERY DOLLAR INVESTED IS EXPECTED TO COME BACK TO THE CITY WITH A RETURN. THE INNOVATION HERE IS THAT WE'RE ASKING FOR A LOWER RETURN THAN PRIVATE MARKET INVESTORS THEREBY MAKING IT EASIER TO FINANCE HOUSING CONSTRUCTION IN OUR CITY.  AND WE'RE ONLY ABLE TO MAKE THIS PROPOSAL TO YOU HERE TODAY BECAUSE OF THE STRONG FINANCIAL POSITION THAT THE CITY'S IN. SO I ALSO WANT TO THANK CFO GRAFF AND BERGER, THIS COUNCIL AND OBVIOUSLY THOSE BEFORE FOR AND THE COUNCIL'S BEFORE US THAT HAVE PUT THE CITY IN THIS STRONG POSITION TO BE ABLE TO UTILIZE OUR RESOURCES IN THIS WAY. THE PROPOSAL BEFORE YOU HAS NUMEROUS BENEFITS SPECIFICALLY IT BOOSTS HOUSING PRODUCTION DURING A DIFFICULT ECONOMIC ENVIRONMENT WHEN INTEREST RATES AND CONSTRUCTION COSTS ARE HIGH. IT REQUIRES DEVELOPERS RECEIVING THESE FUNDS TO SET ASIDE 20% OF THEIR NEW UNITS AS INCOME RESTRICTED HOUSING IN LINE WITH OUR INCLUSIONARY ZONING POLICY. IT REQUIRES PROJECTS TO BE SHOVEL READY AND START CONSTRUCTION THIS YEAR AND IT EMPHASIZES INVESTMENT IN OUR VALUES SUCH AS DIVERSE DEVELOPMENT TEAMS, CLIMATE RESILIENCE DEVELOPMENT AND POSITIVE COMMUNITY IMPACT. AND IT ALSO BUILDS UPON THE DEEP EXPERTISE AND OF OUR CITY PARTNERS PARTICULARLY OUR FRIENDS AT MASS HOUSING WHO WE ARE VERY FORTUNATE TO BE ABLE TO ELABORATE TO LEVERAGE THEIR EXPERIENCE, THEIR KNOWLEDGE AND ALSO THEIR FUNDING TO BOSTON'S BENEFIT. HAVE A PANEL OF CITY LEADERS HERE TODAY TO TALK AND TO ANSWER YOUR QUESTIONS. I'LL START WITH SOME BACKGROUND. I'LL HAND IT OVER TO MR BOK.  WE'LL TALK ABOUT THE FIRST PROJECT THAT WILL BE FUNDED UNDER THIS ON THIS PROGRAM AT THE BREAK IN THE PORTFOLIO RIBBON.  WE'LL TALK A LITTLE BIT ABOUT HOW WE ARE INVESTING IN PRIVATE MARKET HOUSING AND SHE'S DONE WE'LL CLOSE CLOSE THIS OUT AND TALK ABOUT HOW WE'LL USE THIS PROGRAM TO ADVANCE HOMEOWNERSHIP AS WELL. SO WITH THAT, LET ME GET STARTED.  SO I'M GOING TO START WITH SOME DATA TO FRAME THIS IN A NATIONAL CONTEXT. SO THIS SLIDE SHOWS THE TEN YEAR TREND IN HOUSING PRODUCTION AT THE NATIONAL LEVEL.  AS YOU CAN SEE, HOUSING PRODUCTION PEAKED AT THE NATIONAL LEVEL IN 2022 AND HAS FALLEN OFF SHARPLY SINCE THEN OVER THE PAST TWO YEARS AND WE'RE NOW AT A TEN YEAR LOW. I SHARE THIS SLIDE TO EMPHASIZE THAT THE HOUSING PRODUCTION IS NOT THE ISSUE THAT IS UNIQUE TO BOSTON AND IN FACT IS A PROBLEM ACROSS OUR NATION.  AND OUR HOPE IS THAT THROUGH THE HOUSING SECTOR, YOUR FUND AND OTHER PROGRAMS BOSTON CAN DEMONSTRATE ITS LEADERSHIP IN ADDRESSING THIS ISSUE. AGAIN, THIS SLIDE SHOWS A LITTLE BIT MORE OF A STATE AND LOCAL LEVEL ANALYSIS OF THE SAME ISSUE. ON THE LEFT IS HOUSING PRODUCTION IN MASSACHUSETTS. YOU CAN SEE THAT WE'RE CURRENTLY AT THE LOWEST LEVEL OF HOUSING PRODUCTION SINCE THE 1960S BUT THE ONLY EXCEPTION BEING THE GREAT RECESSION OF 2820 TEN. ON THE RIGHT IS BOSTON'S HOUSING PRODUCTION NUMBERS. THE DARK BLUE BARS ON THAT CHART ARE THE MARKET RATE HOUSING PRODUCTION IN THE LIGHT BLUE APARTMENT INCOME RESTRICTED HOUSING UNITS. THERE'S A GOOD NEWS STORY HERE WHICH IS THE LOW THE LIGHT BLUE BARS. THE AFFORDABLE UNITS HAVE BEEN INCREASING AND HAVE STAYED STEADILY STRONG OVER THE PAST COUPLE OF YEARS. WE'VE DONE A GREAT JOB MAINTAINING OUR LEADERSHIP AND THANKS TO CHIEF DOLAN AND THEIR TEAM'S WORK ON THIS TO KEEP HOUSING AFFORDABLE HOUSING PRODUCTION HIGH BUT YOU CAN SEE A SIGNIFICANT DROP OVER THE PAST TWO YEARS IN NEW MARKET RATE UNITS STARTING CONSTRUCTION AND THAT'S WHAT WE'RE HERE TO TALK ABOUT TODAY. ALL RIGHT. ON THE NEXT SLIDE YOU CAN SEE A MAJOR DRIVER OF THESE TRENDS WHICH IS THAT RISING COSTS.  ON THE LEFT IS THE COST OF CONSTRUCTION MATERIALS WHICH HAVE MORE THAN DOUBLED SINCE THE PANDEMIC. AND IT'S NOT JUST THE COST OF CONSTRUCTION MATERIALS THAT ARE INCREASING THE COST OF CAPITAL HAS ALSO DRAMATICALLY INCREASED OVER THE PAST SEVERAL YEARS. ON THE RIGHT IS THE THAT THE FEDERAL TREASURY RATE SINCE 2000 AND WE ARE CURRENTLY AT A 17 YEAR HIGH EXPENSIVE FINANCING MEANS IT'S DIFFICULT TO START CONSTRUCTION AND THIS ISSUE THIS IS THE ISSUE THAT THE HOUSING ACCELERATOR FUND TARGETS DIRECTLY. OUR PLAN IS TO BRING DOWN THE COST OF CAPITAL FOR HOUSING CONSTRUCTION IN BOSTON IN ORDER TO SPUR MORE PRODUCTION.  YOU MIGHT ASK HOW DOES MARKET RATE HOUSING PRODUCTION AFFECT THE AVERAGE BOSTONIAN? AND THAT'S A GREAT QUESTION. THAT'S WHAT THIS SLIDE IS ABOUT TO GIVE YOU SOME DATA ON THIS IS THE TREND IN RENT GROWTH OVER THE PAST COUPLE YEARS DURING THE PANDEMIC WITH BRANDS FOR STABLE OR HAD DECLINED IN SOME CASES BUT SINCE 2022 RENTS HAVE BEEN RISING OVER THE LAST FIVE YEARS THE AVERAGE RENT FOR A TWO BEDROOM APARTMENT IN BOSTON HAS INCREASED BY OVER 15%, MAKING THE INCREASINGLY DIFFICULT FOR ANYONE TO AFFORD TO LIVE IN OUR CITY AS THIS COUNCIL KNOWS VERY WELL. SIMPLY PUT, AS HOUSING PRODUCTION HAS DECREASED, RENTS HAVE SHOT UP AND OUR CONCEPT AT THAT AD IS THAT ADDING NEW HOUSING SHOULD ASSIST WITH MODERATING RENT GROWTH.  SO THAT WAS A LOT OF DOOM AND GLOOM AND THIS IS A VERY TINY PRINT SLIDE BUT I WANTED TO MAKE SURE I ENDED ON A HIGH NOTE HERE IN CONTEXT OF ALL THE HARD WORK THIS COUNCIL OF THE CITY AND THIS ADMINISTRATION ARE DOING TO ADDRESS HOUSING COSTS IN OUR CITY. THE HOUSING ACCELERATOR FUND IS NOT A PANACEA. IT WON'T ADDRESS EVERY ISSUE THAT WE'RE SEEING BUT IT'S ALSO NOT BY FAR NOT THE ONLY THING WE'RE DOING AND THIS SLIDE GIVES YOU AN OVERVIEW OF SOME OF THAT SOME OF THE EFFORTS WE'RE CURRENTLY UNDERTAKING ON THE IN THE PLANNING AND APPROVAL PROCESS THIS COUNCILS HAVE HAD MANY HEARINGS ON OUR ABILITY FOR REFORM AND TO DECREASE THE TIMELINES FOR HOUSING PRODUCTION. WE'VE WORKED AS YOU KNOW VERY WELL TO CREATE A CITY PLANNING DEPARTMENT WITHIN CITY HALL. WE'VE RE ZONED MORE AREAS OF OUR CITY IN THE PAST TWO YEARS THAN THE LAST 20 YEARS COMBINED TO MAKE UP AGAIN FOR MORE STREAMLINED PATHWAY FOR HOUSING GROWTH. WE'VE INCORPORATED THE INCLUSIONARY DEVELOPMENT POLICY INTO ZONING AS AS INCLUSIONARY ZONING WE'VE REDUCED THE PERMITTING TIME FOR AFFORDABLE HOUSING BY 32%. WE'VE BEEN DOING A LOT OF WORK FOR NEW CONSTRUCTION ON THE AFFORDABLE SIDE WE'VE BEEN WORKING TO PUT ALL OF OUR PUBLIC LAND RESOURCES INTO PRODUCTION FOR HOUSING CREATION AND IN RESPONSE TO THE MAYOR'S LAND AUDIT, SHEILA AND HER TEAM HAVE DEDICATED OVER $230 MILLION OF ARPA FUNDING FOR INCREASING AFFORDABLE HOUSING CONSTRUCTION AND WE'VE ADVOCATED FOR A TRANSFER FEE TO INCREASE RESOURCES FOR AFFORDABLE HOUSING. WE'VE ALSO SUPPORTED EXISTING RESIDENTS IN HOUSING STABILITY WITH EXPANDED HOUSING VOUCHER PROGRAM. WE'VE STABILIZE OVER 5000 HOUSEHOLDS THROUGH FINANCIAL ASSISTANCE LEGAL ASSISTANCE AND RENTAL APARTMENTS. WE'VE REMOVED OVER A THOUSAND UNITS FROM THE SPECULATIVE MARKET THROUGH OUR ACQUISITION PROGRAMS AND CREATED MORE LONG TERM AFFORDABLE HOUSING. WE'VE ADVOCATED AND WE'VE ALSO ADVOCATED FOR RENT STABILIZATION AT THE STATE LEVEL.  SHEILA WILL TALK ABOUT THIS IN HER IN HER PRESENTATION BUT WE'VE ALSO REALLY FOCUSED A LOT ON HOMEOWNERSHIP HELPING MORE THAN 800 FAMILIES BY THEIR FIRST HOME IN BOSTON. AND AT THE END OF THE DAY WE'VE ALSO BEEN HARD AT WORK INCREASING THE SUPPLY OF HOUSING.  OVER 17,000 UNITS HAVE BEEN BUILT OR STARTING TO CONSTRUCTION IN THE NEW ADMINISTRATION. OVER 5000 OF THOSE ARE INCOME RESTRICTED. WE'RE DOING A LOT OF WORK TO CONVERT OFFICE SPACE DOWNTOWN TO HOUSING PRODUCTION AND WE'VE INCREASED OUR SUPPORTIVE HOUSING RESOURCES FOR BOSTON'S HOMELESS HOUSEHOLDS. SO THAT'S ALL JUST REALLY THE TIP OF THE ICEBERG AND THERE ARE AMAZING TEAMS WORKING ACROSS THE CITY EVERY DAY AT THAT TRYING TO INCREASE HOUSING PRODUCTION, INCREASE AFFORDABILITY AND MAKE OUR MAKE OUR CITY A BETTER PLACE TO LIVE IN, A MORE AFFORDABLE PLACE TO LIVE AND THE HOUSING SALARY TO FUND WOULD BE A NEW TOOL IN THAT TOOLBOX AND WE'RE EXCITED TO TALK TO YOU MORE ABOUT IT TODAY. SO WITH THAT AS BACKGROUND I'M GOING TO TURN IT OVER TO COUNTY PRESENT TO TALK A LITTLE BIT ABOUT THE FIRST PROJECTS THAT WE ENVISION BEING FUNDED THROUGH THIS PROGRAM TO DO THIS OR DO SOME THANK YOU SO MUCH DEVIN AND THANK YOU SO MUCH MR CHAIR AND ALL THE COUNCILORS SO I'LL JUST WHAT THIS SLIDE SHOWS YOU IS THAT WHAT UNITES THE HOUSING ACCELERATOR APPROACH IS IS THAT THEY ARE ALL INVESTMENTS IN GETTING STUCK HOUSING TO HAPPEN BUT THEY ARE ACTUALLY THREE DIFFERENT INVESTMENT STRATEGIES AND SO THIS SLIDE SUMMARIZES THOSE THREE A LITTLE BIT AND THEN I'LL SPEAK TO THE FIRST ONE, THE BIG ONE AND THEN MY COLLEAGUES WILL SPEAK TO THE OTHER TWO. SO THE SORT OF THREE DIFFERENT TYPES OF HOUSING CREATION WE'RE TALKING ABOUT HERE. ONE IS THAT VHA AT OUR BUNKER HILL DEVELOPMENT THIS HAS TO DO WITH OUR REDEVELOPMENT PLAN THERE AND SPECIFICALLY THE THE FIRST INVESTMENT WOULD BE TO SUPPORT OUR NEXT BUILDING IN THAT REDEVELOPMENT WHICH IS BUILDING F IT'S A 265 UNIT MIXED INCOME BUILDING INCLUDING 58 AFFORDABLE REPLACEMENT UNITS FOR CURRENT PUBLIC HOUSING RESIDENTS AND I'LL SPEAK MORE TO THAT IN ONE MOMENT. JUST THE OTHER TWO STRATEGIES WHICH YOU'LL HEAR ABOUT IN A MOMENT IS RENTAL HOUSING IN GENERAL. SO THAT'S RENTAL HOUSING THAT STUCK THAT'S ON PRIVATE LAND THROUGHOUT THE CITY AND WHERE WE'LL BE PARTNERING WITH MASS HOUSING AND YOU CAN SEE HERE INVESTING IN SORT OF 750 TO 1000 UNITS AND THE STATE IS REALLY LOOKING TO GO IN WITH US IN A PARTNERSHIP THERE. THEY HAVE DOLLARS ALLOCATED FROM THE HOUSING BONNEVILLE AND BY BRINGING ACCELERATOR DOLLARS TO BEAR WE CAN REALLY KIND OF SUPERCHARGE THAT STRATEGY IN BOSTON SPECIFICALLY AS OPPOSED TO JUST THE WHOLE STATE AND WE'VE ALREADY HAD 18 PROJECTS SHOW INTEREST IN THIS FOREIGN INVESTMENT.  SO AGAIN YOU'LL HEAR A LITTLE BIT MORE ABOUT THAT IN A MOMENT. AND THEN THE THIRD IS THE YOU KNOW THIS THE STATE APPARATUS IS NOT SET UP TO INVEST IN HOMEOWNERSHIP STARTS BUT THAT'S A REALLY IMPORTANT PIECE OF THE ECOSYSTEM TOO. AND WE HEAR A LOT FROM OUR RESIDENTS AND FOR MANY OF THE COUNCILORS INCLUDING THE CHAIR ABOUT THE IMPORTANCE OF MAKING SURE THAT HOMEOWNERSHIP MOVES AS WELL. SO THIS IS BASICALLY THE IDEA THAT THE CITY WILL ACTUALLY SPEARHEAD A PILOT ABOUT HOW TO USE A VERY SIMILAR INVESTMENT STRATEGY IN MAKING THOSE HOMEOWNERSHIP PROJECTS ALSO GET OFF THE DRAWING ROOM AND FLOOR AND INTO CONSTRUCTION. AND THERE'S THE CURRENT DATA AS IT SAYS ON THE SLIDE IS ABOUT 10 TO 15 PROJECTS THAT ARE MOST LIKELY TO BENEFIT THERE.  BUT I WANT TO SPEAK JUST FIRST OF ALL TOBY AT BUNKER HILL AND MAYBE WE CAN JUST GO TO THE NEXT SLIDE. SO I THINK A LOT OF THE COUNCILORS HAVE BEEN TO THE SITE KNOW IT WELL.  IT'S ACTUALLY THE LARGEST PUBLIC HOUSING DEVELOPMENT IN NEW ENGLAND 1100 DEEPLY AFFORDABLE PUBLIC HOUSING UNITS . WE'RE SUPER PROUD OF HOW THAT COMMUNITY HAS KEPT LOW INCOME PEOPLE ANCHORED IN CHARLESTOWN FOR TRULY MANY GENERATIONS NOW. BUT UNFORTUNATELY IT'S BEEN IN THE SAME BUILDINGS. THE BUILDINGS WERE BUILT IN 1941 AND THEY'RE OBVIOUSLY PASSED OR ANY CALCULATION OF USEFUL LIFE THAT YOU WOULD DO AND THERE'S NEVER BEEN A REALLY SIGNIFICANT INVESTMENT IN THESE BUILDINGS AND FRANKLY, YOU KNOW, THEY REALLY SORT OF HAVE EXPIRING.  IT'S THE TOLL OF WHAT FEDERAL DISINVESTMENT FROM PUBLIC HOUSING LOOKS LIKE FIRSTHAND. SO THE YOU KNOW, THE VHA ABOUT TEN YEARS AGO NOW UNDER BILL MCGONIGLE, ONE OF MY PREDECESSORS WAS REALLY JUST SORT OF LOOKING AT THIS 1100 UNITS AND THINKING LIKE WHAT CAN WE DO? WE CAN'T RETREAT FROM THIS PORTFOLIO IN CHARLESTOWN. IT'S WAY TOO IMPORTANT TO ANCHOR OUR FAMILIES. BUT WE DON'T HAVE CLOSE TO THE KIND OF RESOURCES THAT WE WOULD NEED TO TRANSFORM THESE AS PUBLIC HOUSING SITES. AND SO IN THAT CONTEXT THE VHA PUT OUT AN RFP FOR A PUBLIC PRIVATE PARTNER LOOKING TO REDEVELOP THE SITE AND ADD DENSITY AND SO THE ORIGINAL PART THAT CAME ON BOARD WAS A CORCORAN THEY WERE THEN JOINED A COUPLE OF YEARS LATER BY LEGGETT MCCALL PROPERTIES WENT THROUGH A LONG PERMITTING PROCESS AND ULTIMATELY ENDED UP WITH A REDEVELOPMENT PLAN FOR THE SITE THAT IS REPLACING THESE DEEPLY AFFORDABLE UNITS AND ULTIMATELY ENDING UP WITH IT'S 2699 SO BASICALLY 2700 UNITS ON THE SITE SO INCREASING THE DENSITY AND HAVING IT BE GO FROM BEING 100% DEEPLY AFFORDABLE SITE TO ONE WHERE YOU HAVE A MIX OF INCOMES IN THE BUILDINGS BUT THE VERY FIRST BUILDING THAT THE VHA CONSTRUCTED ONCE THAT WAS THROUGH PERMITTING AND APPROVAL WAS BUILDING M WHICH IS AN ALL AFFORDABLE BUILDING AND THIS IS BECAUSE AND THIS IS ACTUALLY THE SAME IN OUR SOUTH BOSTON DEVELOPMENT WHEN WE'RE DOING ONE OF THESE BIG REDEVELOPMENT WE HAVE TO MAKE SURE THAT WE'RE GOING TO TRY TO MINIMIZE HOW MANY FAMILIES HAVE TO MOVE OFF SITE AND THEN COME BACK. AND SO THE BEST WAY TO DO THAT IS TO BUILD A FIRST ALL AFFORDABLE BUILDING THAT IS ON EITHER A BLANK PAD OR A PART OF THE SITE WHERE WE HAVE TO TAKE DOWN RELATIVELY FEW APARTMENTS SO THAT WE CAN KIND OF START AHEAD AFTER THE FIRST BUILDING. AND I'M VERY EXCITED THAT THAT THAT'S WHAT WE'RE DOING AND THAT ACTUALLY LAST WEEK THE FIRST FAMILIES STARTED MOVING INTO BUILDING M BELOW THE PHOTO OF THE OF THE PEOPLE.  YOU'LL SEE SOME OF THE PHOTOS OF THE UNITS ON THE INSIDE. THEY'RE INCREDIBLY BEAUTIFUL.  I LOOK FORWARD YOU KNOW, IN THE SPRING WHEN EVERYBODY'S ALL LEASED UP AND OCCUPIED WE'LL HAVE AN EVENT WITH ALL THE COUNSELORS.  THE FEEDBACK THAT'S BEEN COMING BACK FROM FAMILIES HAS JUST BEEN ABOUT HOW VALUED FAMILIES FEEL GETTING TO LIVE IN UNITS LIKE THESE.  YOU CAN ACTUALLY KIND OF SEE IN THE SECOND RIGHT HAND PICTURE IT'S GOT A REALLY NEAT CONSTRUCTION THAT'S USING TIMBER AND AND IN A SORT OF UNUSUAL WAY AND BECAUSE OF THAT YOU HAVE ALMOST IT'S ALMOST LIKE A WOOD FLOOR ON THE CEILING.  IT LOOKS REALLY BEAUTIFUL AND IT WAS SO BEAUTIFUL THAT ULTIMATE DECISION WAS TO LEAVE IT SO THAT YOU COULD ACTUALLY SEE THE WOOD INSTEAD OF PAINTING IT OVER BECAUSE IT REALLY LOOKS SO LOVELY AND OUR PARTNERS IN THIS THE WHOLE WAY THROUGH I HAVE BEEN THE CHARLESTOWN RESIDENT ALLIANCE WHICH IS THE TENANT ORGANIZATION FOR THE RESIDENTS AT BUNKER HILL. PRETTY MUCH ALL OF ITS LEADERS ARE SITTING BEHIND ME NOW SO I KNOW THAT YOU WILL HEAR FROM THEM LATER BUT JUST IN CASE COUNSELORS, SOME OF YOU MAY HAVE TO LEAVE. I WANT YOU TO KNOW THAT NANCY MARTINEZ, WHO'S OUR PRESIDENT OF THE SIERRA NOEMI, PHIL,  CARLA ARE ALL HERE. I THINK CARLA'S ON THE ZOOM AND THEN TINA AND FAMILIAR TO ALSO RESIDENTS WHO ARE STAFF AT THE SIERRA AND THEY'RE ON THEY'RE ALL HERE AND THEY'VE REALLY BEEN OUR PARTNERS IN PLANNING THE PROJECT.  THEY'RE LITERALLY PARTNERS IN THE SENSE THAT WE HAVE TRIPATHI AGREEMENTS AS PART OF THE AGREEMENT AND THE GREATER BOSTON LEGAL SERVICES WHO ALSO HAVE REPRESENTATIVES HERE HAVE BEEN THERE ADVISORS ALONG THE WAY AND I THINK ONE OF THE THINGS WE'RE REALLY PROUD ABOUT IN THE CHARLESTOWN MODEL IS THAT WE'VE PUSHED HARD ON HOW TO HAVE LIKE AGREEMENTS THAT REALLY PROTECT THEIR PUBLIC HOUSING RESIDENTS AND MAKE AND MAKE THEM LIKE TRUE PARTNERS IN THE REDEVELOPMENT AND MAKE SURE THAT THEY CONTINUE TO FEEL A REAL OWNERSHIP OVER THAT COMMUNITY AS IT DEVELOPS. AND UNFORTUNATELY THE PART OF THIS THAT WE DIDN'T PLAN ON WAS THAT BY THE TIME THAT WE WERE OCCUPYING BUILDING M WE REALLY EXPECTED TO ALREADY HAVE THE NEXT BUILDING UNDER CONSTRUCTION. SO THIS IS BUILDING F IT'S THE FIRST MIXED INCOME BUILDING TO BE BUILT ON THE SITE AND REALLY IMPORTANTLY FOR US IT'S A MIXED INCOME BUILDING WHERE THE MARKET UNITS ARE CROSS-SUBSIDIZE IN THE AFFORDABLE SO THAT WE DON'T HAVE TO RELY ON TAX CREDIT RESOURCES.  COUNSELORS WILL HAVE GONE TO MANY GREAT TAX CREDIT FUNDED PROJECTS AND IT'S LIKE THE VITAL RESOURCE FOR LOW INCOME HOUSING PRODUCTION. BUT AS SHEILA AND I BOTH KNOW ACUTELY THERE IS ONLY A FINITE AMOUNT OF IT EVERY YEAR AND SO YOU CAN'T JUST KEEP ADDING ADDITIONAL THINGS TO THE PIPELINE BECAUSE IT JUST PUSHES THE PIPELINE BACK LIKE WE CAN'T WIDEN THE APERTURE. AND SO FOR US HAVING THESE MIXED INCOME BUILDINGS BE WHAT GETS THESE DEEPLY AFFORDABLE BUILDINGS THAT CHARLESTOWN BUILT IS LIKE SUPER VITAL TO GO WITH IT TO ACTUALLY REPLACING THIS MANY UNITS AT SUCH AT SUCH A SIGNIFICANT SITE. BUT WE AT HAVE EXPERIENCED THE SAME THING THAT THE WHOLE NATIONAL MARKET HAS THAT DEVIN SHOWED THE SLIDE ON WHERE BECAUSE INTEREST RATES WENT WAY UP THE MECHANISM OF HAVING THOSE MARKET UNITS BE FINANCEABLE AND THEREFORE PAY FOR PRODUCING THESE DEEPLY FOR AFFORDABLE UNITS HAS BEEN BROKEN FOR THE LAST FEW YEARS AND SO WE'VE BEEN STUCK WITH WE HAVE A PAD THAT IS READY FOR US TO BEGIN CONSTRUCTION AT BUILDING F WE HAVE DRAWINGS WE PERFECTED LOTS OF THINGS ABOUT THE CONSTRUCTION MECHANICS THAT WE'RE USING AT THIS SITE WITH BUILDING M SO WE WERE LIKE READY TO GO. BUT THE THE ISSUE HAS FINANCING AND SO FOR US THIS ACCELERATOR FUND IS REALLY A GODSEND BECAUSE WHAT IT WHAT IT WILL DO IS IT WILL ALLOW US TO USE A PUBLIC FINANCING SOLUTION TO REPLACE SOME OF THE LIKE PRIVATE EQUITY THAT HAD ORIGINALLY BEEN LIKE WHAT WE WERE RELYING ON TO MOVE THE PROJECT FORWARD. AND IT'S GREAT BECAUSE WHAT WE DON'T WANT TO DO IS WE CAN'T JUST LIKE SINK PUBLIC MONEY AND SPEND IT ON MIXED INCOME HOUSING, RIGHT? WE DON'T HAVE ENOUGH PUBLIC MONEY TO EVER DO THAT AND IT CREATES ALL KINDS OF MORAL HAZARD ISSUES IF THE PUBLIC IS NOT GETTING ITS MONEY BACK. BUT WHEN YOU CAN SET UP SOMETHING THAT'S AN INVESTMENT AND IT'S A SITUATION WHERE WE CAN BOTH ACTUALLY GET THE PUBLIC'S MONEY BACK AND REALLY MAKE SURE THAT THAT WE'RE MOVING THIS PROJECT FORWARD AND AND I CAN'T DESCRIBE ENOUGH LIKE FOR US THIS IS MEANT TO BE A FLYWHEEL. WE'RE TRYING TO GET INTO A MODE WHERE WE'RE ALWAYS DOING CONSTRUCTION ON A NEW BUILDING AT THE BUNKER HILL SITE BECAUSE AS THIS STRETCHES OUT LONGER AND LONGER WE HAVE THOSE BUILDINGS STILL FROM 1941, RIGHT? AND SO THEN WE RUN INTO QUESTIONS ABOUT LIKE ARE YOU GOING TO REPLACE THAT ROOF ON THIS BUILDING BECAUSE YOU THOUGHT YOU WERE GOING TO BE ABLE TO REPLACE IT IN FIVE YEARS BUT NOW YOU'RE REPLACING IT A TEN, RIGHT. AND SO THE LIKE IT'S SORT OF A SLOW MOTION THING BUT FOR THE VHA LIKE THE ACUTENESS OF THE TIME PRESSURE IS INCREDIBLY REAL AND SO WE REALLY CAN'T AFFORD TO SIT AROUND WAITING FOR THREE YEARS FOR INTEREST RATES TO COME DOWN ENOUGH TO SOLVE THIS PROBLEM FOR US LIKE IT'S A PROBLEM THAT OUR RESIDENTS ARE LIVING EVERY DAY. AND SO FOR US WE THINK THE OPPORTUNITY TO IMITATE WHAT HAS BEEN DONE DOWN IN MONTGOMERY COUNTY, MARYLAND AND I KNOW I'VE TALKED A LOT ABOUT THE MODEL IN OTHER HEARINGS WITH THIS COUNCIL SO I WON'T GO INTO INTO AS MUCH DEPTH NOW BUT HAPPY TO AND QUESTIONS WE REALLY THINK THAT MONTGOMERY HAS SHOWN HOW THIS CAN WORK AND HOW IT CAN WORK WHEN DONE IN PARTNERSHIP WITH THE PUBLIC HOUSING AUTHORITY AND WE'RE JUST INCREDIBLY EXCITED ON BEHALF OF OUR RESIDENTS TO GET GOING SO THAT'S THE BJP'S THANKS.  NEXT SLIDE PLEASE. SO I'M GOING TO TALK A LITTLE BIT ABOUT HOW THE FUND WORKS.  CAN YOU GO ONE MORE SLIDE PLEASE?  SO ON THE SLIDE YOU SEE HERE ON THE BAR ON THE LEFT THAT IS A TYPICAL REAL ESTATE FINANCE DEAL TODAY THE THE DARK BLUE SECTION AT 60% LOAN A BANK LOAN SENIOR DEBT AND THAT COMES IN AROUND SEVEN OR 8% INTEREST RATE. THE LIGHT OF THE TOP THAT'S THE THAT'S THE PRIVATE EQUITY PORTION AND THE CHALLENGE TODAY IS THE PRIVATE EQUITY SEEKS 11 TO 15% RETURNS ON THAT AND AS DEVIN EXPRESSED WITH THE RISING COST OF OF CONSTRUCTION ACROSS THE BOARD IT IS INCREASINGLY DIFFICULT TO FIND EQUITY INVESTORS WILLING TO SUPPLY THAT 40% AND ABLE TO GET THAT LEVEL OF RETURN. SO WITH THAT THE THE BAR ON THE RIGHT SHOWS HOW THE ACCELERATOR FUND IN THE MOMENTUM FUND WORK TO SOLVE THIS PROBLEM WITH A 10% CONSTRUCTION COST PER PUBLIC EQUITY SHARE THAT'S A QUARTER OF THE EQUITY SO THAT DOES TWO THINGS IT REDUCES THE TOTAL AMOUNT OF EQUITY THAT'S NEEDED FOR A PROJECT AND IT INCREASES THE ABILITY FOR INVESTORS MEET THE RETURNS THAT THEY NEED TO ACTUALLY PUT THE EQUITY IN TO MAKE PROJECTS FEASIBLE.  THE SECOND PIECE THAT THAT THIS PRODUCT DOES IS THE SENIOR DEBT PART THE DARK BLUE THAT IS BEING SUPPORTED BY A LOWER INTEREST FREDDIE MAC SUPPORTED LOAN SO THAT'S MORE LIKE 6% INSTEAD OF THE SEVEN OR 8% THAT'S ON THE MARKET TODAY. SO THOSE TWO CHANGES IN THE BAR ON THE RIGHT TURN PROJECTS THAT ARE JUST A LITTLE OFF FROM FEASIBILITY TO FEASIBLE AND ABLE TO TO TO GET STARTED IN CONSTRUCTION AND ALL THIS IN BOSTON GETS ITS INVESTMENT BACK IN A REASONABLE AMOUNT OF TIME . NEXT SLIDE PLEASE.  SO IN MAKING THESE PROJECTS FEASIBLE IT PROVIDES US TODAY THE ABILITY TO INCENTIVIZE A NUMBER OF MORE OF OUR MORE IMPORTANT PRIORITIES AND VALUES. SO FIRST OF ALL, THE TOP TWO ITEMS THE AFFORDABILITY ON THE LEFT 20% AFFORDABLE FOR RENTAL HOUSING THAT IS A STATUTORY REQUIREMENT IS THE LAW FOR MASS HOUSING AND THAT WOULD BE THE PROJECTS THAT ARE BELOW 20% IF THEY WANT TO RECEIVE THE FUNDING WILL HAVE TO REACH 20%. AND THE SECOND PIECE IS THAT MASS HOUSING HAS THE DEEP LEVEL OF UNDERWRITING EXPERIENCE AND WILL ENSURE THAT PROJECTS ARE ABLE TO TO MEET THEIR STANDARDS AND ARE READY TO GO IN LESS THAN A YEAR. IDEALLY WE'D LIKE TO SEE THEM MORE LIKE LESS THAN SIX MONTHS. SO ASSUMING THEY ARE ABLE TO MEET THOSE TOP TWO THRESHOLDS THEN THE CRITERIA ON THE SECOND LEVEL ARE TRIGGERED. THAT'S WHERE WE LOOK AT THE DIVERSITY OF THE DEVELOPMENT TEAM THE CLIMATE RESILIENT PROGRAM FOR A PROJECT AS WELL AS COMMUNITY IMPACT SUCH AS PROJECT LOCATION COMMUNITY SUPPORT AND OTHER BENEFITS. THIS IS REALLY A GREAT WAY FOR US TO INVEST IN OUR VALUES.  THE NEXT SLIDE PLEASE.  SO LET ME PREFACE THAT MOST OF THIS SLIDE IS PENDING COUNCIL APPROVAL OF COURSE OF THE OF THE ACCELERATED FUND PROPOSAL BEFORE YOU TODAY. BUT IN. SO PROJECTS ARE CURRENTLY BEING EVALUATED. THERE HAVE BEEN A BUNCH OF PROJECTS THAT HAVE ALREADY SUBMITTED FOR MOMENTUM FUND AND MASS HOUSING IS REVIEWING THOSE APPLICATIONS FOR THE STATE FUNDING PIECE AND AND THE CITY WILL BE PROVIDING ITS SUPPORT AND ADVICE ON THOSE PROJECTS ALONG THE WAY. THE THE INTENT FOR MASS HOUSING IS TO SELECT TWO OR THREE PROJECTS FOR ITS PILOT ROUND AND THAT WILL HAPPEN SOMETIME LIKELY NEXT MONTH WITH AT LEAST ONE BOSTON PROJECT WE HOPE IN THAT ROUND AGAIN WITH THE CITY PROVIDING GETS ITS ADVICE AND INFORMATION AFTER THAT ONCE FUNDING COMMITMENTS ARE MADE AND CONTRACTS ARE SIGNED FOR FOUR PROJECTS SORRY. SO IN THE SPRING IN APRIL, MAY, JUNE THAT WOULD BE WHEN THERE WAS A LARGER GROUP OF PROJECTS THAT WILL BE INVESTED IN AND WHEN THE BULK OF ACCELERATOR FUNDING ON THE RENTAL SIDE WILL BE INVESTED. SO AFTER THAT WHEN MASS HOUSING LETS US KNOW AFTER CONTRACTS ARE SIGNED WHEN A CAPITAL CALL IS NECESSARY, WHEN THERE'S A NEED TO INVEST IN THE PROJECT, THE CITY WILL MAINTAIN THE FUNDS UNTIL 30 DAYS PRIOR TO THE DEVELOPER REQUIRING THOSE FUNDS AT WHICH POINT WE WILL TRANSFER THE FUNDS TO MASS HOUSING TO INVEST DIRECTLY IN THOSE PROJECTS AND THEN HOUSING WILL MANAGE THE FUND. THERE NEXT SLIDE.  SO THE PARTNERSHIP WITH MASS HOUSING IS REALLY CRITICAL FOR THE CITY. MASS HOUSING CURRENTLY HAS OVER $6 BILLION IN PUBLIC INVESTMENT AND PROJECTS AROUND THE STATE. THEIR EXPERIENCE AND KNOWLEDGEABLE THEY KNOW HOW TO STRUCTURE A DEAL LIKE THIS AND TO MAKE A SUCCESSFUL PUBLIC INVESTMENT.  IN ADDITION, BECAUSE OF THE FREDDIE MAC LOAN PRODUCT THERE'S ANOTHER LAYER OF UNDERWRITING THAT IS REALLY PROVIDING A LOT OF PROTECTION FOR THE CITY AND THE STATES FUNDING THE PUBLIC EQUITY PORTION OF THESE INVESTMENTS WILL BE AT THE FRONT OF ANY RETURNS. SO SOME OF THESE RETURNS MAY GET PAID BACK OVER TIME BUT THE BULK WILL BE AT THE END WHEN THE LOAN IS UP AT AT PROBABLY ABOUT TEN YEARS AND THAT'S THE CITY WILL RECEIVE ITS FUNDS FIRST THE STATE WILL RECEIVE ITS FUNDS FIRST AS WELL AND THEN THE DEVELOPER WILL GET ITS DEVELOPER FEE AND THE OTHER EQUITY PARTNERS WILL RECEIVE THEIR FUNDS AFTER THE THE CITY AND STATE ARE PAID BACK. SO I THINK THAT THOSE ARE THE KEY PIECES OF WHY WE ARE REALLY EXCITED ABOUT THIS THIS PARTNERSHIP THAT ALLOWS US TO NOT HAVE TO BUILD OUR OWN INFRASTRUCTURE, OUR OWN BUREAUCRACY RELATED TO UNDERWRITING. SO THAT IS THE RENTAL PORTION OF THE THE ACCELERATED FUND BUT I WOULD LIKE TO PASS IT OVER TO CHIEF DOLAN TO DISCUSS THE HOME OWNERSHIP PIECE. GREAT. THANK YOU, RUBEN. SO I JUST WANTED TO BEGIN BY HIGHLIGHTING HOW IMPORTANT IF YOU COULD ADVANCE THE SLIDE PLEASE. THANKS. NEXT HOW?  INCREASING OUR HOMEOWNERSHIP RATES IN BOSTON HAS BEEN TO THIS ADMINISTRATION AND TO ALL OF YOU. THERE'S MANY OF YOU HERE THAT I'M WORKING WITH VERY CLOSELY ON HOMEOWNERSHIP PROGRAMS AND DEVELOPMENTS TODAY DATE UNDER THE BUSH ADMINISTRATION WE HAVE ASSISTED 804 HOMEBUYERS TO BUY HOMES USING A CITY PROGRAM DOWN PAYMENT ASSISTANCE AND ACCESSING A LOW COST MORTGAGE OR BUYING AN INCOME RESTRICTED AFFORDABLE HOME NEW CONSTRUCTION.  WE ARE ALSO WORKING VERY, VERY HARD TO BUILD ADDITIONAL HIGH QUALITY HOMES THAT PEOPLE CAN AFFORD TO BUY. SINCE TO 2022 WE HAVE COMPLETED 300 INCOME RESTRICTED HOMES AND WE HAVE ANOTHER FIVE UNDER CONSTRUCTION WHICH IS FOR BOSTON A VERY LARGE NUMBER OF FOR SALE HOUSING. AND WE'RE ALSO WORKING WITH TO ADVANCE A VERY LARGE PIPELINE OF HOMES, NEW HOMES THROUGHOUT THE CITY.  AND FOR THOSE THAT AREN'T READY TO BUY WE ARE ALWAYS WORKING WITH OUR NONPROFITS AND OUR FAMILIES TO GET THEM READY TO BUY IF THEY SO CHOOSE. WE ARE CONTINUING TO INVEST MORE THAN EVER INTO HOME BUYING CLASSES AND WE HAVE TO DATE EITHER PEOPLE WHO ARE IN THOSE CLASSES OR HAVE ALREADY GRADUATED OVER 5000 ATTENDEES. AND OFTEN CREDIT IS AN OBSTACLE. SO WE'RE REALLY HAVE BEEFED UP OUR CREDIT REPAIR PROGRAMS AND WE HAVE 700 FAMILIES WHO HAVE TAKEN ADVANTAGE OF THOSE PROGRAMS.  AND I I'VE BEEN DOING THIS A WHILE AND I HAVE NEVER SEEN THIS AMOUNT OF ACTIVITY TO HELP OUR FAMILIES BUY IN WHAT IS A VERY DIFFICULT MARKET. SO I'M VERY PROUD OF ALL THE PEOPLE THAT ARE AT THE HOME CENTER AND THE VHA AND AND ALL OF US ACTUALLY WHO HAVE BEEN WORKING ON THIS ISSUE REALLY, REALLY HARD.  BUT WHILE THIS WORK IS VERY SUBSTANTIAL AND I THINK WE CAN FEEL VERY GOOD ABOUT IT, WE ALSO HAVE I LOOKED BEFORE I WALKED OVER THOUSANDS OF HOMEOWNERSHIP UNITS THAT ARE IN OUR PIPELINE BUT ARE STUCK. THEY ARE NOT MOVING FORWARD. AND FOR MANY OF THE REASONS THAT DEVIN AND RUBEN MENTIONED, KYRA, THE HIGH INTEREST RATES TO CONSTRUCT THE COST OF CONSTRUCTION IS HIGH, MATERIALS IS HIGH.  AND MY FEAR IS WITH THE THE FIRES IN THE WEST COAST WE'RE GOING TO SEE CONSTRUCTION COSTS EVEN HIGHER STILL BECAUSE OF WOOD AND APPLIANCES AND IT GOES ON AND ON. TO THAT END, THE CITY IS SEEKING TO LAUNCH A HOMEOWNERSHIP INVESTMENT PILOT. AND HOW WOULD THIS WORK? WE WOULD BE SEEKING TO USE A PORTION OF THE $110 MILLION THAT THAT WE'RE TALKING ABOUT TODAY.  THIS AND THIS FUNDING WOULD BE USED TO PROVIDE CONSTRUCTION FINANCING PROBABLY PARTICIPATING WITH OTHER LENDERS BUT LENDING AT A LOWER INTEREST RATE TO MAKE PROJECTS MORE VIABLE AND TO JUMPSTART HOMEOWNERSHIP PROJECTS THAT ARE STUCK. THESE INVESTMENTS OF COURSE WOULD BE PAID BACK WHEN THE UNITS SELL. SO REALLY PARTICIPATING IN WHAT'S PRETTY TRADITIONAL CONSTRUCTION FINANCING FOR HOMEOWNERSHIP PROJECTS MASS HOUSING THROUGH THE MOMENTUM FUND IS AN ABLE TO INVEST IN HOMEOWNERSHIP PROJECTS. SO LEARNING FROM THE DISCUSSIONS AND THE PROCESS THAT WE'VE GONE THROUGH SO FAR WE'D BE ISSUING AN RFP LOOKING FOR A FINANCIAL INSTITUTION THAT WE CAN TRUST WITH OUR FUNDING TO UNDERWRITE AND WORK VERY CLOSELY WITH US ON INVESTING IN HOMEOWNERSHIP PROJECTS.  SO IT IT'S THE IT'S ANOTHER PIECE OF THE PUZZLE TO REALLY HELP OUR DEVELOPERS SMALL AND LARGER JUMP START WHAT WE WHAT WE SEE EVERY DAY IS STALLED HOMEOWNERSHIP PROJECTS. SO I AM ALSO BEN ASSIGNED TO CONCLUDE AND I WILL BE BRIEF BECAUSE THIS HAS BEEN LONG BUT SO WE ARE SEEKING OF COURSE $110 MILLION ALLOCATION FOR HOUSING STARTS AND WE'RE ABLE TO DO THIS BECAUSE WE'RE LEVERAGING A STRONG FINANCIAL POSITION TO INVEST IN MIXED USE HOUSING CREATION.  WE ARE ALWAYS I LIKE TO THINK AT THE FOREFRONT OF LOOKING AT WHAT OUR HOUSING ISSUES ARE AND TRYING TO USE INNOVATION OUR BEST THINKING, OUR FINANCIAL STRENGTH TO APPROACH THESE PROBLEMS AND SOLVE THEM. AND I THINK THAT'S WHAT THIS IS IT'S A VERY INNOVATIVE WAY TO WORK WITH OUR PARTNERS TO UNLOCK PRODUCTION AND REALLY WORK ON OUR HOUSING SUPPLY ISSUES. THE FUND WILL CERTAINLY PRIORITIZE PROJECTS THAT HAVE CHARACTERISTICS THAT ARE IMPORTANT TO ALL OF US. READINESS OF COURSE. WHY DO THIS IF PROJECTS AREN'T READY TO PROCEED? ACTUAL NEED WE ARE WRITING WE'RE UNDERWRITING FOR NEED IF THEY DON'T NEED THIS OF COURSE DON'T COME FOR LOW COST CAPITAL BUT IF YOU NEED IT AND WE CAN DETERMINE THAT YOU IT WE WANT TO ASSIST. AFFORDABILITY CLIMATE RESILIENCE THE DIVERSITY OF THE TEAM AND ALWAYS COMMUNITY IMPACT.  SO WE'RE REALLY ARE GOING TO WORK WITH OUR UNDERWRITING PARTNERS TO ENSURE THAT BOSTON VALUES ARE IN EVERY PROJECT THAT GETS FUNDED.  CONSTRUCTION STARTS ARE EXPECTED IN UNDER A YEAR WITH UNITS THAT WERE THAT THAT ARE INVESTED IN COMING INTO THE MARKET IN 27 OR 28. AND I WOULD LIKE THINK EVEN MAYBE A WEE BIT SOONER THAN THAT. SO WITH THAT I'LL CONCLUDE BUT I WILL SAY I THINK BOSTON IS IN A VERY STRONG POSITION TO ASSIST THE MARKET AND WE'VE ALL BEEN WRINGING THEIR HANDS FOR SO LONG TO FIGURE OUT HOW TO INCREASE SUPPLY OF MARKET RATE IN MIXED INCOME HOUSING AND I REALLY THINK THIS IS A GOOD PART OF THE SOLUTION.  THANK YOU.  THANK YOU TO THE ADMINISTRATION FOR YOUR PRESENTATION.  I ALSO WANT TO JUST TAKE THE OPPORTUNITY TO THANK MY CO-SPONSOR COUNCILOR JULIE MEJIA ON ADVOCATE AND ALSO MY ALL MY COLLEAGUES ON ADVOCATED FOR THE INCREASE IN THE DEVELOPMENT FUND ALSO SPENT A LOT OF VIRTUAL MEETINGS WITH SENIOR POLICY ADVISER RUBIN KANTER.  SO THANK YOU FOR YOUR TIME AND THE WHOLE ADMINISTRATION'S TIME ON CONTINUING TO INVEST INTO HOUSING AND INCREASING OUR PRODUCTION OF HOUSING ON HOMEOWNERSHIP AND THE RENTAL SIDE.  ALSO JUST WANT TO ADD THAT WE'VE BEEN JOINED BY COUNCILOR DUNCAN AND I'M DO A LOT OF THINGS A LITTLE DIFFERENT. WE'RE GOING TO GO TO PUBLIC TESTIMONY FIRST SO WE WILL START ONLINE AND I BELIEVE WE HAVE ONE PERSON ONLINE. YOUR NAME CALLED PLEASE SAY YOUR NAME AND ANY AFFILIATION AND THEN YOU HAVE 2 MINUTES TO TESTIFY. THE FLOOR IS NOW YOURS. C.R. SIERRA.  YEP. HI. MY NAME IS CARLA WERT.  I CHANGED MY NAME ON ZOOM IN THIS OR I'M SORRY I'M THE VICE PRESIDENT OF THE CHARLES SCHUMER ALLIANCE.  I'VE BEEN ON HERE FOR SO LONG I BELIEVE 2013 WE'VE STARTED I'VE BEEN RESIDENT FOR MAYBE 8 TO 19 YEARS.  WE'VE REALLY WE JUST REALLY REALLY NEED THIS HOUSE BECAUSE OUR RESIDENTS.  WELL, FIRST I WANT TO SAY HELLO TO EVERYBODY SORRY AND THANK YOU FOR THE HELP THAT WE HAVE HAD ALL THIS TIME FROM THE BEGINNING.  I'VE BEEN IN THIS BILL FROM THE BEGINNING I'VE NOT SEEN ANYTHING BUT COMPLETE TRANSPARENCY AND HELP SINCE THE BOARD HAS BEEN ABLE TO BE IN THIS FIELD AND IT'S A ONE TIME THING THAT I HAVEN'T SEEN BEFORE WHERE RESIDENTS ARE SO INVOLVED THAT WE HAVE A VOICE AND THERE'S VHA AS FAR AS WE'VE SEEN HAS DONE EVERYTHING THEY CAN. THERE'S JUST NO MORE BAND-AIDS YOU, CAN'T PUT ANY MORE BAND-AIDS ON THIS PLACE. IT'S YOU CAN'T.  WE'VE HAD RESIDENTS THAT HAVE HAD TO WAIT LONGER OR WAIT LONGER THAN THEY SHOULD HAVE JUST A WEEK AFTER FIRST BUILDING DONE WITH HEALTH AND OTHER RESIDENTS WE NEED OUT OF THESE BUILDINGS THEY'RE LIKE I SAID, THERE'S NO MORE BAND-AIDS. THERE IS NO MORE HELP THAT CAN BE DONE TO THEM. I'VE BEEN HERE SINCE THE BEGINNING AND WE'VE DONE AN AMAZING THING HERE WORKING TOGETHER.  OUR RESIDENTS ALWAYS HAVE A VOICE. THEY'RE ALWAYS INVOLVED,  THEY'RE ALWAYS NOTIFIED. WE'VE DONE EVERYTHING WE CAN TO MAKE THIS THE BEST STRIVE PARTY DEAL THAT WE CAN IN ALL PARTIES . IT'S BEEN THROUGH THOUSANDS OF HOURS OF MEETINGS WORKING ON EVERY DOCUMENT, EVERY SINGLE STEP OF THE WAY. WE WORK ALL TOGETHER.  OUR RESIDENTS JUST REALLY REALLY NEED NEW HOUSES AND WE NEED THE HELP.  I KNOW. I UNDERSTAND ALL THESE FUNDS BEING PAID BACK AND FORTH ARE IMPORTANT AND I UNDERSTAND THAT BUT WE NEED SOMEWHERE TO LIVE AND THAT'S MORE IMPORTANT TO US BECAUSE WE JUST CAN'T LIVE IN THESE PLACES ANYMORE AND THERE'S NO OTHER WAY TO FIX THEM.  THANK YOU. THANK YOU. NOW WE'LL GO TO THOSE LOOKING AT TESTIFY THAT'S HERE WITH US IN THE CHAMBERS STARTING WITH NANCY MARTINEZ AND THEN TINA GOOD GOODEN YOU GOOD NOW?  HI. ONE I ALWAYS SAY MY SPEECH IN SPANISH AND I'VE GOT MY TRANSLATOR HERE I THINK SUE ME. OKAY.  SO WHEN I STARTED THIS NUMBER,  NANCY MARTINI MADE OUT OF THIS SEED SO YOU'LL REPRESENT THE DE LA LEON'S SERVICES THEN THEY SHALL STOP. GOOD AFTERNOON, MY NAME IS NANCY MARTINEZ AND I'M PRO PRESIDENT OF THE CHARLESTOWN RESIDENT ALLIANCE.  LASSIE, I REPRESENT DELORES.  THEN THERE'S A BUNKER HILL. YEAH. BORDER POST OPPORTUNITY THAT IS THAT WILL BE IN THE HOLSTER A KIT THAT EVA SALVER LAYS. YES. SC IN MY STACK OF MONEY THAT THE CIA REPRESENTS THE RESIDENT OF BUNKER HILL AND ADVOCATES FOR FAIR, EQUAL, HEALTHY AND AFFORDABLE HOUSING OPPORTUNITIES IN OUR COMMUNITY WHEN THE WORLD PREMIERE OF IS GAY WAS A LONG PROJECT TODAY THIS ARE ALSO THE BUNKER HILL WE WANT US WHEN WE FIRST HEARD ABOUT THE DEVELOPMENT THERE WERE MANY WE HAVE MANY QUESTIONS HOW COULD THIS HOW CAN THIS BUILDING BE IMPROVED SO EVERYBODY HAS A SAFE AND AFFORDABLE PLACE TO LIVE? WELL CONCEPT FOR THEM AND WHAT ARE THEY STILL ABC OFFICIALS BUT GET ALL THOSE THINGS GOING ON LUGARES SEGURO ECO MODEL PARA REVEALED YO THAT THEIR NAME WAS STILL PRIMARILY PHYSIOTHERAPY NOVEL AND HOW HOW WE HAVE OUR FIRST BUILDING MY HOUSES HOW COULD THIS BUILDING BE IMPROVED SO EVERYBODY HAS A SAFE AND COMFORTABLE PLACE TO LIVE AND NOW WE HAVE OUR FIRST BUILDING COMPLETED THIS WITH THE ANNUAL STATE RUBBER HOSE WILL NOT RESIDENT MY STRUGGLE MONEY EITHER JANE THAT DON'T USE APARTAMENTO SNOWMOBILE LAST NAME ONE OBSERVER AFTER YEARS OF WORK THE SIERRA I WAS ABLE TO SEE SOME OF THE NEW APARTMENTS AT THE END OF THE LAST YEAR THROUGH THIS PROCESS WE LISTEN. WE LISTEN TO OUR RESIDENTS ABOUT THEIR HOPES, FEARS AND NEEDS ARE ALWAYS THE PROCESS. SO A COACH AMONG US, ESPERANZA SAYS LOST MEMORIES THAT NECESSITY THOUGH THEY HAD NO TRUE RESIDENTS YES WE FELIX'S YOUR BLUE JERSEYS THEN I LOVE YOU EMBEDDING EITHER MOVE I MEAN I TO SOLARIS NOW FOR THIS THIS DEVELOPMENT WE ARE SO HAPPY AND PROUD TO WELCOME THEM BACK TO THESE HOMES THEY SAY LET THE LOLO SCANDAL HAPPEN YET ON YOU KNOW SAMPLE YOUNG KID ALREADY THEY SEE IT AS DIGI OR DE LA RAZA AS KENSI CLUB THANK YOU. CAN I SEE ALL THAT LOUD LOUDLY THEN THEY WILL BE ABLE STOLE A LEG AND MACAW A JOE CORCORAN GRASS SUNWAY CITY COUNCIL YET THE LITTLE MIEMBRO DE LA HOME THAT YOUR PERSONAL THEY CITY LAZARO HE PRESENT THIS I WOULD LIKE TO THANK TO EVERYBODY WHO WHO WHO HAD OUR BACKS IN THE HELPED US INTO REACH TO THIS TO HERE TODAY THANK YOU TO OUR CANSECO THANK YOU CASSIE PARK AND THE AUTHORITY OF OUR BOSTON HOUSING LEGAL MACAULAY E E CORCORAN THANK YOU TO THE CITY COUNCIL AND EVERY MEMBER OF ALL OF THE PERSONNEL OF THE C.R.A. PRESENT AND PAST GRACING THE WALL I CITY COUNCIL LC THAT THE MOST IMPORTANT SUPPORT YOU AND MR PROJECT YOUNG AND PROSUMER EDIFICIO IGLESIA RESIDENT THAT THE BUNKER HILL IS UNKNOWN OR REPRESENT A LITTLE THING ON A CONSTRUCTION DAY STUCCO MONEY THAT THANK YOU SO MUCH THANK YOU TO TO MAJOR WU CITY COUNCIL AND IN THE CITY OF BOSTON FOR YOUR ASSISTANCE IN THIS PROJECT AND IN OUR NEXT BUILDING AND THANK YOU FOR THE RESIDENTS OF BUNKER HILL IT'S AN HONOR TO REPRESENT AND THE CONSTRUCTION OF THIS COMMUNITY. THANK YOU EVERYBODY.  WE REALLY NEED THESE BUILDINGS TO BE THIS JOY AND HAPPINESS BRAND NO, BECAUSE THERE'S NO WAY NO WAY NO WAY TO PUT A PLASTER TO THOSE APARTMENT BECAUSE EVERYTHING ELSE FALL DOWN.  WE REALLY NEED THIS AND I WANT TO LIVE A LITTLE BIT BETTER THAN WHAT I LIVE RIGHT NOW.  THANK YOU SO MUCH. THANK YOU, TINA.  GOOD NOW FOLLOWED BY FEEL RIGHT HIGH EVERYONE MY NAME IS TINA COURIC NOW GOOD AFTERNOON HONORABLE CITY COUNCIL MEMBERS AGAIN MY NAME IS TINA. GOOD. NOW I HAVE THE HONOR AND PRIVILEGE OF BEING THE EXECUTIVE DIRECTOR OF THE CHARLESTOWN RESIDENT ALLIANCE.  THE CRA IS THE OFFICIAL TENANT ORGANIZATION ELECTED TO REPRESENT THE INTERESTS OF MORE THAN 2500 RESIDENTS WHO LIVE AT THE BUNKER HILL PUBLIC HOUSING DEVELOPMENT. I REALIZE THAT THERE ARE OTHER ISSUES SURROUNDING THE ACCELERATED FUND BUT WE ASK OF ALL OF YOU TODAY IS THAT YOU DON'T LOSE SIGHT OF THE GREATER MISSION HERE ABSOLUTELY CRITICAL HOUSING FOR FAMILIES IN DESPERATE NEED RIGHT NOW I HAVE LIVED AT BUNKER HILL I HAD THE HOUSING DEVELOPMENT FOR MORE THAN 15 YEARS. I HAVE RAISED MY CHILDREN AT BUNKER HILL AND I KNOW VERY WELL WHAT IT MEANS TO WORRY AS A PARENT FOR THE SAFETY AND WELL-BEING OF MY SONS. MY FAMILY HAS EXPERIENCE HOMELESSNESS IN THE PAST. WE KNOW FIRSTHAND HOW MANY FAMILIES URGENTLY NEED PERMANENT, DEEPLY AFFORDABLE HOUSING OUR BUNKER HILL RESIDENTS ARE MOSTLY MINORITIES . MANY ARE DISABLED. MANY DO NOT SPEAK ENGLISH AND WE ARE ALL LOW INCOME FAMILIES. EACH OF OUR BUNKER HILL FAMILIES KNOW PERSONALLY WHAT IT MEANS TO BE LOOKED DOWN ON AND EXCLUDED. NO ONE HAS TO TELL US WHAT DISCRIMINATION AND ECONOMIC EXCLUSION LOOKS LIKE AND FEELS LIKE AND WE KNOW FROM OUR LIVED EXPERIENCES HOW IMPORTANT IT IS TO HAVE EQUAL ACCESS TO OPPORTUNITY IS TO IMPROVE OUR LIVES. THESE BUILDINGS WERE BUILT IN 1941 AND WE KNOW WE CAN'T KEEP ON LIVING IN THE TERRIBLE CONDITIONS OF THESE BUILDINGS.  I PERSONALLY THE MOTHERS OF MY GRANDCHILD OFTEN DO NOT ALWAYS FEEL COMFORTABLE WITH BRINGING MY GRANDCHILDREN TO THE HOUSE BECAUSE OF THE CONDITIONS OF THE APARTMENT AND SO THAT'S SOMETHING THAT I STRUGGLE WITH PERSONALLY. SO WHEN VHA PUT OUT A REQUEST FOR PRIVATE DEVELOPERS TO COME UP WITH A WAY TO REBUILD ALL 1100 OF OUR DISTRESSED HOUSING UNITS BUNKER HILL AND TO DO IT WITH OUR FEDERAL HELP OUR TENANT ORGANIZATION DECIDED TO BE AT THE TABLE WITH OUR VOICES TO ENSURE THAT THE BEST INTERESTS OF OUR RESIDENTS ARE ADVANCED AND ALL PLANNING AND NEGOTIATIONS. WE HAVE GOTTEN FAR TO SAY THE LEAST AND CREATED A TRUE PUBLIC PRIVATE PARTNERSHIP THAT IS A NATIONAL MODEL MARKET RATE UNITS WILL SUBSIDIZE AFFORDABLE UNITS.  IT IS HARD TO BELIEVE THAT WE'VE ALREADY MADE HISTORY WITH THE FIRST BUILDING BEING COMPLETED JUST A FEW WEEKS AGO COMPLETED JUST A FEW WEEKS AGO. IT WILL DELIVER 102 AFFORDABLE HOMES FOR OUR FAMILIES AND THE FIRST GROUP OF FAMILIES HAVE BEGUN TO MOVE IN. NOW WE MUST NOT LOSE MOMENTUM BECAUSE OF MARKET CONDITIONS THAT ARE OUT OF OUR CONTROL. THIS IS WHY THE ACCELERATOR FUND IS SO IMPORTANT AND TO CLOSE THE GAP OF THE FUNDING NECESSARY TO KEEP MOVING FORWARD WITH THE BUILDING AND BREAKING GROUND FOR THE PROJECT SECOND BUILD AND HOPEFULLY NEXT YEAR. WE ARE PROUD THAT WE GUARANTEE THAT ALL THE UNITS WHERE THE MARKET MARKET OR DEEPLY AFFORDABLE WILL BE THE SAME IN QUALITY SIZE FIXTURES AND AMENITIES.  AND THAT IT IS A HEALTHY PASSIVE HOUSE DEVELOPMENT AND WE WILL CONTINUE TO BE AT THE TABLE ACROSS ALL THE PHASES TO WORK TOWARD ENSURING THAT WHAT IS BUILT IS A TRULY WELCOMING, DIVERSE MIXED INCOME COMMUNITY WITH A VIBRANT COMMUNITY COMMUNITY CENTER THAT PROVIDES INCLUSIVE PROGRAMING FOR ALL. BUT ONE THING FOR SURE IS THAT WE THE FAMILIES WHO LIVE IN THE BUNKER HILL DEVELOPMENT NOW CANNOT AFFORD ANY FURTHER DELAYS TO CONTINUE TO MOVE THIS PROJECT FORWARD. NOW IT'S BEEN A LONG TIME. WE'VE BEEN WAITING A LONG TIME AND I THINK IT'S JUST TIME TO KEEP GOING. AND I JUST WANT TO SAY THANK YOU TO EACH AND EVERY ONE OF YOU HERE TODAY.  I THINK YOU CAN SEE BOK, MAYOR WU AND ESPECIALLY COUNCILOR GIGI COLETTA WHO HAS BEEN BESIDE US FROM THE BEGINNING.  THANK YOU. THANK YOU. FEEL RIGHT?  NOT FOR NOTHING, TYNAN, BUT THAT'S A TOUGH ACT TO FOLLOW.  SO I DIDN'T GET MUCH SLEEP LAST NIGHT. AND HONESTLY, AS I STAND HERE BEFORE YOU, I AM AS NERVOUS AS A LONG TAIL CAT IN A ROOMFUL OF ROCKING CHAIRS BECAUSE YOU KNOW THIS FOR US ON THE SIERRA IS REALLY LIFE AND DEATH. I CAN ONLY SPEAK TO MY OWN EXPERIENCE AND I HAVE THE PRIVILEGE OF BEING ABLE TO SAY THAT I AM THE PROUD FATHER OF THE SIERRA, THE ONLY ONE OF THE INDIVIDUAL BESIDE MYSELF THAT WAS ELECTED IN 13. SHE WAS FORCED TO RESIGN IN DISGRACE AND I'M STILL HERE FOR TWO YEARS AT 530 EVERY SINGLE FRIDAY MORNING I HAD TO GET UP IN ORDER TO BE AT SUFFOLK CONSTRUCTION AT 730 ON FRIDAY MORNINGS TO PLAN ALL THE DETAILS OF THIS PROJECT. AND I GOT TO TELL YOU FOLKS, YOU WILL BE HARD PRESSED TO FIND ANYTHING GREENER ON THE PLANET THAN WHAT WE ARE DOING IN CHARLESTOWN.  I CAN ONLY RELATE MY OWN EXPERIENCES. WE WOULD LIKE TO HAVE HAD TENANTS HERE BUT THEY HAVE LIVES IN THEIR BUSY.  THE APARTMENT I AM CURRENTLY IN I AM NOW IN MY 12TH YEAR THERE FOR THE FIRST EIGHT YEARS THAT I WAS THERE I NEVER EVEN SAW ONE COCKROACH. THEN MY UPSTAIRS NEIGHBOR WHO HAS A MENTAL HEALTH ISSUES DECIDES THAT HE WANTS TO DRINK ON HIS MEDICATION AND FOUR TIMES NOW HE HAS MANAGED TO LEAVE HIS KITCHEN SINK RUNNING WHILE PASSING OUT.  SO NEEDLESS TO SAY HE HAS FLOODED MY APARTMENT FOUR TIMES AND NOW I HAVE A PROBLEM. IT'S NEVER GOING TO GET BETTER. BUT CONDITIONS OF THESE BUILDINGS IS BEYOND DEPLORABLE WORDS. YOU DON'T JUST APPLY HOW BAD THEY ARE AND HOW DESPERATELY WE NEED THIS NOW I WANT TO GIVE A SHOUT OUT TO CARL IN SUFFOLK CONSTRUCTION FOR ONE VERY SIMPLE REASON IN DEALING WITH THEM I GET TO BRING BACK A TERM THAT'S NOT HEARD OFTEN THESE DAYS AND THAT TERM IS SALT OF THE EARTH BOTH OF THOSE ORGANIZATIONS ARE ABSOLUTELY THE SALT OF THE EARTH. THEY HAVE DONE AMAZING WORK AND I DON'T KNOW IF I'M WRONG IN FEELING THIS BUT THIS WOULDN'T EVEN BE HAPPENING IF LEGGOTT MCCARL HADN'T RUN DOWN IN MONTGOMERY COUNTY, MARYLAND AND FOUND OUT ABOUT THE ACCELERATED PROJECT AND BROUGHT IT BACK HERE SO I'M OLD SCHOOL FIRST WENT IN GETS THE BEST SO ORIGINALLY WE'RE TOLD THAT THE SECOND BUILDING FINANCES ARE A DONE DEAL BUT THEN THE QUESTIONS THAT ARISE OKAY AND NOW WE'RE WONDERING IT'S LIKE WAIT A MINUTE THEY GAVE US $110. YOU KNOW YOU WANT TO DO SOMETHING REALLY GREEN, YOU WANT TO DO SOMETHING RIGHT AWAY. THIS IS THE PERFECT OPPORTUNITY. SO ON BEHALF OF THE SIERRA AND ALL OF THE RESIDENTS IN BUNKER HILL, WE ARE ASKING THAT YOU PRIORITIZE THE SIERRA FOR THE NEXT THREE BUILDINGS SO WE CAN GET THIS PROJECT MOVING.  THANK YOU FOR YOUR TIME. THANK YOU.  NOW WE'LL GO TO COUNSELORS FOR OUR FIRST ROUND OF QUESTIONS DOWN WITH COUNCIL PRESIDENT LOUIJEUNE.  THANK YOU VERY MUCH, MR CHAIR. AND I JUST WANT TO THANK ALL THE MEMBERS OF THE CHARLESTOWN RESIDENTS ASSOCIATION CARMEN, NANCY, PHIL, TINA THERE IS A PERSON WHO WAS ON ZOOM. WHAT REALLY STRUCK ME WAS THE PERSON ON ZOOM TALKED ABOUT THIS BEING A CODE GOVERNANCE MODEL AND I THINK THAT'S REALLY FASCINATING. IT'S SOMETHING THAT WE DON'T SEE THAT OFTEN AND WE DON'T SEE CITIES DOING THAT THAT OFTEN THAT YOU AS RESIDENTS IN CHARLESTOWN ARE ALSO ACTIVE PARTICIPANTS AT THE TABLE REPRESENTED BY GBBN UNLESS DETERMINE WHAT IT IS THAT YOU WANT TO SEE THAT THIS DEVELOPMENT IS HAPPENING ON YOUR TERMS. AND I JUST WANT TO SAY THAT THAT THAT'S VERY ENCOURAGING TO WITNESS AND I THINK THE CITY FOR APPRECIATING HOW IMPORTANT IT IS SOMETIMES FOR US TO DO CALL GOVERNANCE ALONGSIDE OUR RESIDENTS WHO HAVE A LOT TO TEACH US ABOUT THE HOUSING CONDITIONS THAT YOU ALL DESERVE HERE IN THE CITY.  SO I JUST WANT TO THANK ALL OF YOU. I THINK INNOVATION AND HOUSING IS IMPORTANT ESPECIALLY AS WE HAVE THIS HOUSING CRISIS. SO I'M VERY EXCITED TO SEE THIS INNOVATION AND ON THE CITY COUNCIL WE'VE HELD MULTIPLE HEARINGS ABOUT SOCIAL HOUSING, ABOUT HOW WE'RE USING LEVERAGING OUR FISCAL STRENGTH WHICH WE'RE DOING HERE TO BUILD MORE HOUSING.  AND SO I HAVE A FEW QUESTIONS ABOUT AND DEVIN, YOU SPOKE TO THE FACT THAT THIS IS GOING TO FAR 20% INCLUSIONARY WHICH IS ALSO REALLY GREAT. I HAVE A QUESTION REGARDING HOW WE'RE GUARANTEEING THE 4 TO 6% RETURN. WHAT IS A TIMELINE OF THAT 4 TO 6% RETURN AND IF ANYONE MAYBE IT'S ACTUALLY CHIEF GRIFFIN BERGER WANTS TO SPEAK TO YOU KNOW, WE ARE WE ARE LEADING INTO OUR FISCAL STRENGTH HERE HOW IF IN ANY HOW IF AT ALL DO WE SEE THIS HAVING AN IMPACT ON OUR TRIPLE A BOND RATING OR HOW DID WE CONSIDER THAT RATING IN OUR DETERMINATION THAT WE WOULD USE THIS AMOUNT OF FREE CASH TO ENGAGE IN THIS WORK?  MR SHAH I'LL START WITH THE FIRST QUESTION. SO BY WORKING WITH MASS HOUSING WHICH WILL BE BOTH UNDERWRITING THE PROJECTS AND SIGNING THE CONTRACTS WITH THE DEVELOPERS ON THE CITY'S BEHALF, THE CITY IS GUARANTEED THOSE FUNDS THE WAY THAT THE THE RETURNS WILL WORK IS ON AN ANNUAL BASIS. WE WILL SEE WHAT THE PROFIT AND LOSS STATEMENTS ARE FROM THESE PROJECTS AND THE CITY WILL EARN A PORTION OF THE PROFITS BASED ON SORT OF A PRO-RATED SHARE OF OF OF OUR EQUITY INVESTMENT AND AT THE END OF THE LOAN WHICH IS PROBABLY ABOUT TEN YEARS COULD BE EXTENDED TO AS MUCH AS 15 YEARS DEPENDING ON THE DEAL THAT IS IS IT OFFERED THAT WILL BE WHEN THE CITY GETS THE REST OF ITS FUNDS PLUS THE YIELD THAT IS AGREED TO AT THE BEGINNING. SO THAT'S ALL CONTRACTUAL AND WE'RE GUARANTEED THOSE FUNDS. THANK YOU. AS CHIEF JUSTICE ON THE SECOND QUESTION. OKAY. ONE QUESTION FOR YOU, RUBEN IS IS THAT THE SAME TIMELINE AS A PRIVATE MARKET IN TERMS OF SEEING RETURNS? YES, IT IS. OKAY. THANK YOU. AND NOW THAT THAT IF IT WERE DIFFERENT I'D ALSO BE HAPPY WITH THAT BECAUSE I DO THINK IT'S IMPORTANT FOR US IF WE'RE TRYING TO SECURE HOUSING AS A HUMAN RIGHT TO BE BUILDING THESE ALTERNATIVES TO HOW THE MARKET WORKS. SO I JUST WANT TO PUT THAT OUT THERE. BUT THANK YOU. IT'S GOOD TO KNOW THAT IT'S FUNCTIONING ON THE SAME TIMELINE. THANKS FOR YOUR QUESTION, COUNSELOR.  SO TO THE QUESTION OF OUR BOND RATING AND HOW WE THINK THIS WILL OR WILL NOT IMPACT US, I THINK IT'S IMPORTANT TO NOTE THE CITY IS A GREAT FINANCIAL POSITION. WE ARE REALLY WELL RESERVED. WE DON'T ANTICIPATE THAT THIS WOULD CAUSE US TO NOT MEET ANY OF OUR RESERVE TARGETS AND ESPECIALLY SINCE WE ANTICIPATE THAT THESE FUNDS WILL COME BACK TO US WITH SOME AMOUNT OF RETURN IN THE FUTURE. WE'RE NOT CONCERNED THAT IT WOULD IMPACT OUR RESERVES IN THE WAY THAT THE RATING AGENCIES VIEW US. GREAT. YEAH, ESPECIALLY BECAUSE IT'S COMING BACK INTO OUR COFFERS. THEN MY LAST QUESTION IS I SEE WE HAVE HERE INFORMATION FROM SAGE ON SAGE ON FOUNTAIN A PROJECT IN ROXBURY, AN AFFORDABLE HOMEOWNERSHIP PROJECT THAT I WAS HAPPY TO SUPPORT. THEY OBVIOUSLY ARE.  WOULD THEY BE IS THIS HERE ARE THEY LOOKING FOR FUNDING FROM THIS ACCELERATOR FUND OR IS THIS JUST HERE AS AN EXAMPLE? OKAY.  THAT THAT PROJECT IS COMPLETELY BUILT.  YEAH, RIGHT, RIGHT. AND PEOPLE HAVE MOVED IN AND THEY'RE HAPPY SO THAT WAS A COMBINATION OF CONSTRUCTION AND PUBLIC SUBSIDY.  SO THEY'RE NOT THEY'RE NOT GOING TO BE SEEKING OUR FUNDS BECAUSE THEY ALREADY HAVE COMPLETED THE PROJECT. OKAY WE JUST HAVE A PRESENTATION HERE SO IT MIGHT BE FOR A LATER LATER FOR THE LATER PANEL LAST BUT THIS IS TRULY MY LAST QUESTION IS ON. SO WE HAVE PUBLIC HOUSING PROJECTS THAT WE'RE SUPPORTING WHICH ARE GREAT CHARLESTOWN I BELIEVE MAYBE SOUTH BOSTON AND SOME SOME OTHERS AND THEN THERE'S GOING TO BE AN AMOUNT OF THIS THAT PROJECTS THAT HAVE BEEN SLOW TO GET OUT THE START I KNOW ONE OF THEM ALSO IN ROXBURY P3 IS ONE OF THEM. WHAT WOULD THAT PROCESS LOOK LIKE FOR FOLKS WHO HAVE PROJECTS THAT ARE READY TO GET OFF THE GROUND? BUT FOR THIS GAP IN FUNDING WHAT IS GOING TO LOOK LIKE FOR FOR PROFITS AS FOLKS ARE ALREADY REACHING OUT TO US IN TERMS OF LIKE HOW CAN THEY TAP INTO THE ACCELERATOR FUND AND I WANT TO BE ABLE TO GIVE THEM THE RIGHT INFORMATION.  GREAT. WELL, I WOULD SAY FIRST OF ALL, ANY DEVELOPER THAT REACHES OUT TO YOU PLEASE PASS ALONG MY INFORMATION. I'M HAPPY TO TALK WITH THEM AND ALSO PUT THEM IN TOUCH WITH THE STATE AT MASS HOUSING. THEY'VE BEEN TERRIFIC REACHING OUT TO AND TALKING WITH A NUMBER OF DEVELOPERS ALONG THESE EXACT LINES. THERE IS THERE HAS BEEN AN OPEN APPLICATION PROCESS FOR THE PILOT ROUND AND THEY'RE GOING TO REOPEN THAT FOR THE FULL ROUND FOR THE SPRING. SO ENTITIES THAT THINK THAT THEY ARE PRETTY MUCH SHOVEL READY READY TO GO AND THIS IS THE LAST GAP. THIS IS THE NEED THAT THEY HAVE TO FILL THAT FINAL PIECE AND THAT CAN GET STARTED WITHIN THE NEXT YEAR. YOU KNOW, WE WOULD ENCOURAGE THEM TO APPLY WITH MASS HOUSING, GO THROUGH THE UNDERWRITING PROCESS AND THEN MASS HOUSING WILL INFORM US OF PROJECTS THAT THEY THAT MEET THEIR UNDERWRITING CRITERIA AND THAT THEY DEEM READY TO GO THAT HAVE FULFILLED ALL THE PERMITTING REQUIREMENTS TO GET A PERMIT IN SHORT ORDER AND ABLE TO PUT A SHOVEL ON THE GROUND.  YOU KNOW, THE MASS HOUSING IS EXPECTING THAT THERE ARE GOING TO BE SOME PROJECTS THAT WON'T BE READY RIGHT NOW BUT MIGHT BE READY, YOU KNOW, NEXT YEAR. SO THEY'RE WITHHOLDING A LITTLE BIT OF FUNDS FOR NEXT YEAR'S ROUND TWO TO ACCOUNT FOR THAT. BUT YOU KNOW, I DON'T THINK THAT THAT'S WHY THEY WERE GOING TO TRY TO PUT OUR MONEY TO USE AS SOON AS WE POSSIBLY CAN. THANK YOU. THANKS TO THE ADMIN. THANK YOU MR CHAIR. AND AGAIN THANK YOU TO THE RESIDENTS OF CHARLESTOWN FOR COMING OUT AND FOR GOVERNING ALONG WITH OUR CITY. THANK YOU. THANK YOU. COUNCIL PRESIDENT.  COUNCILOR FITZGERALD, THE FLOOR IS NOW YOURS. THANK YOU, CHAIR AND THANK YOU TO THE PANEL. AS YOU ALL KNOW I HAVE GREAT RESPECT AND ADMIRATION FOR FOR ALL OF YOU INDIVIDUALLY AND AS A GROUP. SO THANK YOU FOR COMING IN TODAY. THERE ARE SOME QUESTIONS I'M GOING TO ASK TODAY THAT I THINK SOME MORE ANSWERED IN THE PRESENTATION. OTHERS WE MAY KNOW THE ANSWER TO BUT IT'S MORE TO REITERATE THE ANSWER FOR THOSE AT HOME AS WELL. RIGHT. SO LET'S START WITH WHERE DOES THE $110 MILLION COME FROM BECAUSE OBVIOUSLY GIVEN EVERYBODY'S RECENT SPIKE IN ATTENTION TO OUR TAXES AND THEIR TAX INVOICE THAT HAVE COME IN, THAT'S A LOT OF QUESTIONS THAT WE'VE GOT AS COUNCILOR AS I'M SURE MY OTHER COLLEAGUES HAVE AS WELL ABOUT WHY ARE WE INCREASING WHEN WE'VE GOT 110 GOING OUT. SO JUST SO THEY UNDERSTAND WHERE IS THAT 110 MILLION COMING FROM? I'LL TAKE THAT QUESTION, COUNCILOR. SO THAT 110 MISAPPROPRIATION IS ANTICIPATED TO COME FROM OUR UNRESTRICTED AVAILABLE FUND BALANCE. THE CITY AS OF OUR MOST RECENT FINANCIAL REPORT THAT WE JUST COMPLETED AT THE END OF LAST YEAR IT'S ABOUT $1.3 BILLION IN UNRESTRICTED FUND BALANCE AND THEN A PORTION OF THAT IS WHAT IS DETERMINED TO BE SPENDABLE BY THE DEPARTMENT OF REVENUE DIVISION OF LOCAL SERVICES. SO WE WILL UTILIZE A PORTION OF THAT SPENDABLE FUND BALANCE TO SOURCE THIS APPROPRIATION. GREAT.  AND IS THIS IS THIS FUND BEING FUNDED BY ANYTHING ELSE OTHER THAN THAT AND CAN WE ASSUME BECAUSE THAT THAT ALSO BE CALLED THE RAINY DAY FUND BUT YOU JUST EXPLAINED IN LAYMAN'S TERMS. SURE. SO IT'S YOU KNOW, UNRESTRICTED FUND BALANCE ARE FUNDS THAT WE COULD UTILIZE TO DEAL WITH UNANTICIPATED COSTS OR YOU KNOW, OTHER NON-RECURRING EXPENSES LIKE THIS ONE BECAUSE THEY ARE NON-RECURRING FUNDS THEY'RE SORT OF FUNDS THAT THE CITY HAS ACCUMULATED OVER MANY, MANY YEARS AND IS AVAILABLE FOR ONE TIME NEEDS. GREAT. AND WE ARE GOING TO PAIR OUR MONEY WITH THE STATES MONEY WHICH I DON'T THINK IS EXACTLY YOUR QUESTION BUT JUST TO MAKE IT CLEAR THAT OUR DISINVESTMENT IS THAT BRIDGES STATE MOMENTUM FUND DOLLARS SO THE DOLLARS THAT ACTUALLY GO TO PROJECTS ARE MULTIPLE MULTIPLIED BY THE STATE'S INVESTMENT. RIGHT. ANY STATE INVESTMENT IS NOT PART OF THE TEN BUT IS PAIRED WITH 110 AS IT GOES FORWARD. UNDERSTOOD.  AT A QUESTION ABOUT WHAT IS THE CRITERIA FOR BEING SELECTED AS A PROJECT, CAN I ASSUME WE CAN GO TO THE BOSTON INVESTMENT PRIORITIES SLIDE AND THAT WOULD THAT IS BASICALLY THE CRITERIA THAT WE HAVE AND I DON'T NEED TO GO OVER THAT AGAIN BUT I'LL TAKE THAT AS THE ANSWER THERE. WHO WILL BE CHOOSING THE PROJECTS TO INVEST IN? THAT'S A IT WILL BE A CLOSE PARTNERSHIP BETWEEN US AND THE STATE. THE STATE IS GOING TO PERFORM THE TECHNICAL ANALYSIS AROUND FINANCE ABILITY AND THE RETURN ON INVESTMENT WILL LAYER THAT ON WITH THE EVALUATION YOU SEE BEFORE YOU GET THE EVALUATION CRITERIA AROUND IMPACT ON THE CITY CITY DEVELOPMENT TEAM RESILIENCE ETC.. ALL RIGHT. AND BETWEEN THAT THAT THE GROUP OF LEADERS HERE AND OUR OUR COLLEAGUES AT THE STATE THAT'S HOW WE'LL MAKE THE DECISION.  OKAY. AND I HAD A QUESTION WHEN AND HOW DO WE SEE THIS RETURN GET ACTUALIZED? I BELIEVE THAT WAS ANSWERED IN THE PREVIOUS QUESTIONS.  BUT REUBEN, YOU DID SAY WE WILL LOOK AT THE PROFIT AND LOSS ANNUALLY, RIGHT. AND THEN DETERMINE THOSE WORDS THIS PROFIT AND LOSS. SO IN THE RESULT OF ITS EVERY LOSS HOW DOES THAT WORK OUT FOR US?  WELL THE ADVANTAGE OF RENTAL HOUSING IN THIS MARKET IS THAT OVER THE COURSE OF TEN YEARS, YOU KNOW, THINGS CAN SORT OF FLUCTUATE, GO UP AND DOWN AND SO AT THE END OF THAT TIME THERE'S A REALLY STRONG EXPECTATION THAT THERE WILL BE STRONG PROFIT AND THAT THE CITY WILL EARN ITS INVESTMENT BACK. SO AT ANY ONE YEAR IF THERE'S A LOSS THE CITY IS NOT GOING TO BE OUT ADDITIONAL FUNDS THE AMOUNT THAT WE'RE PUTTING IN THAT'S THE AMOUNT THAT'S THAT'S NOT THAT DOESN'T CHANGE IF THE DEVELOPER FOR INSTANCE HAS COST OVERRUNS THEY HAVE TO SEEK THOSE THOSE OVERRUNS FROM SOMEONE ELSE. THEY'RE NOT ABLE TO ACCESS ADDITIONAL CITY EQUITY FUNDS.  UNDERSTOOD. AND IF THERE WAS EVER A CHANGE TO THE MARKET IN WHATEVER WAY WHERE A LOSS IS ACTUALIZED, WHAT IS THE EFFECT GOING IF WE JUST THAT SUNK MONEY RIGHT. IS IT JUST THAT THAT'S A LOST INVESTMENT AND A PERCENTAGE OF IT IS ALL JUST DEPENDS ON INDIVIDUAL PROJECTS AND HOW THEY DO? YEAH I MEAN IF YOU'RE SAYING UNDER THE THEORY OF THERE BEING A MAJOR HOUSING COLLAPSE IN TEN YEARS AND THE THE THE AMOUNT IS DUE YOU KNOW THAT WOULD BE A NEGOTIATION WITH THE STATE ON EXACTLY HOW THAT WOULD WORK AND WE'D WE'D BE IN THE PREFERRED EQUITY POSITION SO WE'D BE PAID FOR ANY OTHER EQUITY INVESTORS IN THE PROJECT. SO I SUPPOSE IT'S THEORETICALLY YOU KNOW IT'S AN INVESTMENT SO ANY INVESTMENT THERE'S A POTENTIAL FOR LOSS BUT USUALLY WE'RE IN THE PREFERRED POSITION AFTER ANY DEBT ON THE PROJECT IS RETIRED WE'D BE THE FIRST EQUITY PROVIDER PAID OUT AND ANY OTHER INVESTOR SO IT SEEMS LIKELY THAT OVER A 5 TO 10 YEAR INVESTMENT PERIOD THAT THAT 4 TO 6% COULD BE RELATIVELY ACHIEVED. I GUESS. BUT YOU KNOW, EVEN IF A PROJECT ITSELF EVEN YOU KNOW $5 MILLION GOING TO A PROJECT IN THIS NEIGHBORHOOD AND THAT PROJECT WERE TO FAIL NEVER MIND NOT THE OVERALL MARKET PER SE BUT THE PROJECT INDIVIDUALLY FOR WHATEVER REASON I YOU DO WE JUST RATED A FIVE THAT'S $5 MILLION AS A LOSS AND YOU HAVE TO ARTICULATE THAT WOULDN'T THAT THAT I GUESS THE ANSWER TO YOUR QUESTION IS THAT THAT MONEY WOULD NOT RECYCLE BACK RIGHT WE WOULD NOT WOULD NOT SEE THE RETURN BUT AT THE END OF THE DAY THIS IS WHY WE'RE PARTNERING WITH MASS HOUSING. THEY HAVE SUBSTANTIAL EXPERIENCE INVESTING IN GREAT HOUSING PRODUCTION. THEY HAVE A TEAM OF UNDERWRITERS THAT THEIR WHOLE JOB LIKE ANY ANY INVESTOR ,ANY MARKET INVESTOR WHEN DOING THIS INVESTMENT ALONGSIDE MARKET INVESTORS GOING TO ENSURE THAT THE RISKS ARE VERY MINIMAL AND ASSET.  THANK YOU, CHAD. APPRECIATE THE TIME. THANK YOU.  CARLOS SANTANA DISCLOSURES THANK YOU MR CHAIR. AND THANK YOU TO OUR PANELISTS FOR BEING HERE. FIRST I WANT TO THANK OUR VHA CHARLESTOWN RESIDENTS FOR BEING HERE. AS A KID MYSELF FROM OUT OF STATE I JUST REALLY LOVE TO SEE THE CHAMBER FILLED WITH WITH OR WITH OUR RESIDENTS. I ALSO WANT TO THANK THE CHAIR FOR FOR REALLY SCHEDULING THIS IMPORTANT HEARING. YOU KNOW MY QUESTIONS ARE GOING TO BE ABOUT IT'S GOING TO GO ABOUT THE HOME OWNERSHIP. BUT BEFORE THAT I DO WANT TO TALK ABOUT YOU KNOW, THIS IS SOMETHING THAT I'M VERY PASSIONATE ABOUT MY INAUGURAL SPEECH ON THE BOSTON CITY COUNCIL WAS ON EXPLORING MIXED INCOME SOCIAL HOUSING AND I'VE HAVE HELD MANY HEARINGS WITH MANY OF OUR PANELISTS HERE TODAY. MANY OF MY COLLEAGUES AND IT IS GREAT TO SEE THE ADMINISTRATION TAKE SUCH A BOLD STEP AND BEING ABLE TO MAKE THIS A REALITY AND YOU KNOW, I OFTEN SAY AGAIN AS SOMEONE WHO GREW UP IN ALICE TAYLOR APARTMENTS AND STILL HAVE FAMILY WHO LIVES IN VHA APARTMENTS, I ALWAYS I MEAN I'M VERY GRATEFUL AND PROUD PRODUCT OF VHA BUT EVER SINCE WORK AND ALSO FOR MY FORMER BOSS COUNCILOR BOK, I WAS ALWAYS AN ACTIVE I WAS ALWAYS VERY LOUD ABOUT THE CONDITIONS THAT VHA RESIDENTS LIVE IN. RIGHT. I THINK VHA CARE OF MY FAMILY AND I HAD THE OPPORTUNITY TO ALWAYS SAY THIS NOT JUST STAY HERE BUT REALLY THRIVE HERE IN A CITY WHERE SOME OF THE CONDITIONS THAT WE SEE IN THE NBA ARE ARE GOING TO REALLY IMPROVE ON. SO I REALLY LOVE THIS MODEL. I REALLY LOVE WHAT THIS DOES FOR OUR VHA RESIDENTS ACROSS ALL OF OUR NEIGHBORHOODS AND FOR SUPPORT OF THAT ON THAT END. MY QUESTION IS TOWARDS THE YOU KNOW, THE THE HOME OWNERSHIP PIECE AND I THINK IT MIGHT GO TO THE CHIEF HERE.  CAN YOU TALK ABOUT THE RETURN OF INVESTMENTS ON THE HOME OWNERSHIP PIECE?  I KNOW YOU MENTIONED SOME OF THE THE TRANSFER OF NOT TRANSPORTATION BUT SOME OF THE CONSTRUCTION COSTS THAT WILL COME BACK. BUT YOU KNOW, WITH THE WITH THE VHA MODEL THAT YOU'RE LOOKING AT, YOU KNOW, MARKET RATE HOUSING AND THAT WILL SUBSIDIZE SOME OF THE SOME OF THE HOUSING. SO HOW DOES THAT HOW DOES THAT PIECE IN TERMS OF RETURNING INVESTMENT WORK FOR THE FOR THE HOME OWNERSHIP PIECE? IT'S A FABULOUS QUESTION AND I THINK WHAT WE HAVE TO DO FIRST IS UNDERSTAND WHY SOME OF THE HOME OWNERSHIP MIXED INCOME OR MARKET RATE PROJECTS ARE STUCK. RIGHT. SO WHAT'S WHAT'S WHAT'S KEEPING THEM BACK FROM STARTING CONSTRUCTION BECAUSE ALL WE ALL KNOW IT'S A VERY STRONG ONCE IT'S BUILT IT SELLS. SO LOOKING AT WHAT THE DEVELOPERS NEED TO ACTUALLY START CONSTRUCTION AND SECURE THE CONSTRUCTION, FIND THE MARKET RATE CONSTRUCTION FINANCING THAT ONCE WE START UNDERWRITING IT WITH A FINANCIAL PARTNER IT WILL TELL US WHAT WE NEED TO LEND OUR CITY RESOURCES AT OR FOR.  MY HUNCH IS WE ARE GOING TO BE LENDING OUR RESOURCES BELOW MARKET BLENDING THAT WITH OTHER FINANCIAL INSTITUTIONS LENDING AUTHORITY AND INSTRUMENT AND THEN GET A SORT OF A BLENDED CONSTRUCTION LOAN. SO VERY LONG WINDED WAY OF SAYING I DON'T KNOW THE EXACT PERCENTAGE THAT WE WOULD BE SEEKING AS AN INTEREST RATE OR A RETURN ON OUR FUNDS.  WE'RE GOING TO HAVE TO DO SOME FINANCIAL ANALYSIS FIRST TO UNDERSTAND WHY PROJECTS ARE STUCK. DO WE NEED TO LEND THIS MONEY AT 4%? DO WE NEED TO LEND IT AT THREE AND A HALF PERCENT? I DON'T KNOW YET BUT WE NEED TO DO THAT ANALYSIS. THE NICE THING ABOUT HOMEOWNERSHIP PROJECTS IS LIKE I MENTIONED EARLIER, THEY'RE THEY'RE RATHER SIMPLE. THEY'VE GOT VERY FEW COMPONENTS. SO WHEN WE PUT THE MONEY IN THE MONEY WILL COME BACK PRETTY QUICKLY. SO EVEN IF WE HAVE TO LEND IT AT A LOWER INTEREST RATE WE WON'T WE'LL GET THAT MONEY BACK VERY QUICKLY SO WE CAN WE DEPLOY IT.  I DON'T KNOW RUBEN, IF YOU HAVE ANYTHING ELSE YOU WANT TO ADD THAT YOU GO TO TO GET REALLY APPRECIATE THAT TO THAT POINT. I MEAN YOU TALKED ABOUT, YOU KNOW, SOME OF THE PROGRAMS THAT WE USED TO HAVE TO HELP SOME YOU KNOW, OUR RESIDENTS TO BE ABLE TO PURCHASE HOMES. SO EXCEPT YOU KNOW, I'M NOT TALKING ABOUT THE CONSTRUCTION COSTS HERE BUT FOR SOME OF THOSE PROGRAMS THAT WE TALKED ABOUT, THE HOPE RESIDENT TO BE ABLE TO BUY A HOME WITH SO WHAT THIS FUND BE USED TO PUT TO INVEST IN THOSE PROGRAMS I I THINK I THINK THE SHORT ANSWER IS NO.  SO WE'RE RIGHT NOW WE'VE GOT MONEY TO PROVIDE DOWN PAYMENT ASSISTANCE FOR OUR RESIDENTS WHICH IS GREAT AND PEOPLE ARE UTILIZING IT. WE'VE GOT MONEY TO BUY DOWN INTEREST RATES AT BANKS MORTGAGES AND WE'VE GOT SUBSIDY THAT WE'RE THAT WE'RE ACTUALLY BUYING LONG TERM AFFORDABILITY AND HOMEOWNERSHIP PROJECTS DEVELOPMENTS. THIS IS MORE OF AN INVESTMENT DURING THE CONSTRUCTION FOR MARKET OR MIXED INCOME DEVELOPMENT. SO IT'S ANOTHER IT'S ANOTHER TOOL IN THE SORT OF THE HOMEOWNERSHIP CONTINUUM AND COUNCILOR, IF I CAN SAY ONE THING ON THAT YOU KNOW SOMETHING THAT WE'VE BEEN REALLY PROUD ABOUT IN THE FIRST HOME PROGRAM WHICH THANK YOU TO THE COUNCIL FOR SUPPORTING TWICE WITH OUR VOTES AND FOR THE TO THE CHAIR FOR ALL HIS ADVOCACY ON IT IS THAT THE VAST MAJORITY OF OUR PARTICIPANTS HAVE BOUGHT MARKET RATE HOMES RIGHT? A LOT OF THEM LIKE USING THE SECTION EIGHT TO HOMEOWNERSHIP WHICH OF COURSE IS GREAT FOR YOU KNOW LIKE PEOPLE ACTUALLY BEING ABLE TO ACCUMULATE EQUITY AND IT CAN REALLY CHANGE GENERATIONAL WEALTH. AND SO ONE OF THE CONSISTENT THINGS THAT WE HEAR FROM THAT GROUP AND SO YOU KNOW, THE LAST NUMBERS I HAD WAS WE HAD 73 FAMILIES THAT HAD CLOSED 67 OF THEM BUYING IN BOSTON AND ALL BUT FOUR BUYING MARKET RATE HOMES IS IS JUST THAT IT'S LIKE REALLY ABOUT SUPPLY. SO I THINK LIKE IN THAT SENSE IT'S LIKE THIS IS A DIFFERENT THING BECAUSE IT'S APPROACHING A SUPPLY PROBLEM. BUT THE GOOD THING IS THAT BECAUSE OF THESE OTHER TOOLS WE HAVE WE HAVE REASON TO BELIEVE THAT A BUNCH OF OUR FAMILIES THAT WE'RE ASSISTING ARE GOING TO BE ABLE TO ACCESS THAT SUPPLY BUT THEY CAN'T ACCESS IT IF IT DOESN'T EXIST TO TOTALLY MAKE SENSE. I REALLY WANT TO AGAIN THANK OUR PANELISTS. I MEAN SO FOR SUPPORT OF THE OTHER SIDE OF OUR FUND HERE AND I'M LOOKING FORWARD TO SEEING THIS PLAY OUT HERE IN THE CITY OF BOSTON. THANK YOU SO MUCH. THANK YOU, MR CHAIR.  THANK YOU. NOW WE'LL GO TO THE HEAD FOR YOURS.  THANK YOU. HAPPY NEW YEAR, EVERYBODY. SEE YA.  SO I GUESS SOME OF MY QUESTIONS ARE A LITTLE BIT DIFFERENT THAN WHAT YOU ARE ACCUSTOMED TO HERE. JUST BECAUSE THAT'S MY ROLE IS TO ALWAYS BRING DIFFERENT PERSPECTIVES INTO THIS CHAMBER BECAUSE WE GET A LOT OF QUESTIONS AND SOME OF THE QUESTIONS THAT WE'VE GOTTEN RELATE TO KIND OF JUST UNDERSTANDING A BIT MORE AROUND THE DYNAMICS AROUND THESE RETURNS ON INVESTMENTS PEOPLE WANT TO KNOW AND IF YOU CAN CLARIFY FOR US WHETHER OR NOT JOSEPH CORCORAN AND THE COMPANY LIKE HIM CALL THE BOSTON HOUSING AUTHORITY THE CHARLESTOWN RESIDENT AND WOULD YOU EVER PLAN TO SELL THE DEVELOPMENT AND IF SO WOULD THE CITY SEE ANY RETURNS ON THOSE INVESTMENTS BEFOREHAND?  SO THE SO I SHOULD EXPLAIN THAT THE BOSTON HOUSING AUTHORITY DEALS ALL THESE PUBLIC PRIVATE PARTNERSHIPS ARE ON LONG TERM GROUND LEASES SO THE VHA NEVER GIVES UP THE LAND. WE HAVE 99 YEAR LEASES AND AND ONE OF THE BIG THINGS THAT WAS PART OF THAT TRIPATHI NEGOTIATION WITH THE RESIDENTS WAS AROUND LIKE BASICALLY EXERTING A LOT OF PUBLIC AND RESIDENT CONTROL OVER THE FUTURE OF THE DEVELOPMENT. SO BOTH LIKE CONTROL IN TERMS OF DECIDING ANYTHING THAT HAPPENS GUARANTEES OF PERMANENT AFFORDABILITY ON THE DEEPLY AFFORDABLE UNITS BUT ALSO LIKE A BIG PART OF THE NEGOTIATION AND NEGOTIATION WAS FOR MONEY FOR THE VHA AND FOR RESIDENT SUPPORTS AND STUFF. SO THE BASIC ANSWER IS LIKE THE THERE IS A PORTION OF BUILDING NEW BUILDINGS WHICH EQUITY INVESTORS INHERENTLY OWN BECAUSE THAT'S THE VALUE OF THE EQUITY THAT THEY'RE PUTTING IN. BUT BASICALLY WHAT'S WHAT'S HAPPENING IN A WORLD WHERE THE VHA AND THE CITY ARE HELPING TO SOLVE THE FINANCING PROBLEM WITH WITH LIKE PUBLIC DOLLARS IS THAT WE OWN ADMINISTRATIVE OFFICE BECAUSE I ONLY HAVE 3 MINUTES. YEAH SURE I HAVE SOME MORE QUESTIONS SO I JUST NEED A SHORT ANSWER YES OR NO. SO SO WHAT I'M SAYING IS IS THERE'S A PORTION OF IMPROVEMENTS THAT ARE OWNED BY WHOEVER IS INVESTING IN THEM AND WE'RE GOING TO OWN A LARGER PORTION BECAUSE OF THIS TYPE OF INVEST. GOT IT. THANK YOU FOR THAT CLARIFICATION. NOW IT SAYS HERE THAT WILL REPLACE 1100 PUBLIC HOUSING UNITS WITH 20 ALMOST TO 27 700 UNITS OF PUBLIC INCOME RESTRICTED AND MARKET RENTALS.  HOW MANY CURRENT RESIDENTS ARE RIGHT NOW OCCUPYING THE SPACE AND UNDER THIS NEW PROGRAM HOW MANY OF THEM WILL STILL BE ABLE TO OCCUPY THE SPACE? YES. SO ONE OF THE THINGS THAT WE PROVIDE IS IS LIKE A GUARANTEE OF THE RIGHT TO RETURN TO OUR FAMILIES. SO RIGHT NOW, YOU KNOW, WE MOVED WE MOVED. I DON'T KNOW I'LL GET YOU THE EXACT NUMBER OF HOW MANY FAMILIES MOVED OFF FOR THE FIRST TIME. IT IS FAIR TO SAY THAT EVERYONE WHO IS CURRENTLY A RESIDENT WILL CONTINUE WILL CONTINUE TO BE THERE AND BE ABLE REGARDLESS OF WHAT HAPPENS RIGHT PERIOD END OF STORY.  WE GOT THAT ON THE RECORD. AWESOME. THANK YOU. THAT'S ALL PEOPLE REALLY WANT TO CARE ABOUT.  THE OTHER QUESTION THAT I HAVE IS IN REGARDS TO UTILITIES THERE'S BEEN SOME CONCERNS THAT SOME FOLKS RIGHT NOW UNDER THEIR LEASE THEY HAVE EVERYTHING INCLUDED UNDER THIS NEW CONSTRUCTS FOLKS ARE GOING TO HAVE TO PAY FOR UTILITIES. CAN YOU CONFIRM OR DENY IF THAT'S TRUE OR NOT, PLEASE? YEAH, NO THANK YOU FOR THAT. THAT WAS ACTUALLY A BIG POINT OF RESIDENT ADVOCACY AND WE MADE SURE THAT RESIDENTS ARE GOING TO CONTINUE TO BE IN THE SAME POSITION OF NOT PAYING FOR THE UTILITIES SPECIFICALLY THE ASSISTED RESIDENTS, THE DEEPLY AFFORDABLE THOSE YES SO BUT THE BUT MARKET RATE TENANTS WILL CONTINUE TO PAY FOR THEIR UTILITIES LIKE THEY DO IN THE GENERAL MARKET BUT THAT'S BEEN A THING THAT'S COME UP REPEATEDLY WITH THE PUBLIC HOUSING PROGRAM VERSUS THE LEASED HOUSING PROGRAM.  SO IT'S SOMETHING THAT WAS GUARANTEED. SO FOR THE RECORD FOR THOSE WHO ARE TUNING IN ALL THE FOLKS WHO ARE RIGHT NOW, NOTHING'S GOING TO CHANGE DRAMATICALLY FOR YOU. YOU'RE GOING TO HAVE YOUR UNIT AND YOU'RE GOING TO HAVE ALL YOUR UTILITIES COVERED. THE SITUATION WILL NOT IMPACT ANY OF THOSE THINGS WHICH I THINK IS ONE OF THE MAIN CONCERNS FOR A LOT OF FOLKS WHO ARE TUNING IN WHO MAY NOT BE IN FAVOR OR MAY NOT BE HERE. THIS IS ONE OF THE DISCREPANCIES THAT HAVE COME UP AND THEN I GUESS WHAT I AM CURIOUS ABOUT IS ACTUALLY YOU TALKED ABOUT DISCRETIONARY.  YOU KNOW THIS IT'S GREAT TO SEE THE ADMINISTRATION, THE WHOLE KIT HERE. WE OFTEN DON'T GET THIS WHEN WE HAVE OTHER TYPES OF HEARING. SO I WANT TO UTILIZE THIS MOMENT THAT I HAVE YOU HERE SO THAT PEOPLE WHO ARE FOLLOWING CAN UNDERSTAND IN THE INCIDENTS. I'M GOING TO TALK ABOUT MADISON PARK REAL QUICK AND I KNOW WE'RE NOT HERE TO TALK ABOUT MADISON PARK BUT I'M GOING TO UTILIZE MY TIME TO JUST GET SOME FLAHERTY BECAUSE THERE ARE SOME FOLKS RIGHT NOW IN THE MADISON PARK REDESIGN IS THAT THEIR PROJECT IS BEING PUT ON HOLD. MADISON PARK HIGH SCHOOL IS THE FACT THAT YOU CAN UTILIZE THE 110 ACCELERATOR FUND FOR THIS PROJECT. WHAT WOULD I SAY TO CONSTITUENTS WHO ASK WHY NOT UTILIZE DOLLARS TO USE THE SUPPORT WHITE STADIUM OR MADISON PARK? WHY THIS AND NOT OTHERS JUST FOR THE SAKE OF FLAHERTY FOR FOLKS WHO ARE TUNING IN WHICH ARE I THINK NUMBER ONE, UNLIKE A CAPITAL PROJECT, WE ANTICIPATE THAT THESE FUNDS WILL COME BACK TO THE CITY AT SOME POINT WITH SOME AMOUNT OF RETURN WHEREAS IF YOU TOOK THAT SAME AMOUNT OF MONEY AND PUT THAT INTO A CAPITAL PROJECT A YOU KNOW, A CITY CAPITAL PROJECT, YOU'RE NOT GOING TO HAVE THAT COME BACK. YOU'RE JUST GOING TO HAVE SPENT THAT MONEY.  AND SO THERE'S A SLIGHTLY DIFFERENT DYNAMIC HERE WHERE WE CAN YOU KNOW, TEMPORARILY SORT OF UTILIZE THESE FUNDS TO BUILD SOME NEEDED HOUSING STOCK AND GET THAT BACK OR AS YOU KNOW THE CHOICE WOULD BE OTHERWISE TO SPEND IT ON SOMETHING ELSE AND THEN YOU'VE JUST KIND OF SPENT DOWN THAT SURPLUS FUND . ARE WE GOING TO HAVE A SECOND ROUND? YES, THANK YOU. COME BACK.  THANK YOU. COUNCILOR FLYNN, THE FLOOR IS NOW YOURS.  THANK YOU, MR CHAIR. THANK YOU TO THE PANEL FOR BEING HERE.  OF THE 120 MILLION, HOW MUCH WILL GO TOWARDS BUNKER HILL REDEVELOPMENT? SO THE EXACT NUMBER WHICH WE DON'T HAVE BECAUSE THE BECAUSE BASICALLY.  SO ONE OF THE GOALS HERE IS TO SPEND OR TO OR TO GIVE US AN ESTIMATE. YEAH. SO I THINK IT'LL IT'LL BE MORE TO THE BUNKER HILL PROJECTS THAN TO THE PRIVATE PROJECTS THAT WE'RE TALKING ABOUT IN THE MOMENTUM FUND BECAUSE WHEN YOU LOOK AT REUBEN'S STACK WE'RE REPLACING. SORRY THIS IS THE PAGE WITH THE BARGE. GIVE ME AN ESTIMATE. YEAH. SO IT'S IT'S 5 MILLION. 10 MILLION? NO, IT'LL BE DEFINITELY IN THE IN THE WELL NORTH OF 10 MILLION LIKE DOUBLE DIGITS 10 MILLION BETWEEN TEN AND 1020 IT COULD BE IT COULD BE MORE THAN MORE THAN 20 MILLION IT JUST IT'S WHAT IT'S ABOUT IS THERE AND THE REASON I DON'T I CAN'T GIVE YOU AN EXACT NUMBER OKAY I JUST WANT TO GET TO THE QUESTIONS TO IT JUST IF I CAN JUST SAY COUNCILOR SURE. WE WE ONLY WANT TO INVEST THE PUBLIC DOLLAR THAT WE HAVE TO SO WE HAVE TO COMPARE IT TO THE PRIVATE DOLLARS THAT ARE AVAILABLE. SO IT'S PROBABLE THAT IT'S THE MINIMUM AMOUNT THAT WE NEED TO MAKE THE PROJECT HAPPEN. SO PROBABLY AROUND 20 TO 30 MILLION.  IS THAT IS THAT ACCURATE? LIKE AGAIN, I'M TRYING LIKE WE WITH THE CITY DOESN'T WANT TO NEGOTIATE OURSELVES ON THESE PROJECT ARE WE ABLE TO INVEST ANY OF THE MONEY IN TO BE A SHADE TO HELP WHAT THEIR ELEVATED SYSTEM THROUGHOUT VHA WE WE HAVE MAJOR CHALLENGES THROUGHOUT THE VHA DEVELOPMENTS ESPECIALLY IN MY DISTRICT.  IS THERE AN OPPORTUNITY TO USE SOME OF THIS MONEY FOR OTHER VHA DEVELOPMENTS SUCH AS ROUTE BARCLAY? I KNOW THERE IS GOING TO BE SOME FUNDS ALLOCATED THERE SOON BUT THERE'S A LOT OF CHALLENGES THROUGHOUT THE VHA SYSTEM. ARE WE CAN WE USE FUNDS FOR THAT?  SO THE THIS IS A LITTLE BIT THE SAME QUESTION THAT ACTUALLY ANSWERED THE BMJ. OBVIOUSLY WE'RE SUPER GRATEFUL TO YOU AND OTHERS FOR ADVOCATING FOR THAT CAPITAL SPENDING ON THE ELEVATORS. WE'RE PUTTING ADDITIONAL FEDERAL AND STATE CAPITAL MONEY INTO THE ELEVATORS AT BERKELEY AND I SUSPECT WE WILL CONTINUE TO HOPE THAT THE CITY THROUGH CAPITAL AND OTHER MEANS CAN SUPPORT US THERE BECAUSE THE CITY VIEWS THAT AS AGAIN SPENDING LIKE THE CFO JUST MENTIONED AS OPPOSED TO INVESTMENT. SO THIS IS A HUGE INVESTMENT BECAUSE WE WANT TO USE IT FOR THAT. YEAH, BECAUSE UNFORTUNATELY WE NEVER GET A DOLLAR BACK ON THAT ELEVATOR SPENDING. DID WE EVER USE ANY ARPA MONEY ON VHA ELEVATORS? WE YES. HOW MUCH DID WE USE? I DON'T HAVE THE EXACT NUMBER BUT WE AS PART OF THE HOUSING IMPROVEMENTS SUPPORT FROM THE COUNCIL HOW MUCH MONEY DO YOU THINK WE NEED TO INVEST FOR ELEVATOR ELEVATOR SYSTEMS? WELL I I THE ONE OF OUR TOWN THE OVERALL NUMBER WE'VE GOT NORTH OF 100 ELEVATORS AT THE VHA AND A HUGE NUMBER OF THEM YOU KNOW IN AN IDEAL WORLD RIGHT WOULD BE REPLACE SO YOU'RE YOU'RE EASILY LOOKING I THINK OUR OVERALL CAPITAL BACKLOG UP IS LIKE ONE AND A HALF BILLION DOLLARS AND I THINK THE ELEVATOR NUMBER IS EASILY WELL INTO THE HUNDREDS OF MILLIONS. THANK YOU. THANK YOU FOR THAT ANSWER AND I APPRECIATE THAT. AND JUST FOR THE AUDIENCE AND PEOPLE TO KNOW THAT I REPRESENT THE LARGEST NUMBER OF RESIDENTS AND LIVING IN PUBLIC HOUSING SO THESE ISSUES ARE IMPORTANT TO ME. I WANT TO MAKE SURE MY CONSTITUENTS HAVE AN OPPORTUNITY TO LIVE IN DIGNITY. I'M GOING TO SUPPORT THIS BECAUSE I HAVE RESPECT FOR THE BUNKER HILL RESIDENTS.  SOUTH BOSTON YOU MENTIONED IN ON PAGE TWO OF THIS BROCHURE. TELL ME ABOUT THAT ADMINISTRATIVE BLOCK IS MARY ELLEN MCCORMICK PART OF THE 110? SO I THINK WE THINK IT'S A PLACE WHERE IF THIS MODEL IF WE IF WE GET GOING IN THIS MODEL,  YOU KNOW, AS WE'VE DISCUSSED IT BRINGS MONEY BACK RATE INTO THE FUND AND IF THE COUNCIL AND THE MAYOR IN THE FUTURE HAVE CONFIDENCE IN THIS MODEL, WE THINK THAT IT COULD WORK IN THE SAME WAY AT MARY ELLEN MCCORMICK BECAUSE IT'S JUST LIKE CHARLES TOWN IN THAT WE HAVE A BUNCH OF THESE MIXED INCOME BUILDINGS BUT YOU'RE NOT YOU'RE NOT PLANNING TO USE IT FOR THAT. I KNOW THE FIRST THE FIRST BUILDING THAT WERE THAT THE FUNDS MAKING A COMMITMENT TO ON THE BACK SIDE IS THIS STUCK BUILDING AT CHARLES TOWN BUILDING F AND THAT'S BECAUSE THE WERE AND AT CHARLES TOWN WE'VE BUILT THE FIRST ALL AFFORDABLE BUILDING AND WE'RE STUCK AT MARY ELLEN AS YOU KNOW WE'RE JUST ABOUT TO HAVE A YOU KNOW WE'LL ACTUALLY HAVE SHOVELS IN THE GROUND IN THE SPRING ON THE FIRST BUILDING AT MARY ELLEN SO IT'S NOT QUITE READY YET TO BE THE MIXED INCOME BUILDING FIRST CONSTRUCTION SO THE THE 70 MILLION AFTER BUNKER HILL PROJECT THAT REALLY HASN'T BEEN SPOKEN FOR YET SO THE YEAH SO THERE'S OF OBVIOUSLY ALL THREE OF THESE THINGS THE MASS HOUSING PARTNERSHIP DOLLARS AND THE HOMEOWNERSHIP PILOT DOLLARS AND THE B APPROACH ARE ALL TOGETHER IN THAT 110 AND I THINK WITH THE OTHER PROJECT SIMILARLY IT'S LIKE YOU ONLY WANT TO GIVE EVERY PROJECT AT THE MINIMUM THAT YOU HAVE TO TO GET IT TO GO SO THAT YOU CAN DO MORE PROJECTS.  IS THIS THE WAS THERE AN OPPORTUNITY TO PUT ANY OF THIS MONEY TO SUPPORT RELIEF FOR HOMEOWNERS FOR PROPERTY TAXES?  I TAKE THAT ACTUALLY I KNOW THE ANSWER IS NO BUT IT WAS IS THERE AN OPPORTUNITY TO DO IT?  SO I THINK IN THE LEGISLATION THAT THE MAYOR FILED YESTERDAY THERE'S NO I KNOW THAT BUT I'M SAYING THIS PROGRAM WE HAD THE 110 IS THERE AN OPPORTUNITY TO USE ANY OF THAT TOWARDS RELIEF FOR HOMEOWNERS? SIMILAR ANSWER TO WHAT YOU SAID BEFORE. YOU KNOW, THIS IS REALLY BEING VIEWED AS AN INVESTMENT THAT WILL COME BACK TO US WHEREAS THAT WOULD BE SORT OF A ONE TIME EXPENDITURE THAT WOULDN'T. SO A SLIGHTLY DIFFERENT PURPOSE AND AS YOU KNOW, COUNSELOR, WE NEED STATE PERMISSION TO DO THOSE REBATES. THAT'S WHY IT'S IN THE LEGISLATION. THANK YOU, MR CHAIR.  THANK YOU. WE NOW GO TO CAST COLOR. IT IS UPDATED. THE FLOOR IS NOW YOURS.  THANK YOU CHAIR. THANK YOU TO THE ADMINISTRATION AND THE PANEL FOR BEING HERE AND FOR YOUR GREAT WORK. I'M GOING TO SPEAK TO THE SIERRA.  I'M SO PROUD OF YOU ALL.  IT'S BEEN AN HONOR AND I PROMISED MYSELF I WOULDN'T GET EMOTIONAL. I CAN ONLY IMAGINE WHAT IT'S LIKE FOR YOU. IT'S JUST IT'S IT'S BEEN AN HONOR TO WORK WITH YOU ALL OVER THE LAST SEVEN YEARS AND I JUST WANT TO THANK YOU FOR YOUR LEADERSHIP BECAUSE THERE HAVE BEEN MANY STOPS AND STARTS. THERE'S BEEN A LOT OF ADVERSITY ,THERE'S BEEN A LOT OF DETRACTORS BUT YOU ALL HAVE REMAINED CONSISTENT AND ANCHORED IN YOUR VALUES AND HAVE BEEN INCREDIBLE IN YOUR LEADERSHIP. SO I JUST WANT TO SAY THANK YOU SO MUCH FOR BEING HERE FOR TAKING TIME OUT OF YOUR DAY TO PROVIDE YOUR PERSPECTIVE AND YOUR LIVED EXPERIENCE. IT MEANS A LOT TO ALL OF US AND IT HAS BEEN A LONG TIME COMING. IT'S BEEN ABOUT TEN YEARS OF THIS DISCUSSION JUST FOR MY COLLEAGUES WE TALK ABOUT MAINTENANCE ISSUES THAT WAS BROUGHT UP IN THE BEGINNING OF THE HEARING AND WHAT THE CONDITIONS LOOK LIKE IN THE INTERIM BEFORE THE DEMOLITION AND CONSTRUCTION OF CERTAIN BUILDINGS.  WE GET EMAILS AND CALLS EVERY WEEK. I THINK GOING IN L.A. MY MY CHARLESTON LIAISON ELAINE IS HERE AND YOU KNOW, WE TALK ABOUT BROKEN STOVE SINKHOLE SINKHOLES, ROOFS, HVAC SYSTEMS JUST THINGS ARE GOING DEFUNCT AND IT REALLY IS DEPLORABLE CONDITIONS. AND SO I THINK BECAUSE THESE BUILDINGS WERE BUILT IN 1940, THEY'VE HOUSED GENERATIONS OF CHARLESTOWN RESIDENTS LIKE MARIE QUANDO. WE HAVE TO THANK THEM FOR THEIR SERVICE AND LET THEM GO.  RESIDENTS DESERVE MORE THAN WHAT THEY'RE LIVING IN RIGHT NOW AND SO EVERY DAY WEEK,  MONTH A YEAR THAT PASSES BY WITHOUT ANY EFFORT TO ADDRESS THESE ISSUES OR PROVIDES PROGRESS FOR THIS PROJECT, I THINK ME IS AN ACT OF CHOICE TO NEGLECT THESE INCREDIBLE PEOPLE AND THE THOUSANDS OF RESIDENTS THAT LIVE IN CHARLESTOWN AND TO NEGLECT THEIR BASIC HUMAN RIGHT TO DIGNIFIED, HEALTHY HOUSING. AND SO OF COURSE I'M IN SUPPORT OF THIS. I WANT TO THANK THE ADMINISTRATION FOR THIS INNOVATIVE APPROACH WHICH WILL PROVIDE A RETURN ON OUR INVESTMENT. AND SO I THINK THAT THERE'S A LOT OF CHATTER THAT'S BEEN OUT THERE AND MAYBE SOME MISINFORMATION ABOUT WHO WILL AND WHO WON'T BENEFIT FROM THIS SORT OF AGREEMENT. I'M HAPPY THAT MY COLLEAGUES HAVE ASKED, YOU KNOW, WHERE IS THE MONEY COMING FROM? THOSE ARE ALSO QUESTIONS THAT I'VE GOTTEN. SO I APPRECIATE YOUR ANSWERS ON THAT. I DEFINITELY HAVE A LOT MORE FLAHERTY BUT I THINK DIRECTLY TO ADMINISTRATOR BOURQUE BECAUSE SOME PEOPLE ARE CONCERNED ABOUT WHO THIS REALLY HELPS. IS IT THE DEVELOPERS OR THE RESIDENTS CAN YOU SPEAK TO TO WHO WILL BENEFIT FROM THIS MODEL DELIVERED YEAH. THANK YOU COUNCILOR COLLETTE AND THANK YOU FOR YOUR SUPPORT FOR OUR RESIDENTS AND NOT JUST SUPPORT LIKE KIND OF ABSTRACTLY BUT LIKE REALLY KNOWING THEM AS PEOPLE AND CARING ABOUT THEM AND AND YOU HEARD I MEAN IT'S JUST WE JUST HAVE AN INCREDIBLE GROUP OF RESIDENT LEADERS AT THE SITE AND FOR US THAT'S REALLY WHO THIS IS ABOUT HELPING IT'S ABOUT HELPING OUR BOSTON HOUSING AUTHORITY RESIDENTS GET THESE NEW APARTMENTS THAT THEY DESERVE AND AND YOU KNOW, LIVE IN AND ALSO LIKE NOT FOR NOTHING AS YOU KNOW RIGHT NOW IT'S AN 100% RESIDENTIAL COMMUNITY. THERE'S LIKE NO AMENITIES MIXED IN. THERE'S LIKE YOU KNOW YOU CAN'T EASILY IT TAKES YOU HAVE TO WALK A LONG WAY TO GET JUST TO A STORE AND SO FOR US BRINGING LIKE YOU KNOW RETAIL BRINGING MORE LIKE ACTIVE PARK SPACE BRING A COMMUNITY CENTER THERE'S JUST LIKE A TON OF THINGS IN THE CITY THAT WILL JUST BE TRANSFORMATIVE AND AND THAT'S REALLY WHO IT'S FOR AND AND YOU KNOW I THINK THE THING THAT I WANT TO SAY TO ANYBODY WHO'S SORT OF WORRIED ABOUT LIKE, YOU KNOW, WHERE'S THE PROFIT MOTIVE AND ALL OF THIS IS LIKE THAT.  THE TRUTH IS THAT THE PROFIT MOTIVE IS NOT PROVIDING THIS HOUSING THE REAL ESTATE INVESTMENT TRUSTS AND PRIVATE EQUITY FOLKS OF THE WORLD ARE NOT FINANCING THESE BUILDINGS.  IF THEY WERE FINANCING THEM THEY WOULD BE HAPPENING. SO LIKE OUR FUNDAMENTAL PROBLEM IS THAT WE IF WE WAIT AROUND FOR THE PROFIT MOTIVE WE WON'T GET THE HOUSING THAT OUR PEOPLE URGENTLY NEED. AND AS YOU ALL KNOW WHEN YOU'RE LIKE PUBLIC OFFICIALS WHO ARE TRYING TO TAKE THAT REPRESENT THE PUBLIC TRUST JUST HAVE YOU KNOW LIKE FARM OUT WHETHER THAT'S GOING TO BE DELIVERED ON TO THE PRIVATE SIDE, IT'S INCREDIBLY DISEMPOWERING. IT'S INCREDIBLY FRUSTRATING FOR RESIDENTS. SO WE REALLY SEE THIS AS LIKE A PUBLIC FINANCE SOLUTION FOR STEPPING IN AND THE THING AND WHAT'S GREAT THOUGH IS THAT IT'S AN INVESTMENT RIGHT SO THE PUBLIC'S STILL GOING TO GET ITS MONEY BACK BUT WE'RE NOT GOING TO LIKE HAVE OUR RESIDENTS BE HELD HOSTAGE TO THAT WORLD OF FINANCE. AND I JUST WOULD SAY THAT IF THIS WERE A PROFITABLE OPPORTUNITY FOR PRIVATE FINANCE RIGHT NOW, THESE BUILDINGS WOULD BE MOVING FORWARD SO THAT YOU KNOW AND THAT WAS FRANKLY THE ENGINE THAT THE VHA WAS ORIGINALLY BETTING ON WHEN WE FIRST STARTED THIS THIS DEVELOPMENT THAT WAS THAT WAS PART OF THE GOAL THE MIXED INCOME DEVELOPMENT AND NOW YOU KNOW, WE'RE HAVING TO GO A DIFFERENT ROUTE. THANK YOU. CAN I I'M SORRY, CHAIR I HAVE ONE MORE QUESTION. THANK YOU. THANK YOU FOR THAT ADMINISTRATOR BACK TALKING ABOUT THE TRI PARTY AGREEMENT AND THE GOVERNANCE AND GOVERNANCE MODEL. I DO JUST WANT TO SHOUT OUT LIKE A MCCALL AND JENNISON FOR THEIR WORK. I ALSO WANT TO GIVE A SHOUT OUT TO CHRIS KNOX WHO IS THE MAINTENANCE DIRECTOR WHO IS DOING HIS BEST TO BUTTON UP AND PLAY WHAC-A-MOLE WITH SOME OF THESE MAINTENANCE REQUESTS AND PUTTING THESE BAND-AIDS ON ON SOME OF THESE BUILDINGS. SO I JUST WANT TO SHOUT OUT HIM AND SAY THANK YOU TO HIM AND REALLY TO MY COLLEAGUES AS WE ARE CONSIDERING THIS APPROPRIATION. JUST PLEASE REMEMBER TO SEND OUT THE LIVED EXPERIENCE OF THESE RESIDENTS. OF COURSE IT IS OUR FIDUCIARY RESPONSE AND RESPONSIBILITY TO ASK THESE QUESTIONS TO UNDERSTAND WHERE THE MONEY IS COMING FROM, WHAT IS THE RETURN ON INVESTMENT ALL OF THAT BUT THESE ARE THESE ARE PEOPLE'S LIVES. SO I JUST WANT TO THANK ALL OF YOU FOR BEING HERE. THANK YOU, KYRA. AND THANK YOU TO THE PANEL. THANK YOU.  THANK YOU, COUNCILOR. WHENEVER THE FLOOR IS YOURS.  OKAY. THANK YOU VERY MUCH. WE'VE COME TO COUNSELOR MURPHY WAS HERE FOR YOU KNOW, I WAS JUST GOING OFF OF WHAT'S ON THE LIST. YEAH, BUT OKAY, IT'S UP TO YOU. OKAY. THANK YOU.  THANK THANKS TO ALL THE PANELISTS AND YOU KNOW, I THINK LIKE MANY OF MY COLLEAGUES I SUPPORT THIS STRONGLY. I THINK IT'S A IT'S A GREAT CONCEPT. THE PLAN IS GOOD AND I ALSO THINK I KNOW CHAIR OR RELL HAS SPENT A LOT OF TIME WORKING ON THIS PARTICULAR ISSUE AND AND I ,I HOPE IN THE END WE CAN USE THIS AS KIND OF AN EXAMPLE OF HOW, YOU KNOW, THE ADMINISTRATION AND THE COUNCIL CAN WORK TOGETHER TO REALLY TACKLE IMPORTANT PROBLEMS AND THIS IS ONE OF THE MOST IMPORTANT ISSUES WE HAVE IN THE CITY.  SO I JUST I GUESS MAYBE THIS IS FOR CHIEF CROUSE AND BERGER IN TERMS OF WE PUT THE MONEY INTO THIS FUND, HOW DO WE MAKE SURE THE MONEY GOES BACK INTO THE FUND? WHAT MECHANISMS ARE THERE TO MAKE SURE YOU KNOW, IT JUST DOESN'T GO INTO THE ETHER AND THEN WE HAVE THIS DISCUSSION TEN YEARS FROM NOW. YEAH. SO WE'RE I CAN HELP THAT'S THAT ANYBODY CAN ANSWER IT SO SO WE'RE WORKING ON IT AND WILL YOU WITH MASS HOUSING NO GOVERNANCE IN TERMS OF THE INVESTMENT THEY'LL MAKE IT ON THEIR BEHALF AND THEY'LL RETURN IT TO THE FUND AT THE TERM OF INVESTMENT DAY I THINK THIS GOES TO SOME OF ASSET CLASS POLICY QUESTIONS BUT THEN YOU KNOW THE AVERAGE RATE OF RETURN FROM PROBABLY SOMEWHERE BETWEEN FOUR AND 6% A PRIVATE MARKET INVESTOR WOULD LIKELY BE LOOKING FOR LIKE A 15% RETURN. SO THIS THAT'S THERE THAT IS THE INNOVATION IS THAT WE'RE LOOKING FOR A LOWER RETURN THAN ANY PRIVATE INVESTOR WOULD THE MASS HOUSING WILL BUNDLE THE FUNDS WITH THEIR FUNDS WILL DO ALL THE LEGAL DOCUMENTATION, DO THE FUND MANAGEMENT OVER THE COURSE OF THE INVESTMENT THEY HAVE LOTS OF EXPERIENCE WITH THAT. THEY HAVE THOUSANDS AND THOUSANDS OF UNITS IN MASSACHUSETTS UNDER MANAGEMENT AND THEN AT ANY SALE OR REFINING OUNCE THAT'S WHEN THEM PUT MONEY THEY'RE RETURNED BACK TO THE CITIES DO AND IT RETURNS TO THE FUND AT THAT TIME. AND IF I CAN JUST ADD COUNSELOR LIKE THE BASIC THING IS THAT ALL OF THESE TRANSACTIONS ARE GOING TO BE WRITTEN WITH A WHOLE BUNCH OF LIKE BINDING LEGAL DOCUMENTS THAT REQUIRE DISBURSEMENTS AND EVERYTHING TO BE SENT AND THERE'S LIKE AS AS DEVIN SAID LIKE MASS HOUSING HAS A WHOLE COMPLIANCE DEPARTMENT.  THEY YOU KNOW, MASS HOUSING IS AN ENTITY THAT SEPARATELY LIKE LENDS MONEY TO BE AND OTHERS ON VARIOUS LIKE REHAB DEALS THAT WE DO AND WE ARE CONSTANTLY SENDING REQUIRED THINGS TO THEIR COMPLIANCE DEPARTMENT LIKE IT'S A ONE OF THE BIG ADVANTAGES OF THAT PARTNERSHIP IS THAT WE GET TO PIGGYBACK ON THAT EXISTING INFRASTRUCTURE WITHOUT STANDING IT UP SO THIS IS NOT A CASE OF LIKE WILL SOMEONE IN THE CITY REMEMBER TO CALL SOMEBODY AND ASK THEM TO SEND THE CHECK LIKE IT'S VERY MUCH LIKE A EXTREMELY LEGALLY BINDING CONTRACTUAL RELATIONSHIP THAT WE HAVE INSIDE.  SO JUST SORT OF MASS HOUSING WILL HAVE WILL BE GETTING THE I MEAN WE'LL HAVE THIS FUND YEAH IT'LL BE THERE'LL BE A FOLDER SOMEWHERE YOU KNOW MAYBE VIRTUALLY BUT WITH OUR MONEY IN IT SO WE CAN AND THE IDEA IS ARE WE EXPECTING TO HAVE FOUR OR 5% MORE THAN 110,000,010 YEARS HOW DOES IT REMEMBER MONTGOMERY HOW THEY EXPECTED THIS TO GROW AND I GUESS ALSO IF YOU CAN COMMENT ON IT I FEEL LIKE OURS IS SLIGHTLY DIFFERENT THAN MONTGOMERY WHERE THEY ISSUED BONDS TO BEGIN AND I DON'T THINK THEY PUT THE MONEY IN FROM FREE CASH IF YOU HAVE ANY. THAT'S THAT'S RIGHT. SO SO IN MONTGOMERY THEY THEY DIDN'T HAVE THAT BUDGETARY FUND BALANCE THAT THE CFO SPOKE TO AND SO THEY HAD TO BOND FOR THE MONEY. IT ACTUALLY MEANS IT'S A BETTER DEAL FOR US BECAUSE THEY THEY BONDED WHICH MEANS THEY'RE PAYING THE INTEREST ON THE BONDS ORDER TO GET THE MONEY UP FRONT. SO THEY HAD TO FACTOR THAT INTO THEIR COST OF CAPITAL WHEREAS FOR IN OUR CASE BECAUSE WE'RE ABLE TO DO THIS AS AN APPROPRIATION IT'S LIKE THE CITY LIKE YOU DON'T HAVE TO YOU KNOW, HAVE TO TAKE LIKE IF THEY'RE GOING TO MAKE 4 TO 6% THEY HAVE TO THINK OKAY, I'M IN SPENDING 2 TO 3%, I'M PAYING THE BONDS. WE DON'T HAVE THAT DEDUCT.  SO THE CITY INVESTMENT IS BETTER IN THIS POSITION.  AND I SAID YES AND THEN AND THEN I WOULD JUST SAY THAT THE YOU KNOW, WITH THESE THREE DIFFERENT MODELS PROBABLY EXACTLY HOW YOU STRUCTURE WHEN THE MONIES COME BACK WILL BE A LITTLE BIT DIFFERENT IN EACH. I MEAN SHEILA REFERENCED THE FACT THAT HOMEOWNERSHIP PROJECTS DON'T HAVE ANYTHING TO SEND YOU UNTIL THEY SELL THE BUILDINGS BUT THEN THEY HAVE IT ALL AT ONCE. WHEREAS FOR RENTAL PROJECTS YOU USUALLY LIKE AGREE TO SOME KIND OF SCHEDULE OF PAYMENTS IN WHICH THEY'RE GOING TO START PAYING YOU BUT THEN IT'S GOING TO BE OVER A LONGER PERIOD OF TIME. SO WHETHER YOU'RE GETTING SOME OF IT LIKE RIGHT VERY EARLY, SOME OF IT OVER FIVE YEARS, SOME OF IT OVER TEN IS GOING TO BE A MIX OF OKAY AND I FEEL LIKE I'M OBLIGATED TO ASK THIS QUESTION NOW AT EVERY HEARING. BUT IF FOR EVERY DIFFERENT TOPIC BUT YOU KNOW THE INCOMING ADMINISTRATION AND I MY SENSE IS YOU KNOW, WE'RE WORRIED ABOUT HOW THEY'RE GOING TO HAVE THAT'S GOING TO IMPACT FUNDING OF HOUSING. IS THERE ANY ANY ISSUES WITH THIS FUND YOU KNOW, OF WITH THE ADMINISTRATION IN THE WHITE HOUSE AND THEIR FEELINGS TOWARD MIXED INCOME HOUSING AND LOW INCOME HOUSING? I THINK I SEE THIS FUND AS PARTLY US TAKING MATTERS INTO OUR OWN HANDS LIKE IT IS ABOUT LIKE WHAT MECHANISMS CAN WE HAVE AT THE CITY AND STATE LEVEL THAT ARE NOT DEPENDENT ON THE ADMINISTRATION. I MENTIONED FOR INSTANCE THAT AT CHARLES TOWN IT'S QUITE IMPORTANT THAT WE'RE TRYING TO FIGURE OUT HOW TO GET THIS REPLACEMENT HOUSING DONE WITHOUT BEING IN THE INFINITE TAX CREDIT PIPELINE.  THE TAX CREDITS ARE AN AREA THAT WE'RE TOTALLY RELIANT ON AND MOST OF LOW INCOME HOUSING DEVELOPMENT AND WE'RE VERY CONCERNED ABOUT WHAT THE FUTURE OF THAT IS IN THE AND NOT THAT I DON'T THINK THAT THE INCOME ADMINISTRATION WOULD GET RID OF THE PROGRAM BUT THERE'S BEEN A LOT OF PRESSURE FOR EXPANSION OF THE PROGRAM AND YOU KNOW, MAYBE THERE'S AN OUTSIDE CHANCE THAT THE TAX BILL THEY'RE PLANNING FOR THIS YEAR COULD INCLUDE AN EXPANSION OF THAT PROGRAM. BUT I WOULDN'T BET A LOT OF MONEY ON THAT.  SO I THINK LIKE IT TO US IT'S MORE THAT THIS IS A WAY OF HAVING A LINE OF HOUSING INVESTMENT THAT ISN'T DEPENDENT ON THEM.  I WOULD JUST ADD THAT IF THE COUNCIL SEES FIT TO VOTE IN FAVOR OF THIS PROPOSAL AND MAKES THIS MONEY AVAILABLE, WE MENTIONED IN THIS TIMELINE I SHOULD BE IN A POSITION TO BE ABLE TO MAKE FUNDING COMMITMENTS BY AROUND MAY AND THEN THAT MONEY IS THEN COMMITTED AND SO THAT WE WANT TO ACT FAST AND INVEST THIS QUICKLY AND AGAIN NOT THE MONEY IS NOT AFFECTED BY THE FEDERAL LEVEL ADMINISTRATION.  THIS IS OUR MONEY AND WE CAN DEPLOY IT AS WE SEE FIT. OKAY. THANK YOU VERY MUCH. THANK YOU. THANK YOU. COUNCILOR MURPHY, THE FLOOR IS NOW YOURS.  THANK YOU. THANK YOU ALL FOR BEING HERE. I'M FIRST I'D LIKE TO THANK THE RESIDENTS FOR BEING HERE AND SHARING YOUR PERSONAL STORIES. AND WHEN YOU TALKED ABOUT YOUR GRANDCHILDREN TOO, I ASSUME IT'S YOUR SON'S CHILDREN,  RIGHT? BUT YOU KNOW THAT THEIR MOMS AREN'T SURE THAT THEIR KIDS ARE SAFE. I MEAN, TO ME THAT'S CRIMINAL.  AND WHEN WE'RE TALKING ABOUT IMPROVEMENTS AND I'VE BEEN IN SEVERAL VHA UNITS ACROSS THE CITY AND WE'RE NOT JUST TALKING ABOUT FRESH PAINT OR, YOU KNOW, A NEW STOVE OR A NEW WINDOWS WE'RE TALKING LIKE I SAID, COCKROACHES, MICE, YOU KNOW, HEALTH ISSUES, REAL HEALTH ISSUES. SO TO ME WE SHOULD BE SPENDING ALL OF OUR MONEY IN THE CITY. WE SHOULDN'T CARE IF WE'RE GETTING AN INVESTMENT BACK. WE SHOULD BE MAKING SURE THAT PEOPLE LIVING AND HOUSING IN CHARLESTOWN AND IN ALL 22 NEIGHBORHOODS ACROSS THE CITY HAVE YOU KNOW JUST KNOW JUST BASIC EVEN WOULD BE NICE WHAT WE KNOW. SO OBVIOUSLY IN FAVOR OF THIS BUT OBVIOUSLY WE ALSO HAVE TO TALK ABOUT WHERE THE MONEY'S COMING FROM AND WHY IT'S I MEAN MY BIGGEST QUESTION IS AND MAYBE IT'S POLITICAL, MAYBE NOT BUT WHY DID WE COMBINE ALL THREE? WHY DIDN'T WE COME HERE WITH THREE DIFFERENT INVESTMENT? YOU KNOW, IS IT 36.6 MILLION FOR EACH? IS IT SOME FOR LIKE WHY DID WE HAVE TO COMBINE THE THREE? WHY COULDN'T WE HAVE ASKED FOR TO USE THIS INVESTMENT STRATEGY FOR BIG HOUSING AND IF IT WORKS HOPEFULLY WE COULD DUPLICATE THAT YOU KNOW REPLICATE THAT ACROSS THE CITY BECAUSE AS YOU KNOW SEE IT'S NEEDED IN ALMOST ALL MANY THERE'S A FEW THAT HAVE BEEN RECENTLY UPDATED BUT MOST OF OUR HOUSING NEEDS A LOT OF INVESTMENT AND AND ASHLEY KNOWS THAT I WOULD TAKE ALL HER MONEY IF I COULD BUT IT'S OUR MONEY, RIGHT? IT'S THE RESIDENTS MONEY.  IT'S THE CITY'S MONEY. AND WE HAD THE ELEVATOR HEARING AND IT'S JUST HEARTBREAKING THAT PEOPLE YOU KNOW, THEY URINATE ON THEMSELVES IN A HALLWAY AND THEY CAN'T GET THEIR MEDICINE ON THE FIRST FLOOR. RIGHT. I MEAN IT'S JUST A DIFFERENT LEVEL OF STRUGGLING TO LIVE THAN AT LEAST EVERYONE I CAN SAY ON THIS SIDE OF THE CHAMBER LIVE WITH EVEN THOUGH WE ALL HAVE OUR OWN STRUGGLES. BUT IT'S JUST A DIFFERENT LEVEL WHEN WE TALK ABOUT, YOU KNOW, US BEING THE MOST PROGRESSIVE CITY IN THE COUNTRY WHERE YOU KNOW, WE HAVE A MAYOR THE MOST PROGRESSIVE MAYOR AND WE'RE INVESTING ALL THIS MONEY BUT THEN WE STILL HEAR A STORY AFTER STORY OF OUR MOST VULNERABLE RESIDENTS NOT BEING ABLE TO EVEN LIVE IN DIGNITY.  BUT THEN WE'RE ALSO SPENDING HUNDREDS OF MILLIONS I MEAN THE OTHERS VALUE, RIGHT? SO MY QUESTIONS ABOUT HOMEOWNERSHIP AND OTHERS ARE IMPORTANT TOO. BUT WHY ARE WE NOT MAKING SURE THAT THE BASICS ARE BEING MET FIRST? SO TWO COMMENTS ON THAT COUNCILOR ONE IS JUST TO SAY THAT I DO I DO THINK I WOULD BE REMISS NOT TO ACKNOWLEDGE THAT THE THE MAYOR AND THE COUNCIL IN THE LAST FEW YEARS HAVE REALLY LIKE MASSIVELY INCREASED THE SUPPORT TO THE BOSTON HOUSING AUTHORITY. I MEAN AT THIS POINT TO ABOUT IT'S ABOUT $200 MILLION IN THE FIVE YEAR CAPITAL BUDGET WHEREAS FOR YOU KNOW SIX YEARS AGO THAT WAS ZERO. SO I JUST LIKE THAT BECAUSE OUR NEED IS SO GREAT. IT'S LIKE YOU SAY THERE'S ALWAYS LIKE MORE NEED BUT IT IS A HUGE THING AND WHEN I THINK ABOUT LIKE AN EXAMPLE OF WHAT YOU'RE TALKING ABOUT IS THE THE 50 MILLION THAT WAS PUT IN THE CAPITAL BUDGET MILDRED HAYLEY TO JUST DO STRAIGHT MODERNIZATION RIGHT TO YOUR POINT THAT'S NOT AN INVESTMENT. WE WON'T GET IT BACK BUT WE WILL GET IT BACK IN.  TERMS OF THE IMPACT FOR THE RESIDENTS CHILDREN CAN SLEEP AT NIGHT EXACTLY BECAUSE THE LIGHTS ARE WORKING. ONE NEEDS A HUMAN WORK WITH YOUR STUDENT RIGHT.  YEAH I MEAN IT 100% PROBABLY HAS WAY MORE OF A FINANCIAL INVESTMENT BACK BECAUSE ALL OF THESE OTHER DEPARTMENTS AND WE'RE TRYING TO CODIFY ALL OF THESE DIFFERENT YOU KNOW, OFFICES THAT WE'RE CREATING THAT WE WOULDN'T NEED TO HAVE THESE OFFICES EVEN CREATED IF WE WERE ALL MAKING SURE THAT PEOPLE HAD THE BASIC LIVING NEEDS.  YEAH, NO AND I APPRECIATE YOUR ADVOCACY FOR US.  I THINK THAT THE I THINK THAT IN TERMS OF THIS QUESTION OF WHY NOT THREE APPROPRIATIONS I'LL JUST SAY THAT LIKE BECAUSE THE SO RIGHT NOW FOR EXAMPLE WE HAVE THIS PROBLEM WITH THESE LIKE MANY TENS OF THOUSANDS OF UNITS EVEN ON THE PRIVATE SIDE THAT ARE STUCK RIGHT AND SO THE OPPORTUNITY TO GET SOME OF THEM TO ACTUALLY HAPPEN WITH THIS TYPE OF INVESTMENT PARTNERED WITH MASS HOUSING IS IT'S IT'S LIKE A NEED RIGHT NOW AND THE OPPORTUNITY TO ALSO COMPEL THOSE PROJECTS TO COME UP TO 20% AFFORDABILITY BECAUSE THEY NEED THAT TO ACCESS THESE FUNDS THAT'S LIKE A GOOD OPPORTUNITY. NOW YOU COULD IMAGINE A SITUATION WHERE FIVE YEARS FROM NOW AS MONEY STARTING TO COME BACK THE MARKET'S MOVING FINE. THOSE UNITS ARE HAPPENING BUT WE REALLY WANT TO WE'VE SEEN LIKE OH THE BIG PROJECT WAS SUCCESSFUL AND NOW WE REALLY WANT TO FOCUS THESE MONIES MORE ON MIXED INCOME BUILDINGS AT MERRILL MCCORMICK AND CHARLESTOWN AND MAYBE OTHER SITES AND MAYBE PART OF OUR GOALS WERE ADDING MIDDLE INCOME HOUSING AND SUCH. IF YOU HAVE THREE DIFFERENT APPROPRIATIONS WITH THREE DIFFERENT LIKE SUB PURPOSES YOU CAN'T MOVE THE RETURNS FROM THE MASS HOUSING INTO FUNDING THAT FUTURE YOU'LL BE ABLE TO USE MONEY BACK. OKAY. RIGHT. SO YOU HAVE THAT'S A GOOD ANSWER. OKAY.  ON THE HOMEOWNERS SHEP DID YOU SAY OF THE 804 HOME BUYERS WELL THAT SOME OF THEM BUY OUTSIDE OF THE CITY THOSE 804 BOUGHT IN THE CITY OF BOSTON I'M ONLY RECORDING THOSE I THINK KENZIE MENTIONED THAT HAD MENTIONED SOMETHING THAT SOME YEAH WE HAD A VERY SMALL NUMBER OF THE HOMEOWNERS WHO HAVE BOUGHT OUTSIDE THE CITY BUT THEN THEY DON'T GET THE THEY DON'T GET THE CITY FUNDED DOWN PAYMENT ASSISTANCE DON'T GET BOTH RIGHT BUT THEY BUT THEY COULD USE FOR INSTANCE SOME OF THEM MIGHT HAVE USED SOME OF THE STATE MONEY THAT WAS AVAILABLE AND THEN ALSO THE SECTION EIGHT TO HOMEOWNERSHIP PROGRAM BECAUSE IT'S A FEDERAL PROGRAM LIKE YOU CAN USE THAT ANYWHERE. SO THERE'S BUT IT'S A VERY SMALL NUMBER. WE'VE ACTUALLY BEEN REALLY PLEASED AT THE FACT THAT ALL BUT SIX HAVE BEEN IN BOSTON.  AND ONE LAST QUESTION OF THE 804 CAN WE GET A LIST OF THOSE AND ALSO THEIR NEIGHBORHOOD JUST TO SEE NOT WHERE THEY'RE BUYING BUT WHERE THEY CURRENTLY LIVE TOO? NO, WE CAN CERTAINLY GET A LIST OF WHERE THEY'VE BOUGHT COUNCILOR IF THAT WOULD BE HELPFUL. LIKE WHAT WHAT WHERE THEY BOUGHT WHERE WHERE DID THEY LIVE WHILE THEY WERE APPLYING. OH YEAH. OR THEY BOUGHT YEAH LIKE NEIGHBORHOOD TO NEIGHBORHOODS WORK ACTUALLY SURE YEAH SURE LIKE HOW MANY IF YOU YOU WERE A RENTER IN DORCHESTER AND YOU'RE ABLE TO BUY AND OR AND MAYBE YOU WENT FROM DORCHESTER TO DORCHESTER ABOUT MAYBE YOU WENT FROM YOU KNOW WE CAN DO THAT RIGHT? YEAH AWESOME. THANK YOU. THANK YOU. THANK YOU COUNCILOR DUNCAN FOR YOURS. THANK YOU SO MUCH CHAIR AND I JUST WANT TO THANK YOU PARTICULARLY FOR YOUR ADVOCACY ON THIS ISSUE.  I THINK I WAS ASKED BY A DEVELOPER RECENTLY ARE THE TOP PRO HOUSING COUNSELORS IN THE COUNCIL AND I LISTED YOU BECAUSE I JUST WANT TO THANK YOU FOR ALL OF YOUR WORK. I THINK WE ALL UNDERSTAND HOW IMPORTANT IT IS TO ACTUALLY DRIVE HOUSING PRODUCTION TO ON STICK THE ON STICK THE GEARS OF OUR CURRENT ECONOMIC SITUATION AND I JUST THINK THIS IS SUCH AN AMAZING OPPORTUNITY FOR US TO DESCRIBE THE ISSUE. IT'S IT'S COMPLICATED BUT THEN THERE'S A LOT OF FACTORS BUT IN THIS SOLUTION WE HAVE LIKE SOMETHING PRETTY SIMPLE SO I'M EXCITED TO VOTE TO AUTHORIZE IT . I DON'T WANT TO TAKE TOO MUCH OF YOUR TIME BUT ONE OF MY QUESTIONS IS ABOUT THE STATE EVALUATION PIECE AND SORT OF HOW WE'RE PARTNERING. I THINK A COUPLE PEOPLE HAVE ASKED QUESTIONS ABOUT THIS HOW DOES THAT AID US IN MAKING SURE THAT OUR INVESTMENTS ARE IN ALIGNMENT AND ALSO THAT WE'RE GETTING THE MOST OUT OF OUR INVESTMENTS? WELL, THANKS FOR THAT QUESTION, COUNSELOR. SO THIS WE'RE ACTUALLY REALLY PLEASED THAT THE STATE AND THE CITY ARE VERY MUCH ALIGNED IN AND SORT OF PUTTING OUR VALUES FRONT AND CENTER AND WE HAVE TO THANK LIEUTENANT GOVERNOR DRISCOLL FOR THAT. HE'S BEEN INCREDIBLE 100% AND SO THE STATE IS GOING TO START BY JUST LOOKING AT THE UNDERWRITING. CAN A PROJECT PERFORM THE WAY THAT THEY SAY SO THAT'S LOOKING DEEPLY INTO THE FINANCIALS OF A PROJECT AND WHO'S INVESTING AND SORT OF THE EXPERIENCE OF THE DEVELOPMENT TEAM TO ACTUALLY DELIVER WHAT IS BEING PROPOSED AND OF COURSE ALSO HITTING THAT 20% AFFORDABILITY THRESHOLD WHICH IS A STATUTORY REQUIREMENT FOR THAT FOR THESE PROJECTS. SO ONCE THEY HAVE COMPLETED THAT PIECE THEY'RE REALLY LOOKING TO THE CITY TO PROVIDE ADVICE ON SOME OF THE OTHER COMPONENTS. SO WE BROUGHT UP THE DIVERSITY OF THE TEAM THE CLIMATE RESILIENCE, SOME OF THE COMMUNITY IMPACT THE COMMUNITY AND POLITICAL SUPPORT BEHIND PROJECTS AND ALL OF THOSE FACTORS WILL GO IN AFTER THEY DO THAT FIRST PIECE THE AFFORDABILITY AND THE AND THE READINESS UNDERWRITING THEY'LL PROVIDE US SORT OF A LIST OF OF WHAT HAS QUALIFIED UNDER THOSE AND THEN WE'LL WORK WITH THEM ON ADVISING SORT OF HOW THE OTHER CRITERIA ARE LOOKING AND HOW THEY'RE HOW TO EVALUATE THOSE. THANK YOU.  AND HOW DO WE EVALUATE SHOVEL READY? CAN YOU TELL ME A LITTLE MORE ABOUT WHAT THAT MEANS? A LOT OF IT HAS TO DO WITH HOW CLOSE ARE THEY TO GETTING A PERMIT? HAVE THEY DO THEY HAVE THEIR CONSTRUCTION DOCUMENTS READY? HAVE THEY GONE THROUGH OR ARE THEY PREPARING TO GO THROUGH DESIGN REVIEW? HAVE THEY LINED UP ALL OF THE VARIOUS CITY APPROVALS? HAVE THEY PUT THEIR INTERNAL YOU KNOW, AS THEIR ARCHITECTS FIGURED OUT ALL THE DETAILS OF THE PROJECT THERE ARE ALL THOSE PIECES THAT SORT OF SPEAK TO THE STATE THAT THEY'RE ABLE TO WORK THROUGH TO DETERMINE IS A PROJECT. YOU KNOW, SOME PROJECTS THEY HAVE TOLD US YOU KNOW THIS ONE IS PROBABLY TWO YEARS AWAY, THIS OTHER ONE COULD BE THREE MONTHS AWAY AND THEY WERE ABLE TO MAKE THOSE DETERMINATIONS BASED ON WHAT THEY REVIEW FROM WHAT APPLICANTS HAVE SUBMITTED. AND THEN WHAT'S I WAS JUST CURIOUS LIKE WHAT'S THE DEAL FOR REINVESTMENT AND SORRY ADMINISTRATIVE WILL YOU ANSWER THAT?  OH NO, I WAS JUST GOING TO SAY THAT JUST PIGGYBACKING ON RUEBEN THAT ALSO OBVIOUSLY LIKE THEIR ACTUAL READINESS IS A CONDITION OF RECEIVING THE MONEY LIKE IT'S NOT JUST THAT SOMEONE SAYS OH I THINK I COULD HAVE A SHOVEL IN THE GROUND. IT'S LIKE IF THEY CAN'T ACTUALLY PERFORM THAT BECAUSE THE WHOLE POINT OF THIS IS TO MOVE THINGS NOW THEN LIKE THEY WOULDN'T GET THE MONEY. SO THAT'S LIKE A VERY REAL KIND OF LIKE YEAH LIKE IT HAS TO BE TRUE CONDITION SO YOU'RE INTO THE NITTY GRITTY AROUND LIKE CONSTRUCTION TIMELINES AND JUST YOU KNOW OKAY YOU'RE STARTING ON YOU KNOW THIS DAY WHEN YOU'RE GETTING A PERMIT YOU'RE PULLING THE PERMIT WHICH REQUIRES A FEE TO THE CITY OF A CERTAIN AMOUNT. SO AT THAT POINT, YOU KNOW, WE WE SEE THAT A PROJECT IS AS MUCH MORE READY WHEN THEY'RE READY TO PULL THAT PERMIT. GOT IT. OKAY. AND THEN I JUST WANTED TO TALK ABOUT A LITTLE BIT THIS BECAUSE OBVIOUSLY THE IDEA OF WHY WE'RE TAKING FROM FREE CASH IS THAT FREE CASH WOULD BE REPLACED AND REINVESTED.  HOW I KNOW YOU DESCRIBE THIS IN A MORE COMPLICATED WAY LIKE HOW CAN WE SIMPLY LIKE WHEN WHEN WOULD THIS MONEY BE AVAILABLE AGAIN FOR THE NEXT PROJECT?  YEAH. SO IT WOULD COME BACK THAT'S WHAT I WAS SAYING WAS THAT IN SOME OF THE PROJECTS LIKE THE HOMEOWNERSHIP PROJECTS IT'LL COME BACK ALL AT ONCE RIGHT? AND IN SOME OF THE RENTAL PROJECTS IT MIGHT BE THAT THE LION'S SHARE COMES BACK ALL AT ONCE AT A MOMENT OF TAKE OUT FINANCING BUT YOU MAY WELL HAVE AN AGREEMENT WHERE YOU GET LIKE INCREMENTAL PART OF A PART OF THE LOAN BEING PAID BACK ALONG THE WAY.  SO OR I SHOULD SAY THE RETURNS DEPENDING ON THE AGREEMENTS THAT MAY LOOK VERY YEAH AND YOU AND SO IT WOULDN'T NECESSARILY BE A 1 TO 1 OF LIKE OH WE INVEST IN ONE PROJECT WE WAIT FIVE OR TEN YEARS AND IT ALL COMES BACK AND WE INVEST IN ANOTHER IT MIGHT BE LIKE WE'VE INVESTED IN FIVE PROJECTS AND THEY'RE EACH SENDING US BACK A BIT AND AT SOME POINT WE HAVE ENOUGH THAT THERE'S ENOUGH TO INVEST IN ANOTHER PROJECT. RIGHT? AND OF COURSE LIKE FUNDAMENTALLY TO YOU KNOW THE CITY'S GOING TO HAVE TO ASK THE QUESTION AT THAT JUNCTURE LIKE, YOU KNOW, IS THIS MONEY THAT WE CAN AFFORD TO INVEST ANOTHER PROJECT OR IF IF SOMETHING CRAZY HAS HAPPENED IN THE WORLD AND WE NEED THAT MONEY FOR SOMETHING ELSE THAT THE CITIES STILL GOT THAT AND I JUST WANT TO END WITH THIS I THINK EXPANDING POLITICAL CAPITAL TO BEND THE COST CURVE DOWN ON HOUSING IS A PUBLIC GOOD SO WE SHOULD BE DOING EVERYTHING WE CAN TO DO THAT SO THANK YOU. THANK YOU COUNCILOR AGAIN THANK YOU TO THE ADMINISTRATION FOR TESTIFYING AND ALL YOUR HARD WORK. ALSO JUST WANT TO THANK PAST ADMINISTRATION AND IN THIS CURRENT ADMINISTRATION FOR BEING FISCALLY RESPONSIBLE TO PUTTING US IN THIS POSITION TO BE INNOVATIVE AND CREATIVE AND TO SOLVE SOME OF THE HOUSING PRODUCTION PROBLEMS THAT WE FACE TODAY. I DO HAVE A FEW QUESTIONS.  ONE OF MY QUESTIONS AS TO ADMINISTRATIVE BUT YOU TALKED ABOUT THE ABILITY TO RETURN AROUND THE SITE. DO YOU.  I DIDN'T HEAR THE FULL EXPLANATION BUT WHICH I THINK COUNCILOR MEJIA WAS ASKING A QUESTION ON IS EVERYONE ABLE TO, YOU KNOW, STAY AT THE SITE BUT YOU I THINK YOU WERE TALKING ABOUT THE ABILITY TO RETURN WITH THAT LIKE PEOPLE WHO MOVED OUT OF THE CITY ARE NOW ABLE TO COME BACK OR SORRY. NO. SO THAT WAS IF SO I MENTIONED THAT ONE OF THE THINGS WE'RE TRYING TO DO IS MAXIMIZE ONE WAY MOVES WHERE PEOPLE NEVER HAVE TO LEAVE THE SITE SO WE JUST BUILD THE NEW UNIT AND THEY GET TO MOVE FROM AN OLD UNIT INTO A NEW UNIT. BUT A CERTAIN PROPORTION OF PEOPLE WILL HAVE TO TEMPORARILY RELOCATE BECAUSE JUST OF THE MASSIVE YOU KNOW WHICH BUILDINGS DO YOU KNOCK DOWN AND THEN HOW MANY YEARS DO YOU BUILD BACK AND STUFF. AND SO THAT'S WHERE ANYBODY WHO MOVED OFF SITE IN THE YOU KNOW IN ORDER FOR INSTANCE FOR BUILDING M TO BE BUILT RIGHT LIKE A LOT OF THOSE PEOPLE ARE NOW MOVING BACK TO THE SITE BUT PEOPLE ACTUALLY GET A FORMAL LETTER. IT'S GOVERNED BY THE UNIFORM RELOCATION ACT. IT'S A WHOLE SET OF FEDERAL RULES AROUND LIKE THEY GET A FORMAL LETTER FROM US THAT REALLY ENSHRINES THEIR RIGHT TO RETURN. AWESOME. AND THEN FOR CFO GROFF AND BERGER, WHAT TYPE OF FINE WITH THE FIND CURRENTLY SIT IN? BECAUSE RIGHT NOW IT'S NOT IT'S NOT A REVOLVING FUND AND THEN WHEN IT DOES BECOME A REVOLVING FUND WHERE WHERE WOULD IT SIT?  SO RIGHT NOW OUR CASH IS INVESTED ACROSS A NUMBER OF DIFFERENT TYPE OF INVESTMENT VEHICLES. SO IT WOULD BE SORT OF INVESTED YOU KNOW, KIND OF IN DIFFERENT TYPES OF MECHANISMS AND TREASURIES AND OTHER TYPES OF THINGS. WE HAVE A VERY DIVERSE INVESTMENT PORTFOLIO SO THAT'S WHERE OUR CASH WOULD SIT CURRENTLY. THE WAY THIS WILL WORK IS PRETTY SIMILARLY SO THE IF YOU APPROVE THIS WE WILL APPROPRIATE THE FUNDS.  WE WILL TRANSFER THOSE FUNDS TO THE BOSTON HOUSING AUTHORITY THAT WILL SORT OF ADMINISTER OUR THE ACCELERATOR FUND. AND SO WHEN THOSE FUNDS ARE NOT ACTIVELY INVESTED IN A PROJECT THEY WILL SIMILARLY THE WAY WE WOULD BE INVESTING THEM IN TYPICAL INVESTMENT VEHICLES THE THE BOSTON HOUSING AUTHORITY WILL INVEST THOSE THEY'LL EARN SOME RETURN SO THAT'S WHERE THEY'LL SORT OF SIT IF THEY'RE NOT ACTIVELY INVESTED IN A PROJECT. AWESOME. AND THEN THE TERM STUCK GOT BROUGHT UP A FEW TIMES WHO DOES THAT ANALYSIS AND WHAT DOES THE TERM STUCK MEAN? AND I THINK I KNOW WHAT IT MEANS BUT GIVE ME SOME DETAILS. YEAH, I THINK WHAT WE'RE REFERENCING IS THE OVER 25,000 UNITS OF HOUSING THAT HAVE BEEN FULLY APPROVED THROUGH THE PPA BOARD IN THE PLANNING DEPARTMENT MEANING THAT IF YOU'RE APPROVED IT IS A IT'S A PROJECT THAT WE WOULD LIKE TO SEE BUILT AND THEY HAVE NOT STARTED CONSTRUCTION AND A SIGNIFICANT PORTION OF THOSE HAVE NOT STARTED CONSTRUCTION BECAUSE OF FINANCING CHALLENGES AND THIS PROGRAM IS MEANT TO ADDRESS THOSE FINANCING CHALLENGES AND WHO WILL BE RESPONSIBLE FOR THE ANALYSIS THAT THOSE FINANCES DEFINE. SO THAT'S MASS HOUSING. SO THAT IS GOING BACK EVERYONE WAS EXPLAINING EARLIER THEY'RE GOING TO LOOK AT ARE ARE YOU BUT IS THIS DOLLAR A BUT $4 IF WE GIVE YOU THIS DOLLAR, ARE YOU READY TO MOVE INTO CONSTRUCTION?  ALL RIGHT. TWO MORE QUESTIONS FOR THE PRIVATE INVESTMENT SIDE. IS THIS SOLELY FOR RESIDENTIAL OR CAN IT BE FOR A PROJECT THAT HAS RESIDENTIAL AND COMMERCIAL? YEAH, IT CAN BE MIXED USE ESPECIALLY IF THERE'S LIKE GROUND FLOOR RETAIL OR SOMETHING LIKE THAT. THESE THESE FUNDS ARE ELIGIBLE FOR FOR THAT FOR A PROJECT OF THAT SORT. GOT IT. THANK YOU. AND THEN LAST QUESTION IS I KNOW CASTLE WEBER BROUGHT THIS UP AROUND BONDING BUT IN THE FUTURE IS THAT SOMETHING THAT WE WOULD EXPLORE? I KIND OF HEARD THAT MAYBE WON'T BE AS ATTRACTIVE TO DEVELOPERS BUT YOU KNOW, DOWN THE ROAD WE'RE BORROWING AGAINST, YOU KNOW, THE RETURNS ON THIS FUND BE SOMETHING THAT THE CITY WOULD EXPLORE.  GREAT QUESTION. I THINK WE NEED TO LOOK AT THAT A LITTLE BIT MORE CLOSELY.  I THINK ALSO THERE IS THE ELEMENT OF WHAT WE CAN AND CANNOT BOND FOR THROUGH OURSELVES.  SO CERTAINLY THINK ABOUT THAT. BUT I THINK AT THIS POINT DID YOU WANT TO CHIME IN? WELL, I JUST WANTED TO SAY THIS HAS COME UP KIND OF IN A FUNNY WAY THROUGH THE LAST LIKE FIVE YEARS OF CONVERSATION ABOUT WHETHER WE SHOULD BOND ON CPA BECAUSE CPA ALSO HAS A BONDING MECHANISM.  UM, AND I THINK WHAT'S BEEN FOUND THERE IS THAT BECAUSE THE CITY OF BOSTON BASE IS SO BIG WE JUST GET A BETTER GENERAL OBLIGATION BOND RATE OFF OF KIND OF OUR WHOLE BASE THAN WE GET OFF OF LIKE A SPECIFIC LIKE SMALLER POOL OF MONEY. WHEREAS FOR LIKE A SMALLER TOWN SAYING LIKE OH WE'RE GOING TO HAVE $30 MILLION OF CPA IN THE NEXT FIVE YEARS LIKE THAT'S LIKE IT'S LIKE A BIGGER POOL THAN THEY HAVE OTHERWISE. SO IT CREATES THIS BONDING POTENTIAL. BUT FOR US WE'RE SO BIG THAT WE'RE NOT LIKE GETTING AS GOOD OF A RATE AS WE WOULD GET OURSELVES.  SO I THINK THAT'S WHAT'S CAUSED US NOT TO REALLY TAKE UP THE BONDING ON THE CPA SIDE. AND MY GUESS IS THAT WOULD BE SIMILAR HERE WHERE EVEN THOUGH IT WOULD BE A SECURED FORM OF REVENUE YOU HAVE SUCH A BETTER SECURED FORM OF REVENUE AND FOR IN THE FORM OF THE CITY THAT YOU'RE PROBABLY BETTER OFF JUST DIRECT INVESTING THOSE DOLLARS BACK INSTEAD OF BONDING AGAINST THEM. ALL RIGHT.  AWESOME. THANK YOU. I WANT TO GO TO MY COUNTERPART BECAUSE OF ANY SECOND QUESTION BUT WE'LL GO TO PUBLIC TESTIMONY FIRST. WE HAVE TWO PEOPLE ON PUBLIC TESTIMONY.  WHEN YOU HEAR YOUR NAME IS CALLED PLEASE STATE YOUR NAME. ANY AFFILIATIONS YOU ADDRESS AND PLEASE KEEP YOUR COMMENTS TO TWO MINUTE. WE HAVE ROSEMARY MARCEL FLORES NOW U.S. .  OKAY. NOW MOVE NOW TO DIANE VALLEY. DIANE, THE FLOOR IS NOW YOURS.  CAN YOU HEAR ME? YES.  OKAY, GOOD. ROSEMARY IS WITH ME. YOU CONTESTED FIVE WHEN I'M DONE, SO IF THAT'S FINE WITH YOU I WANT TO THANK CHER BRIAN MORALE AND THE CITY COUNCILORS FOR THIS OPPORTUNITY TO SPEAK. BEFORE I BEGIN, I'D LIKE TO SAY THAT I'VE DONE A LOT OF TRANSACTIONS IN RETAIL REAL ESTATE AND THE TERMS THE AMOUNT OF MONEY WHO'S QUALIFIED AND WHAT'S GOING TO HAPPEN WITH THAT MONEY ARE ALWAYS CLEARLY DEFINED BEFORE MONEY TRANSFERS AND I'M SHOCKED AT THE AMOUNT OF CONFUSION THAT WE ALL HAVE REGARDING THIS PROCESS AND I'M VERY CONCERNED ABOUT IT BECAUSE THIS IS JUST ANOTHER EXAMPLE OF THE CITY OF BOSTON NOT HAVING TRANSPARENCY OR ACCOUNTABILITY OR A TRUE VALID COMMUNITY ENGAGEMENT AND I'M VERY, VERY CONCERNED THAT THIS ADMINISTRATION HAS ABANDONED ALL EFFORTS WHICH THEY RAN ON WHICH WAS TO ABOLISH THE BPA.  SO I AM OPPOSED TO THE $110 MILLION ACCESSORY FUND TO THE BUNKER HILL HOUSING DEVELOPMENT AND I AM OPPOSED TO IT FOR A NUMBER OF REASONS. ONE, THAT THIS PROJECT WAS SUPPOSED TO BE LIKE HARBOR POINT.  IT IS NOT LIKE HER POINT IN ANY WAY, SHAPE OR FORM AND THIS WILL BE THE DESTRUCTION OF 288 MATURE ALMOST CENTURY OLD TREES. THIS IS AN ENVIRONMENTAL, SOCIAL AND ECONOMIC INJUSTICE. YOU ONLY HEARD FROM THE BOARD MEMBERS WHO ARE ACTUALLY PAID BY THE DEVELOPER. YOU DON'T HEAR FROM ANYBODY WHO IS LIVING THERE BECAUSE PEOPLE ARE LIVING THERE AND FEAR THEY DON'T WANT TO BE EVICTED.  THIS PROCESS DENIED AND IGNORED COMMUNITY ENGAGEMENT AND INPUT ESPECIALLY DURING COVID THERE WAS NO COMMUNITY ENGAGEMENT. I'M REALLY CONCERNED ABOUT THE MAYOR'S OFFICE OF HOUSING BECAUSE WE HAVE FOR THE PAST TWO DECADES BUILT LUXURY RESIDENCES WITHOUT ANY AFFORDABLE HOUSING IN THE SEAPORT AND DOWNTOWN AND NORTH STATION TO MILLENNIUM TOWERS, THE FOUR SEASONS RAFFLES ST REGIS, TWO LIBERTY BUILDINGS AND ECHELON PLUS MANY MANY OTHER BUILDINGS THAT ARE SUITABLE FOR WEALTHY BOSTONIANS BUT NOT FOR MOST. I'M ALSO CONCERNED THAT WE HAVE BUILT SO MANY DORMS AND NOBODY HAS ADDRESSED THAT. SO WHAT I'M REALLY CONCERNED ABOUT IS THIS IS THE VERY FIRST TIME IN THE HISTORY OF BOSTON THAT PUBLIC HOUSING HAS PARTNERED WITH PRIVATE EQUITY AND AS I SAID TO THE FORMER DIRECTOR OF THE BOSTON HOUSING AUTHORITY, DON'T YOU USUALLY EXPERIMENT ON MICE BEFORE YOU EXPERIMENT ON THE HUMAN? AND THIS IS THE FOURTH LARGEST HOUSING DEVELOPMENT IN THE COUNTRY AND SO PUBLIC HOUSING IS INTENDED TO FOSTER SUSTAINABLE COMMUNITIES AND PROVIDE STABILITY, OPPORTUNITY AND PEACE OF MIND FOR THE PUBLIC. BUT TODAY DOES NOT GIVE ME ANY OF THAT IDEA THAT THIS IS IN PLAY AND PRIVATE EQUITY IS BASED ON DRIVING LONG TERM VALUE FOR SHAREHOLDERS AND THEIR INVESTOR.  I'M REALLY CONCERNED BECAUSE PHASE ONE SEGREGATES LOW INCOME PEOPLE AND THEY ARE ONLY LOW INCOME RESIDENTS IN PHASE ONE AND A MASS OF HEAT ISLAND WITH THE DESTRUCTION OF TREES NO USABLE GREENS BASE WHEN THIS WAS SUPPOSED TO BE A MIXED INCOME HOUSING.  I REALLY HOPE THAT IN FACT THAT WHAT I BELIEVE IT WAS CAN DO BUT TESTIFIED THAT THE TENANTS WILL NOT BE PAYING THEIR UTILITY COSTS BECAUSE AN ELECTRIC UTILITY COSTS FOR HEAT AND AIR CONDITIONING, LIGHTING, COOKING AND LAUNDRY IS WHAT IS INCLUDED IN THEIR CURRENT RATES AND I'VE TALKED TO THE RESIDENTS THEMSELVES THAT DO NOT HAVE THE ABILITY TO PAY IT AND SO WILL SELF-SELECT THE VERY RESIDENT WHO THOUGHT THEY WERE GOING TO LIVE THERE. SO I HOPE THAT THAT WILL BE SOMETHING THAT WILL COME THROUGH. AND THESE BUILDINGS ARE MASSIVE . THIS SUMMER WHEN IT WAS 99 DEGREES DOWN OUT THERE IT WAS 125 DEGREES ON THAT SITE BECAUSE THERE'S NO TREE CANOPY. AND WHAT'S MOST EGREGIOUS ABOUT THIS PROJECT IS THIS DEVELOPER WAS AWARDED THIS DESIGNATION BECAUSE THEY SAID THAT THEY WOULD TAKE NO PUBLIC FUNDS AND THEN SHORTLY AFTER. MAYOR WALSH THANK YOU, DAVID. A $30 MILLION THANK YOU. AND 110 MILLION. THANK YOU, DIANE.  PUBLIC FUNDS. THANK YOU. IT'S NOT SUPPOSED TO GO HERE SO I'LL PASS THIS ON TO ROSEMARY AND SHE CAN TESTIFY IN MY WRITTEN TESTIMONY IS ON RECORD. THANK YOU, COUNCILORS. THANK YOU VERY MUCH. THIS IS ROSEMARY MASSARO. I'M SORRY TO PUT DIANE KELLY. I APPRECIATE AN OPPORTUNITY TO SPEAK.  I LIVE IN CHARLESTOWN. I'M A RECENT RESIDENT OF THE CITY AND I HAVE TO SAY THAT I FIND IT REALLY OFFENSIVE AS A TAXPAYER WHEN THE CHIEF FINANCIAL PERSON REFERS TO MY TAXPAYER DOLLARS AS FREE CASH. IT'S NOT FREE CASH. IT'S TAXPAYER DOLLARS AND CARE SHOULD BE SPENT IF WE'RE ALLOCATING TAXPAYER DOLLARS TO PRIVATE EQUITY DEVELOPERS LIKE LEGGETT MCCALL TO INCENT BY THEM TO BUILD A PROJECT THAT THEY WERE ALREADY UNDER CONTRACT TO CONSTRUCT. NOW I DON'T THINK ANY MONEY SHOULD BE ALLOCATED TO THAT BECAUSE THERE IS A LEGALLY BINDING CONTRACT THAT DEMANDS THAT THESE PEOPLE CONSTRUCT THE BUNKER HILL HOUSING DEVELOPMENT. I ALSO AM EXTREMELY CONCERNED THAT THE BOSTON HOUSING AUTHORITY APPARENTLY HAS NOT MAINTAINED ITS BUILDINGS AND IT'S ALLOWING ITS RESIDENTS TO LIVE IN SUCH DEPLORABLE CONDITIONS AND THAT SUGGESTS TO ME THAT THAT WE HAVE A MUCH MORE ENDEMIC PROBLEM IN THE CITY AND THAT IS THAT THE BOSTON HOUSING AUTHORITY DOES NOT KNOW HOW TO KEEP AND MAINTAIN PROPERTY. AND SO IF EVERY TIME THE BOSTON HOUSING AUTHORITY DOESN'T MAINTAIN ITS PROPERTY WE TAKE FREE CASH WHICH IS NOT FREE WHICH IS MY TAX DOLLARS AS ARE YOU ARE TAXED DOLLARS AND OTHER HOMEOWNERS TAX DOLLARS ESPECIALLY IN THIS YEAR WHERE THE MAYOR HAS REFUSED TO CUT THE BUDGET AND JUST DEDICATES THEM TO PRIVATE DEVELOPMENT INSTEAD OF MAKING SURE THAT THIS HOUSING STOCK THAT IS OWNED BY THE BOSTON HOUSING AUTHORITY IS PROPERLY MAINTAINED. I FIND THAT VERY PROBLEMATIC. I WANT TO KNOW EXACTLY HOW MUCH MONEY IS GOING FROM CITY FUNDS. IT'S NOT PRE-CHECK AND CITY FUNDS TAXPAYER FUNDS INTO THIS ACCELERATION OF THE HOUSING AND THAT QUESTION HAS NOT BEEN SATISFACTORILY ANSWERED ALTHOUGH I WANT TO THANK COUNCILOR FLYNN FOR ASKING THE QUESTION. I ALSO WOULD LIKE TO KNOW HOW MUCH MONEY IS BEING MATCHED BY THE STATE AND I ALSO WANT TO KNOW WHO IS JUST DISPENSING THE MONEY, HOW IT'S GOING TO BE DISPENSED AND WHERE THE DOCUMENTS ARE GOING TO BE AND IF THEY'RE GOING TO BE AVAILABLE FOR PUBLIC PREVIEW AND INSPECTION. I HAVE SIGNIFICANT CONCERNS ABOUT TAKING MONEY WHICH IS NOT FREE CASH AND IN PUTTING IT INTO THE FUTURE I THINK THIS SHOULD HAVE BEEN DONE THROUGH BONDING WHICH IS THE CUSTOMARY WAY TO FUND ANY TYPE OF PUBLIC INVESTMENT. FURTHER, I THINK THAT WE NEED TO KNOW THE SPECIFIC BOOKS ON THOSE OTHER MECHANISMS FOR PRIVATE HOME OWNERSHIP WHICH I THINK IS A GREAT IDEA BUT I PERSONALLY THINK THAT THE REASON THAT THESE ARE ALL MIXED TOGETHER IS BECAUSE THERE IS A LACK OF TRANSPARENCY HERE OF THE PEOPLE THAT ARE GOING TO RUN THIS PROGRAM AND THAT DEEPLY CONCERNS ME. I WOULD ALSO LIKE TO POINT OUT THAT WE HAVE BEEN IN A HOUSING CRISIS SINCE 1987 AND MR ALLEN WHO IS THERE WITH US CONTROLS A LARGE AMOUNT OF FUNDS THAT ARE BEING EXACTED UNDER A CITY ORDINANCE FROM PUBLIC DEVELOPERS THAT BUILD LARGE BUILDINGS. I WANT TO KNOW WHY THE MONEY ISN'T COMING OUT OF THE MAYOR'S OFFICE THE CLOSINGS AND THIS HAS TO DO SPECIFICALLY WITH HOUSING THAT'S WITH MONEY SHOULD BE COMING.  THANK THANK YOU, ROSEMARY, YOU ARE GOING TO THANK YOU VERY MUCH FOR THE TIME TO SPEAK TODAY. BUT THERE ARE SERIOUS CONCERNS THAT WE ASSISTED HAVE AND IT'S UP TO YOU PEOPLE AS CITY COUNCILORS TO GET ANSWERS TO OUR QUESTIONS. THANK YOU. THANK YOU. NOW GO BACK TO MY COUNCIL COLLEAGUES.  IF YOU HAVE ANY SECOND ROUND QUESTIONS FOR THE ADMINISTRATION, PLEASE PUT ON YOUR LATE COUNCILOR MEJIA. THE FLOOR IS YOURS. THANK YOU. THANK YOU.  SO I JUST WANT TO THANK THE ADMINISTRATION AND I REALLY DO APPRECIATE YOUR INDULGENCE AND BEING HERE A LITTLE BIT LATER THAN WHAT YOU PROBABLY ANTICIPATED. SO I KNOW WE HAVE A SECOND PANEL COMING SO I'LL BE QUICK. I THINK THAT IT'S IMPORTANT FOR US TO JUST READ THE ZOOM OR THE ROOM THAT WE HAPPEN TO BE IN IS IS THAT I THINK THAT THERE IS A LEVEL OF FRUSTRATION BECAUSE OFTENTIMES WHEN WE FIND OURSELVES IN SITUATIONS WHERE WE ARE ABLE TO HELP SUPPORT LOW INCOME PEOPLE, THERE'S ALWAYS THIS URGENCY, RIGHT? AND THEN THERE'S THIS NARRATIVE THAT THE ONLY WAY FOR YOU ALL TO HAVE THE HOUSING THAT YOU NEED IS IF WE DO X AND THEN WHAT HAPPENS IS IS THAT SITUATIONS LIKE THIS PRESENT THEMSELVES AND THEN IT BECOMES A PAYING DEVELOPER'S AGAINST POOR PEOPLE AGAINST IT JUST BECOMES A HOT MESS IF YOU REALLY WANT TO BE HONEST. RIGHT. AND I THINK THAT WHAT IS HAPPENING HERE IS THAT YOU ALL WHO HAVE COME HERE TO TESTIFY KNOW THAT A LOT OF WHAT YOU ARE HOPING FOR IN THE TYPE OF QUALITY OF LIFE THAT YOU KNOW THAT YOU DESERVE IS ALSO RIDING ON THIS PARTICULAR PROJECT.  RIGHT? BECAUSE IF YOU DON'T GET THE FUNDING THEN OBVIOUSLY IT'S GOING TO BE A LOT HARDER FOR YOU TO HAVE THE QUALITY OF LIFE THAT YOU DESERVE. CORRECT. WE KNOW THIS RIGHT AND BECAUSE OF THIS THIS IS THE WAY RIGHT IN WHICH WE GOVERN AND THE WAY THAT WE TALK ABOUT CORE GOVERNANCE BECAUSE WHAT HAPPENS IS IS THAT WE CREATE THIS TYPE OF DYNAMIC.  THAT THE ONLY PATHWAY FORWARD IS IT IN WAYS THAT MAKE OFTENTIMES PEOPLE FEEL LIKE OTHER FOLKS ARE WINNING AT THE COST OF YOUR BENEFIT. AND I'M LOOKING AT THE RESIDENTS THAT ARE HERE BECAUSE THAT IS KIND OF IF YOU WANT TO LIKE BREAK IT DOWN THAT IS WHAT'S HAPPENING HERE AND WHY THERE'S SO MUCH CONCERN IS BECAUSE AT THE END OF THE DAY WHO TENDS TO BENEFIT FROM THIS ULTIMATELY IS THE BIG QUESTION THAT I HAVE. RIGHT. WE ALREADY UNDERSTAND THAT IF WE APPROVE THIS PROJECT THE FOLKS FROM CHARLESTOWN WILL HAVE A BEAUTIFUL QUALITY OF LIFE. BUT WHO ELSE WINS HERE?  AND I THINK THAT THAT IS ONE OF THE QUESTIONS THAT A LOT OF FOLKS WHO HAVE BEEN EMAILING OUR OFFICE DON'T TRUST US BECAUSE THEY THINK THAT THERE IS AN OTHER LAYER OF BENEFIT THAT WE'RE NOT BEING EXPLICIT ABOUT AND I THINK IT'S IMPORTANT FOR US AS WE CONTINUE TO HAVE THESE CONVERSATIONS TO JUST LAY IT OUT HERE IN THIS ENVIRONMENT THAT WE'RE IN SO THAT WE CAN ADDRESS THE ELEPHANT IN THE ROOM. WHO ELSE IS GOING TO BENEFIT FROM A PROJECT SUCH AS THIS? WE ALREADY KNOW THE OUTCOME AND QUALITY OF LIFE FOR THOSE FOLKS THAT WE SERVE AND THOSE ARE MY ONLY ONE PRIORITY. BUT I'M JUST CURIOUS OUT OF THE SENSE OF THIS EXERCISE CAN WE FOR THE RECORD WHO ARE THE OTHER STAKEHOLDERS THAT ARE GOING TO BENEFIT FROM THIS PROJECT?  YEAH, I THINK THAT'S A VERY IMPORTANT QUESTION. I APPRECIATE YOU ASKING IT FOR TRANSPARENCY SAKE. AND I THINK THAT IT'S DIVERSE AND MANY I THINK IS PART OF THE ANSWER. SO I WOULD JUST SORT OF LIKE STARTING FROM THE BEGINNING I WOULD THINK ABOUT THE CONSTRUCTION WORKERS WHO ARE NOT ABLE TO BE EMPLOYED AND WORKING ON THE PROJECT THAT WOULDN'T OTHERWISE HAPPEN IF WE DIDN'T ACTUALLY EMPLOY A LOT OF THOSE KIND OF FOLKS GOING TO BE BLACK OWNED, MINORITY OWNED. I WANT TO IF WE'RE GOING TO GO TO LIKE WHO ARE WE HERE TO SERVE? I WANT TO HEAR THOSE THINGS ON THE RECORD TO MAKE SURE THAT WE ARE GOING TO GET TO WHERE WE NEED TO BE BECAUSE ANYBODY ELSE WANTS TO FIGHT ME ON THIS PARTICULAR ISSUE. I WANT TO MAKE SURE THAT I HAVE SOME REALLY GOOD TALKING POINTS TO BE ABLE TO STAND ON IT.  ABSOLUTELY. AND THAT'S AND I THINK THAT GOES BACK TO THE EVALUATION QUESTION THAT'S BEEN ASKED PRETTY THOROUGHLY HERE AROUND WHAT ARE HOW WERE YOU CHOOSING WHO WHERE WHO GETS THIS INVESTMENT? WHO DOESN'T? WELL, IT'S THE PROJECTS THAT ARE DOING THE MOST FOR CLIMATE RESILIENCE, THE PROJECTS THAT ARE DOING THE MOST FOR COMMUNITY IMPACT. AND THEN TO YOUR POINT THE PROJECTS THAT ARE DOING THE MOST FOR DIVERSIFYING THE REAL ESTATE INDUSTRY IS WHERE WE WOULD PRIORITIZE OUR INVESTMENT. SO CERTAINLY THERE IS CERTAINLY CONSTRUCTION WORKERS, CERTAINLY THE RESIDENTS OF BOTH THE AFFORDABLE UNITS IN THE VHA PROJECTS, THE AFFORDABLE UNITS IN THE MARKET RATE PROJECTS BUT ALSO THE RESIDENTS OF IN THE MARKET RATE UNITS THAT CURRENTLY CAN'T FIND A HOME THOSE THAT THEY BENEFIT AS WELL . AND I WOULD SAY BROADLY THE RESIDENTS OF BOSTON OVERALL FROM MID VISION TO PROJECT I HAVE MORE QUESTIONS.  IF YOU GO TO A THIRD GRAPH YOU GET TO ONE MORE QUESTION. I CAN DO ONE MORE QUESTION BUT I GOT MORE QUESTIONS BECAUSE YOU KNOW WHAT I'M HERE TO DO MY JOB.  SO ONE MORE QUESTION THEN I'M GOING TO COME BACK FOR A THIRD ROUND OUT OF RESPECT FOR THE PROCESS HERE. I'M JUST CURIOUS BECAUSE WHAT I HAVE SEEN IS THAT WHEN WE HAVE PROJECTS LIKE THIS PEOPLE WHO ARE POOR RIGHT, THEY ARE UNABLE TO ENJOY SOME OF THE BENEFITS WHEN WE'RE TALKING ABOUT MIXED INCOME HOUSING. THERE ARE DEVELOPMENTS RIGHT NOW IN THE CITY OF BOSTON WHERE POOR PEOPLE AREN'T ABLE TO RIDE THEIR BIKES ON CERTAIN SIDES OF CERTAIN DEVELOPMENTS EVEN THOUGH IT'S SUPPOSED TO BE MIXED USE. SO I'M CURIOUS AS WE CONTINUE TO HAVE THESE CONVERSATIONS WHAT TYPES OF GUARDRAILS ARE WE GOING TO PUT IN TO MAKE SURE THAT THE RESIDENTS DON'T FEEL LIKE THIRD CLASS CITIZENS? YEAH, THAT'S A REALLY IMPORTANT POINT AND IT'S ACTUALLY A BIG PART OF THE REASON THAT WE'VE BUILT THIS TRIPATHI AGREEMENT WHICH IS A CONTRACTUAL OBLIGATION ON THE DEVELOPMENT AROUND LIKE REALLY GIVING THE C.R.A. A SEAT AT THE TABLE AND SPECIFICALLY WE'VE BEEN VERY SPECIFIC ACTUALLY ABOUT THE FACT THAT LIKE ANY OF THOSE AMENITIES NEED TO BE OPEN TO ALL. THERE'S A COMMUNITY CENTER WHERE ACTUALLY LIKE THE ONE OF THE REASONS THAT THE C.R.A. IS GETTING A STREAM OF RESOURCES AS THE DEVELOPMENT HAPPENS IS IN ORDER TO FUND PROGRAMING TARGETED AT OUR RESIDENTS IN THAT COMMUNITY CENTER.  SO IT'S REALLY LIKE FIRST AND FOREMOST THEIR SPACE EVEN THOUGH IT WILL SERVE THE WIDER COMMUNITY. AND YOU KNOW, WE'VE GOT I MEAN WE CAN PROVIDE THE SORT OF MAPS OF THE SPACE BUT THERE IS LIKE ACTIVE AND MORE PASSIVE LIKE OUTDOOR SPACE TO YOUR POINT AND EVERYBODY'S ACCESS TO THAT IS LIKE PROTECTED IN THIS KIND OF IT'S THERE'S SOMETHING CALLED THE OWNERS ASSOCIATION AGREEMENT THAT IS THAT THEN MAKES REFERENCE TO THE TRI PARTY AGREEMENT AND SO IT'S A WHOLE SET.  I MENTIONED AT THE START BUT OUR OUR FRIENDS AT GREATER BOSTON LEGAL SERVICES HAVE BEEN A BIG HELP TO US AND I WILL SAY THAT WE ARE ROUTINELY LIKE RECEIVING INQUIRIES FROM THE REST OF THE COUNTRY OF PEOPLE SAYING HEY I HEAR THAT YOU GUYS HAVE REALLY SET THIS UP IN A WAY WHERE THE RESIDENTS HAVE A LONG TERM SEAT AT THE TABLE. HOW CAN WE COPY THAT? SO MY TIME IS UP AND I WANT TO BE RESPECTFUL BEFORE I GET KICKED OUT OF HERE SO I'LL BE QUIET. COUNCILOR COLETTE ZAPATA, THE FLOOR IS YOURS. THANK YOU. THANK YOU SO MUCH. CHAIR AND I'M JUST SO EXCITED THAT THIS CONVERSATION IS HAPPENING IN A PUBLIC FORUM BECAUSE IT ILLUMINATES THE TEN YEAR ALMOST TEN YEARS WORTH OF WORK EMBEDDING IN PROTECTIONS AND EMPOWERMENT OF RESIDENTS SO I'M REALLY EXCITED THAT WE GET A CHANCE TO TALK ABOUT IT AND MY COLLEAGUES ARE ARE GRASPING THE FULL SCOPE OF EXACTLY THE WORK THAT HAS TAKEN PLACE OVER THE LAST AGAIN TEN YEARS. THERE WAS A A QUESTION OR COMMENT THAT WAS MADE ABOUT DENYING COMMUNITY ENGAGEMENT. I JUST WANT TO SAY THAT I THINK THAT THAT'S A MISCLASSIFICATION OF OF THE ENTIRE PROCESS. THERE WERE DOZENS OF IN-PERSON MEETINGS BEFORE, DURING AND AFTER COVID. I THINK THERE WAS OVER 100 IN-PERSON THREATS THAT INCLUDED THE CRA AND MULTIPLE PEOPLE IN IN THE COMMUNITY. THERE WERE THERE WERE ALSO A COUPLE OF CITY COUNCIL HEARINGS THAT HAPPENED IN CHARLESTOWN AT THE KNIGHTS OF COLUMBUS WHERE EVERYBODY'S VOICE WAS WAS TAKEN INTO CONSIDERATION AND BROUGHT TO THE TABLE. SO I JUST WANT WANTED TO SAY THAT I HAVE TWO QUESTIONS WAS BECAUSE THIS WAS ALSO BROUGHT UP IN SOME OF THE COMMENTS IS THERE A PUBLIC IS THERE A STIPULATION IN THE CONTRACT THAT SAYS THAT THERE IS GOING TO BE PUBLIC SUPPORT FOR THIS PROJECT BECAUSE PEOPLE KEEP TALKING ABOUT OH WELL THIS WAS SUPPOSED TO BE HALF A POINT WHATEVER IS THERE A STIPULATION IN THE CONTRACT IN THE FINAL CONTRACT THAT SAYS THERE WILL BE PUBLIC SUPPORT? YES. SO IN IN THE DEVELOPMENT AGREEMENT THAT THE VHA SIGNED ON THIS, IT ASSUMED PUBLIC SUPPORT AND THERE WAS AS HAS BEEN REFERENCED, $30 MILLION THAT HELPED WITH THE INFRASTRUCTURE WORK ON THAT FIRST THAT FIRST SITE AND CLEARING THE SECOND SITE AND SOME OF THE OTHER KIND OF CORE INFRASTRUCTURE WORK. I REALLY WANT TO EMPHASIZE THAT HARBOR POINT IS NOT A GOOD COMPARISON BECAUSE IN HARBOR POINT WHICH IS FOR FOLKS REFERENCE ONE OF THE LIKE ORIGINAL REDEVELOPMENTS OF PUBLIC HOUSING IN THE COUNTRY WE LOST DEEPLY AFFORDABLE UNITS LIKE WE MASSIVELY REDUCED THEM RIGHT? THERE WERE HUNDREDS AND HUNDREDS AND HUNDREDS OF PUBLIC HOUSING UNITS THAT WERE NEVER REPLACED FOR LOW INCOME FAMILIES AND THE AND ONLY A FRACTIONAL NUMBER OF LOW INCOME FAMILIES GOT TO RETURN TO HARBOR POINT WE RFP ON THIS SITE WITH THE ABSOLUTE BEDROCK VALUE THAT WE ARE REPLACING EVERY UNIT OF DEEPLY AFFORDABLE HOUSING AND WHEN YOU DO THAT IT DOES BURDEN THE PROJECT MORE RIGHT THERE ISN'T AS MUCH PROFITABLE IN THE PROJECT IF YOU SAY HEY I ALSO WANT TO PRODUCE A WHOLE BUNCH OF DEEPLY AFFORDABLE BUT STILL BRAND NEW AND AT THE SAME QUALITY AND WITH THESE SAME AMENITIES UNITS LIKE THAT IS A COST BUT WE THINK IT'S A COST THAT THESE PROJECTS SHOULD ABSOLUTELY BE BEARING BUT IT DOES MEAN THAT LIKE THE THE RELATIONSHIP BETWEEN THE PUBLIC AND THE PRIVATE HAS TO BE DIFFERENT THAN AT HARBOR POINT WHERE IT WAS LIKE YEAH NO WORRIES JUST DEMOLISH A WHOLE BUNCH OF DEEPLY AFFORDABLE APARTMENTS AND DON'T REPLACE THEM. THERE'S ALWAYS GOING TO BE MORE MONEY FOR THE PRIVATE. THANK YOU. THANK YOU. SORRY I AND I APPRECIATE THAT ANSWER. ADMINISTRATOR BOURQUE, THIS IS FOR CHIEF DOLAN.  I'M INTERESTED TO HEAR ABOUT THE RFP WITH THE HOMEOWNERSHIP PEACE AND UNDERWRITING. I UNDERSTAND THAT MASS HOUSING HAS THIS ROBUST UNDERWRITING APPARATUS BUT THE CITY NOT CITY COUNCIL EXCUSE ME THE CITY AND THE MAYOR'S OFFICE DOESN'T HAVE THAT. AND SO I KNOW THAT WE WILL HAVE TO CONTRACT WITH WITH SOMEBODY TO DO THIS WORK. AT WHAT POINT WILL THAT HAPPEN AND THEN ALSO HOW MUCH DO WE THINK THAT THAT'S GOING TO COST US?  YEAH, SO VERY GOOD QUESTION. RIGHT. WE YOU KNOW, I THINK IF WE HAD OUR DRUTHERS WE CONTINUE TO WORK WITH MASS HOUSING BUT THEY DON'T HAVE THEY'RE NOT PROVIDING CONSTRUCTION LOANS AND SO WE ARE GOING TO HAVE TO RFP WE ARE GOING TO BE LOOKING FOR A FINANCIAL INSTITUTION PROBABLY THAT WE KNOW AND ALREADY FEEL VERY, VERY GOOD ABOUT THAT THEY KNOW BOSTON AND I WOULD CERTAINLY WANT TO SEE THAT THEY WERE ALSO GOING TO MAKE FUNDS AVAILABLE THAT THEY WERE CONSTRUCTION LENDERS NOW SO WE COULD LEVERAGE USING OUR LOWER COST CAPITAL, WE COULD LEVERAGE LARGER CONSTRUCTION LOAN POOLS.  I'M ASSUMING THAT IF THE CITY COUNCIL APPROVES THIS AND THE FUNDS ARE AVAILABLE THAT WE WILL IMMEDIATELY PUT OUT AN RFP, ADVERTISE IT WIDELY REALLY MAKE SURE THAT WE'RE WE'RE GETTING A LOT OF GOOD, YOU KNOW, RESPONSES SO THAT WE CAN EVALUATE AND PICK SOMEONE WE FEEL VERY, VERY COMFORTABLE WITH.  THANK YOU. THANK YOU. THANK YOU.  JUST WANT TO ALSO JUST LIKE THE PANEL BE AWARE THAT I WILL BE SUBMITTING BRADEN'S QUESTIONS SO IF YOU CAN RESPOND BACK TO THEM IN WRITTEN FORM. MY QUESTIONS REVOLVE AROUND ADMINISTRATION OF THE PROGRAM ELIGIBILITY AND PROJECT PROJECT SELECTION AFFORDABILITY STANDARDS AND ADDRESS AND POTENTIAL DELAYS AND REVOLVING FUND MODEL. ONE OF THE QUESTIONS THAT I HAVE IS I WOULD LOVE TO SEE A REPORTING ANNUAL REPORT OF YOU KNOW WHAT PROJECTS YOU KNOW WE INVESTED IN HOW WE WERE ABLE TO MEET SOME OF THE GOALS THAT WERE OUTLINED YOU KNOW, THE AFFORDABILITY GOALS, THE BJP COMPLIANCE CODE, A DIVERSITY JUST TO MAKE SURE THAT IT'S IN LINE RIGHT. THAT WE'RE STAYING IN LINE WITH THE VALUES OF THE CITY.  I MEAN AT THIS COUNCIL, YOU KNOW, THE PEOPLE OF BOSTON WE WE FULLY AGREE WITH YOU, COUNCILOR. WE WE INTEND TO HAVE AN ANNUAL REPORT. WE WILL. WE WANT THIS PROGRAM TO BE TRANSPARENT.  WE UNDERSTAND THIS IS A LOT OF MONEY THAT WE'RE ASKING OF THE CITY TO INVEST AND WE WANT TO MAKE SURE THAT PEOPLE HAVE CONFIDENCE IN WHAT WE'RE INVESTING IN, UNDERSTAND THE PROJECTS, UNDERSTAND THE DETAILS OF THOSE PROJECTS EXACTLY THE THINGS THAT YOU SHARED AND MORE AND SO THAT THAT WILL BE PART OF THE PROGRAM IS MAKING SURE THAT WE CREATE THAT ANNUAL REPORTING STRUCTURE. THANK YOU. YES, I'LL GO TO MY COUNCIL COLLEAGUES FOR THIRD ROUND OF QUESTIONS AND THEN WE'RE GOING TO MOVE ON TO THE SECOND PANEL. HERE THE FLOOR IS YOURS. THANK YOU. I GUESS YOU KNOW, IT'S IMPORTANT TO JUST KIND OF ASK THESE QUESTIONS BECAUSE AT THE END OF THE DAY THESE ARE THE THINGS THAT ARE PEOPLE ARE ACTUALLY REALLY THINKING BUT THEY JUST DON'T KNOW HOW TO ARTICULATE IT OR THEY ARE THEN THEY DON'T HAVE THE PRIVILEGE OF BEING HERE TO SPEAK FOR THEMSELVES. SO I'M NOT APOLOGIZING.  I'M JUST ME NAMING IT BUT SOMEBODY'S GOT TO ASK THESE QUESTIONS.  I'M CURIOUS ABOUT KIND OF THE THE CRITERIA AND THE METRICS THAT YOU ALL DISCUSS FOR FUTURE PROJECTS WHEN YOU DO THIS. WHAT LESSONS WILL YOU LEARN? WILL YOU SHARE HOW YOU YOU KNOW, WHAT'S YOUR METRICS FOR LIKE EVOLVING AND DOING THINGS DIFFERENTLY BASED ON THE LESSONS YOU LEARNED THIS GO AROUND? IT'S THAT'S ANOTHER GREAT QUESTION COUNCILOR SO I THINK AS WE'RE THINKING RIGHT NOW WHAT WE'RE ENGAGED IN THAT SORT OF A PROCESS OF MODELING IN TERMS OF WHO WE'RE GOING TO INVEST IN THIS LARGE UNIVERSE OUT THERE AS CUSTOMER COUNTS FOR A WELL ASKED ABOUT STUCK PROJECTS THERE'S THERE'S THERE'S A LARGE NUMBER OF STUCK PROJECTS BUT ONLY A RELATIVELY SMALL NUMBER OF THOSE COULD MOVE FORWARD TOMORROW WITH THIS MONEY AND AND A SMALLER AMOUNT OF THOSE ARE ONES WHERE THAT IS A SAFE INVESTMENT BASED ON MASS HOUSING'S UNDERWRITING AND THEN WHAT REMAINS IS A GROUP OF PROJECTS THAT ARE SAFE INVESTMENTS THAT ARE STARTING TO CONSTRUCTION BUT DO THEY MEET OUR VALUES SO I THINK WHAT WE WILL LEARN THROUGH THAT FOLLOWING PROCESS IS WELL WHAT'S THE THOSE PROJECTS THAT RISE AT THE TOP SHOULD BE THE BEST PROJECTS ON THOSE METRICS AND THOSE SHOULD HELP INFORM FUTURE POLICY EFFORTS TO GET MORE PROJECTS LIKE THAT BUILT IN THE CITY. AND I'D LIKE TO SEE AS PART OF THAT REFLECTION EXERCISES THAT I THINK COMMUNITY VOICE IS REALLY IMPORTANT IN TERMS OF KIND OF LIKE THEIR JOURNEY ON THIS ALONGSIDE IT WOULD BE GREAT TO HEAR FROM FROM THOSE STAKEHOLDERS BUT THIS IS THE MILLION DOLLAR QUESTION OR THE $100 MILLION QUESTION HOW MUCH OF IT THE ONLY WAY THAT YOU ALL ARE GOING TO BE ABLE TO DO THIS INVESTMENT FOR THE CHARLESTOWN, THE BUNKER HILL PROJECT THE ONLY WAY YOU'RE GOING TO BE ABLE TO DO IT IS IF YOU GET THIS MONEY, IS IT? YEAH, WE WE HAVE THIS IS HOW WE WORK. WE HAVE BEEN WAITING FOR ANOTHER FOR THE NORMAL LIKE COURSE OF REAL ESTATE INVESTMENT TO WORK AND BECAUSE OF WHERE INTEREST RATES ARE IT'S JUST NOT HAPPENING. OKAY SO SO THAT EVERYBODY'S REALLY CLEAR THAT THE ONLY PATH FORWARD TOWARDS HELPING TO SUPPORT CHARLESTOWN RESIDENTS WHO ARE LOOKING FOR THIS INITIATIVE IS TO FOR THE CITY COUNCIL TO APPROVE THIS PARTICULAR ONE TIME. SO THEN HERE'S MY THING I DON'T MIND MAKING AN INVESTMENT RIGHT? BUT I JUST THINK IT'S REALLY IMPORTANT FOR THOSE FOLKS WHO ARE TUNING IN TO UNDERSTAND WHAT YOU'RE ASKING US TO DO BECAUSE ULTIMATELY THE CITY COUNCILORS ARE THE ONES WHO HAVE TO APPROVE BUDGETS, RIGHT? AND WE ARE THE ONES THAT THEN EVERYBODY EVERYBODY IT'S GREAT WHEN THE MAYOR DOES IT BUT WE'RE THE ONES WHO HAVE TO APPROVE IT RIGHT AT THE END OF THE DAY AND WHATEVER DECISIONS WE MAKE WE'RE THE ONES WHO WILL HAVE TO BE HELD ACCOUNTABLE FOR THOSE DECISIONS WHETHER THEY ARE GOOD OR BAD. SO IF WE DON'T APPROVE IT THEN CHARLESTOWN RESIDENTS ARE GOING TO THINK OH Y'ALL DON'T CARE ABOUT US RIGHT?  BUT IF WE DO APPROVE IT THEN FOLKS ARE THINKING THAT WE'RE NOT BEING FISCALLY RESPONSIBLE . SO I HOPE PEOPLE WHO ARE TUNING IN UNDERSTAND HOW DIFFICULT IT IS FOR US TO BE IN THESE SORT OF SITUATIONS BECAUSE IF WE DO SUPPORT THIS INITIATIVE WHAT I AM GOING TO NEED IS A VERY CLEAR OUTLINE WRITTEN MEMO OF WHAT LESSONS WE'RE GOING TO LEARN AND HOW WE'RE GOING TO MAKE SURE THAT WE CONTINUE TO MOVE WITH EQUITY AND EQUITY NOT JUST RACIAL EQUITY.  I'M TALKING ABOUT LOW INCOME FOLKS WHO ARE POOR EQUITY,  OKAY? BECAUSE SOMETIMES WE GET LOST WITH WHAT EQUITY IS AND I'M TALKING ABOUT POOR PEOPLE HERE. SO FOR THE RECORD THAT'S WHAT I'M REFERRING TO RIGHT NOW I WOULD LIKE TO MAKE SURE THAT AS PART OF THIS APPROPRIATION BEFORE WE APPROVE THIS BUDGET THAT THERE NEEDS TO BE SOMETHING IN WRITING THAT DEMONSTRATES THE CITY'S RESPONSIBILITY IN MOVING FORWARD WITH CENTERING POOR PEOPLE FIRST AND NOT MIXED INCOME BECAUSE FOR ME WHAT I UNDERSTAND HOUSING CRISIS IS THE HOUSING CRISIS AND EVERYBODY'S IN IT BUT THE PEOPLE WHO ARE AT THE BOTTOM ARE THE ONES WHO ARE IMPACTED THE MOST. SO I WANT TO KNOW HOW THIS ACCELERATOR FUND IS GOING TO SUPPORT THOSE WHO ARE AT THE LOWEST AND NOT MIXED USE AND TWO TIERED I THINK YOU'RE DRIVING HOME A VERY IMPORTANT POINT AROUND TRANSPARENCY AND ENSURING THAT WE'RE LEARNING OUR LESSONS AND SHOWING WHERE THIS MONEY IS GOING AND TO THAT EFFECT AND ALSO TO THE CHAIR'S REQUEST SAYING WE WOULD BE VERY, VERY COMFORTABLE AND PROBABLY HONESTLY BE GRATEFUL FOR THE COUNCIL TO LAYER ON THAT REQUIREMENT FOR US TO REPORT ANNUALLY ON THE USE OF THESE FUNDS THAT SEEM LIKE A VERY GOOD OPPORTUNITY FOR US TO CREDIBLY SHOW THAT THIS INVESTMENT'S GOING TO THE RIGHT PLACE AND THAT WE'RE GETTING STRONGER OVER TIME AND TO MAKE IT A NON ED YOU KNOW, NOT A NOT AN OPTION BUT AN OBLIGATION OF THE ADMINISTRATION TO REPORT BACK TO THE COUNCIL ON THOSE MATTERS. SO I'D BE HAPPY I'D BE HAPPY TO ENDORSE THAT. I KNOW I HEAR YOU BUT WHAT I WHAT I NEED TO HEAR WHAT WILL MAKE ME FEEL MORE COMFORTABLE IN SUPPORTING THIS PARTICULAR APPROPRIATION RIGHT BECAUSE ULTIMATELY MY VOTES MATTER EVEN THOUGH THE VOTES HAVE ALREADY BEEN TAKEN AND YOU'RE GOING TO GET YOUR APPROPRIATION WHETHER I VOTE YES OR NO WE ALREADY KNOW HOW THIS WORKS BUT MY THING IS IS THAT I WANT TO MAKE SURE THAT IN THE FUTURE RIGHT THERE IS A DEEP COMMITMENT TO NOT JUST MIXED USE HOUSING BECAUSE IF YOU'RE COMING HERE ASKING US TO APPROPRIATE $110 MILLION IN THE NAME OF HELPING CHARLESTOWN AND AND PEOPLE WHO ARE LIVING IN POVERTY, THEN I THINK THIS WHOLE MIXED USE SITUATION MAKES ME WONDER WHO IT IS THAT I'M REALLY FIGHTING FOR. SO WHAT I'M TRYING TO UNDERSTAND IS IN THE NEXT ITERATION OF THE SITUATION BECAUSE BOSTON NEEDS TO BE A CITY WHERE EVERYONE FEELS LIKE THEY CAN LIVE IN BUT THE PEOPLE WHO CAN'T STAY HERE ARE THE PEOPLE WHO ARE THE POOREST. SO I WANT TO HEAR FROM YOU ALL AROUND THIS $110 MILLION IS HOW IS THAT GOING TO SUPPORT OUR LOWEST INCOME RESIDENTS? THAT'S WHAT I'M TRYING TO UNDERSTAND BECAUSE I'M NOT GOING TO SUPPORT SOMETHING UNLESS I HAVE THAT ASSURANCE THAT MOVING FORWARD WE KNOW WHO WE'RE HERE TO FIGHT FOR BECAUSE WE'RE NOT GOING TO UTILIZE.  THANK YOU. NO, NO, IT'S I JUST WANT TO GET OUT THERE IS HAVING A QUESTION TO THE ADMINISTRATION. I JUST WANT TO HEAR IT. YEAH, I THINK I THINK THAT LIKE WHAT'S INCREDIBLY IMPORTANT UNDERSTAND HERE IN TERMS OF WHAT'S THE LIKE LONG TERM INVESTMENT IN LOW INCOME FOLKS RIGHT NOW NOTHING ABOUT HOW THE PRIVATE INVESTMENT IN REAL ESTATE PRODUCTION WORKS HELPS PROVIDE HOUSING FOR REALLY LOW INCOME PEOPLE. RIGHT? BECAUSE THE REALITY IS THAT LIKE EVEN WHEN WE'RE TALKING ABOUT IDP UNITS REALLY LOW INCOME PEOPLE NEED A DEEPER LEVEL OF AFFORDABILITY THAN THOSE PROVIDE AND THE ONLY WAY THAT THAT GETS FINANCED IS IF PEOPLE ARE USING OUR VOUCHERS RIGHT?  LIKE YOU JUST YOU DON'T SEE THAT HAPPEN THROUGH THE PRIVATE MECHANISM.  SO WHAT'S INCREDIBLY APPEALING ABOUT THIS FUND NOT JUST IN TERMS OF THIS FIRST BUILDING BUT IN TERMS OF THE POTENTIAL IS THE IDEA THAT LIKE IF THE PUBLIC CAN BE IN THE BUSINESS OF FINANCING HOUSING PRODUCTION THEN THE PUBLIC CAN BE IN THE BUSINESS OF CALLING THE SHOTS RIGHT.  AND LIKE ONE OF THE THINGS THAT MONTGOMERY HAS SEEN BECAUSE THEY'RE THEY'RE LIKE A FEW STEPS AHEAD OF US WHERE THEY DID THEIR FIRST BUILDING BUT NOW THEY'RE LIKE ON THEIR FIFTH BUILDING THAT THEY'RE FINANCING AND WHAT THEY'RE SEEING IS THEY'RE GETTING TO TAKE PROJECTS THAT WHEN THEY HAD BEEN CONCEIVED OF ON THE PRIVATE SIDE WERE MAYBE 10% AFFORDABLE AND TURN THEM INTO LIKE 40% AFFORDABLE. RIGHT. AND LIKE YOU'RE ABLE TO PUT MIDDLE INCOME UNITS IN AND YOU'RE ABLE TO DO DEEPER BECAUSE FUNDAMENTALLY YOU CHANGE THE PROJECT MATH FROM BEING ABOUT HOW DO I GET THE MAXIMUM PROFIT FOR A REAL INVESTMENT THAT'S REAL ESTATE INVESTMENT TRUST TO JUST HOW DO I MAKE THIS PENCIL RIGHT LIKE EVEN THE PRIVATE EVEN THE PUBLIC SIDE HAS TO MAKE IT PENCIL BECAUSE THE MONEY'S YOU HAVE TO GET THE MONEY BACK FOR IT TO BE A REVOLVING THING BUT LIKE IT'S A IT'S A VERY DIFFERENT BAR THAN IF YOU'RE TRYING TO MAKE A WHOLE BUNCH OF PRIVATE FOLKS AT PROFIT. SO LIKE TO ME WHEN I THINK ABOUT LIKE WHAT'S MY HOPE FOR WHERE THIS GOES IN THE LONG TERM IT WOULD BE THAT WE WOULD ACTUALLY HAVE THIS PUBLIC MUSCLE WHERE WE GOT TO BUILD THE HOUSING THAT WE WANTED TO BUILD THAT REFLECTED OUR COMMUNITIES SO THAT WE WEREN'T JUST BUILDING LIKE ONLY THE HOUSING THAT THE PRIVATE SIDE WILL LET US BUILD BECAUSE IT SUITS THEIR PROFIT. RIGHT. AND I APPRECIATE THAT AND I'M SO GLAD THAT WE GOT THAT ON THE RECORD BECAUSE I THINK IT'S REALLY IMPORTANT FOR PEOPLE TO HEAR IT. AND THEN I ALSO THINK IT'S IMPORTANT FOR US TO PUT THAT IN WRITING. I THINK IT WOULD BE GREAT.  I THINK I THINK WE NEED I THINK THAT BECAUSE PEOPLE DON'T TRUST GOVERNMENT THE MORE THAT WE CAN PUT IN WRITING THE BETTER IT WILL MAKE US ALL FEEL IF AND EQUALLY THAT SO THANK YOU. I APPRECIATE THE INDULGENCE. TOTALLY UNAMBIGUOUS EVERYONE COMES TO EVERYONE THIS PANEL COMES TO WORK EVERY DAY TO HELP THOSE WHO NEED OUR HELP THE MOST. FIRST AND THAT'S ENTIRELY WHY THE VHA PROJECT WILL BE THE FIRST PROJECT FUNDED THROUGH THIS FUND. SO YES, WE'RE HAPPY TO DO IT IN WRITING AND HAPPY TO SAY THANK YOU. THANK YOU.  THANK YOU AGAIN. THANK YOU GUYS FOR BEING HERE AND THINK FOR ALL YOUR WORK AROUND HOUSING.  NOW WE'LL GO TO THE SECOND PANEL.  THANK YOU PANEL.  AND OUR SECOND PANEL WILL BE DARIO THE OMEGA PRESIDENT AND FOUNDER DVM HOUSING PARTNERS FOR THE SHOWS YEARS THANK THANK YOU VERY STAFF FLOORS NOW YOU GUYS I SHARE I'M NOT SURE IF WE WE OKAY AWESOME DID I GET TO USE THE CLICKER FOR  MANY FRIENDS NO I'M ALONE SHE NO ACTUALLY I YOU LOOK LOOKS LIKE WHAT OKAY SO LET'S SEE MISSED THE OMEGA TO SAY NEXT BECAUSE THEY'RE GOING TO HAVE TO DO IT ON THEIR END SO THEY GO THROUGH THE SLIDES. OH MY SLIDES ARE SMALL. ALL RIGHT I'M GOING TO PULL THEM UP HERE. GIVE ME ONE SECOND. WANT TO MAKE SURE I CAN SEE YOU . WE'RE GOING TO WE HAVE A COPY HERE FOR YOU. I APPRECIATE IT. THANK YOU.  OKAY.  SO YOU 11 MARGA HERE OF DVM HOUSING PARTNERS WE ARE A ROXBURY BASED AFFORDABLE HOUSING DEVELOPMENT FIRM AND AN AFFIRMATIVE MARKETING FIRM THAT FOCUSES STRICTLY ON INCOME RESTRICTED HOUSING HERE TODAY TO ADVOCATE FOR HOME OWNERSHIP FUNDS TO BE PRIORITIZED AS PART OF THIS FUND I THINK I'VE SHARED WITH THIS COUNCIL NUMEROUS TIMES THE NEED FOR US AS A CITY AND AS A STATE TO BE CONTINUE TO BE CREATIVE WHEN IT COMES TO FUNDING AFFORDABLE HOMEOWNERSHIP. MASSACHUSETTS IT'S ONE OF FEW STATES WITH A HOME OWNERSHIP SUBSIDY THE CITY OF BOSTON HAS MADE STRIDES IN THIS SPACE IN OUR HISTORY AND I THINK WE WE SHOULD CONTINUE TO BE PIONEERS IN THIS SPACE.  A LOT OF YOU KNOW, THROUGH THE WORK BOTH THROUGH BUILDING THROUGH OUR LOTTERY SERVICES WE GET TO TOUCH RESIDENTS AT DIFFERENT LEVELS OF THE DEVELOPMENT PROCESS THROUGH OUR LOTTERY WORK WE INTIMATELY GET TO KNOW THE FINANCIAL THE FINANCIAL CIRCUMSTANCES OF THE FAMILIES IN BOSTON AND IN GREATER BOSTON THAT ARE APPLYING FOR THE HOUSING THAT WE'RE BUILDING OR OUR PARTNERS ARE BUILDING. I THINK IT'S IMPORTANT FOR THE COUNCIL AND FOR THE CITY TO GET A BETTER UNDERSTANDING OF THE PROFILE OF THE THE FAMILIES AND INDIVIDUALS THAT ARE QUALIFYING FOR AFFORDABLE HOMEOWNERSHIP AND FOR OUR RESIDENTS TO ALSO UNDERSTAND WHO QUALIFIES FOR AFFORDABLE HOMEOWNERSHIP. WE'VE WE'VE COMPLETED IN THE LAST TWO YEARS THREE DIFFERENT LOTTERIES IN BOSTON, FOUR DIFFERENT AFFORDABLE HOMEOWNERSHIP PROJECTS IN NUBIAN SQUARE. WE FINISHED AND SOLD 40 UNITS OF AFFORDABLE HOMEOWNERSHIP AND WE RECEIVED 883 APPLICATIONS FOR A PROJECT THAT WE'RE CURRENTLY SELLING OUT IN JAMAICA PLAIN, 45 UNITS RECEIVED 1008 APPLICANTS. SO THE NEED IS THERE, THE DEMAND IS THERE AND A LOT OF OUR COLLEAGUES A LOT OF THE WORK FORCE NEEDS THIS OPPORTUNITY IN ORDER TO STAY IN THE CITY.  I WANT TO FOCUS TODAY ON A PROJECT THAT WE SOLD OUT OVER THE SUMMER SEE JOHN FOUNTAIN IN ROXBURY AND JUST PROVIDE A LITTLE BIT OF THE STATISTICS SO THAT WE GET TO KNOW THE PROFILE OF THE BUYERS OF THIS PROPERTY . AGAIN, SAGE WAS 40 UNITS 100% AFFORDABLE. HALF OF THE UNITS WERE RESTRICTED AT 80% OF AMI AND HALF OF THE UNITS WERE RESTRICTED AT 100% OF AMI AND WE HAD UNITS THAT RANGED FROM STUDIOS TO THREE BEDROOMS OF THE BUYERS WHO PURCHASED 25% WERE PREVIOUSLY FROM ROXBURY 27.5% WERE PREVIOUSLY FROM DORCHESTER. WE HAD 7.5% FROM MATTAPAN, 5% FROM MISSION HILL, 5% FROM ALLSTON, BRIGHTON 2.5% FROM SOUTH BOSTON ROSLINDALE.  JAMAICA PLAIN. CHARLESTOWN 20% OF BUYERS WERE NON BOSTON RESIDENTS NEXT SHARING A LITTLE BIT OF BUYER BACKGROUND WE HAVE OVER 57% OF BUYERS IDENTIFYING AS BLACK OR AFRICAN-AMERICAN.  12.5% WERE ASIAN, 10% WERE WHITE, 7.5 WERE HISPANIC AND 12.5 WERE MULTIPLE WERE MULTIRACIAL, 65% WERE WOMEN 30% MALE AND 5% NON BINARY NEXT I THINK THIS IS THE ONE THAT I WANT TO MAKE SURE WE PAY A LITTLE BIT MORE ATTENTION TO.  WE DON'T HAVE AN IDEAL PROFILE FOR AFFORDABLE HOMEOWNERSHIP.  WE HAVE FOLKS ALL OVER THE SPECTRUM. WE HAVE FOLKS FROM AGES 25 ALL THE WAY TO 65 QUALIFYING FOR THIS HOUSING MOST OF OUR BUYERS WERE BETWEEN THE AGE OF 26 AND 29 AND 35 AND 39 YEARS OLD.  MOST OF OUR BUYERS WERE HEALTH CARE WORKERS EDUCATION WORKERS EITHER IN BPC OR IN UNIVERSITIES.  WE HAD FOOD AND BEVERAGE WORKERS, FINANCIAL HEALTH SERVICES, BANKING, PUBLIC UTILITIES, ADMIN WORK, CHILD CARE SERVICES ESTHETICIANS NONPROFIT WORKERS PHARMACEUTICAL SCIENCES SECURITY SERVICES AND TECHNOLOGY. SO WE HAVE FOLKS WORKING PRETTY MUCH ALL OVER THE CITY BOTH IN CITY MUNICIPAL AND NON MUNICIPAL JOBS NEXT HERE WE TRIED TO BREAK THOSE PROFESSIONS DOWN BY THE AM I TYPE SO A LOT OF THE FOLKS ARE QUALIFIED FOR A LOWER TIER WERE THE FOLKS THAT WERE WORKING IN FOOD BEVERAGE PUBLIC UTILITY ETC. THE HIGHER INCOMES WERE THOSE WORKING IN BP GAS AND UNIVERSITIES FOR THE MOST PART NEXT SLIDE HERE WE HIGHLIGHT THE INCOME RANGES FOR THE FOLKS WHO QUALIFIED FOR THIS HOUSING . SO THE LOWEST INCOME WE SAW WAS SOMEONE WHO A ONE PERSON HOUSEHOLD WHO BOUGHT A STUDIO IN THEIR ANNUAL INCOME WAS A LITTLE UNDER $45,000. SO A SINGLE PERSON IN THE CITY OF BOSTON WOULD NOT BE ABLE TO ANYTHING ON THE MARKET MAKING $45,000. SO WE'RE WE ARE CREATING OPPORTUNITIES FOR FOLKS THAT WOULD OTHERWISE NOT ANY AND I THINK THAT THAT'S IMPORTANT TO THE CITY IF WE WANT TO STEM DISPLACEMENT AND CONTINUE TO MAKE SPACE FOR PEOPLE THAT LIVE THAT HAVE BEEN BORN AND RAISED IN THE CITY AND HAVE EXPERIENCED BOTH THE GOOD AND THE BAD OF DEVELOPMENT, I WANT TO CONTINUE JUST TO HIGHLIGHT HERE A ONE BEDROOM HOUSEHOLD THAT WAS ABLE TO PURCHASE A ONE BEDROOM MAKING $51,000 AGAIN, I WOULD LOVE FOR SOMEONE TO GIVE TO GIVE ME AN EXAMPLE OF WHO IN BOSTON CAN BUY A ONE BEDROOM CONDO. NEW CONSTRUCTION MAKING $51,000 AGAIN WE'RE MAKING OPPORTUNITIES FOR PEOPLE THAT WOULD OTHERWISE NOT HAVE THEM IN SOME SO I SAY ALL THAT TO SAY WE'RE NOT COMPETING WITH THE MARKET. THESE ARE PEOPLE THAT WOULD NOT SHOW UP AT AN OPEN HOUSE THIS WEEKEND. THESE ARE PEOPLE THAT ACTUALLY DIDN'T THINK THAT HOMEOWNERSHIP WAS AN OPTION FOR THEM AND THE ONLY WAY THAT WE CAN CREATE HOUSING AT THIS LEVEL IS TO FUND SUBSIDY FOR AFFORDABLE HOMEOWNERSHIP. I'LL KEEP GOING DOWN TO A TWO BEDROOM HOUSEHOLD THAT'S A SINGLE MOM WITH TWO CHILDREN WITH AN INCOME OF $80,000. SHE IS A PARAPROFESSIONAL AT BIPS AND ALSO WORKS A PART TIME SHIFT AT CHEESECAKE FACTORY IN BRAINTREE.  SO WE HAVE A SINGLE MOM WITH TWO CHILDREN WORKING TWO JOBS WHO NEVER THOUGHT SHE WOULD BE ABLE TO PROVIDE A HOME THAT SHE OWNED FOR HER CHILDREN. SO I WANT TO PROVIDE THESE EXAMPLES SO THAT WE START THINKING ABOUT THIS FUNDING AS SOMETHING THAT AFFECTS HUMANS NOT JUST VOTES THAT WE'RE MAKING HERE ON THE COUNCIL FLOOR OR DECISIONS THAT WE HAVE TO WEIGH AGAINST OTHER POTENTIAL OPPORTUNITIES FOR FUND. I THINK IT'S IMPORTANT FOR US TO HUMANIZE OUR INVESTMENT.  I THINK IT'S IMPORTANT FOR US TO UNDERSTAND WHO THIS MONEY IS GOING TO AFFECT AND FOR US TO UNDERSTAND THAT THIS IS ONE OF THE BEST TOOLS THAT WE HAVE TO KEEP OUR WORKFORCE IN THE CITY. OUR TEACHERS, OUR FOOD SERVICE WORKERS, OUR UBER DRIVERS.  THIS IS ONE OF THE ONLY TOOLS THAT WE HAVE FOR THEM TO BE ABLE TO TO ACHIEVE HOME GAIN STABILITY AND NOT BE PRICED OUT OF BOSTON.  THANK YOU. AND THAT'S WHY YOU GO HOLD A PIANO ON YOUR OWN. I WANT TO TURN AND THAT WAS IT WITH 24 HOUR NOTICE I WANT TO TURN IT OVER TO MY CATHOLIC COLLEAGUES FOR ANY QUESTIONS STARTING WITH COUNCILOR COLETTE ZAPATA. THE FLOOR IS YOURS.  THANK YOU, CHAIR. THIS QUESTION IS FOR COUNCILOR MEJIA AND I'M GOING TO TURN YOUR MIKE ON.  I HAVE I HAVE NO QUESTIONS. I AM JUST YOU'VE IMPRESSED ME BEFORE AND I'M JUST SO GRATEFUL FOR YOUR WORK HERE IN THE CITY OF BOSTON. THANK YOU SO MUCH FOR EVERYTHING YOU DO. THANK YOU. THANK YOU, COUNCILOR HERE THE FLOOR. THAT'S RIGHT. I'M STILL COUNCILOR. YOU KNOW I WORK REALLY HARD.  UH HUH. SO I MEAN.  I REALLY DON'T HAVE ANY QUESTIONS FOR YOU. YOU ACTUALLY WROTE MY HOUSING POLICY WHEN I WAS RUNNING FOR OFFICE IN 2019 AND I PUT HER UP AGAINST ALEX EDWARDS WHO WAS ALL ABOUT DEVELOPMENT AND I PUT HER UP AGAINST SOMEONE HAD A GIRL WHO WAS HOMELESS THAT ONE ONCE UPON A TIME IT WAS ALL ABOUT SUBSIDIZED HOUSING AND YOU WERE MY GREAT EQUALIZER BECAUSE WE HAD VERY OPPOSING VIEWS AND YOU WERE ABLE TO HELP EVERYONE UNDERSTAND AND KIND OF WHAT IS THE POSSIBILITY. SO I JUST WANT TO SAY THANK YOU FOR THE WAY YOU CONTINUE TO SHOW UP AND THANK YOU FOR YOUR WORDS OF WISDOM IN THIS SPACE BECAUSE YOU KNOW WE'RE ALL HERE FOR ALL OF IT. I DON'T HAVE ANY SPECIFIC QUESTIONS BECAUSE TOO BAD THE ADMINISTRATION HAS BOUNCED BUT KENSI STILL WELL, I'M NOT SURE WELL, I'M NOT SURE IF YOU CAN BRING THEM BACK DOWN. I DON'T KNOW HOW THE SUMMONS SITUATION IS HERE BUT LIKE A YOU KNOW, THERE'S 110 MILLION AND HOW MUCH OF THE 110 MILLION IS BEING ALLOCATED TO SUPPORT AFFORDABLE HOME OWNERSHIP AS OPPOSED TO THE VHA PROJECTS? I THINK IN THE PRESENTATION WHAT I FEEL LIKE I'M ON THE PANEL IN THE PRESENTATION I BELIEVE THERE WAS ESTIMATING BETWEEN 10 TO 15 PROJECTS THAT COULD BE FUNDED IN THE PILOT PROGRAM 10 TO 15 PROJECTS. SO LIKE SO JUST BECAUSE YOU KNOW I'M NOT AS SOPHISTICATED AS YOU ARE BUT WHEN YOU SAY 10 TO 15, ARE YOU SAYING 10 TO 15 UNITS 10 TO 15 LIKE WHAT DOES THAT FOR PEOPLE WHO AREN'T PAYING ATTENTION WHEN YOU SAY 10 TO 15 PROJECTS THAT MEANS 10 TO 15 UNITS, 10 TO 15 HOMES, 10 TO 15 STUDIOS. RIGHT? PEOPLE WANT TO UNDERSTAND WHAT IT IS THAT WE'RE VOTING FOR. YEAH. SO SO IF YOU HAVE THAT DATA I WOULD REALLY APPRECIATE IT. YES. SO MY UNDERSTANDING OF A PROJECT IS IS WHAT'S BEING BUILT ON THE SITE. RIGHT? SO IT COULD BE 30, IT COULD BE 40, IT COULD BE 50 UNITS, COULD BE 20 UNITS. SO IT'S ALL DEPENDABLE ON WHAT THAT DEVELOPER DEVELOPER PUT IN ON THAT SITE.  SO THAT'S WHY IT WOULD BE BETWEEN TEN AND 15 BECAUSE WE DON'T KNOW WHAT THE FINANCING GAP WILL BE NEEDED IN ORDER TO GET THAT PROJECT ACROSS THE FINISH LINE AND SO 10 TO 15 PROJECTS THAT LET'S SAY FOR INSTANCE A DEVELOPER OF COLOR WILL BE ABLE TO BID AND DEVELOP AN EMPLOYEE AND YES, RIGHT 10 TO 15 OPPORTUNITIES 10 TO 15 OPPORTUNITIES THAT WOULD BE OUT THERE. BUT LIKE AS THE PANEL THE FIRST PANEL SAID THE RFP IS GOING TO BE PUT OUT THERE FOR ANOTHER FINANCE INSTITUTION TO TAKE THAT ON BECAUSE WE DON'T HAVE YEAH, WE DON'T HAVE THE POWER RIGHT. AND I'M SORRY I JUST WANT TO ADD TO THAT COMMENT. I THINK IT'S IMPORTANT THAT WE ALSO TRY TO PRIORITIZE PROJECTS THAT HAVE MIXED INCOME COMPONENTS OR MIXED USE.  RIGHT. I THINK ARE WE HAVE A TENDENCY IN THE HOUSING WORLD TO TRY TO PRIORITIZE AFFORDABLE RENTALS OVER AFFORDABLE HOMEOWNERSHIP AND I THINK I'M HERE TO ADVOCATE FOR THERE TO BE SORT OF PRIORITY ON EITHER A PERCENTAGE OF THE AMOUNT BE ALLOCATED TO AFFORDABLE HOMEOWNERSHIP PROJECTS OR PROJECTS THAT INCLUDE AFFORDABLE HOMEOWNERSHIP AS PART OF THEIR PROGRAM UM I THINK LAST TIME I WAS HERE I WAS ALSO ADVOCATING FOR THE PROJECTS THAT YOU KNOW ARE IN THE WORKS WITH VHA OR PROJECTS THAT ARE BEING THAT ARE BEING SCHEDULED TO BE DEPOSED TO ALSO PRIORITIZE AFFORDABLE HOMEOWNERSHIP AS PART OF THE PROGRAM WE'VE HAD THE LOOK ON THE LOTTERY WE HAVE GOING NOW WHERE WE HAVE ONE APPLICANT THAT'S ENROLLED IN THE VHA HOMEBUYER VOUCHER PROGRAM AND HAS A UNIT UNDER AGREEMENT.  SO SHE'S A MOM OF THREE AND WE'LL HOPEFULLY BE CLOSING ON A THREE BEDROOM IN THE NEXT FOUR MONTHS IN JAMAICA PLAIN AND I THINK IT'S IMPORTANT THAT WE START THINKING ABOUT THE SOLUTION TO PUBLIC HOUSING NOT JUST IN A WAY OF REPLACING EXISTING BUT ALSO CREATING A CYCLE THAT FOLKS CAN FILTER THROUGH SO THAT WE CAN MAKE WAY FOR MORE RENTAL UNITS TO BE AVAILABLE THROUGH PEOPLE ACCOMPLISHING HOMEOWNERSHIP RIGHT.  AND I THINK YOU KNOW THIS MY MY SOCIAL RIGHT NOW WE TRY TO GO BACK TO WHEN MY TIME OKAY I THOUGHT YOU GUYS ASK I THOUGHT I WAS ON THE PANEL. YOU KNOW I'M FEELING GOOD.  WELL, I HAVE TO SAY THAT BECAUSE PEOPLE THINK THAT I'M REALLY MEAN BUT I WAS JUST JOKING. I KNOW YOU KNOW WE'VE GOT A DIFFERENT RELATIONSHIP SO LIKE YOU UNDERSTAND ME LIKE MOST PEOPLE NEED THERAPY AFTER I GET DONE WITH THEM. BUT YOU GOT ME ALL RIGHT?  SO SO I REALLY WANT TO LIKE ADVOCATE FIERCELY FOR THIS WHOLE IDEA OF THE AFFORDABLE HOMEOWNERSHIP BECAUSE WHAT I DON'T WANT IS THE UNINTENDED CONSEQUENCES BECAUSE WHAT I'VE SEEN IS THAT WE KEEP PEOPLE IN POVERTY AND I CAN SEE LIKE LOT OF THE RESIDENTS REALLY WANT AND THEY DESERVE TO LIVE IN QUALITY HOUSING AND THEY ALSO DESERVE OPPORTUNITIES TO BE ABLE TO OWN SOMETHING. SO I THINK THAT THIS ACCELERATOR FUND I DON'T KNOW WHEN YOU ARE GOING TO BRING THIS UP FOR A VOTE BUT I FEEL LIKE THERE'S STILL SO MANY MORE OPPORTUNITIES FOR US TO BE INNOVATIVE AND SHOW THAT WE PUT GUARDRAILS IN BECAUSE IF THIS IS GOING TO BE A ONE TIME INVESTMENT WE CAN ALSO THINK ABOUT HOW WE CAN DO THIS AS A ONE TIME OPPORTUNITY TO MOVE PEOPLE OUT OF POVERTY AND THAT THERE IS A CLEAR PATHWAY TOWARDS BOTH HELPING TO SUPPORT MINORITY OWNED BUSINESS YOU KNOW DEVELOPERS WHILE ALSO TRYING TO CREATE AS MANY OPPORTUNITIES FOR HOME OWNERSHIP FOR EXISTING VHA RESIDENTS. AND I'M SURE THAT ADMINISTRATOR BOK WILL BE REALLY EXCITED TO SEE A PROGRAM AT CHARLES TOWN THAT HAS A LOT, YOU KNOW, EARMARKED UNITS THAT CAN GO FROM RENT TO ALL LIKE I LOVE THAT LEVEL OF IT AND INNOVATION AND THAT LEVEL OF OPPORTUNITY AND I'M JUST CURIOUS ABOUT, YOU KNOW, WHAT THAT LOOKS LIKE. RIGHT AND AND YEAH AND I THINK WE LIKE WE KNOW THAT THERE'S THAT THAT'S POSSIBLE RIGHT?  SO THROUGH OUR PARTNERSHIP WITH JAMAICA NEIGHBORHOOD DEVELOPMENT CORPORATION WE ARE CONSULTING WITH THEM TO MANAGE THE LOTTERY OF THEIR CURRENT PROJECT IN JAMAICA PLAIN AND WE'VE BEEN ABLE TO WORK WITH THE CITY OF BOSTON AND THE BOSTON FAIR HOUSING COMMISSION TO GIVE A PREFERENCE FOR AT LEAST FOR TWO UNITS FOR BHO VOUCHER HOLDERS AND I THINK THAT'S THE FIRST TIME THAT WAS THE FIRST TIME THAT THAT'S BEEN DONE. SO I SEE THAT. SO WE HAVE YOU KNOW NOW WE HAVE A CASE IN WHICH IT'S BEEN DONE BEFORE WHICH WE CAN FOLLOW IN THE FUTURE. SO I'M INTERESTED IN EXPLORING THAT FURTHER AND SEEING HOW WE CAN YOU KNOW THERE'S A LOT OF INITIATIVES THAT YOU GUYS ARE ARE PUSHING RIGHT AND I SEE A LOT OF SYNERGY BUT IT'S NOT NECESSARILY ALWAYS BROUGHT TOGETHER.  SO FOR ME, YOU KNOW AFFORDABLE HOUSING IS LIKE I EAT SLEEP AND DREAM AFFORDABLE HOUSING SO I'M ALWAYS THINKING ABOUT WAYS THAT WE CAN HAVE MORE SYNERGY AND BE MORE EFFECTIVE WHEN IT COMES TO ACTUALLY IMPACTING INDIVIDUALS . RIGHT RIGHT. NOT JUST BUILDINGS RIGHT YEAH THINK THAT WHICH I HEARD WAS A TIME OR AS I SAY REAL QUICK BUT I WOULD LOVE I'M SURE WE'RE GOING TO HAVE MORE OF HEARINGS ON THIS ACCELERATE TIME BEFORE WE BRING IT UP FOR A VOTE I THINK WE HAVE SOME TIME RIGHT BY JANUARY 31ST IS WHEN WE HAVE TO TAKE A VOTE. RIGHT BECAUSE THAT'S WHEN IT WAS FIRST FILED I THINK I DON'T HAVE I BELIEVE SO. BUT ANYWAYS, I STILL THINK THAT WE HAVE SOME TIME TO REALLY THINK ABOUT THIS BECAUSE EVEN IF IT'S JUST ABOUT EARMARKING WE SAID TWO IN JP BUT MAYBE CHARLESTOWN COULD HAVE MAYBE FOUR UNITS THAT ARE SET ASIDE FOR CHARLESTOWN RESIDENTS TO BE ABLE TO BE THE HOMEOWNERS OF ONE OF THOSE FOR THOSE UNITS . I JUST THINK LIKE IF WE'RE GOING TO GIVE MONEY AWAY WE MIGHT AS WELL JUST TRY TO TAKE AS MUCH AS WE CAN TO HELP SUPPORT THE PEOPLE THAT WE'RE TRYING TO ADVOCATE FOR.  SO IF WE'RE FIGHTING FOR MORE AFFORDABLE HOMEOWNERSHIP OPPORTUNITIES GET PEOPLE OUT OF POVERTY THEN OUR JOB IS TO MAKE SURE THAT WE'RE UTILIZING WHATEVER LEVERS WE HAVE TO FIGHT FOR THOSE THINGS BECAUSE THE CITY GET THE MONEY UNLESS WE APPROPRIATE IT. SO IF WE'RE IN A POSITION OF ALLEGEDLY POWER THEN WE MIGHT AS WELL ASK FOR THE THINGS THAT WE REALLY WANT TO SEE OTHERWISE IT'S JUST A TRANSACTIONAL CONVERSATION AND I DON'T WANT TO SHOW UP FOR THAT SO I WANT TO PUT IT ON THE RECORD BUT I'D LOVE TO SEE THAT BEING THE CASE OF WHAT JP AND DC DID FOR THIS PARTICULAR INITIATIVE THAT YOU THAT YOU AND THE ADMINISTRATION IS FIGHTING FOR.  WE RIGHT. I WAS A SPOT I WAS A SPONSOR.  I WAS BUT NOW YOU KNOW I'M I'M A WATERED DOWN VERSION OF A SPONSOR ON ON THE DEVELOPMENT FUND AND I KNOW THE VHA PLAN HAS BEEN AROUND FOR I THINK I HEARD LIKE TEN YEARS SO YOU KNOW WE DON'T WANT TO YOU KNOW, IMPEDE OR SLOW DOWN THAT PROCESS BECAUSE AS YOU KNOW YOU HOW HARD IT IS TO GET SHOVELS INTO THE GROUND SO WE DON'T WANT TO, YOU KNOW, SLOW DOWN THAT PROCESS. BUT BUT I DO KNOW, SLOW DOWN THAT PROCESS. BUT BUT I DO BELIEVE RIGHT TO DEBRIS AT THIS POINT. YOU KNOW WHAT WE HAVE DONE IN THE LAST COUPLE COUPLE OF YEARS, YOU KNOW, WHETHER IT'S ARPA DOLLARS, WHETHER IT'S WITH NEW INITIATIVES, YOU KNOW, WE HAVE CREATED YOU KNOW, A PIPELINE FROM VHA THAT WASN'T THERE BEFORE THAT WE CAN START TO, YOU KNOW, COME UP WITH NEW INITIATIVES AN IDEA TO EARMARK. RIGHT. AND DIFFERENT DEVELOPMENTS AND YOU KNOW, SHOUT OUT TO MEGAN AND THAT WHOLE TEAM JOEL AND AND NICK WHO HAVE BEEN ALSO WORKING WITH US ON THIS TO CREATE THOSE CONTRACTS AND TO THINK THINGS THROUGH. BUT I THINK YOU KNOW, TO YOUR POINT, IF IT'S NOT AT THIS CURRENT SITE THAT HAS ALREADY GONE THROUGH THE PROCESS, I THINK IT'S YOU KNOW, WE HAVE LAID THE GROUNDWORK.  WE HAVE WE HAVE SHOWN THE ADMINISTRATION AND VHA NOW KNOWS THAT MORE ARE THERE MORE OF THEIR RESIDENT CAN PURCHASE A HOME. SO I THINK YOU KNOW THE DATA IS THERE, THE DEMAND IS THERE AND I THINK IN FUTURE PROJECTS I DON'T SEE WHY THAT COULD NOT BE THE CASE BUT THAT IS FURTHER CONVERSATIONS WE COULD DEFINITELY HAVE WITH THE ADMINISTRATOR ON THAT. YEAH, AND I THINK WHAT I'M I THINK MY MAIN ADVOCACY POINT HERE IS JUST AS WE YOU KNOW AS YOU ALL LOOK TO HIRE OUT A THIRD PARTY RIGHT, THAT IT IS CLEAR KIND OF HOW THE SCORING RUBRIC WILL BE FOR THESE PROJECTS THAT WILL BE PRIORITIZED AND THAT SCORING RUBRIC GIVING SOME ADVANTAGE WHEN THERE IS DIVERSE HOUSING TYPES RIGHT INCLUDING AFFORDABLE HOMEOWNERSHIP. I SEE THAT AS A WAY FOR ADVOCATING FOR MORE AFFORDABLE HOMEOWNERSHIP TO BE INCLUDED IN DEALS AND I THINK THAT IT HAS TO YOU KNOW, THAT'S SOMETHING THAT HAS TO COME FROM THIS BODY RIGHT IN ORDER TO TRICKLE DOWN AND GET TO IMPLEMENT TATIAN. ABSOLUTELY. AND I WOULD SAY THIS COUNCILOR MEJIA AND ALSO TODAY PERRIELLO AND THE ADMINISTRATION HAS LAID OUT INSIDE THE PRESENTATION THAT THERE IS AN RFP, RIGHT, THAT THEY'RE GOING TO BE ISSUING ON THE HOMEOWNERSHIP SIDE. SO LET'S, YOU KNOW, PUT OUR RECOMMENDATIONS AND SUGGESTIONS SENT INTO THE ADMINISTRATION TO SEE IF THAT CAN BE INCORPORATED IN THAT RFP ON THE UNAFFORDABLE HOMEOWNER ON THE HOMEOWNERSHIP PORTION OF OF THIS DEVELOPMENT FUND. YEAH. AND AND THE RENTAL YEAH AND AND AND THE RENTAL WE WOULD DEFINITELY PUSH BUT THEY HAD THEY DO HAVE THE THE CRITERIA ON THE RENTAL ALREADY AND AFFORDABILITY IS PART OF IT. OKAY. YES I THINK I THINK THAT WE SHOULD UTILIZE THIS OPPORTUNITY TO ADVOCATE FIERCELY FOR ALL THE THINGS THAT WE WANT IN THIS ONE TIME ONCE IN A LIFETIME OPPORTUNITY. SO IF IT'S GOING TO BE A ONCE IN A LIFETIME OPPORTUNITY THEN WE SHOULD BE DOING OUR DUE DILIGENCE AND MAKING SURE THAT EVERYTHING THAT FOLKS NEED TO BE SET UP FOR SUCCESS AND THAT WE HAVE A WAY OF HOLDING OURSELVES ACCOUNTABLE TO THAT THAT WE WE'RE WE'RE WRITING IT. SO I THINK THAT IT'S A REASONABLE REQUEST THAT I DON'T I DON'T SEE WHY WE WOULD HAVE ANY PUSHBACK ON THAT. YEAH, NO AND I, I RUBIN AND THE WHOLE ADMINISTRATION HAS BEEN VERY RESPONSIVE AND THEY ARE WILLING TO CONTINUE TO WORK WITH WITH THE COUNCIL ON THIS AND I JUST YOU JUST HEARD SOMETHING THAT WAS A LITTLE BIT WEIRD TO ME ABOUT THE FACT THAT THEY'VE BEEN AT THIS FOR TEN YEARS AND BECAUSE THEY'VE BEEN AT THIS FOR TEN YEARS THAT WE DON'T WE WERE UNABLE TO MAKE ANY CHANGES OR ANY COMMENDATIONS ON THE BEING ON THE ON THE ON THE CHARLESTOWN SITE. MM HMM. ALL RIGHT.  SO THAT WE CAN'T MAKE ANY AMENDMENTS WE CAN'T MAKE WE CAN'T ADVOCATE FOR CERTAIN THINGS BECAUSE MY UNDERSTANDING IS THOSE PLANS HAVE BEEN APPROVED.  MM HMM. YEAH. RIGHT. THEY'VE GONE THROUGH THE PERMITTING PROCESS. RIGHT.  BUT NOW YOU'RE ASKING FOR MORE MONEY SO THAT YOU CAN ACTUALLY PUT THOSE PLANS TO BRING THOSE PLANS TO LIFE AND THAT COMES WITH A $110 MILLION ACCELERATOR FUND. AND NOW BECAUSE WE'RE HAVING THESE CONVERSATIONS JUST BECAUSE WE'VE HAD CONVERSATIONS ,TEN YEARS OF GOALS AND THINGS HAVE BEEN APPROVED DOESN'T NECESSARILY MEAN THAT WE CAN'T NEGOTIATE IN THIS MOMENT. IS THAT WHAT I'M HEARING?  WHAT I'M SAYING THOSE PLANS HAVE BEEN APPROVED. RIGHT. AND BUT CAN IT BE RECONSIDERED? I'M NOT SURE WE'LL BE ABLE TO SEE THAT ON THE THIRD. I'M NOT SURE ON THAT PROCESS. RIGHT. THAT COULD I MEAN MAYBE DANIELA COULD SPEAK TO, YOU KNOW, CHANGING A PLAN THAT'S A HARD ONE FOR ME TO BECAUSE I'M NOT ON THE DEVELOPMENT TEAM AND THAT'S A REALLY BIG PROJECT. RIGHT. SO I CAN'T I WANT TO NOT COMMENT ON THAT. I THINK FOR ME IT'S MORE ABOUT YOU KNOW, MY UNDERSTANDING IS NOT NOT THE ENTIRE 110 MILLION IS GOING TO BUNKER HILL NOW SO I THINK FOR ME IT'S ABOUT KIND OF THE MONEY THAT HASN'T BEEN EARMARKED RIGHT AND HOW WE SET UP KIND OF CRITERIA BEFORE IT HITS RFP BEFORE IT'S KIND OF OUT OF THIS BODY SINCE LIKE I DON'T KNOW IF THAT'S THE RIGHT TERM THAT WE ENSURE THAT WE'RE TRYING TO PRIORITIZE THE THINGS THAT ARE GOING TO AFFECT AFFORDABLE HOUSING RESIDENTS IN A MORE HOLISTIC WAY. RIGHT.  BECAUSE BUNKER HILL IS NOT GOING TO IS NOT THE FIRST OR THE LAST PUBLIC HOUSING DEVELOPMENT THAT'S GOING TO BE DEPOSED.  RIGHT. SO I JUST THINK WE HAVE TO LOOK INTO THE FUTURE AND AND HOW WE KIND OF ADDRESS THE HOUSING NEEDS SPECIFICALLY OF PUBLIC HOUSING RESIDENTS. THAT'S HOW I STARTED MY CAREER RIGHT LIKE I WAS I DID A LOT OF RELOCATION WORK FOR THE BOSTON HOUSING AUTHORITY. SO I THINK THAT YOU KNOW, I'VE BEEN A PART OF A FEW HOMES SIX PROJECTS AND I THINK THAT, YOU KNOW, IF I WERE TO GO BACK AND SAY WHAT WERE SOMETHING THAT I'D WANT TO CHANGE IS HAVING HOMEOWNERSHIP AS AN OPTION. RIGHT? AND WHEN I WAS DOING IT WE DIDN'T HAVE COMMONWEALTH BUILDER RIGHT AND THE STATE FUNDING RIGHT NOW WE DO. RIGHT.  SO YOU KNOW, IT'S JUST ABOUT THINKING ABOUT THE NEXT ONE. HOW DO WE NOT MISS THE OPPORTUNITY? RIGHT. NO, I 100% AGREE AND I THINK WE ARE. WELL THAT WOULD BE MY ADVOCACY BECAUSE I DO BELIEVE HOMEOWNERSHIP IS YOU KNOW, ONE OF THE STRONGEST FORMS OF STABILITY FOR FAMILIES AND PEOPLE HERE IN THE CITY OF BOSTON. AND IT'S AN OPPORTUNITY FOR NOT ONLY STABILITY THAT, YOU KNOW, BRINGS ON SO MANY SOCIAL BENEFITS BUT ALSO THE FINANCIAL BENEFITS THAT IT ALSO BRINGS. SO I AM CONSTANTLY GOING TO BE PUSHING HOMEOWNERSHIP AND AFFORDABLE HOMEOWNERSHIP HERE.  AND I THINK, YOU KNOW, TO YOUR POINT WE SHOULD BE LOOKING AT FUTURE PROJECTS.  CASIMIR, ANY OTHER QUESTIONS?  NO, I APPRECIATE LOOKING ON TO FUTURE PROJECTS BUT I'M GOING TO STAY STUCK ON THE ONE THAT WE'RE IN RIGHT NOW. SO I JUST RESERVE THAT'S MY JOB. I'M GONNA DO MY JOB. YEAH, I'M I JUST WANT TO MAKE JUST ONE MORE POINT AND THEN I'M A CLOSED CLOSED THE HEARING IS THAT I LOVE THE BREAKDOWN THAT YOU HAVE DONE AND JUST TO KIND OF SEE LIKE THE TALENT AND THE PROFESSIONS THAT WE'RE ABLE TO KEEP HERE IN THE CITY OF BOSTON BECAUSE OF THE AFFORDABLE HOMEOWNERSHIP THAT WE'RE PROVIDING AND THEN ALSO JUST KIND OF SEEING THE THE THE INCOME LEVELS THAT WHAT PEOPLE ARE AWARE PEOPLE ARE ABLE TO BUY.  AND YOU KNOW, TO YOUR POINT, YOU KNOW, I REMEMBER WHEN I WAS SELLING HOMES AND EVERYBODY WHO HAD, YOU KNOW, A GOOD PAYING JOB WAS MOVING OUT TO BROCKTON. YOU KNOW, IT WAS LIKE A LOT OF THE PEOPLE THAT WERE CITY WORKERS OR STATE WORKERS WERE MOVING OUT OF THE CITY OF BOSTON AND IT'S ALWAYS UNFORTUNATE THAT THAT IS WHERE THEY THINK THAT THEY HAVE TO LOOK TO TO BUY. SO I THINK, YOU KNOW, AFFORDABLE HOMEOWNERSHIP DOES SO MUCH AND I THINK IT'S ONE OF OUR BEST TOOLS BECAUSE IT KEEPS IT AFFORDABLE FOR THE NEXT GENERATION OF PEOPLE AS WELL.  SO I'M ENCOURAGED ON THE PATH THAT, YOU KNOW, WE'RE MOVING TOWARDS. I WOULD LOVE TO GET THERE A LOT FASTER BUT I DO LOVE THE STEPS THAT THIS ADMINISTRATION HAS TAKEN IN THE RIGHT WHAT I BELIEVE TO BE THE RIGHT DIRECTION AND TO IN TERMS OF PUTTING MORE MONEY TOWARDS HOMEOWNERSHIP. SO WITH THAT SAID, I DON'T KNOW IF CASIMIR YOU HAVE ANY CLOSING REMARKS. YOU ARE MY CO-SPONSOR.  YEAH, THEY'LL BE TRYING TO I WAS YOUR CO-SPONSOR. YOU KNOW, I JUST I REALLY DO APPRECIATE THE ADMINISTRATION'S THE POWERPOINT PRESENTATION AND YOU KNOW, THERE WAS ADVOCACY ON WHAT I BELIEVE IS THE DIRECTION THAT WE SHOULD BE MOVING IN. AND WHILE I UNDERSTAND THE DYNAMICS THAT WE DON'T HAVE THE LUXURY OF BEING ABLE TO SEIZE THAT MOMENT AND WITH THIS PARTICULAR PROJECT OF ALLEGEDLY . SO I'M JUST GOING AT THE MANAGE MY EXPECTATIONS BUT I REALLY DO BELIEVE THAT THE VISION THAT SHE HAS SET FORTH IS THE WAY WE SHOULD BE MOVING WHEN IT COMES TO THIS ACCELERATOR FUND. YES. SO YEAH, WE CAN WORK ON AND WE HAVE SOMETHING ALREADY DRAFTED FROM PREVIOUS HEARINGS THAT WE'VE HAD SO MAYBE YOU KNOW, WE COULD DEFINITELY HAVE A CONVERSATION ON THAT WOULD BE DANIELA AND LOOK FORWARD TO HELPING GET HOUSING PRODUCTION UNSTUCK HERE IN THE CITY OF BOSTON AND PUT BIT MORE PRIORITY ON AFFORDABLE HOMEOWNERSHIP.  SO I JUST WANT TO THANK THE ADMINISTRATION, THE PEOPLE WHO CAME TO TESTIFY DANIELA, MY COUNCIL COLLEAGUES, MY TEAM AND ALSO YOUR STAFF FOR ALL THEIR WORK ON THIS HEARING AND THE HEARING ON DOCKET NUMBER AND I HAVE TO GO FIND IT LIKE I SHOULD HAVE MEMORIZED BY NOW.  0108 IS ADJOURNED