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From YouTube: Bay Co. Board of Commissioners Organizational and Ways & Means Committee Meetings - Jan. 3, 2018
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A
A
C
A
A
Almighty
God,
our
Heavenly
Father,
your
generous
goodness,
comes
to
us
anew
every
day
by
the
work
of
your
Holy
Spirit
lead
us
to
acknowledge
your
goodness.
You
give
thanks
for
your
benefits.
Lord.
We
ask
today
that
you
guide
this
board
as
they
select
their
officers
for
the
new
year,
give
them
the
courage
of
their
own
convictions
so
that
they
can
work
for
the
common
good
of
all.
But
your
divine
providence
guide
your
County
and
bring
dignity,
prosperity
and
respect
to
every
citizen
in
this
community
amen.
A
A
A
Any
other
nominations
from
the
flora
missioner
Heric.
Were
you
willing
to
accept
that
nomination?
Yes,
I
am
okay,
as
you
have
been
nominated
and
have
accepted
that
nomination
and
with
no
other
nominations
from
the
floor.
I
would
ask
that
a
motion
to
close
the
nominations
be
moved
and
that
a
unanimous
ballot
be
cast
for
Commissioner
Harris,
although
it's
supported
in
German,
chick
and
Lutz
we'd
have
the
roll
call
on
the
motion.
Please
Duran
check.
Yes,.
E
E
A
G
A
A
A
B
A
I
A
I
A
F
A
A
A
A
That
being
said,
the
next
door
of
business
would
be
a
motion
to
close
the
nominations
and
to
cast
unanimous
ballot
for
Commissioner
big
gift
for
your
sergeant
in
arms.
2018,
someone
move
so
home.
Support
who
fight
you
read,
check
I'm,
supported
by
Jared
roll
call
vote
would
be
an
order,
starting
with
Commissioner
begin.
Yes,.
F
A
F
A
C
D
G
F
J
H
D
B
D
D
D
B
F
F
L
L
The
staff
to
nellbox
and
generators,
and
here
clothes,
Dudley
and
Janelle
box
and
and
Zack
they
do
get
a
lot
of
almost
daily
and
weekly
complaints
about
infrastructure
out
there.
So
there
is
excitement
of
it.
As
Zack
mentioned.
We
just
said
we
might
pursue
it,
but
we
didn't
want
to
hold
out
hope
they
were
going
to
happen
until
we
have
some
justification
that
it
will
and
I'm
sure
they
would
all
be
very,
very
pleased
because
a
lot
of
the
infrastructure
is
getting
sold.
It
can't
be
replaced.
L
M
M
Our
original
projects
we
did
were
back
in
1991
and
in
2006
we
recycled
those
deals
and
for
a
new
round
of
tax
credit,
so
we
still
have
those
same
deals
from
1991.
So
if
that
answers
your
question,
our
original
deals,
we
did
from
1991
we
still
own
today
and
we've
actually
recycled
that
the
original
deals
we
did
were
in
Detroit
and
we've
been
doing
them
ever
since
we've
got
51
properties
right
now
and
we
got
about
6,000
units.
Do.
M
M
So
we
just
wait.
We've
got
a
chart
at
the
office
that
has
all
of
our
deals,
and
it
basically
says
you
know
once
the
15
years
is
up,
then
we
know
that
we
can
go
to
that
next
deal
to
recycle
that
deal
Regus
we're
going
through
our
deals,
but
at
the
same
time
we
also
do
new
deals.
New
construction
and
new
acquisition,
rehabs.
C
M
M
J
L
D
C
You
guys
are
gonna,
do
an
assessment
of
the
entire
facility
and
I'm
not
against
this
at
all,
but
and
I
had
never
heard
of
anything
any
major
problems
over
there
that
needed
to
be
addressed
at
this
time.
So
how
do
we
know
that
if
there
is
something
that
needs
to
be
addressed
that
it's
something
your
assessment
is
going
to
determine
that
we're
going
to
that
they're
going
to
update
it?
I
don't
know,
I
haven't
heard
anything
about
HVAC
electrical
plumbing
there.
It
is
yep.
M
That's
a
great
question
with
what
happens
when
you
apply
for
these
tax
credits
and
also
getting
our
new
HUD
loans.
They
end
up
having
a
certified
needs
analysis,
that's
done
on
the
property
and
that's
an
independent,
firm,
that's
hired
by
the
HUD
lender,
and
that
report
would
definitely
be
shared
with
the
commissioners
and
anybody
who's
involved
in
the
project
that
want
to
see
it.
But
that
report
details
out
for
the
next
20
years
on
an
annual
basis.
M
What
needs
to
be
completed
at
the
property
and
basically
what
they
do
is
they
they
go
through
the
units
they
go
through,
all
the
mechanicals
there.
These
are
engineers
that
put
together
these
reports
and
they
determine
that
all
the
work
that
needs
to
be
done.
They
bring
all
of
that
work
back
into
year,
one
because
they
want
all
of
that
work
to
be
completed
in
year,
one
to
make
sure
that
project
can
be
feasible
for
the
next
20
years.
M
What's
also
another
piece
of
that
report
that
comes
out
from
those
results
is
what
needs
to
be
deposited
today
in
a
replacement,
Reserve
account
and
what
needs
to
be
funded
annually,
to
ensure
certain
things
that
are
not
going
to
last
20
years,
for
instance,
carpet
replacement
appliances.
So
they
go
in
this
report
and
they
put
a
detail
out
in
the
future.
What
needs
to
be
funded
in
the
replacement
reserve
on
an
annual
basis
and
what
needs
to
be
funded
today
and
they
kind
of
a
HUD
lender
can
play
around
with
that.
M
A
little
bit
if
you
put
or
in
today
when
you
close
on
the
deal,
then
obviously
less
has
to
be
funded
on
annual
basis
going
forward
or
if
less
is
funded
today.
But
it
usually
comes
out
with
a
lot
of
these
HUD
loans
that
you're
funding
about
approximately
somewhere
between
three
and
four
hundred
dollars
per
unit
per
year.
But
that's
also
after
an
initial
large,
depositing
or
replacement
reserve.
That's
required
by
those
certified
needs.
So.
C
Hud
has
a
number
of
these
facilities
throughout
the
country,
yes,
and
over
a
period
of
time,
30
years,
35
years,
if
they
don't
have
in
their
their
annual
monies
that
they
give
to
these
facilities.
To
do
this
type
of
work,
then,
is
this
a
common
practice
for
somebody
to
like
yourself
to
seek
the
tax
credits
to
renovate
this
or
does
HUD
does
happen?
Have
a
program
itself,
where
they'll
take
a
facility,
that's
35
years
old,
and
give
money
to
update
things
they.
M
Do
not,
unfortunately,
the
the
low-income
housing
tax
credit
program
was
part
of
the
Tax
Reform
Act
of
1986,
and
it's
the
sole
federal
subsidy
that
is
utilized
for
just
this
purpose
and
it's
only
available
for
low-income
housing,
tax,
credit
properties,
affordable
properties.
So
if
somebody
had
a
market
rate
property
they
could
they
could
applied
to
get
a
funding
round
of
long
term
housing
tax
credits,
but
they
would
have
to
immediately
have
you
know
the
tenants
vacated
from
the
property
and
have
a
whole
new
tenant
mix
for
income
qualification.
M
So
this
is
the
only
program
that
is
available
and
it's
and
it's
basically
brought
in
from
the
outside
investor,
because
they're
buying
those
low-income
housing
tax
credits.
Now,
ultimately,
we
know
they're
getting
a
tax
write-off.
So,
ultimately,
the
federal
government
is
funding
it
through
the
tax
credits,
but
it
is
the
only
program
that.
M
Yeah
now,
if,
after
15
years,
we
have
not
did
this
but
after
15
years,
if
somebody
decided
that
for
some
reason
they
did
not
want
to
continue
with
that
property,
the
property
can
be
sold
so,
but
the
whoever
purchases,
the
property,
has
that
regular
tax
credit
regulatory
agreement.
That
requires
it
to
be
continued
to
be
income
restricted.
M
So
the
long
commencing
tax
credits
are
they're
good
for
10
years.
So
it's
a
piece
of
paper.
If
you
get
a
single
building,
you
get
one
piece
of
paper:
it's
called
an
eighty
six,
oh
nine,
and
that
lists
how
much
tax
credits
are
available
on
that
property
on
an
annual
basis
and
that
single
form
is
filed
every
year
with
the
tax
return
for
ten
years.
So.
N
M
Million
dollar,
low-income
housing
tax
credit
reservation.
Then
you
end
up
with
ten
million
dollars
of
low-income
housing
credits
over
a
ten
year
period.
You
can
only
take
a
million
dollars
a
year,
and
so,
after
those
ten
years,
there's
an
additional
five
year,
compliance
period
that,
within
that
five
year,
compliance
period.
If
you
end
up
renting
to
anybody
that
is
over
income
in
a
unit,
then
you
can
end
up
losing
the
tax
credits
going
back
that
you've
already
claimed
on
that
project.
M
So
they
they
basically
monitor
it
for
five
years
after
that
ten
year
period,
to
ensure
that
there's
not
anybody
that
moves
in
that's
overqualified
and
if
they
do,
then
you
can
lose
tax
credits.
Now,
after
that
15
year
period,
you
still
at
a
regulatory
agreement
that
you're
required
to
rent
to
low-income
housing,
Tenace
that
are
that
income
restricted
and
but
if
somebody
is
after
that,
15
year
period,
if
there
is
somebody
that's
rented
to
they
still
want
you
to
correct
that.
Get
that
unit
reran
of
re-rented
with
somebody
that's
income
qualified.
M
C
C
M
Yeah
any
so
anytime,
after
most
of
our
investors
that
are
involved
in
the
long
term,
housing
tax
credits
after
that
ten
year
period,
they
usually
want
to
be
into
the
compliance
period
like
one
or
two
years,
usually
around
anywhere
from
year.
12
it's
a
year.
Fourteen
the
investors
are
contacting
us,
which
this
happens.
M
Chevron
is
not
buying
low-income
housing,
tax
credit,
so
they're
no
longer
in
the
market.
So
when
that
investor
wants
to
get
out
of
a
deal,
it's
all
spelled
out
in
our
operating
agreement
from
day
one
with
the
with
the
investor
and
that's
the
99.99%
investor
for
the
low-income
housing
tax
credits
and
they
end
up
wanting
to
get
out
of
that
deal.
So
we
just
we
have
a
deal
in
Lansing
a
deal
in
Grand
Rapids
and
a
deal
in
Belding
Michigan.
M
Just
to
give
you
an
example
and
Fifth
Third
Bank
was
our
low-income
housing
tax
credit
investor
initially,
and
so
they
ended
up
doing
evaluation
of
the
property
and
came
back
and
told
us
that
we'll
be
willing
to
give
you
our
interest
for
a
dollar
just
so
that
we
can
be
out
of
the
deal.
So
we've
we're
completing
that
transaction.
M
Now
we
take
over
their
limited
partner
interest
and
then
we
go
ahead
and
submit
for
a
new
funding
round
the
tax
credits,
and
in
this
case
the
old
investor
is
going
to
be
also
being
the
new
deals,
also
they're
interested
in
being
in
the
New
Deal.
But
there's
no
requirement
to
keep
that
investor
in
the
New
Deal.
M
But
generally
we
have
long-term
relationships
with
a
lot
of
our
low-income
housing
tax
credit
investors
and
we
don't
submit
a
deal
unless
a
deal
works
well
and
so
generally
the
pricing
is
there
and
where
it
needs
to
be
so
we're
not
really
into
switching
out
investors
after
we
submit
our
tax
credit
application.
But
on
occasions
sometimes
investors
may
say
you
know,
hey
we're.
You
know
we're
not
in
the
market
right
now.
M
M
B
M
C
M
We
were
in
the
MOU,
just
the
draft
MOU.
We
have
language
in
there
that
has
the
bay
County,
who
would
have
the
right
of
first
refusal.
So
if
we
get
that
limited
partner
exits
the
deal
then
Bay
County
has
the
option
of
having
us
exit
the
deal
and
just
staying
in
there
as
a
sole
owner
of
the
property.
With
that
across
this
one.
M
Well,
we,
it
would
not
so
these
HUD
loans
are
non-recourse
loans,
so
big
County
would
not
be
responsible
for
the
mortgage,
but
the
property
itself
would
Center
Ridge
arms
just
because
they're
non-recourse
loans,
so
there's
no
guarantees
on
them,
but
yeah
and
taking
over
the
property.
You
know
it's
not
free
and
clear.
It's
still.
It's
a
35
to
40
year
loan
on
the
property,
so
that's
still
amortized
and
being
paid.
M
Correct
correct,
yeah,
yeah
and
when
we
go
get
these
HUD
loans,
I
mean
there
and
with
us
being
the
guarantor
and
the
deals
and
all
of
the
work
that's
involved
in
and
the
due
diligence
on
these
deals.
Misha
and
also
will
not
give
a
funding
round
in
tax
credits
and
HUD
will
not
give
a
loan
unless
they're
100
percent.
Confident
it's
a
very
solid
deal
and
other
rights.
They
just
don't
want
to
give
a
loan.
They
don't
want
to
see
a
property
sale.
So
we
don't
know.
M
O
G
C
C
G
F
M
There
is
now
that
now
that
the
and
that's
a
great
question
now
that
the
attack
corporate
tax
rate
has
settled
in
at
21%
the
pricing,
the
investors
that
were
out
there
were
not
sure
where
the
pricing
was
going
to
sit,
because
there
was
talk
that
it
was
going
to
go
down
to
15%
at
one
point
in
25%.
So
a
lot
of
the
investors
had
already
been
underwriting
around
the
25
cents
re.
Actually,
it
ended
up
at
21%,
not
20,
but
all
of
the.
M
But
the
pricing
has
you
know
it
has
dropped
a
little
bit
from
because
a
lot
of
some
lot
of
the
investors
out
there
had
it
at
25
percent,
so
going
from
25
down
to
21,
you
know
has
reduced
it,
but
we
find
investors
kind
of
all
over
the
board
and
when
I
say
all
over
the
board
within,
like
maybe
five
to
seven
eight
cents
of
each
other,
just
because
they
have
different
requirements
for
investing.
Some
of
them
are
investing
for
as
I
talked
about
I.
M
Think
last
time,
I
was
here
for
that
most
of
the
banks
for
the
CRA
needs
that
they're
required
to
invest
in
certain
areas.
So
the
banks
are
still
there
and
you
know,
and
their
pricing
is
held
to
where
they've
been
quoting
in
AD
in
regards
to,
but
where
the
corporate
tax
rate
was
going
to
end
up
some
of
the
other
investors.
Their
pricing
is
dropped
because
they're
not
required
to
do
their
investments.
So
they're,
not
getting.
M
The
second
piece
of
it
is
is
there's
a
new
Miculek
comes
out
with
a
plan,
it's
called
the
qualified
allocation
plan
and
they
come
out
with
a
new
plan
that
they
make
minor
adjustments
to
what
those
requirements
are
in
submitting
a
tax
credit
application
and
October
is
going
to
be
a
new
qualified
allocation
plan.
But
even
if
we
you
know,
we
go
to
mr.
right
now
and
ask
them
what
if
there's
gonna,
be
any
changes,
what
those
changes
may
be.
M
B
M
M
You
know
we,
you
know
we
were
shocked
at
when
there
started
being
tax
reform
and
it
took
us
by
surprise
and
you
know
originally,
you
know
we
were
thinking.
We've
met
with
a
lot
of
investors
over
the
past
year
and
a
lot
of
them
are,
you
know,
a
year
ago
a
lot
of
the
investor
and
the
representatives
were
saying
they
didn't
think
tax
reform
was
ever
gonna
happen.
You
know
we
went
a
year
ago.
M
We
were
in
Lansing
and
we
heard
a
lot
of
them
on
a
panel
and
they
said
we
just
don't
think
it's
gonna
happen.
It's
not
going
to
get
done,
and
so
then,
when
it
started
getting
closer
you
know,
then
you
know
everybody
started
getting
nervous
and
that's
when
the
pricing
dropped
and
everybody
started
saying
this
could
happen
the
pricing.
You
know
the
tax
rate
could
drop
to
20
percent.
It
could
drop
to
15,
so
so
it's
you
know,
we
just
are
not
not
sure
exactly
what's
gonna
happen
in
the
foreseeable
future.
D
M
D
M
Should
say
you
know
there
are
actually
in
some
cases
when
we
have
banks
that
are
investors.
You
know
I
actually
take
that
back,
because
when
we
have
sometimes
we
have
banks
that
are
investors
such
as
PNC
they,
if
they
can,
they
actually
ask
if
if
they
can
provide
a
construction
loan
to
help
their
return
on
the
deal.
M
So
when
we
do
at
banks
as
investors,
they
are
sometimes
interested
in
providing
that
construction
loan
and
then
what
happens
is,
is
you
know,
as
the
the
property
is
acquired
the
constructions
being
completed,
the
low-income
housing,
the
fight
six
million
of
Lancome
housing
tax
credit
equity,
a
slug
of
that
comes
in
at
closing,
and
then
you
know
it
comes
in
later
down
the
road
at
fifty
percent
completion.
Seventy
five
percent
completion,
so
there's
monthly
construction
draws
that
are
completed
and
those
are
funded
through
that
construction
loan.
And
so
what
happens?
M
Is
it's
funded
through
the
construction
loan
and
then,
if
we
once
we
get
to
say
50
percent
complete,
then
we
have
our
investor
who's,
also
doing
the
construction
loan
and
their
lending
arm,
which
I'll
just
stick
with
PNC.
They
make
their
equity
installment
for
the
purchase
of
the
tax
credits,
and
basically,
what
happens
is
that
equity
installing
just
goes
to
pay
down
the
construction
loan.
D
D
B
J
That
the
proceeds
that
we
would
receive
from
the
sale
of
the
building
would
have
to
be
utilized
only
for
what
we
told
hunt.
We
would
use
that
money
for
so
we
put
in
an
application,
and
we
say
we
would
like
to
use
the
money
for
and
we
list
the
projects
that
we
like
to
spend
it
on.
If
that
application
is
approved
by
HUD,
then
we're
left
to
spend
the
money
on
those
specific
projects
or
those
specific
purposes
is
a
very,
very
wide
overreaching
definition.
M
M
So
worst-case
scenario
is
whatever
those
sale
proceeds
are
I
know
we
have
estimated
at
1.7
million
for
now,
but
worst-case
scenario
is
those
oh
I
shouldn't
say
worst-case
scenario,
but
I
mean
the
good
thing
about
it
is
that
those
sale
proceeds
are
gonna,
be
used
for
the
benefit
of
Bay
County.
It's
just
a
matter
of
you
know
what
the
commissioners
and
everybody
determines
at
what
projects
I
would
like
to
see
completed
with
that
and
get
it
approved
by
HUD.
G
B
L
L
M
Check
for
your
first
question
in
regards
to
so
the
sales
price,
what
we
have
penciled
in
there
is
1.7
million
dollars
for
a
sales
price,
they're
being
appraisal
done
on
the
property.
The
certified
needs
analysis
that
I
am
mentioned
would
determine
what
needs
to
be
actually
spent
on
the
rehab.
So,
as
all
of
these
third-party
reports
are
completed,
market
studies
and
whatnot
for
rinse,
the
you
know,
the
proform
of
that
we
have
today
will
change
100%
I
can
guarantee
you
that
it'll,
probably
Peter
can
attest
to
it.
M
We
we
just
closed
the
deal
a
couple
months
ago
and
we
had
59
versions.
We
finally
closed
on
the
59th
version.
Now
it
didn't
change
substantially
from
the
original
version,
but
sometimes
they
do,
and
sometimes
you
know
just
depending
upon
the
circumstances
of
what
needs
to
be
done
at
the
property.
This
this
property,
we
think,
is
you
know
a
great
looking
property.
We,
we
think
it'd
be
very
successful.
M
M
Mht
is
the
sole
guarantor
on
this
project,
and
that
would
everything
all
the
documentation
that
you
would
see.
Our
investors
require
us
to
be
the
guarantor.
They
don't
want
other
guarantors.
They
want
us
to
be
the
guarantor
because
we're
in
the
business
of
low
income,
housing,
tax
credits
and
we
have
the
compliance
experience
behind
us
in
the
portfolio
that
we
have
I
think
I
may
have
mentioned
it
last
time
too.
They
review
every
time
we
do
a
deal.
M
We
have
a
long
term
relationship,
we've
been
doing
business
with
investors
for
twenty
years
and
we
have
a
long
term
relationship
with
them,
but
they
have
to
go
into
a
committee
and
get
every
deal
approved
and
they
review
every
single
one
of
our
properties,
performances
on
an
annual
basis
to
ensure
that
we
don't
have
an
issues
going
on
with
any
of
our
properties.
And
if
we
have
something
that
you
know
maybe
dips
below
a
1,
1
5
debt
service
coverage
and
they
see
the
rest
of
our
portfolio
is
on
average
of
1.4
they'll.
B
M
With
us
being
the
guarantor
and
the
deal
in
the
new
ownership
coming
in
I
mean
right
now,
if
I.
In
my
opinion,
there
would
be
less
liability
for
the
county
right
now,
because
right
now,
Fayette
County
owns
that
project
outright.
A
hundred
percent
and
with
the
ownership
change
Fayette
County,
would
be
51%
of
the
general
partnership.
We
would
be
49
we'd,
be
the
sole
guarantor
and
we're
on
the
hook
for
anything
that
comes
up
in
regards
to
that
property.
M
So
if
it's,
if
it
was,
if
the
units
are
over
income
and
the
tax
credit
investor
comes
back
and
says
you
know,
we
got
this
form
from
the
IRS
in
the
mail
that
you
lost
tax
credits
on
that
unit,
then
we're
on
the
hook
that
we've
got
to
reimburse
them
for
what
they
paid
for
those
tax
credits.
If
there's
ever
any
operating
deficits
at
the
property
over
over
the
15
for
15
year
period,
the
investor
looks
to
us
to
come,
even
though
it's
a
non-recourse
loan.
M
M
We
don't
submit
deals
that
are
tight
deals.
We
want
them
to
be
very
healthy
deals,
so
we
would
be
the
sole
guarantor
in
regard
any
of
that
we're
usually
not
concerned
with
those
deficits,
operating
deficit
guarantees
or
the
tax
cut
every
capture
just
due
to
the
compliance
department
that
we
have
the
experience
and
the
funds
that
are
put
in
initially
there's
an
operating
reserve.
That's
funded
at
closing
for
all
of
these
low-income
housing,
tax
credit
deals
and
that's
not
a
fund.
That's
there
that
projects
out
it's
gonna
have
to
be
used.
M
It's
just
there
as
a
cushion
in
case
ten
years
down.
The
road
rents
are
what
they
spoke
are
what
they
are
supposed
to
be.
You
know,
or
if
section
eight
for
some
reason
was
pulled
back
and
not
funded.
If
there's
a
problem
with
the
federal
government,
they
just
wanted
to
have
that
cushion
there.
So
we
have
this
operating
reserve
that
would
get
burned
through
before
we
would
have
to
step
up
and
start
funding
those
operating
deficits
in
regards
to
the
management.
I
think
that
was
your
last
question
that
you
had
and
we
would
not.
M
We
have
our
own
management
company,
it's
called
Continental
management.
We
manage
about
ten
thousand
units,
we
manage
all
of
our
properties
and
we
manage
some
foreclosed
properties
at
HUD,
foreclosed
on
or
Mistah
foreclosed
on,
because
they've
came
to
us
and
asked
us
to
manage.
We
manage
other
third-party
management
contracts,
but
here,
if
that
was
something
that
made
County
what,
if
came
and
said,
look
this
property's
a
mess,
we're
doing
a
horrible
job.
We
need
a
management
agent,
you
know,
would
you
guys
be
interested?
We
would
definitely
do
that.
M
We
have
that
business
we've
had
started
that
business
in
November
of
2003,
but
in
this
case
here
we
were
impressed
with
the
management
of
the
property.
It's
it's
well-kept.
It's
clean,
we
haven't
did
a
unit-by-unit
inspection.
We
haven't
got
up
on
the
that
all
happens
with
the
CNA
that's
completed,
but
in
this
case
here
it's
our
understanding
that
the
county
would
like
to
retain
managing
that
and
retain
the
staff
that
is
there
they're
very
happy
with
the
staff
and
the
management
and
I
can
see
why
we
were.
M
We
submit
the
annual
compliance
and
annual
basis.
We
have
the
work
with
the
auditors.
Well,
in
this
case,
Bay
County
would
be
working
with
the
financial
auditor
resolve.
The
financial
records
would
be
located
here,
but
anything
anything
that
there
is
outside
of
that
the
management
we
would
be
taking
care
of
and
and
we're
always
there
if
anything,
is
needed
also.
M
And
at
night
I
get
it
I.
You
know
and
I
know.
This
is
all
new
I,
don't
know
if
it's
new
for
everybody
in
regards
to
low-income
housing,
tax
credits,
but
I
had
I
started
with
the
company
years
ago,
and
I
was
and
I
was
always
in
the
property
management
business.
So
I
was
a
controller
for
a
property
management
company.
M
So
I
had
no
idea
that
all
income,
housing,
tax
credits
even
ever
existed
and
and
it's
just
it's
it's
something
that
not
a
lot
of
people
are
aware
of,
usually
just
in
conversation
and
someone
asks
you
know
what
I
do
for
a
living.
I
just
tell
them
we're
in
the
affordable
housing
business
and
fortunately,
I've
got
to
spend
a
couple
visits
with
you,
guys
explaining
it
to
go
over
it
because.
M
F
M
L
J
M
Oh
yes,
yes,
yeah,
great
question,
yeah,
right
and
I.
Think
that's
may
have
got
brought
up
last
time
too,
but
you
know
right
now:
center
age,
arms
doesn't
doesn't
pay
a
management
fee
to
Bay
County
at
all.
It's
just
it's
managed
by
Bay
County
and
there's
not
an
actual
fee.
That's
submitted
a
date
County
moving
forward.
M
If
we
were
able
to
move
forward
and
and
get
a
tax
credit
reservation
and
close
on
this
project,
Bay
County
would
be
the
management
agent
and
they
would
get
paid
on
a
monthly
basis,
a
management
fee
for
actually
managing
the
project.
So
that
would
be-
and
it's
not
it's
not
a
little
a
large
fee,
see
if
I
can
get
there
before
Peter
yeah.
Well,
it
actually
is
it's
more
than
what
I
thought
it
was
gonna
be,
but
it's
a
fit.
M
J
D
O
O
O
J
As
it
relates
to
what
the
party
can
be
used
for
actually
did
speak
with
a
representative
of
hug
and
until
you
submit
that
application
stating
these
are
the
purposes
that
we
they
consider
it
because
they
consider
that
office,
they
give
you
no
guarantee
over
their
definitional
effects
of.
What's
going
to
be
approved,
it's
a
little
interactional
application
and
what
you're
suggesting
the
money
you
spend
for
so
I.
Unfortunately,
don't
think
there
is
any
word
explain
you
can
answer
or
a
more
substantial
answer
to
the
question:
either
gun
or
the
public
good.
These
are.
J
J
J
M
Yeah
yeah,
the
requirements
from
Missha
standpoint
is
number
one
and,
most
importantly,
is
a
great,
solid
application,
because
if
you
have,
if
you
have
an
error
with
the
title
work,
we
have
in-house
counsel
also,
and
you
can
have
something
as
little
as
an
error
on
the
title
work
and
after
spending
you
know
thirty
forty
thousand
hours
to
put
together
a
low-income
housing
tax
credit
application.
If
there
is
an
error
in
the
title,
work
they'll,
throw
it
aside
and
throw
it
out
and
they
won't
even
go
through
it
and
score
it.
M
We've
never
had
an
eighty
eight
twenty
three
and
we've
never
had
a
foreclosure
which
I
think
any
other
developers
would
be
hard-pressed
to
be
able
to
say
that
you
know
that
has
not
occurred.
The
other
thing
that
we
have
to
have
in
regards
to
getting
a
tax
credit
investor
and
as
you
they
require
also
a
certain
amount
of
liquidity
on
the
balance
sheet
and
the
experience
that
we
have
and
we've
just
got
a
great
relationship.
Every
time
we
submit
a
tax
credit
application
as
soon
as
Mishnah
publishes
the
applications
that
are
submitted.
M
We
have
investors
outside
of
the
current
investor
that
we
have
investing
in
the
deal
calling
us
to
see
if
they
can
submit
a
proposal.
So
we
have
a
very
good
relationship
with
that.
The
other
piece
is
with
HUD.
There
are
some
developers
out
there
that
cannot
get
HUD
loans
because
they
have
this
thing.
M
M
We
have
Maplewood
Manor,
which
I
had
mentioned
last
time.
We
were
here
I,
believe
that
we
are
the
largest
landlord
in
the
Bay
County
area
right
now,
so
we're
very
familiar
with
the
area.
We
do
have
properties
that
we
manage
in
the
area.
If
we
don't
manage
Maplewood
Manor,
because
they
kind
of
had
the
same
situation,
they
had
said
we're
happy
with
our
management
we're
happy
with
their
employees.
Can
we
continue
to
manage-
and
we
said
you
know
absolutely,
and
so
we
do
not
manage
that
project,
but
we
have.
M
We
have
a
phenomenal
reputation,
a
flawless
reputation.
If
I
mean
we
could
give
the
head
of
tax
credit,
we
could
give
you
the
you
know.
If,
if
you
wanted
the
head
of
tax
credit
at
Michigan,
State
Housing,
Development
Authority,
we
could
give
you
the
name
of
the
head
of
asset
management
at
Mishnah.
The
head
of
asset
management
at
HUD
any,
and
you
could
call
any
of
our
investors-
I
guarantee
you.
M
M
There's
not
a
lot
of
developers
that
I
think
would
be
willing
to
not
to
belittle
this
deal.
It's
it's
a
hundred
unit
deal
and
it's
a
you
know
it's
an
eight
hundred,
forty
nine
thousand,
our
developer
fee.
It's
a
lot
of
money,
but
I.
Don't
think
that
many
other
developers
are
going
to
give
up.
51%
of
that
and-
and
the
reason
being
is,
is
because
there's
all
of
the
risk
is,
but,
as
you
know,
we
bear
all
of
that
risk.
M
So
sometimes
it
just
depends
on
the
funding
round
and
who
submits,
but
we're
on
the
hook
for
a
hundred
percent
of
that
and
any
other
developer
would
be
also
and
as
I
had
mentioned
in
regards
to
the
tax
credit
recapture
and
the
operating
deficits.
It's
just
a
lot
of
risk.
We've
seen
other
low
income
housing
tax
credit
developers
go
down
from
one
bad
deal
and
I
mean
if
I
mean
like
a
deal
like
this
and
we're
not
a
huge
company,
we're
we're
unemployed.
M
We've
got
our
management
company
has
about
four
hundred
employees,
but
we've
only
got
like
twelve
employees
at
MHT,
so
we're
a
small
company
we've
got,
everybody
has
been
there
long
term,
Peters,
probably
our
newest
and
he's
been
here.
Over
a
year
now
I
came
from
college
and
our
company.
He
had
interned
previously
and
decided
to
come
back
to
our
company.
M
So
it's
there's
just
a
lot
of
risk.
There,
like
here,
there's
5.6
million
hours
of
tax
credit
equity,
we're
a
healthy
company,
but
if
all
of
that
Tax
Credit
recaptured,
you
know
got
taken
back
that
for
some
reason
you
know
all
of
the
units
were
rented
two
people
that
were
over
income
and
it
couldn't
be
corrected,
and
the
investor
comes
back
and
says
we
want
that
5.6
million
back
that
we
gave
you
that
that
would
we'd
be
toast.
M
Also
I
mean
that
so
it
there's
just
a
lot
of
risk
and
that's
why
we've
seen
other
developers
go
down
from
having
one
bad
deal
and
and
we've
never
had
a
bad
deal
and
we
started
back
in
1990.
So
there
are
other
developers
out
there,
but
there's
a
lot
of
and
then
the
same
thing.
Even
if
you
talked
like
I,
said
to
Hutton
Mishna
and
asked
them.
M
E
I'm
gonna
be
in
support
of
this
proposal,
also
not
that
I,
don't
trust
anyone
every
buddy
and
everything,
but
right
after
the
last
meeting,
I
went
online
and
do
MHD,
and
it's
page
after
page
and
screen
after
screen
of
all
the
cities
that
they've
done
projects
in
they're
doing
something
right
here.
Folks,
I
think
this
is
definitely
the
organization
that
County
should
be.
Yes,
thank.
D
K
N
D
L
D
D
G
D
Oval
support
most
in
the
support
discussion,
painting,
none
all
in
favor,
aye
opposed
same
sign
motion
carries
next
under
C
2.
We
have
the
MMR
remain
wrapped
grant
for
the
independent
security
audit
support
motion
and
support
any
discussion,
seeing
none
all
in
favor
aye
all
opposed
same
sign
motion
carries
next
under
D
and
water
D.
We
have
the
director
Department
on
Aging
the
amendment
to
amendment
G
of
the
vendor
agreement
with
a
and
D
on
health
care
incorporated,
so
this
court
a
motion
to
support
any
discussion,
we're
sure
it
does.
K
K
D
C
N
He's
been
patiently
waiting
back
there,
but
thank
you
very
much.
I
did
talk
to
amber.
Thank
you
on
this
resolution,
which
is
beautiful
by
the
way
under
the
resolve.
We
just
need
to
add
where
it
says
that
the
Bay
County
Board
of
Commissioners
authorizes
the
board
chair
to
execute
the
GIS
data
sharing
agreements.
Those
are
the
standard
agreements
with
local
units
of
government.
J
N
In
and
thank
you
and
I
would
add,
then
we've
never
charged
fees
for
this,
because
this
is
their
data.
This
is
you
know
if
it's
a
private
consultant
coming
in
for
say,
a
private
subdivision
development.
We
absolutely
would
charge
the
local
units
of
government
as
part
of
the
county,
the
townships,
the
city.
If
they're
doing
a
public
project,
they
would
have
their
consultant,
it
would
be
them
or
their
consultant
that
would
submit
this
information
or
request
for
a
certain
period
of
time
to
utilize
this
data,
and
then
they
pull
it
off
their
machine.
N
C
N
This
would
this
would
allow
that
standard.
The
way
we
have
been
doing
it
that
know
that
local
units,
including
the
drain
office
or
the
townships
of
the
city,
would
not
be
charged
for
use
of
this
data.
The
policy,
however,
as
amber
points
out,
which
we've
not
been
aware
of,
but
the
policy
says
we
would
need
to
come
here
to
get
a
waiver
each
time
this
thing
assignment.
So
that's
what
we're
saying
amber
has
agreed
to
redo
the
policy
to
update
that
policy
Draft
and
so
to
make
it
more
consistent
with
what
practice
has
been
so.
D
E
G
D
Okay,
we
have
the
amended
motion
and
demanded
support
to
correct,
and
so
all
those
in
favor
any
other
discussion
by
the
way,
seeing
guns
all
in
favor,
aye
aye,
all
opposed
same
sign
motion
carries
next
under
F
we
had
the
payable
as
being
at
senator.
What
is
your
sum
of
support?
They
have
a
motion
and
support
mastectomy.
D
K
G
G
G
D
D
Basically,
we're
at
the
Board
of
Commissioners
receives
a
request
from
the
Michigan
veterans
of
ferry
and
see
Michigan
Petrus
trust
fund
regarding
the
MTF
assistance
in
Fayette
County,
and
concur
with
the
decision
of
the
soldiers,
relief
Commission
and
the
local
Michigan
veterans.
Trust
fund
committee.
That
will
keep
it
here
at
bay,
found
some
support
and
more
sense
for
a
discussion
seeing
none
all
in
favor.
All
at
the
same
time
motion
carries
no
possession,
okay,
a
miscellany
announcements,
we'll
just
a
jerk,
always
an
order,
a
portable
tuning
forks
on
favor
hi.
We
are
here.