Affordable Housing Trust Fund Board: Medford Community Housing Fellsway West Loan Approval - 2026-04-01

AI-generated summary. Written by gemini-3-flash-preview from the transcript below, which is the record. It may be incomplete or wrong; it does not report votes. Every item links to the moment it began.

The Trust approved a $100,000 loan to Medford Community Housing for project overruns and reviewed research on regional downpayment assistance programs. Members also discussed fundraising strategies and planned a community housing resource fair for June.

0:02 Medford Community Housing Fellsway West Loan — Approved a $100,000 loan to Medford Community Housing for soft costs and utility-related overruns at the Fellsway West property after negotiating down the contractor's initial claims.
36:05 Fundraising and Housing Resource Fair — Advanced plans for a housing resource fair in early June to provide educational materials to residents and finalized the design of a fundraising fact sheet.
59:23 Downpayment Assistance Research — Evaluated regional downpayment assistance models from Cambridge and Boston and discussed the potential for establishing an equity buy-down program for low-income homeowners.
1:17:34 Financial Update and Administrative Matters — Reviewed the transition of Trust funds from long-term investment accounts to accessible special revenue accounts and agreed to an August meeting recess.

[David Brosnan]: A few things. First of all, that we have both hard costs, the conclusion of which had to be negotiated with the contractor to try to close out the project contract. And second, that we had an ongoing series of soft costs. And those soft costs involve expenses that Medford Community Housing has incurred through the project and especially since the project ran over by many, many months. And we've got, as I think you've seen, we've got the construction finished. So the building is there and standing, and I hope you have all had a chance to visit. I know the mayor was there during our grand opening, and I know several other of the trustees have been there.

We now have a tenant. We are working on filling the two three-bedroom units. That has turned out to be a process that's taken longer than we anticipated. because people who went through an initial screening did not make it through the second round of screening. And we have a very long list. We had over 200 applicants, but we were able to fill the one-bedroom unit that has been filled since the 1st of March. And as soon as we can get tenants into the other units, we will do so.

We did also provide a page just describing the status of our hard costs at this point, and the discussions and negotiations we've had with the contractor. We've tentatively settled on a number that we provide for your consideration. And I think probably the best thing at this point would be for me to entertain any questions that you may have.

[Vice Chair Penelope Taylor]: Great. Thank you so much. I do want to acknowledge that Trustee Weaver joined us at 6.05 and Trustee DeRosa joined us at 6.08. and thank you so much for that overview. So do I hear any questions from fellow board members in the materials or information?

[Mayor Breanna Lungo-Koehn]: Through the chair, David, thank you for letting us know you're working to fill the units, but can you break down so the public can hear, too? why you exactly need the extra, the second $100,000, what you'll use it for, just so it's on record?

[David Brosnan]: Certainly. Most of what we're asking in the $100,000 would be for what are described as soft costs. In other words, they are costs that involved the architects, site supervision, the surveyors that we had to bring out to have a plan to satisfy the engineering department once the project was completed so we could get our certificate of occupancy. We also had many a few changes that were very necessary. And those changes included some, I would say, things we didn't know about. But they were policies of local utilities, like National Grid, that had previously, in one notorious circumstance, been willing to connect to the back of buildings on Fellsway West, connect electric power and other utilities to the back of buildings. And it turns out that their legal department no longer wanted to do that and required us to connect from overhead lines on Fellsway West.

And as a result, there was a substantial waiting period before the National Grid crews could get there. And there was expense to the project because the electric service connection had to be relocated from the back of the house to the front of the house. And so we incurred expense because of that. We also incurred expense because certain engineers within National Grid were not satisfied that the two buildings adjacent to each other connected by a breezeway were sufficiently separated. And we had to add a layer of drywall. We had to get a letter signed by the fire chief to satisfy them. There were also necessary expenses because of undiscovered existing conditions on the site. And those were buried.

One of those was an insufficient storm drain that was on our property that had to be replaced in order to take all the water from the new building and the old building that was also flowing into it. That pipe, I believe, if it was not damaged, it was far too small and it had to be replaced. And there were other things about, I will have to refer to my list, but there were also some expenses that we're claiming at this time for the doorbell system and for the railings.

That were necessary in order to satisfy the building code and obtain the certificate of occupancy We decided to pay those directly rather than go Through the general contractor on that one. So those are the those are the expenses that you see listed there before you and I think I've got them all but We, if I can just go to a different screen here, I will see.

[Vice Chair Penelope Taylor]: Does that answer your question? Yeah, we have, we have a list. I just want to, yeah. Great. Thank you. I would love to ask a question. It sounds like the tenant selection process is ongoing for those three bedroom units. Do you anticipate being able to fill it from this current tranche of applicants, or are you going to have to re-advertise for those units?

[David Brosnan]: Despite the very small steps that seem to be taken, we did get a very large group of applicants. There were over 200 people, I believe. Now, they were pretty successful in filling the first one. It's an ongoing, excuse me, it's an ongoing source of frustration that we have not been able to get that done. We've been in touch with our lottery agent. This has to be done through the lottery and people who have already participated in the lottery. There are a lot of them, and we will be going from that list. If we have to create another list, I would be very surprised, but I haven't heard anything along those lines just yet.

[Unidentified]: Anyone else have a question? That was Jim. Go ahead. So thank you. And thank you for the documentation. I, I think I did struggle a little bit to try to get an overall picture of the current need as compared to the past budget that you provided. At our last meeting, when you presented, you did provide a kind of a different sheet that talked about spent to date and then expected to owe. And I think for this, I might just need something closer to that to show how the $200,000 is going to work overall in the total sources. I think my only other comment about the sheet that's called requisition number two is I was trying to track some of the costs that you have listed in here and the costs that you had paid to date. For example, some of our ornamental metal at our last meeting, paid to date at $34,000, and you now have it listed, you know, I think the requisition is kind of just to demonstrate the need, but you do have it listed at a full $36,000 under your last requisition.

[David Brosnan]: We have paid the retainage to that contractor, and that's the reason why it's larger now. Okay.

[David Brosnan]: in the last schedule? We had reflected, I think, in that previous one what we had already paid, if I'm correct on that, and what we were anticipating. Since that was done last August, the final bills have come in.

[David Brosnan]: I do believe there was a little extra, it wasn't very much, but there was a little extra work. They had to come back to do some, an infill railing work. I think it was at the top of the exterior stairway that they needed to do some work there. But since then, they have provided their release of lean, and we have paid them their retainage. So their work is totally complete, and I believe we presented to you a correct amount for that.

[Unidentified]: Do you think you'd be able to produce kind of a source and use as you have kind of final numbers at this point, final costs and invoices?

[David Brosnan]: We can certainly try, but one of the things is that in closing out the project, talking about our final payment to the contractor. And there is some back and forth there. There's some disagreement about what the contractor wants versus what we think they're entitled to. And there are also that now we've gone through several sessions with them. I hesitate only because We don't, we think we're very close now. We have a tentative agreement with them. And if, if we could, you know, we certainly want to provide you whatever you need to make your decisions. But to say that there are final expenses kind of beyond the, the, the page I provided showing how the contract amount would be increased, we can itemize that. There's no question that we can do that. But you'll notice also that in the first table on that page, we did have a certain amount of charges that were flatly refused.

We had another amount that we paid only partially because those are, in our opinion, too high. And it took a lot of work to get to this point. So we would be able to, and I think what we'll have to do knowing Knowing that we would have the funds to pay this amount, we can then go to the contractor and say, all right, we will now go forward with this, and we will provide an itemized list as to what these expenses are. I would hope that that would be the sequence that we'd follow, but if it can't be, you know. we'll certainly do the very best we can with it.

[Unidentified]: Yeah, I think I understand. I think if you could still do the source and use and just leave the general contractor section, I wouldn't say blank, but make it clear that this is where you stand today and I think that would be sufficient for me, understanding that there still could be some movement in that number, but just knowing where we are today.

[David Brosnan]: Well, I certainly hope there's no movement in the number. It took us quite a while to get to this point. And just dealing with contractors for 40 years, I can tell you that they, They want every dime they can get, and it sometimes takes many, many gifts of persuasion to be able to reach a number with them. So I would like to, you know, we certainly want to try to see if we can reproduce the format that we gave you before and update that, I think. Now, as far as what we did include in this submittal was a page that was very relevant to the project. In fact, it came from 2022 when we were getting HUD home funds. And my only purpose in putting that in there was really just to illustrate the kinds of expenses that were being paid, that it wasn't just construction that was being paid, but it was being paid for all the ancillary things and supporting things that went along with that, including, I think you'd even see on that list that there was a brief period of operating costs that were being paid.

Delays do amazing things to budgets. And so that money has been chewed up. And unfortunately, we're back asking again. But I would be happy to provide the revised and updated format that we had before.

[Vice Chair Penelope Taylor]: Okay. Great. Thank you. Um, do I hear any other questions from the board? All right. Um, so I think thank you so much for the presentation.

[Vice Chair Penelope Taylor]: Great, thank you. So what I've heard tonight is it sounds like you will provide this additional reference point that Trustee Lessen has requested. And if we're in agreement about that, then I just want to thank you so much for your presentation. I didn't order the agenda, it was the presentation.

[David Brosnan]: I'm happy to do that now. Is there going to be any decision made tonight? pending that information or will there?

[Vice Chair Penelope Taylor]: It's at the discretion of the board to make a motion on the discussion or decision today.

[Mayor Breanna Lungo-Koehn]: Can we go over through the chair? Just if we loan the additional $100,000, can somebody remind me when the payback would start?

[Vice Chair Penelope Taylor]: Great. That is a great question. So I know that we're getting a final update later in the meeting, so I wonder

[Katherine Buckingham]: I don't have the loan agreement documents in front of me, but David or Henry, do you happen to remember off the top of your head the terms of the loan?

[David Brosnan]: It was a very long-term loan, and the payback was based on having an operating surplus year to year, and that we would make a payment based on some percentage of our operating surplus. I don't, I would have to review the whole terms that were in there, but it was a very long-term loan, and... I believe it was 40 years. Yeah, yeah, that sounds right.

[Henry Rappa]: I would think to throw out to the trust And would it be a savings and legal fees and the like if we were just able to do this as a grant? Because I know that last time it resulted in a fairly significant amount of work for everyone to do the documentation of the loan. So yeah, it could possibly be easier. I think the goal of MCH is to try and have hard funds available in our account so that we can close it out with the contractor. As David said, we did a significant amount of negotiation with the contractor who came in with a laundry list of things. And we went through a line by line and it made a lot of denials and end result is she has been patient and we do have full access to the property at this point and we do need to close out payment with her. So I would just respectfully submit to the trust that maybe we could do this as a grant. And possibly if the trust were up for it to do like a cap of $100,000 as a grant in return, and we would provide you documentation, how that 100,000 would be. And I believe David's provided a lot of it, or mostly, if not all of it to the board already, the trust already.

[Mayor Breanna Lungo-Koehn]: So grant and repayable grant, meaning so it would be less than 40 years. What do you mean by that? Chair, I'm sorry.

[Henry Rappa]: Well, when I say grant, I mean just like the community preservation committee just did it as a grant. They had no repayment. This is an affordable unit. I believe the new restrictions are still like another 26 years and they've all been put on the LAU from what I understand. So I'm just throwing it out there that might work more efficiently just to do it as a straight grant, as the Community Preservation Committee did. There was no loan repayment.

And obviously, there was no loan repayment. There was no term for paying off the loan.

[David Brosnan]: If I could just jump in on this, the reason that HUD often sets up their funding as loans. And the purpose of that is so that the developer cannot decide at some point to sell the property that was built with the federal money and then not pay back anything. So in the event that the property changed in some way from affordable housing, then that money would be due and payable back to the government. I think there are so many restrictions on this building right now that it would be impossible for us to turn it back into anything other than affordable housing.

or any of our successes if that ever came to pass. But the, so if you're, if the purpose of setting it up as a loan is to guarantee that it remains as affordable housing, I would say that's already been dealt with elsewhere.

[Mayor Breanna Lungo-Koehn]: David, I think the purpose is to, you know, pay back the money so then eventually, we can loan it to the next project or projects. We obviously are trying to get more funding into the account, but yeah.

[Vice Chair Penelope Taylor]: Okay. Thank you for your insight on that. Thank you, Karen.

[Roberta Cameron]: Thank you. So I'm hearing that there's some time urgency with this request because they need to pay their contractor with whom they negotiated final payment. And also a concern that our use of a loan would be time consuming. I recall that the first time we were preparing the loan document for the first time so that we didn't have a template. And I wonder, I don't know whether the fact that we now have a template will cut that time requirement or if there is inherently a longer timeline that's needed to close on a loan rather than a grant. Great.

[Vice Chair Penelope Taylor]: Thank you for that question. I would love to pose it to city staff.

[Henry Rappa]: I believe it would certainly give some thoughts because I was part of, thank you. I didn't mean to cut anyone off. I was part of the process and working on the documents on the loan from last fall. And there were many parties involved because we had Eastern Bank that holds the, although smallest loan, they had first priority. So we had to get them to ascend to it. We had to get home to ascend to it. So there was a lot of reaching out to different parties to get them to be amenable to what's happening.

I think, David, in my goal, is to be able to know we have access to funds that we can say to the contractor, this is where we're at. We're ready to close this out. Let's get the final lien waivers and be done. We're grateful, however, the trust wants to do it. David and I were looking at the model when some of the funding went through the CPC. It was just a straight grant. Obviously, too. at the end of the 40 years, there'll be some equity in the property, but it's, again, we'd only be coming back at that time for something to help us with it. Because as you know, this is rent-restricted property. It's not like we're making money on this as a private landlord would.

And the expenses continue to go up as we've all noticed with our own living expenses. But that's just my thought. It took, I would say, maybe two months, maybe slightly over two months before we even had pen on paper. And that would put us into the June area. which if it were done as a grant, I think that would be significantly shorter time period because we wouldn't need to get Eastern Banks approval. We wouldn't need to get homes approval or any of those type of approvals.

[Vice Chair Penelope Taylor]: Thank you for that insight. I guess I would still ask city staff for some insight as I recall, the trust had agreed that funding would be through this format, so I guess I'm curious twofold. One, if we kind of have a template, and now that it's been done once, if you would anticipate any faster process this time around, and then second, just to remind us of, you know, I guess a little bit of other trust, if not, what we agreed on about that, about how we're issuing funds.

[Katherine Buckingham]: So I would say that it would be much faster that we don't need to work with our legal counsel to set up the documents, pretty much use those templates and change the dates. So I think it would be much faster. To Henry's point, it probably would still require going back to those other, the bank and NSC, the home group, because they provided the initial sort of mortgage, I guess. But now that they're familiar with the situation, I would also anticipate that it would be faster for them as well, because it wouldn't require the same it could be like, oh, we did this once a few months ago. So I would think it would go faster. What was the second part of your question?

[Vice Chair Penelope Taylor]: The second question is, I'm recalling that as a trust, we agreed on a certain format in the grant versus loan question that we had agreed on to move forward. And I had remembered that, but I guess I'm just curious if you remember any details of that, just kind of that governs

[Katherine Buckingham]: Yeah, I think it was through the chair. I think it was a discussion amongst the board about do we want it to be a grant or a loan? And the decision to do a loan was to the mayor's point about getting that money back eventually so we could fund future projects or future initiatives. So I think it's the discretion of the board. I don't think they're bound to have to do the same thing again.

[Vice Chair Penelope Taylor]: So I think that would be up to all of you. Thank you so much. And I believe that the point of information is that the CPC is kind of gets replenished on an annual basis, whereas we do not yet have a source like that to replenish us quite like that. So that not to read too much into how they do things, but I expect that there's something to do with it. Well, anything else for my fellow board members?

[Henry Rappa]: Today, you're very welcome. Yes, thank you very much for your time. We very much appreciate it.

[CAS00002423_SPEAKER_07]: All right, so yeah, um, yeah, do it processing. Yeah, given one more minute.

[Vice Chair Penelope Taylor]: But this will still stick with this item if I hear a motion.

[Roberta Cameron]: I'm just looking back at our plan to see if we stated in the plan that our funding will be provided as a loan, not a... I have a callback. Yeah.

[Roberta Cameron]: In terms of assistance, development loans are revolving. loan payment may be made. And so we had a lot of discussion about that. It's printed in our guiding documents. So I think we don't.

[Mayor Breanna Lungo-Koehn]: Just on that, because the 40 years throws me off too. It doesn't mention how many years. So my processing is, do we do something a little less than 40 years for repayment?

[Vice Chair Penelope Taylor]: Okay, so it sounds like there's some discussion around. There are several levels of discussion that we could have. I'm not hearing any specific motions.

[Roberta Cameron]: I did hear urgency in the timeliness of this request, and I would be inclined to to make a motion to recommend a loan for this, but I would love to hear other members' reactions to this request before I make that motion.

[Teda DeRosa]: I'm going to have, it's Teda speaking, hi. I'm going to have to agree with uh, Roberta about, I did hear the urgency. It was like, they really needed it today. Um, and. I'm glad that we didn't make a decision. So that way we can have this conversation. I think the loan is definitely keeping it alone and updating what the, the amount of the loan is, is probably the best way to go because If we do a grant for one, that would then mean we would have to do it for another at another time, right?

[Vice Chair Penelope Taylor]: Thank you so much for raising that point. All right.

[Mayor Breanna Lungo-Koehn]: I'll accept this as a motion. If nobody else has any comments, I'll second the motion.

[Vice Chair Penelope Taylor]: OK, so I've heard a motion from Trustee Cameron that we explore that we move forward with. Yeah. Could you restate the motion, please? Is it kind of more definitive?

[Roberta Cameron]: That we provide a loan to the applicant for the amount requested following our usual terms.

[Vice Chair Penelope Taylor]: All right. So we've heard the motion from trustee Cameron. Do I hear a second? All right. We have a second from mayor Lego Kern. So we can just go roll call. Yep. All right. So we'll go roll call vote on that. All right. Um, mayor. Yes. Penny Taylor. Yes. Kayla lesson. Yes. Roberta Cameron. Yes. Carrie Weaver. Yes. Petta DeRosa. Yes. Lisa Davidson. All right. It's a vote. Um, six present absent. Um, and so I. So I will say the next steps then are city staff working with the applicant to move forward with the agreed decision of the trust.

[Katherine Buckingham]: Absolutely, yes. David and Henry, I'll be in touch with you and we'll move forward as quickly as possible.

[Henry Rappa]: Okay, thank you everyone. We much appreciate your partnership. It's been a long, long journey to get to this point, but we're proud that we are almost done with this and look forward to our next one. Thank you. Thank you.

[Vice Chair Penelope Taylor]: And I'm at six in favor. Correct. All right. Thank you. And I will say for myself, I will look forward to hearing a tenant selection update once there is one for those so important three bedrooms. So thank you.

[Henry Rappa]: We are very anxious for that as well. So it'll be a great moment when that part closes out. So thank you for all of your assistance. We do greatly appreciate it.

[Vice Chair Penelope Taylor]: All right. So with that, I will move on to the next item on the agenda, which is updates from fundraising working group and next steps discussion. I will hand it to Catherine.

[Katherine Buckingham]: OK. Excuse me. So the fundraising working group met on Monday, and I'll kind of provide a summary, but I welcome additional comments from trustee Cameron DeRosa. Basically, one thing we worked on was just discussing the fact sheet, which this, did we pass this out yet? It's basically the same. I don't know, Trustee Cameron, if you want to speak towards some of the reasoning, but we felt that some of the language that had been discussed to add is already kind of covered elsewhere in our website. And we also ran this by KP Law and they thought it looked fine. So I think, the working group feels like this is a good final version.

And also, one addition we will make, I think, make it more attractive, potentially a smaller flyer kind of thing, maybe a cardstock half page with a front and a back, so it's easy to grab if we pass it out at events, et cetera, including also a QR code once we have an option to donate online, hopefully, set up. We also talked about updating the Affordable Housing Trust website to reflect this information. And we're working on that as we speak. I also met today with our treasurer and finance director to work through the process of setting up an account to receive donations. So we're working on how to do that. So that's in process. And then one thing I think we can have a larger discussion with the group about is something we've talked about before, having some kind of event to either like an educational event for the trust to talk about what they've been doing and not officially solicit donations, because we've talked about the difficulties with that, but at least having that fact sheet there to let people know how they can support the trust. But that discussion opened up into other ways we could host, maybe like a larger information session or potentially even a resource fair to talk about other housing supports from the city, maybe even having like a speaker or a panel moderator to try to make this like a larger event that was drawing more folks. So I don't know if Trustee Cameron or DeVos wants to add more to that.

[Roberta Cameron]: Thanks, sure. So I apologize, you printed this whole thing, but it's really only the first page, the front of the first page that's relevant. And so this, I'll be reformatting this, maybe using Canva to make it a little more exciting into a half page card. that we can hand out as you described. And we talked about some events coming up where we might be able to use that card to hand out to folks. And the website already has all of the information that we talked about last time wanting to add. So we can just add this into the website and maybe have the website be coded with headings so that it can be expanded and contracted.

And we had Some really fun sounding ideas for a public event that we could host a housing resources fair, where we could have different providers, both within the city city staff as well as nonprofit providers in the community. to talk about what kinds of services they are providing to the community, and also have a couple of speakers and perhaps a moderator who can talk about the need for funding for affordable housing specifically. So it could, you know, by combining those and perhaps asking someone from Housing Medford or some community group to be the moderator could help to generate more people coming to the meeting and generate interest from a lot of people to attend the meeting. And it would also be, with that format, be mutually useful to everyone involved for the trust to learn more about the needs of the people who are attending and to build relationships with those nonprofit providers and for the nonprofit providers to build relationships with Medford residents and with the city. So I felt like this could be a really helpful event that we could hold. We did want to, is this, I wasn't sure if the agenda intended to break this into two different items or.

[Katherine Buckingham]: We have previously talked about this before our meeting on Monday and the agenda had to be posted online before Monday. Excuse me. So I think it could have been consolidated, but it was too late to update the agenda that was posted. So it kind of go together.

[Roberta Cameron]: So we talked about the next step being that it would be helpful for the trust altogether to, um, to agree on a date and location for the meeting. Um, we listed a number of possible locations, so maybe if we could rank those possible locations, then Catherine could find their availability in the order that we rank them. Um, so.

[Vice Chair Penelope Taylor]: That's great. Thank you so much for that update. And I do think this discussion is certainly under the purview of the current agenda item, and then we'll breeze through the one that's already in there about this. Do you have a list of possible dates and locations to share with us?

[Roberta Cameron]: Possible locations, yes. Dates, we didn't even really throw any ideas out there. So I figured that that would be worth hearing from everyone. Locations could potentially be the library, the South Medford Fire Station, the DPW building, or this room. Those are the locations that I could think of. Or potentially the chambers, right? Right, or potentially the chambers. You're right, because if we have the resource fair, that would need more space. Great, thanks.

[Vice Chair Penelope Taylor]: And then I guess I'm curious, well, It occurred to me that, you know, in our action plan, we talked to a lot of stakeholders, lots of whom provide services. Is that sort of the starting list of partners that you would invite to a fair or what is, what are you thinking around?

[Roberta Cameron]: Certainly the partners who are already providing services in Medford and that to my knowledge includes housing families, ABCD, Um. Caritas communities is here. I don't know whether they would be interested in participating in the resource fair. Um our own human services department and, of course, PDS. And. Organizations. Um I'm who have inquired about being able to provide services in Medford and maybe haven't done it yet.

[Vice Chair Penelope Taylor]: I also suggest Medford Community Housing as a group. Of course, yes, thank you. All right, discussion or comments? I see you came off mute. Teda, did you want to share thoughts on this conversation, not to put you on the spot, but.

[Teda DeRosa]: Yeah, no, I actually wanted to kind of just expand on what Roberta was sharing about the conversation we were having around this event, about it being, you know, very educational. And in And what the conversation I was having was basically that, you know, when we had the gentleman from the NAACP come and speak to us about the disparities and why people are not being, you know, approved for loans, you know, it's about education. It's about not knowing what it takes to, one, own a home and, giving them that information as well and having more people other than just, you know, the local community such as mortgage lenders and just really giving everybody an idea of what is out there and what we can do to help them. I, you know, we're talking about partners and people in Medford that are, you know, doing things. We have this whole community of seniors that are, you know, I think they're called aging in place.

And they have a group of seniors that want to stay in their homes. How do we help them do that? Or just getting their information and their story out to other people in the community, because we do have a lot of seniors that are living with their children or you know, have family members living with them because they want to keep their homes. So how does the Affordable Trust help them just like kind of giving information and being more, giving more education to the community who doesn't have it?

[Vice Chair Penelope Taylor]: Great. Thank you so much for adding those details. I'm sorry.

[Roberta Cameron]: Go ahead. That gives me, uh, an idea that for the house and working group, our next step would be to perhaps flesh out the list of potential vendors to invite. So that we could bring that to our next meeting, uh, and. Ask for feedback and additional ideas about

[Vice Chair Penelope Taylor]: would anticipate from prior experience that we will have to be explicit about not endorsing certain businesses, but presenting. So I'm sure we'll land on the language around that. So that's great. Does anyone? Yeah.

[Katherine Buckingham]: Yeah. One thing I also wanted to share. Could you give me the flyer? So on April 13th, Um, TDS, our Office of Planned Development Sustainability, is having an open house, and I wanted to invite any of you if you would like to come. We were thinking we could set up kind of like a table for the Affordable Housing Trust, and maybe setting it up in such a way that we could solicit input from folks about what resources they want to learn more about, as it could help guide how we want to direct the resource fair. I know when the Community Preservation Committee tables, they usually have a way for people to vote on the types of projects that they're interested in. And maybe we could have something like that, or we discussed maybe having little post-it notes where people could say what they're interested in learning more about, and then we could put it up on a whiteboard. And so if any of you would like to attend this open house, we could use that as an opportunity to gather more information about how to direct what would be most useful in a resource fair that we could host.

[Vice Chair Penelope Taylor]: OK, thank you for sharing that. Um. Okay, so are there kind of 2 tiers of this of. Of potentially preparing something for this April 13th event. And it sounds like at least trying to land on our top 2 locations to pursue dates of planning a resource fair. And I would love to clarify is that hosted by the affordable housing trust or who is like the host of that? If that's.

[Roberta Cameron]: Yeah, I think the Affordable Housing Trust would be the host. And as we're talking about it, I feel as though the scale of the event feels larger. So a larger space, probably the council chambers might be the best space to be able to accommodate a large number of guests, as well as Um, resources. Okay.

[Vice Chair Penelope Taylor]: So I'm hearing exploring the city council chambers as an ideal first location and then spatially. I'm not sure what the next largest one is, but possibly is the library. Yeah. The meeting room. So, um, really helpful city staff and look into those options and scheduling. And that is something that we could, I mean, if you all will discuss that in your next meeting and bring that to us.

[Roberta Cameron]: And as for a date, how far out seems reasonable to plan this? May, June?

[Mayor Breanna Lungo-Koehn]: Mid-May or after, I would say. And if you're going to do the council chambers, I would suggest a Thursday, because Monday school committee, Tuesday, Wednesday city council.

[Vice Chair Penelope Taylor]: Could I ask you, is there a policy here that if something comes up, we would get booted from the chambers if...

[Mayor Breanna Lungo-Koehn]: Not if you book it, but you won't be able to book a Tuesday or Wednesday, most likely. And Mondays are pre-taken. So if you just, Catherine or I can calendar it, and then we put the request in for the chambers, usually we get an email right back saying denied or accepted. So again, we can hold a date, maybe for mid-May or beginning of June.

[Vice Chair Penelope Taylor]: Yeah, curious from the planning committee of the timing of your meetings and our meetings and just the lead time working with city staff. I think we've turned it around in about six weeks with some other events, but just curious if that feels like manageable, especially with other city goings on, or if kind of an early mid June is a more, especially getting partners on board for a specific date and time. I know throwing out some factors here, but just kind of want to gut check what feels like get to meet time.

[Katherine Buckingham]: I think make may would be okay. It's just I know because of April, some members of the fundraising working group are out for a week and then their spring break. So I just think that limits the working groups ability to meet in April. So maybe like pushing towards late May or early June seems a little more realistic.

[Unidentified]: I was wondering if this actually, I mean, the idea definitely came from the fundraising, but if it actually makes more sense for the fundraising, to continue in its path and have, you know, a different group working on just the logistics of the event, obviously like coordinating it, but I didn't know if the fundraising group has other business to attend to and think about and brainstorm after we've gotten this community engagement idea kind of out to everyone.

[Vice Chair Penelope Taylor]: Any thoughts from the fundraising group or anyone else?

[Teda DeRosa]: I think if there's an events committee, that might fall under the events committee. But I think any help would be welcome on my end, I think. I think the more hands, the better.

[Roberta Cameron]: I would observe that we originally limited the fundraising group to two with the hopes that that would mean that we wouldn't have to post all of our meetings and have minutes from all of our meetings, but then we were advised that we have to anyway. So there's no reason that our group is limited to two people.

[Katherine Buckingham]: So I think if, if others, I mean, I, I, yeah, just to add onto that, I don't think it's absolutely necessary, but it's kind of like, if we do that, there's, a best practice, basically.

[Vice Chair Penelope Taylor]: Okay. So what am I hearing as the next steps for planning this event?

[Mayor Breanna Lungo-Koehn]: It looks like a beginning of June. I would say avoid mid to end of June as people just check out once school ends, which should have been.

[Mayor Breanna Lungo-Koehn]: Yeah, another day. But usually people are checked out by mid-June. So if you're going to give city staff and the comms team and everybody a little bit more time, I'd say Thursday at the end of May or beginning of June. And then I would post the meeting if there's going to be post this as a trust meeting, if there's a quorum potentially. Yeah, I think whoever can assist with certain tasks.

[Vice Chair Penelope Taylor]: Thank you. So from our fundraising group, what do you think in terms of the next steps?

[Roberta Cameron]: So I see Wednesdays available as being potentially May 21, 28, or June 4, or 11. Those are all Thursdays. Sorry, are you talking about Thursdays?

[Mayor Breanna Lungo-Koehn]: We just booked the 28th, I think for the reading awards for all the schools. I think, I think that was five to 630.

[Roberta Cameron]: I figured that, that we would narrow it down pretty quickly. What dates are actually available for the June one, June four or 11. All right.

[Vice Chair Penelope Taylor]: All right, that sounds like staff will check the availability of the space, but I guess the next term, next steps of planning the event itself, will those be happening with the fundraising working group or any thoughts on where that's happening in that next step of planning this event?

[Roberta Cameron]: I'm happy to continue thinking about the event. We put some thought into it. Teda had some ideas for a speaker, and I had an idea for a speaker as well. It feels to me like it makes sense for us to continue thinking about this for the next two months and then we might have some further next steps about fundraising for that. Great.

[Vice Chair Penelope Taylor]: So to me it sounds like you all will be deciding when the next fundraising meeting is and maybe can communicate to the entire trust when that is in case anyone else wants to come if they are being noticed. And so if anyone else is interested in helping plan this event to attend that meeting, does that seem like a great next step? Okay, great.

[Katherine Buckingham]: I think we had talked about the next fundraising working group being Wednesday, April 15th. Is that? Yeah. So if people want to note that in their calendars, if they want to participate in that and the event associated event planning. Great. All right. That's great. So specific date and time.

[Mayor Breanna Lungo-Koehn]: And just through the chair, as the fundraising group works on this, when you need, and Catherine's, I know, very helpful, but if you need the communications team or a graphic done or anything from me, just let me know. Actually, I'm sorry. Can you give me a list now?

[Roberta Cameron]: I had put this on my to-do list to turn this into a card, and I would love to delegate that if that's possible. I know that we still need to set up a landing page for the donations. We may not actually have the link to make the donations yet, but if this link goes to a landing page, then that can have the actual donation portal can be added after the fact. But yeah, I would love to delegate that to somebody who has more graphical

[Vice Chair Penelope Taylor]: I'm sorry that the fundraising fact sheet we're seeking city support in terms of graphic design and layout. And I dare say translation.

[Mayor Breanna Lungo-Koehn]: I'm just confused. Like, okay, I was thinking like a graphic like this for your event, but you want this as a card. You want this type of card.

[Roberta Cameron]: Like a half page card information card. Basically, this is on one side, and this is on the other side. And there's a QR code. But if that is too much for your communication team, I can keep that on my email.

[Vice Chair Penelope Taylor]: OK, so it sounds like, yeah. Do we think there are resources to help develop that fundraising fact sheet page as just discussed? Or can you let us know? This? Yes, yeah.

[Mayor Breanna Lungo-Koehn]: Okay, and I didn't think, this is a fundraising fact sheet. Okay, I didn't see.

[Vice Chair Penelope Taylor]: I'm calling it that because that's what it's called on some of my notes here. So just to give it a second hand, and also since we kind of pointed to something that we knew what it was aloud, I wanted to make it clear. We have an outline.

[Mayor Breanna Lungo-Koehn]: Yeah. About exactly, just so I don't have it all correct in my head.

[Vice Chair Penelope Taylor]: All right. Thank you, everyone. Is there any more discussion on the fundraising working group going on? Okay, great. I'm going to close that item, move on to the next one. So we'll open and close, which is next steps regarding AHC community engagement. The next step is the April 15 fundraising working group meeting to continue planning a resource fair event in early June. So, not seeing any further discussion on that. We'll keep cruising to our downpayment assistance research update. So huge thanks to city staff who have prepared research on downpayment assistance programs based on conversation at our March board meeting. So I will turn it over to you.

[Katherine Buckingham]: Oh, sorry. Yeah, could you just send me the link? I'll pull up. Here it has a presentation.

[Katherine Buckingham]: Here's the slideshow mode button. Oh, down there. All right. So I just want to thank Julia for putting together. She's done a lot of research and was going to provide an update on what she's put together. Yeah. You can go to the next slide.

[CAS00002423_SPEAKER_07]: Perfect. So yeah, over the past, I guess, few weeks since the last board meeting, Catherine and I have been working on doing some research on document system programs. Um, so I guess just to recap what we talked about last month for the North Suburban Consortium's program, um, they use HUD home funds for eight different communities, including Medford, to provide up to $10,000 in down payment assistance for most properties and up to $5,000 for home subsidized. Um, we talked to staff members who help administer this program, and they did highlight that step task may be an issue and that it's a big heavy lift for their staff. So a few things that they highlighted was maybe working with preferred vendors could help alleviate some of the work and also maybe getting a third party to do income verification because those are two of the big things. That program has a lot of regulations since it's home federal funds. So they're a little bit more limited than a theoretical trust funded program would be. So in last week, sorry, last month's meeting, the board had talked about Cambridge's Homebridge program and asked for some more information. So earlier this week, last week, Catherine and I spoke to the city of Cambridge about this program, as well as their downstream assistance program. The Homebridge program is the buy-down assistance specifically that is funded through their trust. So they offer up to 65% of the purchase price for three-bedroom, 60% two-bedroom, and 50% for a one-bedroom.

We talked about their staff capacity a little bit. Obviously, Cambridge has a bigger staff than Bedford does. So they don't use volunteers for any administration. They do it all internally. Interestingly, they do list lenders that have experience working with this program. It's not required that you work with them, but they did mention that they do that to kind of hopefully push maybe people towards working with people who have experience and help smooth the process. Yeah, they do the income verification internally. They require one month of pay and three months of assets.

They did say that they use HUD guidelines to do income verification, even though it's trust funded. more flexibility. We also talked about their deafening assistance program, which uses home and CDBG funds. However, because of the high market prices, it doesn't sound like this program has been able to be used in several years. But it does exist, and they said it's the same screening process as Homebridge. And compared to the NSE program, it seems like it's a much lighter lift for their staff. in comparison.

Another thing that talked about in the last month's meeting was Massachusetts Housing Partnerships Programs. So quick overview, they have the One Program, which is just a statewide mortgage program for anyone in Massachusetts, but it doesn't involve any down payment assistance or additional assistance. But the One Plus Program partners with 29 cities, mostly gateway cities, for an interest rate discount down payment assistance and closing cost assistance, which from what I could find, it looks like it's funded from state and non-profit funders. But the One Plus Boston program is funded from the city of Boston. Another interesting point, they specifically have participating lenders. So it looks like you have to use one of them. We didn't get a ton of information about how they like the logistics of how they administer this program, but they are working on a guidance document for down payment assistance, which they said will hopefully be ready within the month. So we have that to look forward to.

[Vice Chair Penelope Taylor]: Could I ask a clarifying question? So in the One Plus Boston, MHP is administering it and the city of Boston is funding it? From what I can tell, yes. Okay, thank you.

[Teda DeRosa]: Um, I actually can speak a little bit on the one plus Boston, and they do have specific lenders that they use, but they have a not only do you have to get approved through the lender, there is also a city section that has to approve it. And their guidelines are a lot stricter than what the lenders are. So the program and the process is arduous, but they don't leave any stone unturned. You know, like they look at every single detail of the person's funding. So once you're approved, that's not where it ends. You also have to be approved Um, I can't think of the name of the group, but it's through the city and they do pretty much the same thing. So when, um, Sage Boston or Sage Roxbury was built, it's a, it's a one of a kind like home ownership, condominium. in Roxbury. And they actually had, I believe, 19 units that they sold throughout the city. And like, Salem Five was one of the banks that they used. And every person that was able to move in there, like it was, you had to live in the city in order to be on the, it was for people who lived in the city. So like, say, if we had something like that, it would have to be Medford residents. They had only a few units that were for residents outside of the city. So it was like keeping people within the city. And, you know, once, like I said, once they got approved, they were able to, they had to go through the city's process as well before they could actually get fully approved.

[Vice Chair Penelope Taylor]: Great, thanks for that additional information. I want to go ahead, Julia.

[CAS00002423_SPEAKER_07]: Yes. And then just a few other miscellaneous ones sticking around also a call on the mass planners email list. So we got couple responses. I'm not sure if it's relevant, but I included it. North Andover has a trust-funded DPA program, and they have it administered through a third party, the Center of Assistance to Families. And Beverly, not a down payment assistance, but they did say that their community preservation committee ran an emergency rental assistance program during COVID, and they required third parties to apply to manage the program.

And then the last slide. So just to sum up some of the key takeaways terms of staff capacity, NSC and Cambridge both do their own income verifications. Cambridge did say that it would probably be feasible to use volunteers, assuming that they're bound by the same confidentiality rules that city employees would be. Preferred vendors, it seems like programs do use preferred or specifically participating vendors. And then finally, just some other considerations that had come up And our conversations was that a couple of the biggest barriers to people when applying to these programs was asset limits, which when it's credit funding is a little bit stricter for trust funds, maybe, you know, it would be more flexible and requiring a purchase and sale agreement before applying all the programs that we talked to do. But obviously then people have to be able to buy the house without the funding in order to get the funding. So. It would be a higher workload, they said, to not require it, because then you would be going through the process without actually confirming if it would end up going through, but just something to consider.

[Vice Chair Penelope Taylor]: And that's the research. Great. Thank you so much. Do any of the board members have questions?

[Roberta Cameron]: Thank you. One additional observation is that all the programs that we've looked at are models of programs to help first-time homebuyers. And I think one of the populations, I've said this before, so nothing new, but one of the populations that really needs assistance in Medford are low-income homeowners. So I wonder And I haven't seen other programs out there that are providing this, but I wonder if we could apply similar guidelines and principles, say, for example, Cambridge is 65% of the purchase price of a unit.

if we could offer some percentage like that, some percentage of the value of a unit or the cost to buy down a deed restriction on that unit, so that we could also benefit low income homeowners, rather than only people looking to purchase a house. And I wonder whether, the avenue to do that might be to draft our own guidelines and then figure out how we could make that, you know, the legal parameters that we have to fall under for a program like this. So I think we might have to invent that wheel. Okay, thank you so much.

[Katherine Buckingham]: I just thought I would add for additional I did have a discussion with our planning director about this research to get her insight as well. And one concern she had is that many other affordable housing trusts will, once they're sort of more established, will fund staff time out of their trust. So maybe like someone to have a part-time job. And so that it, from her perspective, may make more sense for the trust once they want to start running programs to be in a position where they can fund staff time for an ongoing program, as opposed to supporting individual projects and projects that would create affordable housing developments. So that was her perspective that I wanted to share with the group.

[Vice Chair Penelope Taylor]: Can I ask Steph this question? I know it's a pretty focused research topic, but would kind of casting about to see if there are other models of what trustee Cameron is suggesting in terms of, is it kind of mortgage payment assistance or equity buydowns? Could that be an area of research between now and our next meeting just to have that at hand? Does that seem like an appropriate, it seems like you haven't come across it, but I'm wondering if,

[Roberta Cameron]: I've come across one other community that's trying, that is looking into developing an equity buy-down program, but I'm not aware of any communities that are doing it yet.

[Vice Chair Penelope Taylor]: Yeah. And yeah, kind of the cross section of the questions you raised in terms of like eligibility screening, like what parameters and who's doing it, like a swirl around my mind of and how that might look.

[Roberta Cameron]: Yeah, I wonder to what extent we might be able to take some of the parameters that we're learning about home buyer programs and apply them just in a different format, a different application process to existing homeowners. Thank you.

[Vice Chair Penelope Taylor]: Any other trustees have questions on this research or discussion about

[Unidentified]: I think this might be not immediately dispositive to this issue, but I think we should at least think about, I'm assuming and correct me if I'm wrong, an equity buy-down would then create a restriction, affordable housing restriction on the unit in indefinite and perpetuity. And I'm just the tiniest bit concerned about how things are valued when people do eventually pass away. And then also how we would actually receive like that restriction and deal with that house. Lastly, I think it's just an interesting point to talk about of like, you know, equity sharing with municipalities is I think a little thought sometimes, you know, like the example is probably like foreclosure because of tax liens, and then they get to sell the house later at market value. And technically the municipality used to keep those proceeds, but they're using it sometimes kind of predatorily to talk about like, they're taking, you know, assets, not sharing the equity with them. So I think maybe just something that we should think about how we structure that program. And we could definitely, I think, get through those pitfalls, but like just some initial thoughts about it.

[Vice Chair Penelope Taylor]: Okay. Can I ask you a question about that? Is it, would a, let's say a community of Land Trust serve that sort of role?

[Unidentified]: I was wondering if this could be more of a partnership between those two. And I think the other interesting aspect is like, you know, obviously someone who's lived in house and owns a house for, you know, some amount of period of time, you have an existing lender, you probably have an existing mortgage. And that might be a complication to then get us inserted into that relationship. Whereas home buying situation, you know, you're buying it and you create the restrictions and you create everything kind of upfront.

[Unidentified]: inserting things in and out. Yeah, mainstream somehow. Okay. Yeah. I mean, I think the perfect situation would be, let's say, like, they had a mortgage 30 years ago, it's paid off. And now, for whatever reason, the expenses, the expense load has gone to that, right. So I think that would be like a perfect case scenario, we don't have to worry about someone else, some other entities, um, going up the works, basically, is well taken.

[Vice Chair Penelope Taylor]: Great. Well, I'm hearing there's some interest to do a little more research to see into the Springfield program and kind of with these research questions in mind. Is there anything else the board wants to raise or kind of next step with this information in mind?

[Mayor Breanna Lungo-Koehn]: through the charities, maybe with the Tufts 500,000, we can look into maybe hiring somebody, even if it's five hours a week to help us get a program like this off the ground or funding, if we get funding sooner, large funding sooner.

[Vice Chair Penelope Taylor]: Okay, great. I'm hearing the point of like thinking about our, you know, we're about to get a financial update. So kind of thinking about what we have now and what that could look like in terms of, labor towards programs, just kind of thinking of admin costs as we move forward with thinking about our priority goals, right? Great. Thank you. All right. Without further ado, our next item is the financial update. So I will turn this over to Kayla for an update on finances. It looks like we have a lovely handout.

[Unidentified]: So I wanted to thank City staff for extensive time with me this month. I'd say that the headline is we know where the money is, where the money is safe. I think what happened is it didn't go into a regular, you know, consumer checking account. Um, it went into a long-term investment account because city staff heard the word trust and there are trusts that are held for, you know, almost perpetuity. And the idea is that you heart, you hold a large amount of money at one and the principal amount, you know, you, you maybe make a withdrawal once every 10 years. the city staff. Let's say with planning, so that is why we've had some struggles with actually accessing the funds is that they're in things that are not immediately available. For example, that could be like CDs or they could be long term treasuries. We don't have a lot of insight into what they actually are. But rest assured the money is there. Um so that is the good news.

that money into something that makes more sense for revolving trust funds for funding staff time for all of the activities that we're going to be doing going forward. Um. It does sound like that will take, you know, give or take a month or two minimum.

[Katherine Buckingham]: Unless you have. Yeah So I had a meeting today, actually, with our finance director and treasurer and legal I think the ball's already rolling. So our finance director already set up like a special revenue account, I believe it's called. I'm not familiar with the distinction because there's also like an account that the treasurer will set up and I'm still figuring out how those two interact. I think it's like an accounting thing. But so I think we're like halfway there.

And then the community preservation committee's new $550,000 allotment hasn't been deposited anywhere yet. So as soon as these accounts get finalized, which is hopefully very soon, then Teresa has said she can give us the money pretty much immediately. So I think that's kind of in the process already. So I think it's moving faster than we had initially anticipated. And then the longer term piece of that will be getting the money from the existing trust, like basically liquidated and moved into the new account. But I don't think that is like a complicated situation. So it's just, it may take some time because it requires the approval of a trust commission. The city has like a trust commission that oversees all of the trust fund accounts. So there's just an added layer. But I think we are moving ahead even more so than last time we spoke. It's terrific.

[Unidentified]: So I think what I will say is that we will revise the statements again. I think once the money actually comes out, we'll have a better sense of what, if any interest or other investment gain happened in that account. But to Catherine's point, I think what we are talking about is maybe using this year's CPA allocation to fund the loan, which you know, money is fungible, but just wanted to let the board know like that would be a potential avenue if the other process on this other side takes longer than expected and Medford community housing developments ready for the loan proceeds. We do have kind of like a backup option, but obviously we had kind of allocated the 300,000 from last year's 300,000. So just wanted to let everyone know if anyone has any concerns about you know, using different years allocations for the loan.

[Vice Chair Penelope Taylor]: Great. Thank you so much for the update. Anyone have questions? All right. Seeing none, we will move to the next agenda item, which is regular status updates. So for this, I will turn it over to Catherine.

[Katherine Buckingham]: Not too many updates. I did want to just highlight the you guys open house and are interested in coming, let me know and I can coordinate with you about that. And another thing to, as a reminder, we had discussed for our meeting schedule for the year that June could potentially be like a social event. So I don't know if the board is still thinking that's the path we want to go or if we feel busy with other work. So I wanted to put that on everyone's radar. and then we had also discussed potentially having an August recess. So I just wanted to flag that for everyone.

[Vice Chair Penelope Taylor]: Great, thanks. Any thoughts on the June? It sounds like we are likely aiming for early June for our outreach event. So a couple of thoughts come to my mind, either a combo or kind of having that meeting be that event. I don't know if others have any insider thoughts want to produce two events in the same month. That might be a lot. A non-business meeting after the event. Eat all the cupcakes that are left. Right. The mayor's left before we confirm their reviews. Come on.

Um, great. Okay, so I don't know. Is there interest in having that event in lieu of our meeting? Or is that something to discuss next month and confirm once we have more planning done?

[Roberta Cameron]: I would want to defer to Chair Davidson about things that are in the pipeline that we need to discuss. I would be in favor of having the event be our June meeting if there's not timely matters that we need to cover.

[Vice Chair Penelope Taylor]: Okay, great. So hearing that, maybe that is the decision we make at the main meeting, kind of definitively. If that sounds all right, kind of pump the decision, because I do, yeah, there may be things that arise between now and then. I agree. And then on the matter of an August recess, I would say I'm excited to kind of have a similar attitude that August is a great time for a recess, but if there's a timely issue that needs a meeting, I think last year, if I recall, we did a special meeting to, or we kind of left open the potential of a special meeting to review documents that then wound up not coming, but had that kind of held as an option. I don't know if that sounds, Like a good way to proceed for this year. So kind of count on a skip, but with the openness of a special meeting as needed. That sounds I'm seeing nods. So, okay.

[Katherine Buckingham]: I'll look to confirm the dates of a potential Council chamber so that hopefully we can get it on everyone's calendars as soon as possible as well. Great.

[Vice Chair Penelope Taylor]: And I just want to raise, I believe it was last year in our September meeting that we did like elections and kind of set our meeting schedule for the next year. Can you remind me, do we have trustees whose term ends then? So there'll kind of be a timing.

[Katherine Buckingham]: Yeah, through the chair, I believe there are, it's two year terms. So there would be, it was staggered initially. Some people initially were brought on as one-year term and have since renewed. But yeah, I believe that's true. I'll confirm which members. Let everyone know. I think I'm up July 1st, 26. OK.

[Vice Chair Penelope Taylor]: So then maybe at the next meeting, we discuss in more detail what that actually looks like in terms of timing and process. Yeah.

[Katherine Buckingham]: Anything else? Oh, yeah, please go ahead. I thought of one more thing. I did email this out, but Chair Davidson had mentioned providing some documents just for people's awareness, and she's not here today to talk about it, but since I have them, I thought I would just pass around if folks want to take a look. The various resources that Somerville uses that could potentially. Oh, the income. Yeah. of interest.

[Vice Chair Penelope Taylor]: Great. And under, yeah, I remember this came up in our goals. Oops, sorry. I'll give you that. Yeah, sure. Great. Thank you so much.

[Katherine Buckingham]: I did, I believe. So you should have. I think I sent it today, earlier this morning. If you don't see, it would be the last email I sent.

[Vice Chair Penelope Taylor]: And it is like a single family underwriting tool. It's the name of one document. And the other is related to an asset policy. So you know what you're looking for in the attachments. And as I recall, this is related to the discussion on our goals and priorities that I think that was items. I think you just have to report back. Great, glad you have it. Thanks so much, Catherine. Yeah. Any other regular status questions? Okay, so we've reached the last item on our agenda, which is adjournment, in which I would like to request a motion to adjourn this meeting. I moved. I hear a movement. Do I hear a second?

[Vice Chair Penelope Taylor]: Thank you all for a great meeting this meeting affordable housing trust is adjourned. Have a great night. Thank you.

Breanna Lungo-Koehn total time: 3.79 minutes total words: 583