Watertown Community Preservation Committee
172 MARK172 KRACZKIEWICZ172 -172 CPC172 CHAIR172 -172 Thank172 you172.24 all172.4 for172.64 joining173.84 this174.32 Zoom174.48 at174.88 a175.68 relatively175.92 short176.32 notice176.56 in176.96 the177.04 December177.2 when177.6 we177.84 hadn't178 planned178.32 to178.56 have178.72 a178.88 meeting.178.96 I182.08 guess182.32 I184.53 would184.69 like184.94 to185.25 first185.74 open186.13 the186.46 meeting186.53 with186.85 having187.01 and195.33 Cory195.89 and196.38 197.7 JONATHAN197.7 BOCKIAN197.7 -197.7 Mark,198.26 can198.54 I198.82 interrupt199.1 you?199.38 Yeah.199.66 You200.26 need201.22 to201.54 say201.62 the202.58 official202.74 blessing203.3 of203.78 the203.94 205.14 KRACZKIEWICZ205.14 -205.14 I205.14 don't205.22 know.205.54 I205.62 don't205.7 know.205.86 I'm206.26 not206.42 sure206.58 we206.82 have206.98 to207.06 do207.14 that207.3 anymore.207.46 But,207.78 anyway,207.86 okay.208.34 This208.66 is208.82 a209.06 meeting210.35 by210.75 Zoom211.16 as212.12 permitted212.51 by213.16 the213.4 new214.75 executive215.4 order215.96 relating216.12 to216.51 the216.75 open216.84 meeting217.16 law.218.12 And218.44 the218.44 link218.68 can219 be219.16 found219.31 on219.56 the219.72 city220.35 website220.68 and221.47 on221.79 our222.03 agenda222.19 page.222.68 Okay.224.13 So226.61 with226.85 that,227.01 I227.33 think227.41 I'd227.73 like227.97 to228.13 hear228.21 from228.45 Cory228.85 and229.33 Mel232.13 Miller232.53 and233.09 WHA235.17 about235.65 if235.89 there236.05 are236.13 any236.21 updates236.53 they236.85 want237.01 to237.25 provide,237.33 quickly,238.79 that239.59 may239.75 have240 occurred240.16 since240.56 their240.79 last241.11 their241.44 presentation241.67 in242.72 November.242.95 245.91 MEL245.91 MILLER245.91 -245.91 POAH245.91 -245.91 Sure.245.91 I'm246.31 happy246.47 to246.79 take246.88 on,247.03 and247.19 Cory247.35 and247.59 Jackie247.75 can248.07 fill248.23 in248.39 if248.56 I'm248.72 missing248.88 anything.249.19 First249.67 off,249.91 I'll250.16 say250.39 thank251.33 you251.57 all251.73 for252.05 being252.29 here252.53 tonight252.85 and253.41 considering253.73 our254.61 funding254.77 request.256.37 Since256.61 we257.33 met258.05 last,258.45 I258.93 think259.01 we259.25 had259.41 just259.65 submitted259.89 our260.53 funding261.17 application261.57 or262.29 pre262.45 application262.69 to263.33 the263.49 low263.65 income263.89 housing264.21 tax264.61 credit264.85 side265.17 of265.41 the265.83 state266 funding266.35 agency,266.71 EOHLC.267.92 We're269.27 currently269.6 working270 to270.48 submit270.63 a271.51 pre271.68 application271.92 to272.63 the272.88 public273.04 housing273.44 financing273.92 side274.71 at275.12 the275.19 state.275.44 And277.19 other277.6 than277.75 that,277.92 just278.24 continuing278.4 to278.8 make278.96 headway279.19 as279.75 we279.92 advance280.15 towards281.69 our281.93 comprehensive282.17 permits,282.81 application283.45 submission284.01 later284.65 this284.89 month,285.13 meeting285.45 with285.77 relevant286.09 committees287.05 and287.53 different287.69 folks288.17 across289.13 the289.53 city289.77 to290.17 prepare290.33 for290.65 that.290.89 And292.65 I292.89 think293.05 that's293.29 it.293.61 Cory,293.85 Jack,294.09 anything294.33 else294.65 to294.89 add?294.97 297.99 KRACZKIEWICZ297.99 -297.99 Okay.297.99 Thank299.19 you.299.35 I'd299.67 like301.99 to302.23 take302.31 my302.7 prerogative302.87 as303.43 chair303.5 to303.82 start303.9 some304.7 questions305.02 here305.5 because305.75 I305.99 think306.06 we306.79 as306.94 a307.19 committee307.26 need307.58 to307.82 understand307.99 a308.38 little308.46 bit308.7 more308.87 about309.02 low311.21 income311.45 housing311.77 finance.312.17 And313.45 since314.73 I'm315.13 if315.37 we315.53 vote315.77 on316.09 this316.25 tonight316.49 and316.81 agree316.97 to317.29 award318.09 you318.41 to319.29 recommend319.53 the320.01 city320.17 funds,320.41 I'm320.73 gonna320.89 stand321.21 before321.37 the321.69 city321.85 council322.09 and322.89 have322.97 to323.13 present323.29 this323.61 and323.85 wanna324.09 be324.49 sure324.65 I324.89 understand325.43 this325.82 more326.54 fully.326.87 So327.26 I327.75 don't327.82 wanna327.99 make328.23 this328.38 a328.54 seminar328.7 on329.19 low329.35 income329.58 housing329.9 finance,330.23 but330.87 I331.11 do331.19 wanna331.35 get331.58 some331.82 basic332.06 understanding332.46 both333.5 for333.75 myself333.9 and334.31 the334.63 committee334.7 as335.11 a335.19 whole.335.35 And335.9 so336.06 as336.31 I336.46 understand336.63 it,336.94 the337.89 low338.13 income338.53 housing338.93 tax339.41 credits339.81 are,341.17 as342.61 you342.85 said343.09 at344.13 our344.37 meeting344.53 in344.93 November,345.33 are346.29 almost346.53 infinite.346.93 348.53 You348.53 mentioned,348.85 I349.9 think350.06 Cory350.38 said350.71 this,350.94 that351.19 if351.67 the352.31 construction352.55 costs353.59 were353.9 higher,354.15 you354.71 could354.87 always355.11 get355.35 more355.59 LIHTC356.15 tax357.59 credits.357.9 I360.31 just360.38 wanna360.55 understand360.94 these361.5 credits.361.99 So362.87 the363.19 tax363.5 credits363.82 are365.26 given365.5 to365.74 you365.9 by365.98 the366.14 state,366.3 and368.54 then368.78 you368.94 basically369.9 sell370.54 them370.7 off370.86 to371.1 equity371.9 investors.372.38 And373.58 for373.82 the373.98 equity374.14 investor,374.62 they375.98 are376.46 interested376.62 in,377.34 they're377.58 good377.58 for377.74 10377.9 years.378.14 They378.86 become379.1 valid379.42 after381.21 the381.53 project381.69 is382.1 completed,382.25 and386.25 they're386.65 sort386.81 of387.06 one387.29 for387.45 one.387.69 So387.94 the388.65 corporation388.89 has389.45 a389.62 $5389.77 tax391.85 liability392.18 to392.81 the392.89 feds393.06 and393.78 they394.02 have394.18 $4394.26 worth394.98 of395.3 tax,395.54 credits.396.5 They397.46 only397.7 pay397.94 $1398.18 in398.58 tax.398.74 Is400.66 that400.82 correct?400.98 And404.02 so406.18 what406.58 is406.9 the407.06 incentive407.3 for407.78 the407.94 investor408.1 to408.5 buy408.66 these?408.9 414.55 CORY414.55 MIAN414.55 -414.55 POAH414.55 -414.55 Do414.55 you414.71 want414.79 us415.02 to415.19 take415.35 this?415.59 417.02 KRACZKIEWICZ417.02 -417.02 One417.02 of417.19 you.417.35 419.5 MIAN419.5 -419.5 Okay.419.5 Well,419.5 you419.82 have419.99 your420.15 consultant420.38 on,420.87 and420.94 I421.19 know421.26 Christine's421.5 well421.99 versed.422.23 Yep.422.94 So423.87 happy424.27 to424.59 defer424.83 to425.15 her425.39 as425.63 well.425.87 What426.51 is426.75 the426.83 incentive427.07 for427.79 investors428.11 to428.99 take429.47 these429.71 credits?429.87 So430.43 in430.59 addition430.83 to431.23 buying431.55 the431.95 credit,432.11 which432.43 is432.67 closely433.55 a434.35 one434.51 for434.75 one,434.99 like,435.23 I435.47 buy435.63 the435.79 credit436.91 I437.23 pay437.74 for437.98 the438.06 credit,438.13 and438.62 I438.86 get439.1 the439.25 credit,440.69 they440.86 also440.86 get441.18 losses441.42 because442.69 they443.01 are443.18 an443.57 owner443.74 of444.45 the444.62 real444.77 estate.445.42 And445.65 so445.65 tax445.89 law446.21 gives446.54 them446.77 depreciation,447.1 and449.42 that449.65 is449.81 additional,450.45 it's451.25 a451.42 deduction451.5 on452.21 their452.38 taxes.452.62 So453.15 in453.39 addition453.55 to453.87 the453.95 credit,454.11 they're454.75 getting454.99 a455.23 deduction455.31 on455.71 their455.87 taxes.456.11 Sometimes457.47 they458.03 also458.27 get459.07 a,460.43 usually,460.75 a460.75 very460.91 small461.31 share461.63 of462.03 the462.35 actual462.51 cash462.91 flow463.23 off463.55 of463.79 a463.87 property,464.03 but464.51 that's464.67 usually464.99 very465.39 late465.63 in466.19 the466.43 life467.56 cycle467.73 of468.13 a468.29 property.468.44 And469.88 the470.05 other470.13 reason,470.37 and470.76 so471 those471.32 are471.49 economic471.65 benefits472.21 that473.97 investors474.29 are474.69 getting474.85 from475.09 these475.25 projects.475.49 They476.93 also477.17 are477.65 often477.88 motivated478.21 by478.76 regulation.478.93 The479.88 Community480.05 Reinvestment480.37 Act481 requires481.98 big482.38 banks482.7 to483.26 invest483.5 a483.82 certain483.9 amount484.3 of484.46 money484.54 in484.86 places485.1 where485.42 they485.58 take485.74 deposits.485.98 And487.58 so487.74 that's487.9 a488.14 large488.38 piece490.46 of491.1 the491.58 landscape,491.82 like,492.78 for493.34 the493.58 big493.74 banks,493.9 like494.46 Bank494.7 of494.86 America,495.1 Citibank,495.58 Chase.496.3 Those497.79 guys497.88 are498.12 all498.19 big498.44 buyers498.68 of499 these499.15 credits.499.39 501.31 KRACZKIEWICZ501.31 -501.31 Okay.501.31 Christine,501.88 do502.27 you502.44 have502.51 anything502.6 to503.07 add503.07 on503.24 that?503.39 513.42 CHRISTINE513.42 ROGERS513.42 -513.42 CITY513.42 OF513.42 WATERTOWN513.42 -513.42 I513.42 think513.58 Corey513.82 captured514.14 that514.54 quite514.78 well,515.34 right?515.66 A515.66 lot515.82 of515.98 it516.06 is516.22 really516.54 the516.86 Community519.02 Reinvestment519.26 Act519.26 credit519.26 that519.82 the519.98 banks520.14 get520.54 for521.82 the522.06 investment,522.78 so523.38 they523.38 are523.54 sort523.71 of523.78 geographically523.87 motivated,525.54 right?525.78 They525.78 want525.87 CRA526.18 in526.59 their526.75 particular526.99 areas,527.46 but528.11 they're528.26 also528.42 looking528.75 for528.9 a529.02 deal529.14 that529.38 does529.54 not529.71 hold529.95 a530.11 lot530.18 of530.35 risk530.5 for530.75 them.530.9 And531.95 so532.11 they're532.35 looking532.5 for532.75 buyers532.99 that533.3 have,533.46 you533.71 know,533.87 to534.42 buy534.59 credits534.83 and535.23 projects535.38 that535.87 have536.11 strong538.02 developers539.14 with540.5 a540.66 strong540.82 balance541.14 sheet541.54 and541.86 that542.26 have,542.5 you542.82 know,542.98 good543.22 sort543.54 of543.7 financial543.94 promises545.46 for546.02 future546.34 revenue,546.98 right?547.22 They547.22 never547.38 wanna547.54 get547.78 into547.94 a548.18 situation548.26 where548.66 those548.82 credits549.06 are549.46 recaptured.549.7 550.6 KRACZKIEWICZ-550.6 Yep.550.6 And551.39 so551.63 the552.04 investor552.27 pays,552.67 it's553.72 not553.88 exactly554.12 a554.43 one554.6 for554.75 one,555.08 so555.32 they555.32 don't555.39 get555.55 a555.68 dollar555.8 or556.2 tax556.2 credit556.43 for556.75 dollars.557.39 So558.27 it's558.6 a558.92 slight559 discount559.39 which559.8 is559.88 negotiated561.08 but563.3 it's563.38 never563.94 more564.18 than564.34 10%564.5 or565.06 is565.14 that565.3 sort565.46 of?565.7 568.82 MIAN568.82 -568.82 Honestly,568.82 the569.46 pricing569.7 on570.1 a570.26 credit,570.42 depending570.98 on571.46 jurisdiction572.58 geography,573.38 can573.94 range574.18 today574.74 from575.94 low576.42 80s.576.82 578.2 KRACZKIEWICZ578.2 -578.2 Okay.578.2 578.83 MIAN578.83 -578.83 Maybe578.83 sometimes579.15 people579.63 will579.88 see580.03 it580.36 even580.6 higher580.83 than581.08 a581.32 dollar.581.39 582.36 KRACZKIEWICZ582.36 -582.36 Yeah.582.36 Okay.582.83 And584.2 the585.96 limit586.2 you586.6 can586.75 get587.63 these587.88 things588.51 is588.75 almost588.91 unlimited589.32 or589.79 is589.96 there590.12 a590.36 maximum590.43 cap591.55 you591.88 can't592.12 exceed?592.43 594.07 MIAN594.07 -594.07 Yeah.594.07 So594.39 unlimited594.95 is595.51 not595.75 quite596.15 right.596.39 So597.27 there's597.43 two598.71 types598.95 of599.27 credits,599.35 and599.91 we're,600.15 like,600.47 really600.71 in600.95 the601.03 weeds,601.19 Mark.601.51 But601.75 there's602.23 a602.39 9%602.55 credit603.11 which603.51 is603.67 not603.99 what604.79 we605.03 are605.27 using605.43 on605.75 this605.91 project,606.07 which607.19 is607.36 a607.43 very607.51 limited607.67 resource608.15 that608.55 the608.79 state608.88 allocates.609.12 Then610.39 there's610.55 the610.88 4%611.03 credit,611.75 which612.32 we612.63 are613.03 proposing614 to614.32 use614.48 on614.63 this614.71 credit614.95 on615.51 this615.75 deal.615.91 And618.07 the619.03 idea619.19 is,620.55 the620.79 more621.03 you621.36 spend621.6 on622.07 the622.24 project,622.32 the622.97 bigger623.21 your623.37 basis.623.77 It's625.85 another626.17 tax626.57 word.627.61 And628.89 the629.13 bigger629.21 your629.53 basis,629.77 the630.33 more630.57 credit.632.81 But632.81 it's633.05 not633.21 unlimited633.45 because634.25 it's634.73 still635.14 allocated635.95 by636.43 a636.75 different636.9 source637.38 called638.19 volume638.67 cap,639.23 which641.14 is642.26 a642.5 little642.67 more642.9 available644.02 than644.9 the645.14 9%645.31 credit645.79 but647.43 it's647.59 not647.67 unlimited.647.99 If648.55 the648.71 state648.79 were649.03 on649.11 the649.27 phone,649.35 they'd649.51 want649.67 me649.83 to649.99 make650.07 sure650.23 you650.55 know650.63 it650.79 is650.87 not651.11 unlimited.651.43 652.47 KRACZKIEWICZ652.47 -652.47 Okay.652.47 Okay.653.75 Hence,655.11 you655.43 cannot655.59 finance655.99 the656.39 entire656.47 project656.87 with657.27 LIHTC?657.59 659.33 MIAN659.33 -659.33 Correct.659.33 660.76 KRACZKIEWICZ660.76 -660.76 And,660.76 therefore,661 you661.97 have662.21 these662.45 other662.76 sources663.09 of663.49 funding663.64 which665.97 are,666.29 let667.09 me667.25 see667.4 here,671 the671.17 PHID,671.17 P,671.17 which671.17 I671.4 don't671.49 quite671.64 know671.88 what672.05 that672.21 is,672.37 workforce672.93 finance.674.45 And674.68 then674.68 critically,675.3 the675.78 Mass676.74 Housing677.54 Finance,677.54 which677.54 is677.7 interestingly678.74 the679.3 only679.46 thing679.78 for680.34 which680.58 you680.82 will680.98 eventually681.14 have681.54 to681.7 pay681.78 debt681.94 service682.18 on.682.58 And685.94 I686.06 think686.18 686.58 MIAN686.58 -686.58 That's686.58 like686.9 your687.06 home688.34 mortgage.688.58 689.41 KRACZKIEWICZ689.41 -689.41 Yes.689.41 Exactly.690.29 And690.77 I690.86 think690.93 that's691.17 something691.82 we692.21 all692.38 need692.62 to692.86 understand693.1 a693.58 bit693.65 because693.89 all694.86 these695.1 other695.33 sources695.65 of696.13 finance696.29 basically697.41 don't,698.46 you698.7 don't698.7 repay698.93 any699.33 interest700.05 or700.21 you700.21 don't700.21 repay700.46 any700.77 principal.701.01 So702.13 when702.38 you're702.62 looking702.77 at703.17 the704.7 project706.62 in707.34 this707.58 future707.82 once708.22 built,708.54 you709.98 have710.22 the710.46 operation710.86 and711.74 maintenance711.9 of713.02 the713.1 building713.34 to714.86 cover,715.02 and716.54 you717.22 have717.46 this717.62 interest718.1 principal718.5 cost719.05 to719.38 cover719.46 from719.77 the719.93 Mass720.89 Housing.722.25 And722.25 the722.5 rents722.74 have723.38 to723.62 be723.7 sufficient723.86 to724.34 cover724.5 both725.13 the725.46 operation725.62 and726.1 maintenance726.17 and727.13 this727.38 interest728.17 in728.58 principal728.74 to730.18 the730.42 Mass732.66 Housing733.86 Finance.733.86 Is733.86 that734.02 generally734.58 correct?735.62 We735.94 just736.1 wanna736.26 get736.58 this736.74 sort736.9 of737.06 out737.78 there.737.94 738.58 MIAN738.58 -738.58 Yeah.738.58 Mhmm.739.06 741.86 KRACZKIEWICZ741.86 -741.86 And741.86 explain742.18 to742.58 me,742.74 either743.45 of743.61 you,743.68 Christine,743.92 or,744.49 what745.13 is745.37 PHIDP?745.68 749.45 MIAN749.45 -749.45 I749.45 can749.85 keep750.09 going,750.33 Christine,750.64 because750.97 we751.29 probably751.45 wrote751.76 that752 word.752.17 You752.49 might752.64 not752.8 know.753.05 It's753.68 the753.92 public754.17 housing754.73 innovation,756.39 what's756.63 the756.63 d?756.79 Development757.43 Fund.758.47 So759.27 that759.43 is759.59 money760.23 the760.55 state760.71 has761.11 issued762.95 through763.43 their763.59 legislative763.83 process764.47 to765.59 make765.67 available765.91 to766.39 public766.55 housing767.03 redevelopments.767.43 768.39 KRACZKIEWICZ768.39 -768.39 Okay.768.39 768.87 MIAN768.87 -768.87 And768.87 so769.03 that769.27 is769.51 one770.27 of770.51 the770.6 funds770.83 that771.32 we771.55 are771.79 working771.88 on772.12 an772.36 application772.43 for.772.83 773.96 KRACZKIEWICZ773.96 -773.96 Okay.773.96 Okay.775 Now,775.39 so776.75 there777.08 is777.24 a777.39 choice777.55 made777.88 somehow778.27 between779.15 how780.83 much781.08 you781.24 ask781.48 for781.71 in782.67 the782.91 low783 income783.24 housing784.12 tax784.44 credit,784.84 the785.96 Mass786.2 Housing786.6 Finance,787.08 PHIDP,787.88 and788.52 the788.68 rest788.76 of788.92 it.789.08 And789.48 that's789.72 a790.2 balancing790.44 act,791.16 and791.72 you791.88 know792.04 how792.2 much792.36 you792.6 asked792.84 for793.08 us.793.24 And793.64 that's793.88 a794.12 balancing794.2 act794.76 and795.4 that,795.64 I797.27 mean,797.39 I797.51 don't797.6 know797.83 how797.91 you798.08 achieve798.48 that798.88 balancing,799.2 but799.67 is801.36 there801.51 some801.67 mystery801.91 you802.24 can802.39 explain802.55 there802.96 or803.2 not?803.27 804.55 MIAN804.55 -804.55 Sure.804.55 I804.88 mean,804.96 it805.12 is805.27 a805.51 balancing805.6 act,806.08 and806.24 it's806.39 a806.55 little806.63 bit806.79 of806.96 a,807.2 always807.91 a808.24 little808.39 bit808.55 of808.71 a808.96 moving810.83 target,811.23 I811.71 would811.87 say.812.03 You812.27 know,812.43 the812.59 state812.83 establishes813.15 limits,815.71 which815.95 we815.95 try816.11 our816.27 hardest816.43 to816.83 respect,816.99 and818.27 we818.43 inevitably818.67 ask819.31 for819.55 more819.79 than819.87 the820.11 limits820.19 they820.67 have820.83 stated821.23 for821.63 us.821.87 And824.24 often,825.36 we825.51 sort825.67 of825.91 look826.08 around826.39 and826.96 think,827.2 what827.84 does828 a828.24 locality828.32 have829.12 to829.51 support829.75 a830.15 project,830.32 and831.36 what831.51 is831.67 reasonable831.91 in832.39 the832.55 landscape832.71 for834.32 a834.55 project834.63 of835.03 this835.12 type835.36 and835.84 for836 what836.24 we're836.39 providing?836.55 And838.63 so,838.88 you839.81 know,839.89 that's840.13 how840.21 we840.53 came840.69 up840.93 with841.17 the841.33 numbers841.49 that841.81 are842.05 presented842.61 here843.09 to843.81 you843.97 all.844.29 844.85 KRACZKIEWICZ844.85 -844.85 Okay.844.85 And845.81 I846.61 noticed846.85 you're847.17 also847.41 taking847.65 a847.89 construction848.05 loan848.69 for849.25 4.3849.49 million,851.65 and851.65 that852.87 covers853.11 the853.59 cost853.83 of854.14 during854.47 construction,854.87 obviously.855.43 And858.23 that858.47 you858.79 pay859.02 out859.26 of859.43 these859.99 other860.23 sources860.47 of860.87 financing.861.02 Is861.5 that861.59 correct?861.83 864.63 MIAN864.63 -864.63 I'm864.63 just864.87 gonna865.11 try865.35 to865.5 refresh865.67 myself.866.23 The867.94 construction868.1 loan868.58 on868.98 this869.14 project869.38 is869.7 probably869.86 closer870.26 to870.58 $55870.82 million873.3 so873.3 I'm873.86 not874.1 100%874.58 sure875.06 I875.22 know875.3 what875.46 document875.62 you're876.02 looking876.26 at.876.5 876.98 KRACZKIEWICZ876.98 -876.98 Oh,876.98 okay.877.3 I'm877.62 looking877.78 at878.02 the,881.75 I'm881.75 looking881.99 at882.23 the882.31 Watertown882.47 Affordable883.18 Housing883.59 Finance884.71 application885.35 version886.07 1.24887.43 or888.31 something.888.38 I888.63 don't888.79 know.888.95 But,889.35 anyway.889.67 890.95 MIAN890.95 -890.95 It's890.95 okay.891.18 Let891.5 me891.67 see891.83 if892.07 I892.23 can892.31 get893.02 there.893.26 Mel,893.75 do893.99 you894.07 don't894.14 have894.38 it894.47 handy,894.63 do894.95 you?895.11 898.25 MILLER898.25 -898.25 Working898.25 concurrently.898.89 899.93 MIAN899.93 -899.93 Yeah.899.93 1901.29 second.901.53 904.49 ROGERS904.49 -904.49 I904.49 think,904.65 Mark,904.89 to905.77 add905.93 a906.09 little906.25 bit906.41 of906.57 nuance906.81 to907.21 the907.29 question907.37 about907.69 equity907.93 is908.49 that,908.65 you908.89 know,908.97 Cory909.21 talked909.45 about909.69 the909.85 eligible910.01 basis910.73 of911.21 a911.37 project.911.45 There912.4 are912.64 gonna912.88 be913.21 certain913.52 aspects914.17 of914.57 a914.73 project914.88 that915.37 based916.17 on916.4 tax916.64 credit917.05 law917.52 and917.76 tax917.92 credit918.17 regulation918.4 aren't919.52 eligible919.92 for921.29 tax922.17 credit922.49 funding,923.37 right?923.52 They're923.52 just,923.76 they're924 not924.17 considered924.4 eligible924.88 uses.926.17 And927.85 so928.09 it928.25 can't,928.41 you928.73 can't928.89 ever929.13 do929.37 a929.53 deal929.69 with929.93 just930.17 low930.73 income930.97 housing931.29 tax931.69 credits.931.85 There932.17 always932.41 has932.65 to932.81 be,932.89 like,933.05 a933.13 compliment933.29 of933.93 sources.934.09 The936.33 other936.57 piece936.89 that's937.13 sort937.37 of937.53 driving937.61 the938.01 need938.25 to938.49 have938.57 a938.73 construction938.97 loan939.53 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in1095.03 place1095.19 without1095.51 geothermal.1095.91 And1096.55 so1096.79 I1096.95 think1097.03 just1097.27 wanting1097.43 to1097.75 put1097.91 more1098.15 effort,1099.03 energy1099.59 into1100.15 what1101.68 we1102.01 have1102.64 committed1102.96 to1103.37 thus1103.61 far1103.92 versus1104.4 geothermal.1105.21 1107.05 KRACZKIEWICZ1107.05 -1107.05 Okay.1107.05 Thank1107.45 you.1107.68 Okay.1108.4 That1109.37 those1109.85 are1110.09 my1110.33 two1110.64 major1110.88 question1111.85 areas1112.81 so1112.96 let1112.96 me1113.13 open1113.29 it1113.53 up1113.61 to1113.77 the1113.85 rest1114.01 of1114.16 the1114.24 committee.1114.4 I'm1114.72 sorry1114.81 to1115.61 have1115.77 taken1116.16 the1118 prerogative1118.16 of1118.88 being1118.96 first.1119.28 1121.36 Does1121.36 anybody1121.6 have1122 their1122.16 hand1122.4 up?1122.64 1127.6 SPEAKER71127.6 -1127.6 If1127.6 I1127.76 may,1127.92 mister1128.24 chairman.1128.64 1129.36 SPEAKER11129.36 -1129.36 Yes,1129.36 Dennis.1129.6 1130.24 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Monday December 9, 2024