[Zac Bears]: Reyinyon an antye Konsèy Vil Medford ap kòmanse 4 out 2026. Nou jis ap tann pou teknoloji ratrape. Tout se byen. Mesye Sekretè, tanpri rele.
[Rich Eliseo]: Manm Kongrè Callahan. Senatè Laming? Kado. Senatè Mullan? Kado. Manm Kongrè Scarpelli? Kado. Konseye Zeng? Kado. Vis Prezidan Lazaro? Kado. Ak Prezidan Bear?
[Zac Bears]: Nan prezans, sèt moun te prezan e pèsonn pa t absan. Yo te deklare reyinyon an louvri. Aksyon ak Diskisyon sou Atik 26134 Rezolisyon Prezidan Bales pou tande yon prezantasyon sou Etid Linkage Lojman Abòdab. Konsèy Vil Medford te deside envite Biwo Planifikasyon, Devlopman ak Dirab pou li soumèt bouyon konklizyon Rapò Etid sou Lojman Lojman Abòdab. Isit la se Catherine Buckingham, li se planifikatè lojman vil la, epi mwen pral vire apèl la sou li.
[Katherine Buckingham]: Oke, akeyi. Wi, mwen se Katherine Buckingham, planifikatè rezidansyèl. Mwen jis vle prezante nou rapò nou genyen sou rechèch ansanm sou lojman abòdab. Avèk nou jodi a se Carl Seidman nan Carl F. Seidman Consulting Services. Se li menm ki te fè analiz ekonomik sa a. Objektif la se etabli yon lyen rasyonèl ant devlopman ki pa rezidansyèl ak bezwen pou lojman abòdab. Mwen devine san plis, mwen pral vire l 'bay li epi li ka mache ou atravè Demo a. Li te prepare pou esplike sa nou te genyen nan bouyon rapò a.
[SPEAKER_00]: Great. Thank you, Catherine, and to the chair and members of the council. I'm pleased to be here and present the overview of the analysis we did. So let me share my screen and put the slide deck up here. Great. So let me just say, there's quite a bit of data and information somehow. My slides are not advancing here. Let me unmute. Looks like it's working. Yeah. Great. Okay. Sorry. So first I just want to mention I know there's a lot of data in this presentation and a lot of technical analysis. So if at any point you have questions or you need further clarification or explanation, you know, feel free to interrupt me and I'll stop and explain anything you have. So the purpose of this study is to establish a rational nexus between non-residential development in Medford and the need for affordable housing. And then also determine what is a proportional leakage fee to mitigate the impact of that development. And then lastly, to recommend appropriate fee levels for the city to implement a housing leakage fee if it chooses to do so. So the analysis we did sort of had four components. One was to forecast 10 years of development that would be subject to the linkage fee and the tenant industries and employment. That's really the foundation for the rational nexus. It's that development and employment growth that's going to generate demand for affordable housing. So based on that projection, we then estimated the impact of these new jobs on the demand for affordable housing. The next step was to calculate the funding gap to build that housing to meet demand and from that funding gap, what would be a minimum and alternative linkage fees that the city could implement. And then lastly, before making recommendations, I analyzed the impact of different fee options on Medford's economic competitiveness because the city wants to, you know, be cognizant of not establishing a fee so large that it might deter future development in the city. So the foundation for this, sorry about that, the foundation for this was market conditions in the city and the region. So this is a very high level overview of sort of the market conditions that informed our thinking about future development. First, in terms of the office market, as I think everyone's aware, the impact of the pandemic has really changed demand for office space with the growth of hybrid work and remote work. So there's been declining demand for office space and there's currently now over 45 million square feet, almost 24% of office space in the region is vacant and available for lease. And net absorption was slightly positive in 2025, but that's following very steep negative absorption, which is sort of the vacating of office space of millions of square feet in the last few years. The lab market is even in worse shape. There was a lot of overbuilding of lab space, you know, when demand was very high after the pandemic. So currently there's 34% of available lab space, almost 20 million square feet. And that's an increase of over 405 million just in 2025. So there's still speculative lab buildings that are still coming online and not being occupied. And this supply, you know, is sufficient to meet demand for 8 to 10 years if we even reach the peak absorption we hit from 2019 to 2023. So it's a very tough lab market and you probably are aware of that too for some of the lab projects that were proposed in Medford and have been canceled. The industrial market is healthier. The availability rate is a little over 12%. There's been positive net absorption in sort of the inner, the urban market, which Medford is part of. And one of the areas where we're seeing increased demand is for small flex R&D space to serve the growing advanced high-tech manufacturing firms in the region. And that's reflected, you'll see in a minute, on some of the projects that have been proposed in Medford. So the other thing we looked at in projecting future development is what is the current pipeline of projects in the city. And this lists those five projects that represent a little over 314,000 square feet of space. You know, two of them, two retail projects are already under construction. The two industrial projects, you know, both of which are serving some of that R&D market that I talked about, have been approved and are likely to go into development over the next 10 years. And lastly, there's a, 16,000 square feet of retail and restaurant space that's been proposed as part of the transom development on the city-owned lots in Medford Square. So the other part of our analysis was actually speaking to real estate developers active in Medford and real estate brokers to get their perspective and better understand their plans. So, you know, this slide kind of summarizes what we learned from that, which reinforced what the market data has told us, you know, very tough market for office space and lab space and developers. don't plan to nor do they expect to see new office or lab development over the next five to ten years. And they also noted the cost of construction and interest rates making projects harder to pencil out. The positive side for Medford is there's a very strong retail market, a lot of tenant demand for retail space in the city, and developers generally felt the strongest development opportunities were in mixed-use residential development and in hotel projects. And they also noted, as I said, this demand for industrial space for high-tech manufacturing. You know, the advantages they pointed out for Medford are its location, the ease of the commute. It has higher population density and higher income than some of the surrounding suburbs that, you know, fits into the real estate market demand. And the weaknesses developers cited were the limited available sites, site conditions that might require a lot of investment to get them ready for development, and site owners who aren't always supportive of development or interested in development. So based on this market analysis, the interviews, and the current pipeline, we've forecast a little over 409,000 square feet of new development. And that really has two pieces to it. One is the existing pipeline I just mentioned of 314,000 square feet. And then we're projecting two additional projects. One is a 75,000 square foot new hotel, and that reflects a hotel developer that's developed in Medford, you know, expecting to build another hotel in the city. The likelihood that there'll be another significant mixed-use project that will bring another 20,000 square feet of ground floor retail space, and we're projecting about 12,000 of that would be for restaurants and 8,000 of that. would be for retail stores. So this table kind of breaks down that development by different uses, which then we translated into specific industries and employment, which is the next slide. So here we provided more detail of the likely industries to occupy that development. Some of these industries were directly tied to the use, like a hotel and a grocery store and auto dealer. For the industrial projects, we sort of relied on the developer's expectations of what type of industries would occupy that space. you know, they indicated a mix, not just of manufacturing firms, but of some e-commerce firms, some contractors. And then for the retail space, we assume some mix of personal service businesses, medical offices, which reflects the type of uses we're seeing in a lot of ground floor development in the city. So overall, this resulted in a projection of 640 seven new jobs from that, you know, 400,000 square feet of new development. And we relied on, you know, data on the typical number of square feet per employee for various uses, as well as information from some of the developers as to what they expected to be the employment level. So our next step with these 647 jobs was to estimate how much demand for affordable housing would would be generated by that new development and employment. And we're projecting 31 new residential units would be necessary for people at low and moderate income levels. And this was based on a survey we did of employees to ask them whether they moved to Medford as a result of their job here or whether they looked for housing and didn't move because of the cost. And that indicated we had a little less than 10% of employees who were likely to move or demand housing in Medford. And then we also applied the occupations and earnings from the jobs, you know, we forecasted in different industries to figure out whether these, you know, workers and their households would be low or moderate income. So that's how we ended up with those 31. The 18 low income units we're assuming will all be rental housing, and the 13 moderate income units we're assuming will all be ownership housing. And that sort of reflects the city's policy of trying to promote affordable ownership as well as rental housing. So the next step was figuring out what subsidy would be needed, what we call the financing gap that would be needed to build these 30 million units of affordable housing. And then what we call the maximum warranted linkage fee. So that represents the total subsidy needed to build the affordable housing divided by the projected square feet of new residential development. And the subsidy was calculated a little differently for rental housing versus ownership housing. For rental housing, we took the total development costs, or TDC, to develop those housing units. And then we subtracted the amount that could be financed based on the occupants paying 30% of their rental. of their income towards rent and then making an adjustment for vacancy and operating costs. And the resulting, you know, funding could potentially provide some financing. For ownership subsidy, it was the total development cost minus the proceeds from the sale of the unit. And we based the sales price on the buyers providing 30% of their income for principal, interest, taxes, and insurance, and providing a 4% down payment, which is what a number of affordable housing projects or programs are based on. So some of the key assumptions we had to figure out, what will it cost to build an affordable housing unit in Medford? And the figure we came up with is just shy of $595,000. And this was based on, you know, primarily data we got from developers who have recently built in the city. So we've assumed acquisition at 75% a unit, $75,000 per unit, construction costs at $350 per square foot, and then the soft cost contingency at 35% of construction costs. So to calculate the subsidy for the affordable rental units, we took those 18 units, multiplied them by the development cost per unit to get a total development cost of $10.7 million. The gross income of those tenants based on the estimated income they would have was 254,000, we subtracted a 3% vacancy, and then we subtracted these estimated operating costs, which were 17,600 per unit. That was data based on the Mass Housing Partnerships portfolio. And as a result of that, there was really no net operating income available to finance any of those costs. You can see there's a negative 70,420 operating income. The full development costs would have to be subsidized for these rental units to be built, and they'd probably need some additional rental income subsidy, perhaps from Section 8 vouchers, to be feasible. So the funding gap for the rental housing is $10.7 million. For the ownership units, once again, we took those 13 units, multiplied them by the development costs per unit, to get total development cost of $7.7 million. The sales proceeds was able to provide $4.2 million, so we have a funding gap for the ownership units of $3.5 million. So to calculate the total subsidy and the warranted linkage fee, we added together both of those subsidy amounts, 10.7 and 3.5, to get to $14.2 million. That's the subsidy you need to build the 31 units. We divided that by the 409,100 square feet of expected development. So we get the maximum subsidy of $34.75. So that's what you would meet the sort of proportionality test under the law for establishing a fee. You could go as high as that, and you'd fall within the legal parameters. But in reality, Many affordable housing projects get funding from federal sources, low income housing, tax credit, state programs, so usually the local share doesn't have to cover the full funding gap or subsidy needed. And this data just shows some of that information from projects in the Boston area over the last decade or so, maybe a little longer, that we've collected from studies we've done and from Mass Housing Partnership. And you can see there's a lot of variation here. but they're all considerably less than 100%. The MassOwning Partnership portfolio between 8 and 10% of local funding. Cambridge seems to have the largest share at 39% for rental units and 57% for some ownership units done in the late 2000s. So this is a factor to take into consideration when setting the fee. So the last sort of part of our analysis was how the potential fee would potentially impact development economics and Medford's competitiveness. And there isn't, you know, a one certain pathway in which Introducing a new fee will impact development economics. There are sort of three possibilities. And some of these possibilities might vary based on the particular site, the particular developer, market conditions over time. But the first possibility is the new fee leads developers to pay less for land. And therefore, the person who really will bear the brunt of the fee will be the current landowner. Rents will stay the same. Total development costs will stay the same. Just land values will go down. And that's kind of what a classical economist would tell you will happen in the marketplace over time. But that might not happen in every project. The developer may already have acquired the land. It may take time for the development and land market to adjust. So another possibility is that the developers pass on the full cost of the new fee to tenants through increased rent. And this could happen in a market where there's strong demand for real estate and limited supply, such as happened in the early 2000s with the lab market. Companies would pretty much pay anything to get space because there was such short supply. But the impact of increased rents is that Medford's rent would go up, and it might be less competitive with surrounding communities. It might get way less tenants. So that's another, that's an avenue we looked at. And lastly, developers aren't able to pass on that fee to tenants because of market conditions, and they have to absorb that fee themselves. And therefore, the development cost will increase, they'll get the same rent, and their returns and their investment will go down. And the same thing will happen for the equity investors in the project. They'll have to put more equity in. They'll get the same return because rents are the same, but their return on capital will be less. So we did some scenario analysis to look at those potential impacts. But first, we sort of compared Medford's rents for office and lab, I mean, for retail and office projects to other communities. And if you look at the table on the left, Medford's asking rents typically are higher than your surrounding communities other than Somerville. That's indicative of Medford's desirability as a location for office and retail tenants. So if a fee was passed on to tenants, it would increase your rent differential somewhat with surrounding communities, although your rents are much lower than Somerville. So you'll still be very competitive with Somerville, even if you would adopt the full $35 fee. But as you can see on the table to the right, you know, a fee of $5 or $10, you know, has a very modest impact on rents advertised over a 10-year lease. It would increase it by, you know, 1 to 2%. And that's unlikely if a tenant, you know, thinks Medford's the best location, that increase in the rents unlikely, you know, to cause them to go to another community. So the next part of the analysis was the impact of the fee on developer and equity returns. And we looked at two hypothetical real estate projects. One is a 20,000 square foot retail project, and we looked at this under two development cost scenarios because we got different estimates for what it would cost to build these projects. So we did a low cost scenario at $450 a square feet and a higher cost one at $600. And then we did a hypothetical 75,000 square foot, 150 room high quality hotel with development costs at $300. thousand dollars per room. So for the developer's return, what we did was look at what the developer's return on cost would be without a fee. And the developer's return on cost is the standard that a lot of developers use when making the decision about whether to proceed with the project. and are calculated by dividing their net rental income over the development cost. And typically in Boston Bay, a lot of projects, certainly office lab projects, are looking for a return on cost. 7% to 8% is fairly typical. So the fee increase would increase the development cost, but not the income, and therefore, they're going to reduce the developer's return on cost. And our goal was to try and keep the impact close to 25 basis points, a basis point is a hundredth of a percentage point. So the return, we're hoping the return impact is less than a quarter of a percent. So the developer is still going to be very close to their objective. their goal in terms of return on cost and the project wouldn't be deemed infeasible. For investor, we're assuming here under the investor return scenario that the investor funds the entire fee, which seems plausible because if the rental income isn't increasing, they can't borrow more money. So if they have to come up with more money to pay the fee, they're going to likely go to their equity investors. So the equity investors are increasing their investment amount. They're getting the same income. So their return on investment is going to go down. So we worked at a scenario where they initial return without the fee would be 12% or 15% and then what the impact would be of adding the fee. And our standard here was to try and have an impact of less than 50 to 75 basis points to keep the equity investor once again close to their target return and likely to proceed with an investment. So this table summarizes the results for the two retail projects. And, you know, the second column from the left shows, you know, what the cost would be with no fee. And then you can see the increase in the fee for options of $5, $10, $20, and the 34.75 maximum fee. And then, you know, what the change in the developer return on cost is and the equity investor return is, you know, for those different fee increments. And, you know, in both of these scenarios, there's really a modest impact. on developers' return on cost. If the fee is 10% or less, you're well below the 25 basis point threshold here. And for the developer, for the equity investors, you know, once you get to a $10 fee, you're getting over that sort of threshold. So this seems to indicate that keeping the fee somewhat below $10 would be needed to reduce the risk that you might chill equity investments. And then this table shows the similar results for the hotel development. And once again, the impact on developer's term returns is quite modest, even up to a $20 fee. But once you get to a $10 fee, you're potentially at the risk of undermining the investor's ability to undertake the project. So our conclusion from this analysis is you probably want a fee that's somewhere between maybe five and nine, five or $8 to minimize its impact on development and investment. So the other issue we took into consideration, we thought it's important to be aware of is what the link affordable housing and job linkage fees are in other communities in the Boston area. In this table, you can see Boston, Cambridge, Somerville established these fees some time ago. They've had them for quite a while. But more recently, we've seen Everett, Lexington, and Watertown add these fees as well. And the amount of the fee varies quite a bit. Cambridge has the highest fee at almost $38. You know, Semerville and Boston have fees that are, when you combine the housing and jobs fees, they're between $20 and $30. And then, you know, Lexington and Watertown are in this $9 to $12 range. And then Everett has the smallest fee, which ranges from $2 to $4, depending on the size of the project. Project size thresholds vary somewhat from $15,000 in Everett and Somerville up to 50,000 in Boston. And, you know, communities also have varied somewhat as to whether or not they exempt some portion of the space from the fee. So just to conclude, what are my recommendations for the city as it goes forward? We recommend you set a fee level between $5 and $8 per square foot. And you set the project size threshold at $10,000. And that's lower than other surrounding communities. consistent with what your existing policy is in terms of other linkage fees you have for infrastructure and public services. So it seems to make sense to have this fee also consistent with that. And sort of because your threshold is kind of lower than other communities, we recommend you have a lower rate for projects between 10 and 30,000 square feet. Smaller projects tend to have tighter budgets. And given that and the thresholds in other communities, we think that would be a good policy. And then we also think it's wise to offer developers other options to satisfy this requirement. They could pay cash, but if they're willing to do something that has an equal value or greater value than the cash, but takes another form that helps the city develop affordable housing, you know, that option should be in the ordinance. let the Affordable Housing Trust kind of review it and judge that. So an example of that might be if a developer has a large site and they want to donate some land to the city that could be used for affordable housing, that might be an alternative to paying the cash fee. Or if it's a developer of a mixed-use project and they want to increase the number of affordable units beyond, you know, what's required under your inclusionary zoning ordinance, you know, that might be another option. And the benefit here is the developer has more flexibility and the city might get something that will actually allow it to build affordable housing units more quickly than collecting the cash, letting that cash accumulate until it's large enough to subsidize a project. In terms of payment options, we suggest either having full payment at the sit-in occupancy date, that's similar to what Cambridge does, or allow two payments with half at the sit-in occupancy date and half one year later. The advantage to that is it lessens the financial burden on developers because at least the second fee they're not paying until they've generated some income from the project. We also recommend that you adjust the housing linkage fee annually based either on the CPI or the RS means construction cost index since development costs are going to increase over time, construction costs are going to increase over time. collect the fee and it takes a few years of fees before you're dispersing it for a project, you've gained some increased over time. And then lastly, to sort of review and reset the rate every five years based on changed market conditions. You know, right now the market conditions are not very favorable but if, you know, ten years from now, five, ten years from now, things get better, the economics might be different. You might, it might be, wise for the city to adjust the fee. So thank you. It's been a long presentation. You've been a patient audience and happy to answer any questions you may have.
[Zac Bears]: Mèsi, Carl. Si sèlman nou ta ka sispann pataje ekran pou yon minit. Nou ka oblije kòmanse sou, men sa a se yon Demo teknoloji e mwen apresye detay yo. mwen jis vle Premye kalite a te mete fondasyon an. Nou ap fè konvèsasyon sa a paske Konsèy Vil la ap eseye fè eta a apwouve yon petisyon règ lakay ki ta pèmèt nou peye pou yon kosyon lojman abòdab, pa vre?
[SPEAKER_00]: Mwen konprann ke ou deja gen otorite sa a anba yon petisyon règleman lokal ki ba ou otorite pou fikse pousantaj kosyon ki egziste deja?
[Zac Bears]: Lè sa a, mwen regrèt, règleman lokal yo kapab chanje dapre endèks la, olye pou yo, wi, oke, fre. Vil la te gen pouvwa sa a pou dè dekad men pa janm itilize li.
[SPEAKER_00]: Kòrèk.
[Zac Bears]: Tout se byen. Jis kèk klarifikasyon plis, e mwen konnen manm yo te poze nou kesyon. Mwen jis vle asire w ke mwen fè tout bagay byen. Dapre etid sa a, èske nou legalman gen dwa fè anyen anvan laj 34? Èske li gen 34.75 ane? Kòrèk. Tout se byen. Rezon ki fè yo pou rediksyon yo pwopoze a se sitou ki gen rapò ak kalite a nan compétitivité ak enpak la nan depans sou devlopè ak envestisè yo.
[SPEAKER_00]: Kòrèk.
[Zac Bears]: Oke, gwo. Apre sa, mwen pral pale ak Kongrè a Laming.
[Matt Leming]: Wi, mèsi anpil. Mwen patikilyèman eksite sou diskou sa a ak rezilta etid sa a. Alor mon oule remersye Msye Seidman osi byen ki Madanm Seidman. Travay Buckingham nan zòn sa a. Sa a te pran yon bon bout tan rive. Mwen sonje dènye semès la Pandan m ap edite bouyon an pou ajoute yon senkyèm gwoup kosyon nan òdonans aktyèl la pou nou ka envesti lajan nan trust lojman abòdab, nou dwe fè etid sa a epi mwen kontan tande rezilta prezantasyon an. Mwen gen sèlman kèk Klarifye kesyon eklere ke mwen espere ou ka reponn. Youn nan yo, ou konnen, trè, trè senp, espesyalman pou yon moun k ap gade. Se poutèt sa, frè lyen yo kounye a chaje Pa egzanp, pou nenpòt devlopman komèsyal, dlo, egou, wout, pak, lapolis ak dife, mwen ta di maksimòm lan se apeprè $ 1,700 pou chak 1,000 pye kare nan zòn brit, oswa $ 1.70 pou chak pye kare nan devlopman. Yo te adopte estanda a an 1990, epi nou te gen anpil mizajou sou li depi. Se poutèt sa li patikilyèman ba. Sijesyon li se ke nou ta dwe omwen chaje $5 pou chak pye kare pou nenpòt nouvo devlopman nan espas lojman abòdab la. Èske sa kòrèk? Èske sa se yon rezime kòrèk?
[SPEAKER_00]: Oke, se sa mwen ta sijere, wi.
[Matt Leming]: Li pa gen pwoblèm, li pa enpòtan. Mèsi. Mèsi. Se sa mwen panse. Selman mon anvi fer sir ki nou fer sa akoz mon krwar i enportan pour rekonnet ki mannyer nou ti demann nou e ki ti pe ganny kolekte atraver nou progranm bond pandan sa 30an pase. Ou se premye moun ki aktyèlman fè yon analiz ekonomik nan sa a epi sijere nou omwen chaje Nou fè w peye twa fwa plis pou lojman abòdab pase pou nenpòt lòt pwogram kounye a. Se poutèt sa mwen panse ke li enpòtan pou piblik la reyalize konbyen lajan nou te aktyèlman te rete nan dènye deseni ki sot pase yo. Se konsa, mèsi. Yon lòt pwoblèm ki pi teknik se ke pwogram lyen aktyèl la gen diferan chaj pou biznis komèsyal ak biwo otèl. Èske sijesyon ou pou nou ajiste kategori lojman abòdab ki baze sou kalite devlopman an? Oswa nou ta dwe gen yon pousantaj plat?
[SPEAKER_00]: Wi, mwen vle di, konsèy mwen an se gen youn. To enterè fiks. Mon krwar i pli fasil administrativman. Li pèmèt devlopè yo konnen ki frè yo pral ye. Pa gen pwoblèm ki jan orè a chanje sou tan. Ou konnen, kèk nan pwojè-itilize melanje yo ke yo pwopoze yo se yon ti kras konplike paske yo ap gade nan plizyè kalite lokatè. Ou ka gen magazen an detay, faktori ak biwo nan yon sèl bilding. Sa a vin trè konplike, ki jan ou reyalize vitès sa a? Kidonk mwen panse ke bagay ki pi senp se ta genyen yon pousantaj ki konsistan avèk politik lòt kominote nan zòn Boston an. Sa a pa sanble yon pwoblèm pou okenn nan yo. Se konsa, mwen panse ke sa a se fason ki pi fasil.
[Matt Leming]: Oke, mèsi. Mèsi anpil. Dènye kesyon, ak yon sèl sa a se subjectif, men ak rekòmandasyon an nan $ 5 a $ 8 pou chak pye kare, ki kantite wiggle chanm ou panse nou genyen? Li te sanble ak $5, ou konnen, se te baz absoli nan sa ou te di nou te kapab ranmase. Legalman, pri nou an te monte apeprè $ 35, men sa ta ka refwadi mache a. Kidonk, si nou senpleman aksepte pwopozisyon $8 la, li pa sanble gen yon enpak trè negatif sou kandida devlopman yo. Mwen jis eseye konprann ranje ant 5 ak 8, si ou ka pale sou sa.
[SPEAKER_00]: Men jijman mwen ki baze sou ekonomi devlopman aktyèl la: li ta ka ale nan $ 8, e mwen panse ke li se fasil ke pwojè ki ta solid ta vin envizib.
[Matt Leming]: Oke, sa yo se kesyon mwen yo. Mwen jis vle di ke mwen trè eksite sou travay ki te fèt sou sa a e mwen trè fyè de Depatman Planifikasyon, Devlopman ak Dirab ak konpayi ou pou fè sa rive. Mwen panse, si mwen sonje kòrèkteman, pwochen etap yo Akoz, ou konnen, si board i vot pou aksepte sa bann rekomandasyon, nou ava pran sa dokiman ki ti ganny anvoye dan Komite Egzekitif Finans pour ajoute en senkyenm group kontak e nou ava pas li dan trwazyenm lektir ki ti annan rekomandasyon sa letid, apre zot ava fer sa e apre sa. Lè sa a, nou ka atribiye yo nan nenpòt nouvo devlopman apre dat sa a. Sa a se sitou yon kòmantè sou kòlèg mwen yo. Mon krwar se sa prosedir ki nou pou swiv, me se sa ki mon annan. Mèsi anpil pou tan ou, mesye.
[Zac Bears]: Mèsi, Manm Kongrè Scarpelli ak Manm Kongrè Tsang.
[George Scarpelli]: Mèsi Mesye Prezidan. Mèsi pou entwodiksyon an. anpil nan. Alor mon krwar i annan bokou pou aprann, me mon krwar mon vreman konsantre lo fer sir ki nou kapab avans avek sa opsyon e siport nou fon lojman abòdab, men an menm tan, epi itilize lyen sa a, men an menm tan, nou wè kominote vwazen yo ap gade kèk nan bagay sa yo. nou wè enpak la Gen yon mank de nouvo kwasans pou diferan rezon. Pandan n ap avanse ak nouvo kwasans ak wè kèk pwogrè, mwen jis vle asire w ke konsèy direktè nou an vrèman travay ansanm pou asire w ke nou frape nimewo sa a. Mwen, ou konnen, ou mete nimewo a ant senk ak uit, ki se yon kalite pè si yon moun vle jwenn $34. Mwen panse ke sa a se yon gwo menas pou kwasans posib nou an. se konsa mwen panse Rekòmandasyon sa a ak diskisyon nan lavni. Mwen panse mwen apresye konpreyansyon divès kouch yo ak konpreyansyon kote kominote yo echwe oswa stagnation akòz depans adisyonèl ak règleman adisyonèl pou nouvo kwasans. Se konsa, mwen jis vle pataje sa a ak lejislatè parèy mwen yo. Mon swete pou trouv en balans kot nou travay ansanm pou fer sir nou avanse, me anmenmtan nou vreman konpran. Kounye a, nou nan yon pozisyon kote nou pa ale twò wo paske nou pè pèdi nouvo kwasans ak Lè sa a, jwenn yon balans pou kenbe konfyans nou. Se konsa, mèsi.
[Justin Tseng]: Mèsi, mwen vrèman apresye kòmantè Kongrè a Scarpelli sou sa a. Balans se fondamantal. Li enpòtan pou nou gen nouvo kwasans ki pote plis lojman ak devlopman nan kominote a. Non sèlman pou moun ki pa gen mwayen pou lojman kounye a, men tou pou kontribyab yo ki finanse sèvis minisipal yo. Te fè fas ak enpak la nan pwopozisyon an 2.5 ankò e ankò. An menm tan, li enpòtan pou devlopè ki vin nan Medford peye jis pa yo pou enpak yo sou kominote sa a, pou anplwaye yo ki bezwen lojman nan kominote sa a, ak pou enpak yo sou wout ak sèvis piblik yo. Isit la nou dwe jis pou moun ki deja abite nan vil la. Mwen trè rekonesan pou rapò sa a. Li itil pou konprann etap pa etap ki jan yo rive nan nimewo sa a. Kòm Komisyonè Laming te di, li ra ke nou jwenn analiz ekonomik detaye sa yo, epi li trè itil yo obsève. Mwen jis gen kèk kesyon sou ki kalite fondasyon rekòmande nan $ 5 a $ 8 pou chak pye kare. Mwen panse ke, jan mwen mansyone aswè a, mwen kwè ke pousantaj yo pwopoze yo se sèlman 10% a 27% nan ranje pousantaj maksimòm garanti a. Etid sa a pwopoze de ipotèz ensidans. Premyèman, ki kalite lwaye lokatè a depanse. Lè sa a, gen kalite absòpsyon revni pa envestisè pwomotè yo. Se konsa, mwen panse ke nou te kalite espekile an menm tan an. Mwen devine ki mekanis oswa ki konbinezon de yo frape ranje a rekòmande nan $ 5 a $ 8 pou chak pye kare? Paske mwen reyalize ke nan menm nivo frè, enpak la sou pèfòmans envestisè se siyifikativman pi gran pase enpak la sou pèfòmans pwomotè. Se konsa, mwen ap mande ki jan nou kalibre.
[SPEAKER_00]: Wi, non, sa se yon bon kesyon. Mwen panse ke ranje $ 5 a $ 8 sa a baze sou enpak potansyèl sou envestisè yo. Paske mwen panse, ou konnen, mwen dwe di, diferan pwojè yo finanse yon fason diferan, diferan sponsor yo gen diferan fason pou ranmase kapital. Se konsa, sa a ki baze sou yon pwomotè ki tipikman depann prensipalman sou finansman dèt, men tou ka jwenn 30-40% nan men envestisè ekite ki gen sa yo ki kalite objektif retounen ki reflete mache aktyèl la. Si to enterè yo tonbe nan de oswa twa ane, limit retounen sa yo pral pi ba tou epi enpak la ap pi piti. Se konsa, nan yon sèten mezi, sa a reflete sitiyasyon aktyèl la. Anviwònman ekonomik ak anviwònman mache aktyèl la. Men, anpil nan li baze sou enpak sa a genyen sou envestisè yo.
[Justin Tseng]: Mwen konprann. Kounye a, kòm yon mache pou devlopman Klas A, nou wè Medford ak B potansyèlman vini nan Medford, kote mache a gen plis potansyèl kounye a, ak anpil nan sa yo se finansman. OK
[SPEAKER_00]: Konsa. Sa a se youn nan rezon ki fè mwen jeneralman rekòmande pou kominote yo revize li chak senk ane, kòm kondisyon ekonomik yo chanje. Si to enterè yo nan nivo ki pi ba yo nan senk ane, e si ekonomi an chanje epi demann pou biwo, laboratwa, espas endistriyèl oswa enstalasyon menm jan an ogmante epi rezèv la pa manke? Lokatè yo vle peye plis. Ou konnen, ekonomi an ta dwe chanje epi yon frè $10 oswa $12 ta ka posib. Mwen wè.
[Justin Tseng]: Se poutèt sa, nou sitou konsantre sou ekipman pou ak demann, to enterè ak lòt faktè.
[SPEAKER_00]: Wi.
[Justin Tseng]: Mwen wè. Lè sa a, mwen gen yon kesyon sou estrikti revni ak distribisyon pwopriyete. Mwen kirye ki sa ki papòt revni yo ki defini kategori revni ki ba ak modere. Èske w sitiye nan Medford, Middlesex County? E sa?
[SPEAKER_00]: Wi. Li baze sou revni medyàn zòn Boston rapòte pa HUD. An reyalite, mwen te antisipe pwoblèm sa a pou yon tan long, kidonk mwen te tann. Kidonk, ou konnen, li baze sou limit revni rejyonal FY25 HUD pou zòn Metro Boston, Cambridge ak Quincy. Tipikman, kay ki gen ti revni fè 50 pousan oswa mwens nan revni medyàn zòn nan. Pou yon kay yon sèl moun, sa a egal a $57,900. Sa a egal $82,700 pou yon fanmi de kat. Revni modere fè 50 a 80 pousan nan revni medyàn zòn nan. Pri a se $92,650 pou yon fanmi ak $132,300 pou yon fanmi kat. Lè sa a, modèl la sipoze tou ke tout bezwen revni ba yo satisfè atravè lokasyon ak tout bezwen revni mwayen yo satisfè atravè pwopriyete.
[Justin Tseng]: Èske sa a baze sou prèv sou posiblite opsyon dimantasyon?
[SPEAKER_00]: Sa a aktyèlman baze sou politik vil la. Se konsa, lè nou estime nesesite pou lojman abòdab, anjeneral nou mande vil nou travay avèk yo, ki sipozisyon nou ta dwe fè sou konbyen nan inite sa yo ou espere bati kòm revni lwaye oswa revni? oswa revni pwopriyete, kidonk preferans pou trete tout inite ki gen revni modere kòm pwopriyete se aktyèlman sa ofisyèl vil yo di ki reflete politik vil la.
[Justin Tseng]: Èske ou ka eksplike konsèy la, si nou chanje sipozisyon sa yo, ki lòt bagay ki ta chanje?
[SPEAKER_00]: Wi, mwen vle di, jan ou ka wè, revni lokasyon mande pou yon sibvansyon finansman ki pi wo pase revni pwopriyete. Kounye a, yon pati nan sa a reflete diferans ki genyen nan nivo revni pami rezidan yo. Men, mwen panse ke sa a tou reflete pi gwo depans fonksyònman nan lojman abòdab ak lojman pou lokasyon. Se poutèt sa, inite lokasyon yo pral bezwen plis sibvansyone paske esansyèlman prèske tout revni yo pral itilize pou kouvri depans fonksyònman yo. Kounye a, yon lòt faktè se ke plis resous federal ak eta ki disponib. Ranpli twou vid ki genyen nan finansman pou lojman pou lokasyon. Ou konnen, pa gen anpil sous yo deyò pou achte yon kay. Kòm yon rezilta, vil yo anjeneral dwe envesti plis nan pwòp fon yo nan lojman abòdab. Mèsi.
[Zac Bears]: Mèsi Konseye Zeng. Eski Manm i annan okenn lezot kestyon? Sanble mwen pa wè okenn, omwen pou Cambridge. Paske komisyon yo pi wo, yo finanse yon pi gwo pwopòsyon nan pwojè yo ak fon lokal yo. Enn bann problenm ki nou annan, se ki nou’n kapab etablir bann fees koneksyon lozman aborb depi lannen 1990, me nou pa ankor fer sa. Se konsa, fon lojman abòdab nou an pa gen finansman. Nou poko konstwi enfrastrikti a. Mwen dakò ak kòlèg mwen yo ke bezwen gen kèk balans, ou konnen, Nou ka pa frape 3,475 touswit, men nou tou dèyè boul la uit ak revèy la ap mache. Epi, ou konnen, an jeneral, mwen pa gen anpil konfyans nan sous finansman federal ak leta pou konplete ak sibvansyone lòt pati ki nesesè nan konstriksyon. Se konsa, mwen panse, an jeneral, ou pral wè yon relasyon ant, Plis to kosyon an pi wo ak pi gwo revni a, se pi gwo pwopòsyon pwojè ki finanse pa fon lokal nan vil sa yo?
[SPEAKER_00]: Mwen pa panse se toujou konsa. Wi. Ou konnen, tankou Boston, ou konnen, Anpil siksè. Mwen vle di, yo jenere yon anpil nan revni ki pa gen rapò, men yo tou gen aksè a yon anpil nan finansman pwojè leta. Se konsa, li difisil yo di. Li enfliyanse tou pa, ou konnen, Ou konnen, gen anpil devlopè lojman abòdab nan Boston. Anpil devlopè gen anpil eksperyans pou jwenn kredi taks pou lojman pou revni fèb, pwogram sibvansyon leta, ak plis ankò. Se konsa, mwen panse ke sa jwe yon wòl tou. nan Cambridge, Paske mwen travay nan yon estidyo nan Cambridge kounye a, men frè lyen yo te yon sous revni vrèman enpòtan nan 10 dènye ane yo oswa konsa. Paske Cambridge yon fwa te gen yon gwo boom devlopman. Men, vil la tou gen anpil lajan Lwa sou Konsèvasyon Kominotè envesti nan yon fon lojman abòdab. Epi yo tou asiyen lajan chak ane. Mwen pa gen nimewo yo sou tèt tèt mwen, men petèt de tyè nan lajan an ale nan fon sa a, epi yo gen lòt sous ki pi piti. Kidonk, de tyè oswa twa ka nan fon Cambridge ki antre nan fon an pa soti nan bon. Kidonk, menmsi yo te fè anpil apèl, yo te bay anpil lòt lajan nan fon yo.
[Zac Bears]: Mwen wè. Kidonk relasyon nou pa t egzakteman konsa, wi, mwen vle di, nou pa t gen anpil lòt lajan pou nou mete konfyans nou. Se konsa, mwen panse ke se youn nan pwoblèm yo isit la. Mwen panse ke sa a mennen m 'nan yon lòt gwo kesyon, ki Mr TSANG tou mansyone. Men, ki sa ki sipozisyon yo dèyè sipozisyon an nan enposib? Ki sa nou sipoze nan analiz la ki pral fè yon pwojè enposib? Paske lè mwen gade nimewo yo, mwen reyalize, ou konnen, Ou konnen, envestisè yo jwenn yon rediksyon 1% a 2% an retou sou kapital, ak frè ki sòti nan $10 a $20.
[SPEAKER_00]: Wi, non, ou fè yon bon pwen. Epi, ou konnen, sipozisyon m ap fè a se ke pwomotè a gen kèk sòt de restriksyon envestisman. Si to enterè yo monte pou yo pa rive nan limit envestisman yo, yo p ap egzekite pwojè a. Se konsa, ou konnen, devlopè diferan ka gen plis oswa mwens fleksibilite nan pran sou yon pwojè. Se konsa, ou konnen, sou tan, kèk devlopè devlope yon pwojè epi kenbe li pou pwòp benefis yo. Gen kèk devlopè ki bati yon pwojè, okipe li epi reyalize objektif envestisman yo, ak Lè sa a, vann li bay envestisè yo. Devlopè ki gen entansyon vann li bay envestisè yo Se poutèt sa pi plis okouran de retounen sa a, menm jan yo gen yo touche retounen ki mande pa fon pansyon oswa lòt envestisè yo achte pwopriyete a. Se poutèt sa yo gen tandans yo dwe pi strik. Si mwen te yon devlopè li ta Lè w achte pwopriyete a epi kenbe li tèt mwen, byen, petèt mwen pral jwenn yon pi ba retounen kounye a paske mwen aktyèlman panse Medford pral fè pi byen nan 10 ane kap vini yo epi lwaye mwen an ap ogmante sou tan. Se konsa, ou konnen, se pa yon règ difisil ak rapid. Diferan devlopè pral jere pwoblèm sa a yon fason diferan epi ak pi gwo fleksibilite. Kòm mwen te di anvan, devlopè diferan ofri finansman diferan pou pwojè yo ak sa a pral afekte ou tou. Se konsa, ou konnen, sa a se yon senaryo ipotetik. Ou konnen, li pa reflete tout posiblite yo. Se konsa, wi, ou konnen, gen sètènman potansyèl la pou pi wo frè, ak kèk devlopè santi ke pi wo frè yo ap toujou fè pwojè a solid pou yo, ou konnen?
[Zac Bears]: Wi, mwen devine mwen ta renmen konnen, Ou konnen, poukisa gen sèten atik nan analiz ou ke ou panse yo pa posib nan $12 oswa $16 epi yo pa posib nan $8? Akoz i paret ki nou pe koz lo plizyer milyon dolar pou finansman Affordable Housing Trust Fund e zot konnen ankor mon pa’n fer en analiz, me i paret mon ava les zot karakterize. Èske sipozisyon sa yo konsèvatif?
[SPEAKER_00]: Wi, mwen ta di sa yo se sipozisyon yon ti jan konsèvatif, wi. Ou konnen, pa gen okenn règ difisil ak rapid. Ou dwe fè kèk sipozisyon epi vini ak kèk senaryo pou fè analiz la. Mwen te kapab travay sou yon anpil nan lòt senaryo, men ou fini ak yon anpil nan senaryo diferan. Sou ki sa ou vle baze desizyon ou? Men, wi, se pa yon règ difisil ak rapid. Yon lòt faktè diferan. Devlopè yo ka konpanse lè yo ajiste depans yo nan lòt fason. Yo ka anmezi pou negosye pi ba pri konstriksyon. Petèt kontraktè a reyèlman bezwen travay la epi li pral fè yon ti kòb epi ekonomize kèk lajan. Oswa yo gen konsèy nan kay la men li mwens chè pou anboche yon avoka. Se poutèt sa, yon bidjè devlopman gen anpil eleman. Devlopè yo ka konpanse ogmantasyon pousantaj ak kèk lòt depans. Epi, jan mwen te mansyone, si yo pa te achte tè a ankò, yo ap faktè nan pri sa a tou. Yo pral peye mwens tou pou achte tè. Kòm yon rezilta, pwopriyetè tè yo pral finalman oblije aksepte redui lajan nan vann tè yo. Enpak la fè tè a, ou konnen, tarif yo fè tè a, ou konnen, mwens valè. Se konsa, ou konnen, se bagay sa yo. Se poutèt sa mwen te di depi nan kòmansman ke gen diferan chemen posib pou tarif yo gen enpak sou ekonomi an, epi, ou konnen, pa gen okenn chemen posib. Anpil sikonstans detèmine kilès nan yo jwenn li. Se poutèt sa, mwen panse ke rekòmandasyon $5 a $8 se yon rekòmandasyon konsèvatif pou mwen minimize enpak potansyèl sou sèten pwojè. Men, mwen pa ka di ke yon frè $12 ta ka katastwofik, epi ou konnen, si te gen yon frè $12 oswa $15, devlopman pa ta rive. Mwen pa panse sa a se vre.
[Zac Bears]: Trè byen, mèsi. Dènye kesyon mwen an anvan nou ka ale nan pwochen sesyon an, mwen wè sal la plen. Nou pral ranje tout bagay. Pale de sansi, ou konnen ki sa? Mwen konnen ou mansyone revizyon senkan an. Èske sa a son tankou tout analiz la refè chak senk ane, oswa èske se yon sòt de vèsyon senplifye?
[SPEAKER_00]: Mwen vle di, sa a se sa lòt kominote yo tipikman fè: fè yon etid nouvo relasyon ki gen menm dimansyon chak senk ane.
[Zac Bears]: Mwen wè. Pa egzanp, èske gen limit nan kèk nan endikatè ekonomik yo ke ou panse ta ka itil nou, petèt yo di, petèt nou ta dwe gade nan sa a? Sipoze Fed aplike pousantaj ki anba a 2.5% pou 18 mwa. Èske nou ta dwe envestige pwoblèm sa a pi bonè epi ogmante pousantaj, oswa?
[SPEAKER_00]: Oke, mwen pa ta fè li baze sèlman sou to enterè yo. Mwen gade tou sa k ap pase nan ekonomi an. Si pousantaj pòs vid biwo ak laboratwa yo desann anpil, ou pral kòmanse wè, ou konnen, tankou, ou konnen, Toudenkou, tout konpayi AI yo te kòmanse deplase nan zòn Boston epi yo te kòmanse chèche espas biwo, epi toudenkou kantite ouvèti yo te tonbe epi moun yo te kouri bati plis espas biwo pou akomode yo. Li evidan, bagay yo diferan epi ou ka bezwen rekonsidere pousantaj ou yo. Wi, oke.
[Zac Bears]: Eksepsyonèl. Mwen apresye sa. Èske manm konsèy la gen plis kesyon? Catherine, ou gen yon lòt bagay pou ajoute anvan nou fini?
[Katherine Buckingham]: Wi, mwen jis vle di si manm konsèy yo gen nenpòt lòt kesyon ke mwen ka pataje ak Carl Seidman, tanpri santi yo lib yo kontakte. Si ou vle gade rapò konplè a kounye a, mwen ka pataje rapò konplè a ankò paske mwen panse li vrèman itil pou gen kèk enfòmasyon sou background anvan ou gade rapò konplè a. Se konsa, mwen pral pataje sa avèk nou mesye, reponn kesyon yo, epi Lè sa a, mwen ka pote nenpòt lòt kòmantè ke ou mesye yo gen, epi tou Carl ka. Nou pral chèche konnen si sa a se vre, si chanjman yo bezwen fè nan rapò a, elatriye, epi Lè sa a, nou pral pataje rapò final la apre enkòpore tout fidbak.
[Zac Bears]: Eksepsyonèl. Mwen panse ke lòt konsiltan ka bay opinyon adisyonèl. Opinyon mwen se, ou konnen, mwen panse Pèsonèlman, mwen ap panche sou petèt plis pase $ 8, e mwen pa konnen si sa ta gen enpak sou jounalis si nou ta ka pale sou kèk nan sipozisyon yo te fè yo rive nan sa a $ 5 a $ 8, e petèt, ou konnen, Mwen panse li ta itil pou tande kontèks la, pa vre? Genyen anpil espekilasyon isit la, ou konnen, $ 30 ta ka yon gwo enpak depans, men, ou konnen, $ 10 oswa $ 12 ta ka pa yon gwo enpak depans. Mwen vle di pa sèlman, mwen panse ke li enpòtan nan yon kontèks ke nou bezwen jenere revni lojman abòdab, yo gade nan ki jan lòt kominote yo jere depans sa yo, ou konnen. Si nou te 10 oswa 12, nou ta pi pre Watertown, nou ta definitivman pi wo pase Lexington ak Everett men siyifikativman anba Somerville ak Cambridge. Se konsa, li sanble m ', nan pèspektiv mwen, li ta itil yo enkli kèk nan faktè sa yo ak omwen fè remake ke si nou te yon ti kras pi wo a nimewo a $ 8, petèt li pa ta dwe tankou move. Ki sa piblik la gen pou di sou pwojè etid lyen lojman abòdab? Gen youn sou Zoom. Èske gen yon moun nan chanm nan ki vle pale sou sa? Briyan. Tann yon ti moman. Mwen pral rale. Mwen vle pase yon ti moman isit la. Mesye Castagneti, ou gen non apatman an ak non katye a ou vle anrejistre, epi ou gen twa minit.
[Andrew Castagnetti]: Mèsi, manm Kongrè Balisley. Andrew Castagnetti, Mès metòd lès. Mwen gen yon kesyon rapid ak senp pou tou de moun ki pale yo: Si ou te bati inite lokasyon 1,000 pye kare sa yo, ki sa ki ta pri lwaye a? Ki pri lwaye aktyèl la pou yo. Mèsi.
[Zac Bears]: Mèsi. Katherine, ou ka pale yon ti kras sou sitiyasyon AMI a ak sitiyasyon lokasyon pou inite sa yo?
[Katherine Buckingham]: Wi. Se konsa, mwen panse ke tout sa yo pral 80% AMI oswa mwens.
[SPEAKER_00]: Oke, AMI a pou yon inite lokasyon se 50% oswa mwens. Oh, nan kou. Wi.
[Katherine Buckingham]: OK Wi. Se konsa, mwen pa konnen si ou vle ajoute li.
[SPEAKER_00]: Wi. Mwen pa sonje nimewo egzak la, men lwaye a fondamantalman fikse nan 30% revni fanmi an. Se konsa, sipoze revni kay la, epi mwen dwe fè matematik la mantalman, se yon revni kay nan $50,000, Lè sa a, lwaye a se 30% nan sa a, ki se $15,000 divize pa 12, ki se apeprè $12,50 yon mwa, Sa a ta ka mwatye oswa mwens nan pri lwaye mache aktyèl la.
[Zac Bears]: Sa reprezante apeprè 50% inite lokasyon AMI yo.
[SPEAKER_00]: byen.
[Zac Bears]: Briyan. Eksepsyonèl. Tout se byen. Èske w pa wè plis kòmantè piblik oswa kesyon manm konsèy la, èske gen mosyon? Èske gen nenpòt lòt bagay ou ta renmen ajoute anvan nou fini? Èske gen nenpòt mouvman? Vis Prezidan Lazaro.
[Katherine Buckingham]: Mosyon pou fèmen reyinyon an.
[Zac Bears]: Vis Prezidan Lazzaro in fer mosyon pou ferm, segonde? Mesye TSANG sipòte li. Mesye Sekretè, tanpri rele.
[Rich Eliseo]: Konseye Kelly? Wi. Senatè Laming? Wi. Konsiltan Malaysyen? Wi. Konsèy Scafelli? Wi. Konseye Zeng? Wi. Vis Prezidan Lazaro?
[Zac Bears]: Wi, 7 wi, 9 non. Mouvman an pase. Komite an antye a ajoune e nou pral kòmanse reyinyon regilye nou an nan apeprè senk minit. Mèsi.