►
Description
Dockets #0322 - Hearing regarding the current state of cooperative housing in Boston and strategies for its further expansion
A
In
accordance
with
the
governor
baker's
uh
march
12
executive
order
modifying
certain
requirements
of
the
opening
meeting
open
meeting
law.
The
city
council
will
be
conducting
its
working
as
hearing
via
virtual
zoom.
It
also
this
allows
us
the
city
council
to
carry
out
its
responsibilities
while
adhering
to
public
health
accommodations.
A
The
public
may
watch
this
meeting
via
live
stream
at
www.boston.gov
city
council
dash
tv.
It
also
will
be
brought
re-broadcasted
at
a
later
date
on
comcast
8,
rcn82
verizon
1964
written
comments,
maybe
sent
to
the
committee
email
at
or
to
um
juan.lopez
boston.gov
and
will
be
made
part
of
the
record
and
available
to
all
counselors.
A
I
am
now
going
to
turn
it
over
before.
I
turn
it
over
to
the
lead
sponsor
for
today's
hearing.
I
wanted
to
note
that
we
have
been
joined
by
councillors.
Braden
counselor,
of
course,
lead
sponsor.
Council
bach
councillor
wu
councillor,
baker
and,
of
course,
myself,
counselor
bach
I'll
turn
it
over
to
you
shortly,
but
I
also
wanted
to
just
tell
folks
that
this
is
not
a
controversial
topic.
This
is
something
actually,
I
think,
you're
going
to
find
a
lot
of
support
around.
A
So
the
goal
of
today's
hearing
is
really
to
talk
about
what
we
can
do
together
and
as
such
to
my
colleagues
and
to
the
panelists.
I'm
really
going
to
push
you
to
kind
of
get
to
the
point
and
such
that
uh
you
know
uh
this.
You
know
we
don't
really
need
huge
presentations.
You
know
three
to
five
minutes
from
the
panelists
and
then
pausing
for
some
questions
from
the
from
my
colleagues
again,
even
limiting
those
to
some
questions
to
really
learn
what
we
can
do
together.
um
Counselor
bach,
I
see
your
hand
is
raised.
A
A
I
don't
know
how
I'm
sorry
about,
um
but
what
we'll
do
is
um
we'll
go
ahead
and
turn
it
over
to
counselor
bach.
For
some
very
brief
opening
remarks
and
any
of
my
colleagues
have
any
very
brief
opening
remark,
then
we're
really
going
to
learn
from
the
experts
in
the
room
and
turn
it
over
to
the
panelists.
B
Thank
you
so
much
counselor
edwards,
um
I'm
thrilled
to
be
having
this
hearing
today
I
back
in
february
5th.
I
actually
gave
my
maiden
speech
about
cooperative,
um
and
so
this
uh
this
hearing's
been
a
while
coming.
We've
had
a
pandemic
intervene,
but
one
of
the
things
that
I
think
it's
really
illustrative
of
is
that
you
know
when
I
was
talking
about
cooperative
housing
in
february.
B
It
was,
as
you
know,
how
you,
how
you
find
stable
ways
to
keep
people
of
all
means
in
the
city,
in
a
red,
hot
market,
and
now
many
months
later,
we're
talking
about
you
know.
How
could
you
take
advantage
if
you
ended
up
with
you
know,
apartment
buildings
that
were
at
risk
a
risk
of
foreclosure
or
sale?
You
know
how?
B
B
That
would
represent
a
kind
of
flourishing
of
economic
democracy
and
again,
a
kind
of
re-positioning
of
housing
in
a
way
that's
focused,
first
and
foremost
on
anchoring
people
in
community.
um
So
I'm
thrilled
about
the
folks
who
have
joined
us
today,
um
both
the
matt
and
john
from
the
mass
association
of
housing
cooperatives.
B
So
maggie
cohen,
another
constituent
of
mine,
the
national
co-op
bank
is
joining
us
and
I
think
we've
got
grant
young
from
the
renaissance
symphony
um
renaissance
trust.
So
it's
uh
to
the
chair's
point.
It's
really
a
set
of
panelists
who
know
the
nuts
and
bolts
here,
and
I
think
the
number
one
question
we
want
to
look
at
today
is
what
what
tools
and
ecosystem
and
cities
you
know.
Programming
and
support.
B
Could
we
put
in
place
to
really
help
to
help
our
existing
co-ops
flourish,
but
also
help
us
get
more
co-ops
um
and
think
about
uh
how
to
transform
our
our
residential
life
in
the
city
in
the
long
term
with
the
set
of
tools?
So
with
that
I'll
give
it
back
to
you,
madam
chair,
and
uh
thank
you
so
much
for
hosting
this
today.
C
D
Thank
you,
madam
chair,
and
just
also
want
to
thank
uh
councillor
bark
for
for
bringing
this
to
the
to
um
us
to
discuss
here,
really
looking
forward
to
it.
Ways
that
I
could
you
know
maybe
bring
this
into
my
district.
I'm
not
sure
if
I
have
any
co-ops
in
my
district,
but
have
been
interested
in
the
topic
may
be
interesting
to
see
how
we
could,
uh
as
a
city
uh
talking
with
sheila
and
d
d,
how
we
could
maybe
implement
this
in
the
nih
model,
enabling
nhi
model
rather
than
neighborhood
housing.
D
E
So
just
happy
to
continue
um
my
learning
about
this
topic,
and
um
you
know
ways
that
I
can
sort
of,
encourage
and
embrace
and
then
encourage
this
across
our
city,
because
I
think
that
there's
some
general
agreement
that
this
is
a
good
thing
for
our
city.
But
how
do
we?
How
do
we
make
it
and
realize
it
in
a
greater
way
across
across
our
neighborhoods,
as
opposed
to
just
the
few
pockets
in
which
it
exists
so
happy
to
happy
to
be
here
and
very
interested
in
learning
more
and
encouraging
this
citywide?
Thank
you,
madam
chair.
A
Thank
you
and
I
apologize
um
to
my
colleagues.
I
skipped
over
councillor
wu,
who
was
here
and
the
order
for
questions
just
so
everyone's
clear
on
the
future.
It
would
be
the
co-sponsor
or
the
sponsor
excuse
me,
counselor
bach,
then
counselor
braid
and
then
counselor
woo,
then
counselor
baker
and
then
counselor
slobby
george,
the
counselor
baker.
I
don't
always
skip
you.
I
skipped
the
counselor
who
and
counselor.
F
No,
no,
I
don't
have
much
to
add
anyway.
I
just
wanted
to
say
thank
you
for
hosting
and
for
um
to
our
colleague
for
sponsoring
fully
in
support
of
whatever
we
can
do
on
the
ground.
Tactically,
to
make
sure
this
works,
particularly
as
mentioned
before,
during
this
new
kind
of
economic
situation
and
struggle
where
we
have
an
opportunity
in
some
ways
to
to
get
in
there
make
sure
we're
connecting
housing
stability
across
our
neighborhoods.
Thank
you.
Thank
you.
G
Thank
you,
council,
edwards
into
the
maker
for
sponsoring
this
important
hearing
and
like
counselor
sabe
george
mentioned
I'm
here
to
learn
more
about
the
proposal
and
that's
the
great
thing
about
calling
for
city
council
hearings.
You
have
the
opportunity
to
continue
to
learn
about
um
about
different
issues
in
learning
from
other
cities
as
well
on
best
practices.
G
A
Commun,
the
community
economic
development
assistance
uh
corporation
cdac,
um
so
we're
gonna
go
ahead
and
have
each
panelist
speak
a
little
bit
uh
three
to
five
minutes
kind
of
explaining
their
thoughts,
their
goals,
um
and
then
we
will
open
up
for
one
round
from
the
colleague.
Then
we'll
go
on
to
the
second
panel,
because
dnd
is
um
has
a
time
crunch.
We
we
may,
we
may
go
ahead
and
allow
for
a
second
round
with
them.
If
need
be
so
um
I'll,
go
ahead
and
we'll
start
uh
with
jonathan
stewart.
H
H
Massachusetts
association
of
housing
cooperatives
is
a
statewide
nonprofit
dedicated
to
assisting
existing
co-ops
to
thrive
and
help
new
co-ops
to
be
formed
and
developed.
Now,
in
our
fifth
year,
we
grew
out
of
a
prior
legislative
battle.
We
are
champions
of
the
tenants
opportunity
to
purchase
bill
now
in
the
legislature.
H
A
bill
filed
by
representative
cullinane
on
behalf
of
the
city
of
boston
toppa
holds
the
potential
to
facilitate
the
conversion
of
thousands
of
units
of
boston's
rental
apartments,
each
year
to
permanent
affordability
as
co-ops
and
other
housing
types
housing.
Cooperatives
are
a
type
of
shared
ownership,
multi-family
housing,
with
property
held
in
common,
dedicated
to
self-governance.
H
H
Highly
varied
housing
cooperatives
with
many
thousands
of
residents
scattered
throughout
most
neighborhoods.
I
don't
know
if
it's
possible
for
the
graphic
which
I've
supplied
earlier
to
be
featured,
but
perhaps
at
a
later
date
that
can
come
up
our
co-ops
stretch
from
brighton
to
dorchester
and
forest
hills
to
charlestown.
H
H
The
full
range
of
incomes
and
occupations
in
boston
today,
we're
focusing
on
limited
equity
and
affordable
housing
types
which
provide
some
of
the
most
secure,
stable,
low
turnover
and
affordable
housing
in
the
city.
The
direct
participation
of
resident
owners
in
the
management
and
governance
of
their
co-ops
and
their
community
orientation
and
involvement
can
lead
to
great
efficiencies
and
some
of
the
lowest
costs
available
for
co-op
creation
and
ongoing
operations.
H
We
are
proud
of
this,
but
also
know
that
co-ops
can
contribute
at
far
greater
levels
to
the
needs
of
residents
and
the
objectives
of
the
city.
Lack
of
needed
resources
means
that
every
year,
hundreds
of
residentials
residential
units
and
millions
of
dollars
in
economic
activity
are
not
getting
built,
maintained
or
sold.
The
city
of
boston
has
a
large
commendable
track
record
of
helping
co-ops
to
form
and
stay
in
good
repair,
preserving
our
stock
of
affordable
housing
and
protecting
residents
from
displacement.
H
We
value
the
ongoing
relationship
with
the
department
of
neighborhood
development
and
chief
dylan,
and
we
want
to
strengthen
and
expand
on
this.
We
see
the
following
areas
as
a
place
where
the
city
has
the
ability
to
make
a
profound
difference
for
housing,
co-ops
to
preserve
and
expand
our
stock
of
affordable
housing
from
lower
incomes,
now
called
essential
workers
through
workforce
and
onto
our
stressed
middle-income
families.
H
We
were
in
a
profound
housing
crisis
prior
to
the
pandemic
and
the
stresses
since
have
only
increased
the
importance
of
getting
this
right.
Some
of
our
requests
have
been
enacted
at
times
in
boston,
some
in
other
communities,
and
there
remains
a
tremendous
opportunity
for
boston
to
innovatively
lead.
H
H
Banking
needs
generally
fall
into
the
categories
of
mortgage
and
development,
loans,
capital
improvement,
loans
and
individual
share
purchase
loans
share
loans
to
individuals,
particularly
for
limited
equity
and
affordable
co-ops,
while
for
the
smallest
amounts
are
the
most
scarce
of
these
loans
for
mortgage
and
development
loans.
The
city
can
help
by
participating
in
housing
finance,
even
if
in
small
and
pre-development
elements
of
it
helping
deals
to
prove
viability
and
come
together
and
demonstrating
support,
possibly
by
contributing
land
at
discount,
which
increases
affordability.
H
Leverage
can
be
exerted
with
banks
that
have
community
reinvestment
obligations
and
the
city
can
examine
its
own
sources
of
capital
for
suitability
such
as
from
the
community
preservation
act,
funds,
the
city's
own
credit
union
and
pension
funds
and
the
city.
These
can
take
positions
in
co-op
projects.
The
city
can
develop
market-oriented
programs
and
materials
to
encourage
co-op
development
and
investment
targeted
to
development
professionals
and
the
financial
industry,
and
this
also
ties
into
ongoing
related
needs
for
funds
to
refinance
and
for
capital
improvement,
which
housing
co-ops
periodically
need.
H
We
would
like
to
see
many
of
the
tools
and
programs
of
dnd's
home
center
be
made
available
and
modified
to
assist
individuals
and
families
seeking
to
join
housing,
co-ops,
including
educational
materials,
classes,
down
payment
assistance
for
shares
and
access
to
loan
providers,
particularly
for
affordable
and
limited
equity.
Co-Ops.
The
lack
of
these
tools,
hobbles
co-op's
ability
to
recruit
new
residents
and
to
continue
reflecting
the
diversity
of
their
neighborhoods
and
economic
range.
The
city
can
also
directly
assist
this
by
capitalizing
independent,
share
alone
program
providers.
H
There
is
a
related
need
for
educational
resources
and
training
to
assist
housing,
co-ops
to
better
educate
and
select
their
residents
to
develop
better
governance
and
managerial
practices,
including
long-term
financial
planning.
These
low-cost
actions
will
greatly
stabilize
and
strengthen
and
preserve
boston's,
affordable
housing.
H
Lastly,
the
city
can
continue
to
assist
housing
co-ops
by
engaging
in
and
further
directing
research
and
analysis
of
boston's
housing
co-ops,
helping
to
demonstrate
their
advantages,
viability,
success
and
challenges,
and
their
future
promise
to
provide
more
and
better
affordable
housing.
In
recent
years,
we
have
worked
with
students
and
programs
at
harvard
mit
you
and
umass,
and
glean
data
from
other
sources,
but
much
essential
work
remains
to
better
understand
and
communicate
the
many
benefits
of
housing
co-ops
and
their
contributions
to
affordability.
H
A
I
Thank
you
again,
uh
counselors
for
your
uh
participation
and
leadership
here.
I
would
like
to
focus
my
remarks
today
on
a
basic
description
of
housing
cooperatives
for
some
of
you.
You
will
know
a
lot
of
this,
but
the
fact
is
that
many
legislators
have
only
a
vague
idea
of
what
a
housing
cooperative
is.
Even
though
we
have
a
large
number
of
bostonians
living
in
cooperatives.
I
Housing
co-ops
are
the
preeminent
form
of
resident-controlled
multi-family
housing
they
and
co-ops
can
exist
in
many
uh
many
forms.
They
are
in
apartment
buildings.
They
can
be
in
townhouses
or
row
houses
they
can
be
in
in
one
to
four
family
homes.
They
can
be
in
clusters
of
of
uh
three
deckers.
They
can
even
be
uh
in
aggregations
of
condominium
units.
uh
So
it's
not
really
the
it's
the
type
of
real
estate,
but
the
the
legal
form
of
of
the
cooperative
and
this
base.
There
is
basically
one
legal
structure
for
a
bona
fide
housing
cooperative.
I
I
I
The
rent
by
the
member
paid
by
the
members
covers
virtue.
All
of
the
operating
costs
of
the
housing,
including
property
insurance
taxes
and
the
mortgage
payments
that
are
cover
the
entire
property
owned
by
the
cooperative
members,
are
typically
permitted
to
make
alterations
and
improvements
to
their
homes
uh
as
long
as
those
are
approved
by
the
co-ops
board
of
directors
and
and
such
improvements
are
typically
recovered
by
the
member
at
the
time
that
they
sell
their
interest
in
the
co-op.
I
I
The
keystone
principle,
rochdale
principle,
is
one
member
one
vote,
regardless
of
the
amount
of
corporate
stock
the
member
owns.
This
assures
that
wealthier
members
cannot
dominate
the
governance
and
decision
making
of
the
cooperative
community
housing
co-ops
come
in
many
flavors.
The
important
distinction
uh
for
our
purposes
is
limited.
Equity
versus
market
rate
co-ops.
A
limited
equity
co-op
restricts
the
amount
that
the
member
can
sell.
Her
shares
for
when
she
decides
to
leave
the
co-op
in
market
rate.
Co-Op
shares
can
be
sold
for
whatever
the
market
will
bear.
I
The
intent
of
limiting
equity
is
to
assure
very
long-term
affordability
for
the
income
groups
that
the
co-op
was
established
to
serve
limited
equity.
Co-Ops
are
specifically
established
to
remove
a
property
from
speculative
real
estate
market
and
are
generally
not
suitable
for
people
who
regard
their
housing,
primarily
as
an
investment.
I
Some
housing
advocates
recognize
what
are
sometimes
termed
zero
equity
co-ops.
These
are
properties,
often
a
very
large
single-family
house,
or
a
two
to
three
unit
house
that
operates
as
a
group
house.
The
residents
do
not
have
any
formal
ownership
and
therefore
own
no
shares
or
stock
in
the
entity
that
owns
the
property.
I
I
I
I
Examples
of
such
newly
created,
co-ops
in
boston
are
west
end
place
alexander
magnolia
homes
and
the
fensgate
cooperative.
However,
co-ops
are
created.
Skilled
professionals
with
specific
experience
in
cooperative
law,
finance
management
and
operation
are
critical
to
successful
development
of
a
housing
coop.
I
I
The
bank
will
tend
to
look
at
the
initial
financing
of
a
co-op
as
rental
housing
and
would
provide
a
first
mortgage
that
is
60
to
75
percent
of
what
the
bank
concludes,
the
value
of
the
property.
The
balance
of
the
financing
will
have
to
come
from
junior
mortgages
generally
provided
by
a
public
agency
and
or
equity.
I
What
the
co-op
members
put
into
the
pot
from
their
purchase
of
co-op
shares
and
stock
constitutes
equity
in
the
cooperative
for
the
prospective
members.
The
share
purchase
price
is
usually
best
understood
as
their
investment
in
home
ownership,
similar
to
what
would
be
a
down
payment
on
a
home
purchase
co-ops
that
are
developed
as
affordable
housing
serving
low
and
moderate
income.
Households
face
some
major
challenges.
With
this
financing
model,
few
banks
in
massachusetts
have
provided
mortgages
to
housing
co-ops.
The
lenders
do
not
understand
this
form
of
real
estate.
I
The
public
sector
can
ease
this
somewhat
by
providing
very
patient
loans
that
could
bring
the
total
amount
of
financing
higher.
However,
the
city
and
state,
if
the
city
and
state
are
providing
funding
at
levels
typically
provided
for
affordable
rental
housing,
the
equity
bite,
the
cost
of
co-op
shares
will
be
too
high
for
most
people.
I
This
problem
can
only
be
solved
by
providing
financing
and
grants
to
co-op
members
to
cover
a
large
part
of
their
share
price
or
bringing
in
a
private
equity
partner
that
will
co-own
the
property
with
the
cooperative
sources.
For
these
loans
to
co-op
purchasers
are
extremely
rare
and
equity
partners
in
affordable
housing
have
proven
to
be
extremely
reluctant
to
invest
in
housing
cooperatives.
I
It
is
likely
that
these
hurdles
can
be
cleared
as
housing.
Cooperatives
become
better
understood
by
lenders,
developers
and
real
estate
investors.
The
financing
obstacles
have
been
surmounted
in
cities
where
com
co-ops
are
more
commonplace.
Such
as
new
york,
washington,
dc
and
minneapolis
co-ops
can
and
should
be
one
p
of
the
pieces
of
the
puzzle
for
expanding,
affordable
housing
in
boston.
I
Most
of
the
housing
co-ops
in
our
city
have
flourished
quietly
under
the
radar.
They
are
attractive
because
they
offer
the
very
best
features
of
renting
and
home
ownership.
Co-Ops
have
been
very
stable
and
experienced
quite
low
resident
turnover.
Many
co-ops
are
strong,
thriving
communities
within
the
city's
neighborhoods.
I
It
seems
that
a
disproportionately
large
number
of
community
and
civic
leaders
and
activists
are
members
of
housing
cooperatives
truth
be
told.
Some
co-ops
have
failed
in
boston,
co-ops
that
have
encountered
financial
governance
or
participation.
Difficulties
have
been
converted
to
condominiums
or
reverted
to
rental
housing.
I
I
J
So
I
I
will
be
45
seconds
because
I'm
here
with
a
really
talented
team,
uh
teresa
gallagher
who
lives
in
the
fenway
co-op
tim
davis,
who
loves
co-ops
and
maureen
flynn
from
homeowner
services,
but
I
I
just
want
to
say
one
thank
you
very
much
to
to
counselor
bach
and
counselor
edwards
uh
for
holding
this
hearing.
I
believe
in
co-ops
I
love
co-ops.
J
I
love
everything
about
co-ops,
I
just
stable
housing,
you
you,
you
create
stable,
neighborhoods,
full
of
really
interesting
people
and
it
takes
property
oftentimes
out
of
the
speculative
market,
they're
good
on
so
many
levels
and
I've.
You
know
I
was
a
project
manager
on
on
alexandria,
magnolia,
co-op.
I've
worked
on
artists,
housing,
the
co-ops
there
and
and
the
people
in
the
and
the
dedication
and
the
and
the
the
enthusiasm
that
residents
bring
to
co-ops
is,
I
don't
think
you
can
replicate
it
in
in
other
settings.
J
J
J
We've
got
talented
for-profits,
providing
a
lot
of
affordable
housing
in
boston,
but
we
don't
have-
and
I
love
the
the
the
co-op
board,
but
we
need
a
developer.
Who
really
is
dedicated
to
creating
new
cops
for
the
city,
so
I'll
leave
you
with
that
and
I'm
going
to
hand
this
over
to
tim
davis,
but
I
just
want
to.
J
L
K
K
I
know
that
you'll
ask:
why
aren't
there
more
co-ops
in
boston?
What
can
we
do
to
create
more?
The
ilab
found-
and
I
think
these
have
already
been
mostly
brought
up
the
following
challenges-
that
co-op
housing
fines
in
boston,
one
is
around
financing
residents,
form
the
co-op
organization
and
secure
a
blanket
mortgage
for
the
property
relative
to
other
housing
models.
Banks
and
cdc's
are
less
enthusiastic
about
co-ops
and
less
likely
to
sign
law.
K
Each
resident
needs
to
obtain
a
share
loan
to
cover
the
upfront
cost
of
becoming
a
shareholder
in
the
co-op
corporation
share
loans
cannot
be
secured
against
property
and
there
are
a
few
institutions
willing
to
offer
them
on
the
property,
management
and
government
governance
side.
Cooper
residents
take
on
more
responsibility,
upkeep
security,
budgeting,
new
resident
recruitment,
etc,
which
can
result
in
low
reserves,
significant
rehab
needs
and
even
reversion
away
from
a
co-op
model.
K
K
Looking
at
developing
a
training
module
to
be
added
to
the
home,
buying
101
class
for
those
looking
at
cooperative
ownership
options,
I
developed
and
we
still
have
a
similar
module
around
condominium,
buying
the
possible
help
with
share
loans
and
assistance
to
eventual
men.
Individual
members
who
are
already
co-op
members
develop
support
and
ongoing
co-op
member
training
program
and
board
development,
curriculum
and
assistance
with
cost
of
member
upgrades
to
their
housing
co-op
units,
that's
for
what
they
have
responsibility
for
within
the
year
and
then
in
terms
of
assistance
to
existing
cooperative
developments.
K
This
could
include
a
loan
guarantee
program
for
our
first
mortgage
to
the
club
and,
of
course,
what
I
think
dnd
does
best
is
actually
looking
at
creating
new
income
restrictive
housing,
and
we
can
look
at
doing
new
cooperative
housing,
whether
it's
selecting
a
city
on
site
for
development.
As
cooperative
housing,
specifically
assigning
a
site,
uh
doing
a
design,
competition
for
well-designed
multi-family
properties
that
keep
the
cost
of
development
low
and
supports
cooperative
housing
communities
and
also
as
as
a
chair
as
chief
dylan
stated,
co-ops,
are
already
well
placed
in
our
funding
rounds.
A
M
Thank
you.
Thank
you.
Thank
you.
Councillor
edwards
and
councillor
bach
really
excited
to
be
here
and
joining
this
conversation
um
and
counselor
bach,
and
for
calling
this
hearing.
I
know
this
was
your
inaugural
hearing
order.
I
remember
it
um
because
I
know
that
you
are
so
deeply
committed
to
the
issues
of
housing.
So
it
gives
me
great
pleasure
to
be
here
today
in
support
of
this.
M
As
a
way
of
we,
the
way
we
build
capital
and
as
the
first
person
in
my
family
to
buy
a
home
there's
a
shift
in
perception
that
I'm
experiencing,
um
and
so
we
need
to
find
ways
to
build
generational
wealth
and
capital
in
neighborhoods
that
have
historically
been
um
prevented
from
doing
so,
and
I
look
forward
to
this
hearing
order
and
learning
more
about
boston's
co-op.
I
think
one
of
the
things
that
I'm
really
excited
about
is
what
chief
dylan
mentioned
earlier
and
her
remarks
was
this
opportunity
to
really
build
community
in
these
spaces?
M
A
N
O
Yes,
thank
you,
madam
chair,
and
obviously
thank
the
makers
for
putting
this
forward
of
I'm
on
record
a
long
time,
uh
supporter
of
cooperative
housing.
So
we've
got
some
great
models
here
in
boston.
um
They
work
and
we
need
more
of
them.
So
look
forward
to
hearing
from
folks
that
know
it
better
than
I
do,
but
know
that
I've
been
a
long
time
supporter
of
it
and
uh
look
forward
to
working
together
to
try
to
get
more
of
them.
A
um
And
I'll
just
conclude
um
again,
it's
I
wanted
to
thank
counselor
bach
for
her
leadership.
I
I
had
the
honor
and
privilege
to
work
with
uh
teresa
and
um
tim
and
uh
well
maureen
for
a
little
bit
over
at
dnd,
and
definitely
one
of
the
topics
has
been.
How
do
we
diversify
what
what
ownership
is
and
how
can
we
make
sure
there's
funding
behind
all
forms
of
ownership?
We
were
looking
at
co-ops,
tiny
houses
basement
homes,
but
everything
and
I
think
it's
pathways
to
ownership
that
bridge
the
wealth
gap.
A
It's
also
stabilizes
community,
which
is
the
number
one
thing
we're
dealing
with,
is
displacement
and
I
believe
ownership
is
the
anchor
for
people
to
stay
in
their
neighborhoods
and
to
continue
to
work
with
them.
I
also
want
to
give
a
shout
out
to
maggie
cohn
from
cfne.
I
met
her
many
years
ago
because
I
was
on
the
board
for
cfne,
I
believe,
quite
firmly
in
cooperatives,
worker
cooperatives,
housing
co-ops.
L
Thank
you,
madam
chair.
I
thank
you
uh
councillor
bach,
for
the
opportunity
to
speak
this
afternoon
and
greetings
to
all
the
counselors
president.
Today.
My
name
is
bill.
Bronner,
I'm,
the
director
of
housing,
preservation
and
policy
at
the
community
economic
development
assistance,
corporation
or
cdag
cdac
is
a
massachusetts
quasi-public
community
development,
finance
institution
that
provides
financial
resources
and
technical
expertise
for
non-profit
organizations
engaged
in
effective
community
development
in
massachusetts.
L
L
I
should
note
my
remarks
today,
but
I
will
focus
on
resident,
controlled
housing
in
general
and
not
on
the
specific
legal
ownership
structure
of
housing
cooperatives
that
matt
fall
described
so
well
resident
controlled
housing
can
take
a
number
of
legal
forms
in
addition
to
cooperatives,
the
most
common
of
which
is
a
non-profit
housing
owner
whose
board
members
are
all
composed
of
residents.
At
the
housing
complex
for
many
years,
cdc
has
worked
closely
with
dnd
and
other
city
agencies
on
strategies
to
preserve
the
long-term
affordability
of
the
existing
multi-family
housing
in
the
city.
L
In
particular,
we've
made
long-term
zero
interest
loans
to
18
developments
with
over
800
units
of
resident,
controlled
housing
through
the
housing
innovations
fund.
Cdac
has
often
provided
technical
assistance
and
financing
to
low
income
resident
owned
housing.
However,
cdac
has
only
rarely
worked
with
moderate
income
and
fully
market
rate
cooperatives,
so
my
remarks
today
are
focused
on
resident,
controlled
housing
that
is,
income
restricted
based
on
cdx
experience.
Today,
I
would
like
to
make
two
recommendations.
L
First,
there
is
a
need
for
additional
technical
assistance
to
support
the
existing
resident
owned,
affordable
housing.
As
today's
city
council
ordered
notes,
most
of
the
city's
limited
equity
cooperatives
were
formed
in
the
60s
70s
and
80s.
In
many
cases,
a
new
generation
of
resident
leaders
has
now
taken
the
reins
from
the
founders
of
these
properties.
L
Although
the
work
of
the
masses,
association
of
housing,
cooperatives
along
with
other
entities
such
as
the
cooperative
development
institute
and
the
co-op
fund
of
new
england
are
very
important,
boston
resident
leaders
would
benefit
from
more
training
and
technical
assistance
such
as
is
found
in
new
york
city
in
new
york,
which
of
course
has
tens
of
thousands
of
cooperative
and
resident
owned
housing
units.
Organizations
such
as
uhab
can
provide
a
wide
array
of
training
and
services
to
resident
controlled
housing.
L
Secondly,
I
also
support
passage
of
the
tenant
opportunity
to
purchase
this
act.
Bill
numbers,
h,
1260
and
s.
786
topa
would
be
an
excellent
tool
for
the
creation
of
new
cooperatives
and
resident
controlled
housing.
It
would
provide
opportunities
for
tenants
or
a
non-profit
chosen
by
the
tenants
to
purchase
their
building
when
the
owner
wants
to
sell
and
would
thus
help
prevent
displacement
and
gentrification.
A
I'm
gonna
have
a
hearing
on
how
I'm
learning,
how
to
use
zoom
one
day,
but
for
now
I
promise
you
I'm
in
the
process
of
doing
that,
um
and
I
I'm
cognizant
of
dnd's
time
limit.
So
I
wanted
to
kind
of
do
a
quick
check
amongst
my
colleagues.
If
there
are
specific
questions
for
dnd
at
this
time,
um
all
that
we're
going
to
go
and
ask
we
have
plenty
of
questions
for
all
the
panelists,
but
just
for
dnd
and
the
city
at
this
moment,
just
to
make
sure
that
they
were
not
um
we
didn't
put.
B
B
Oh
good,
yes,
okay,
so
just
because
I
think
it's
it's
helpful
that
he
put
together
this
thing
to
show
us
how
many
places
co-ops
are
scattered
all
over
the
city
um
and,
as
I
mentioned
up
top,
I
think
it
there's
a
strange
thing
here
where
um
to
really
seed
a
more
robust,
co-op
ecosystem.
We
need
a
kind
of
imagination
and
belief
in
it,
but
we
actually
have
a
ton
of
these
in
the
city
already
and
they've
been
really
successful,
stable
housing.
B
So
I
guess
my
questions
to
dnd
specifically,
and
I
don't
know
if
these
maybe
go
to
maureen
or
what,
but
it
seems
to
me,
like
a
pretty
you
know,
a
key
aspect
of
really
making
co-ops
a
plausible
option
for
people
would
be
both
like
you
know.
What
way
could
we
provide
support
for
share
loans,
kind
of
built
on
top
of
our
existing
support
for
first-time
home
ownership
and
such
because
really
really
a
co-op
share?
B
I
know
we'll
hear
more
about
that
from
the
banking
side
in
the
next
panel,
but
both
the
share
alone
support
um
and
then
technical
assistance
right
people
learning
how
to
be
a
co-op
resident
seem
like
things
that
could
potentially
kind
of
branch
off
of
our
existing,
first-time
homebuyer
technical
assistance
classes
and
then
financial
assistance.
And
so
I
was
wondering
what
conversations
if
any
you
all
have
had
about
that,
and
it's
something
that
I.
I
would
really
like
to
see
this
conversation
going
concretely
in
that
direction.
P
Sure
um
if
you'd
like
me
to
answer
thank
you
for
having
us,
uh
we
appreciate
it
and
those
are
two
great
questions.
So
I'll
answer
the
technical
assistance
question
first,
because
it
kind
of
leads
into
the
um
support
once
you
are
ready
to
become
a
home
buyer.
So,
as
probably
many
of
you
know,
we
we
conduct
through
a
couple
of
contract
agencies,
homebuyer
101,
102
201
classes,
and
then
we
have
workshops
as
well.
I
will
tell
you
that
those
workshops
are
completely
full
right
now.
P
But
we
can
also
ask
our
providers
to
add
in
a
workshop
like
we
do
for
condos,
and
I
think
tim
mentioned
that
before
so
it's
very
you
know.
Condo
ownership
is
a
very
specific
thing
um
I
had
to
take
the
class
it
was.
I
thought
I
knew
everything
and
then
I'm
like.
Oh
no,
not
really
so
I
you
know,
I
it's
um
it's
a
great,
a
tool
to
understand
how
you,
as
a
home
buyer,
fit
into
the
larger
condo
association.
P
So
those
two
things
we
we
can.
We
can
do
right
away
um
uh
and
in
terms
of
our
you
know,
we
have
our
traditional
kind
of
down
payment
assistance,
closing
cost
um
program.
We
can
expand
that
to
include
the
purchase
of
some
of
the
shares
or
whatever.
That
mechanism
is
the
and
help
with
home
improvement.
So,
as
you
all
know,
we
have.
We
also
have
a
home
improvement
program
and
we
do
allow
condo
owners
to
participate
in
home
improvement
in
our
home
program.
So
we
can
do
that
on
the
home
improvement
side
as
well.
P
B
I
would
love
us
to
move
forward
on
those
things
and
and
really
lay
that
just
lower
the
barriers
here
and
I
think
in
the
long
term
it
would
be
great
right
to
go
from
a
workshop
to
you
have
a
whole
co-ops
201
type
class
like
I
think,
but
but
I
think
a
key
piece
to
this
is
making
this
like
a
real
option
for
people
um
financially
and
in
terms
of
in
their
head
like
having
it
as
a
possible
thing
to
buy
into
when
they're
looking
for
stable
housing.
um
So
thanks
so
much
maureen
and
sure.
P
C
Q
um
So
that's
that's
our
first,
um
the
first
place
in
which
we
actually
uh
solicit
development
interest
in
in
the
in
housing,
and
then
um
that
also
uh
provides
us
the
provides
access
to
existing
housing
that
needs
capital
investment
and
in
order
to
preserve
the
affordability
or
the
the
tenancies,
um
they
can
apply
to
us
for
assistance
in
in
that
capital.
Investment
in
capital
improvements
as
well.
So
our
rfp
is
one
way
in
which
we
can
um
and
and,
as
tim
mentioned
and
sheila
said,
we
provide
a
preference
to
cooperatives.
Q
So
already
there
is
somewhat
of
a
preference
in
our
rfps.
That's
one
way
that
we
solicit
um
in
order
to
uh
other
other
um
other
ways
in
which
we
can
do.
This
is,
if
we're
looking
at
some
of
the
land
that
may
be
city-owned,
land
or
properties
that,
where
we
believe
a
multi-family
or
um
could
deal
with
some
level
of
density
and
then
put
that
out
with
a
preference
for
cooperative
ownership
um
as
to
the
development
community.
K
I
think
one
of
the
important
things
that
we
need
to
have
both
tenant
organizers,
as
well
as
non-profits
or
cdcs,
to
kind
of
have
in
their
toolbox
is
that
when
they
start
working
with
tenants
in
a
building,
that's
going
to
be
renovated
and
or
turned
into
income,
restricted
housing
that
they
did
like
what
we
did
at
fenway
cdc.
We
introduced
the
topic
to
the
tenants
that
maybe
they
would
want
to
be
a
co-op
and
then
we
could
proceed
from
there.
Q
And
in
addition,
if
the
topa
legislation
is
to
pass
where
tenants
are
in,
and
fact
then
have
the
ability
to
purchase
the
properties,
a
cooperative
structure
would
be
a
perfect
avenue
for
them
to
pursue
and
keep
control
of
the
property.
Not
just
you
know,
ask
for
a
different
investor
owner,
so
the
topa
model
would
be
a
perfect
way
in
which
to
expand
into
cooperative
ownership.
Yeah.
Thank.
K
Q
M
Q
A
A
M
M
Q
Yeah,
through
our
request
for
proposals,
it's
really
the
developers,
um
uh
it's
it's
their
idea,
it's
their
vision.
Many
of
we
work
with
nonprofits
and
even
for-profit
developers
who
are
working
within
a
community,
for
example,
they
they
may
own
a
site
or
they
may
looking
at
a
site
for
development
of
housing.
Q
M
M
Thank
you
for
that
and
my
last
question
will
be
for
maureen.
um
You
know
it
would
not
be
a
good
public
hearing
unless
I
ask
a
question
about
language
access,
so
I'm
just
curious
in
terms
of
interpretation
and
translation,
and
you
know
the
workshops
like.
Can
you
just
talk
to
me
a
little
bit
about
what
that
looks
like
in
terms
of
accessibility
to
um
other
communities
that
may
not?
English
may
not
be
their
first
language.
P
Sure-
um
and
I
I'll
talk
a
little
bit
and
I'll,
let
karen
add
on
as
well
so
all
of
our
materials
are
have
been
translated.
All
of
our
applications
have
been
translated
into.
I
believe
and
karen
correct
me
if
I'm
wrong,
but
is
it
um
10
languages
11.?
So
I
could
read.
I
could
read
karen's
lips,
so
so
I'm
getting
used
to
that
now.
So
all
of
our
applications
are
in
11
languages.
P
Our
website,
the
website
content
has
been
translated
as
well.
We
when
we
do
drop-in
counseling,
we
have
a
a
translator
available
and
our
our
home
buyer
ed
classes,
um
I'm
not
sure
how
many
are
conducted
in
spanish.
We
used
to
have
them
conducted
in
spanish
and
mandarin,
um
but
karen
do
you
know
specifically?
We
could
get
back
to
you
if
yeah.
R
M
A
B
Yeah
sorry,
I
had
one
more
uh
and
I
thought
since
oh,
oh,
you
just
muted
me
all
right
lower
your
hand,
I'm
so
sorry
no
worries.
um
I
just
thought,
since
we're
waiting
for
the
council
president
to
come
back,
I
might
just
insert
one
more,
um
which
is
just
to
ask
um
you
know.
I
think
one
of
my
frustrations
with
this
area
and
matt
and
john
alluded
to
it
is
that
you
know
there's
with
affordable
housing,
so
often
we're
trying
to
fill
a
gap
in
terms
of
financing,
but
with
co-ops
it's
separate
from
a
gap.
B
There's
just
this
question
of
kind
of
backstopping
or
guarantee
because
actually,
like
the
numbers,
add
up.
But
it's
just
that
people
aren't
quite
willing
to
take
the
risk
and
to
me,
that's
a
really
great
place
for
the
city
and
for
public
finance
to
play
a
role,
because
ultimately,
there's
an
opportunity
for
some
kind
of
revolving
fund
to
guarantee
these
things
and
help
get
them
off
the
ground
without
actually
losing
city
capital
right,
because
it's
not
like
pouring
it
into
gap,
filler
um
for
an
affordable
housing
project.
B
And
so
that's
some
and
it's
something
that
we
as
the
city
are
kind
of
in
in
a
position
to
do
from
a
public
finance
perspective.
So
I
just
wanted
to
know
if
dnd
has
has
had
that
conversation,
obviously
maybe
with
treasury
right
and
like
whether
any
ideas
on
that
front
have
been
floated,
because
it's
something
else.
I'd
like
us
to
explore.
Q
I
guess
I'll
I'll
say:
yes,
we
have
been
and
are
continuing
to
explore
it
there's
a
couple
of
different
avenues
um
when
a
a
new,
especially
for
a
new
cooperative
ownership.
It
is
a
struggle
for
a
bank,
because
the
corporation
itself
is
brand
new
as
well
right,
so
they
don't
have
any
real
balance
sheet
or
and
other
than
the
the
the
property
itself
and
the
value
that
that's
there.
Q
um
It
makes
it
does
make
it
difficult
for
a
london
institution
to
take
that
leap
of
faith
so
that
yes,
the
possibility
of
offering
a
loan
guarantee
of
some
form
or
another.
Again.
You
know,
depending
upon
how
you
structure
the
guarantee
how
much
you
have
to
set
aside
for
that.
um
It's
it's
it's
something
that
we
are
looking
at
as
a
possibility
and
that's
for
the
blanket
mortgage
or
the
the
larger
loan.
Q
That's
on
the
property
itself
to
the
corporation,
but
as
well
as
um
you
know,
we
were
trying
to
think
of
different
ways
in
which,
if
we
were
to
provide
down
payment
and
closing
cost
assistance
to
someone
with
their
for
their
um
share,
is
there
some
up,
because
we
can't
take
a
security
in
the
property,
as
we
normally
would?
Is
there
some
other
level
of
security
that
we
could
look
for,
and
that
would
be
the
guarantee
from
the
corporation,
the
co-op
corporation
itself,
to
guarantee
similar
to
what
we
would
do
for
the
blanket
mortgage.
Q
B
Great
well,
I
would
love
for
us
to
be
pursuing
that.
um
I
think
it's
so
key,
and
I
also
would
love
to
be
pursuing
the
question
of
whether
we're
attaching
right
of
first
refusals
for
tenants
to
our
city
financed.
Affordable
housing
deals
um
since
that's
a
space.
You
know
an
ecosystem
outside
of
the
topa
at
the
state
level
that
we
could
maybe
help
control.
A
Thank
you.
um
I
only
had
one
quick
uh
note
about
that,
specifically
on
bpda
land
and
properties
that
they
are
also,
I
mean
we.
We
do
technically
attach
a
transfer
fee
or
some
sort
of
value
capture
in
the
navy
yard
in
in
um
in
charlestown,
so
they
can
only
sell
and
the
first
x
percentage
of
their
sale
price
goes
back
to
the
city
of
bpda,
so
as
we're
developing
and
as
we're
looking
at
more
development,
that's
going
to
be
owned
by
quasi
government
agencies
like
the
bpda
in
charleston
and
throughout.
A
um
And
honestly
I
don't,
I
thought
about
it
for
public
housing,
but
I
think
there's
a
mission
to
keep
public
housing
forever
publicly
owned
and
in
that
space
right,
but
but
definitely
when
we're
looking
at
anything,
that's
developed
by
the
bpda
going
forward
um
the
chain
forge
all
of
these
different
properties
to
be
done.
So
I'm
hoping
that
we
can
consider
that
um
by
the
first
refusal
for
the
tenants
as
well.
I
know
we
don't
have
anyone
for
the
bpda
here,
but
I
think
that
that's
something
we
could.
A
We
could
work
out,
um
so
I'm
gonna
go
ahead
and
push
through
the
next
panel
of
folks
to
speak,
and
then
I'm
gonna
go
back
through
all
of
the
questions
or
from
all
my
colleagues
to
go
through
and
ask
questions
again
um
for
everybody.
uh
Now
that
we
have
a
history
on
co-ops,
we
have
some
of
the
top
issues,
that's
preventing
them
from
being
developed,
and
now
we're
gonna
really
speak
to
the
financing
of
co-op
operatives
from
those
in
the
expert
of
those
fields.
A
So,
on
the
next
panel
we
have
maggie
cohen
loan
and
outreach
officer
for
the
cooperative
fund
of
new
england.
We
have
gerald
jared
tunnell
uh
senior
vice
president
of
the
national
cooperative
bank.
We
have
casey
fannin
from
the
president
of
the
national
cooperative
bank
and
we
have
grant
young
who's
the
trustee
of
the
symphony
area
renaissance,
um
so
I'll
go
ahead
and
turn
it
over
to
our
first
speaker,
maggie
cohen,.
T
T
T
T
There
was
a
need
then,
and
there
is
still
a
need
for
cf
e,
because
traditional
underwriting
really
limits
the
ability
of
many
banks
to
finance
housing,
co-ops.
Well,
any
co-ops
really,
but
we're
here
talking
about
housing,
co-ops
in
boston.
We
are
all
really
well
aware
that
housing,
co-ops,
especially
limited
equity,
co-ops,
proven
way
for
people
of
all
income
levels
to
stay
in
the
city,
as
housing
costs
continue
to
climb,
they
stabilize
families
and
they
stabilize
communities.
T
Although
the
individuals
are
the
the
governing
body
for
the
cooperative,
also
apartment
cooperatives
and
mobile
home
cooperatives,
matt
and
john
actually
pretty
clearly
laid
out
the
strengths
of
housing,
co-ops
and
many
of
the
varied
needs
that
they
have
for
financing.
So
I
will
be
extremely
brief.
um
We
see
uh
three
basic
buckets
of
financing,
need
financing
for
the
down
payment
financing
for
shares
and
uh
accessing
necessary
support
services.
T
Finding
the
funds
to
cover
that
down
payment
on
a
property
purchase
can
be
daunting.
Those
most
in
need
of
housing
often
lack
the
family
wealth
on
which
many
of
us
have
been
able
to
rely.
The
second
area
is
access
to
loans
to
purchase
shares.
I
think
we've
heard
a
lot
about
that,
um
and
while
we
can
make
a
loan
to
the
cooperative
entity
to
purchase
the
property
by
our
bylaws,
we
cannot
lend
to
individuals.
T
T
We
have
made
loans
to
housing
co-ops
who
create
an
internal
fund
from
which
the
co-op
can
make
loans
to
individuals
who
need
support
in
purchasing
their
share,
but
that's
helpful.
It's
really
not
adequate
to
meet
the
situation
and
then
often
we
are
already
maxing
out
our
ability
to
lend
and
we're
maxing
out
the
co-op's
ability
to
repay
a
loan
just
to
finance
the
mortgage
on
the
property.
T
So
we
have
limited
additional
lending
capacity
and
they
have
limited
additional
repayment
capacity.
So
there's
there's
a
clear
gap
there,
and
the
last
is,
as
was
mentioned
before,
the
assistance
to
pay
for
property
management
and
accounting
services,
um
capital
needs,
assessment,
overseeing
necessary
improvements
and
and
so
forth.
T
Smaller
limited
and
group
equity
co-ops
in
particular,
often
manage
their
own
property.
This
includes
the
bookkeeping
and
the
accounting
if
there
are
not
people
in
the
co-op
with
the
right
skill
set-
and
this
does
happen
with
all
the
best
intentions
of
the
world
maintenance
issues
and
financial
issues
may
slide
so.
Access
to
those
services
is
really
critical
to
maintain
the
building
and
keep
the
cooperatives
sustainable.
T
So
financing
the
purchase
of
the
property
is
is
only
one
step.
There
are
lenders
out
there
who
will
assist
with
that,
not
banks,
but
other
community
development,
finance
institutions,
cfne
uh
leaf
the
national
co-op
bank,
who
is
here
also
will
assist
with
that,
but
the
share
prices,
the
corollary
expenses,
um
coming
up
with
with
down
payment
assistance.
Those
are
all
needs
which
it's
very
difficult
for
a
cooperative
or
for
individuals
in
a
cooperative
to
have
met
within
the
traditional
lending
system.
T
A
S
Can
you
guys
hear
me
mm-hmm?
It
was
just
quick
and
it
was
a
follow-up.
I'm
sorry,
I
had
technical
issues
and
got
frozen
and
I
know
dnd
has
a
time
constraint.
um
So
it
was
just
a
quick
follow-up
to
uh
council
mehia's
question
around
the.
How
and
I
heard
the
response
around
the
development
team
should
do
blah
blah
blah.
So
I
guess
my
question
is:
are
there
opportunities
for
conversion?
S
Is
this
something
that
there's
an
appetite
or
interest
in
terms
of
looking
at
our
current
developments
that
are
kind
of
grouped
and
similar,
like
public
housing
or
as
public
housing
for
the
public
good
that
we
want
to
keep
public
versus
this
co-op?
So
I'm
just
wondering
if
there
are
other
opportunities
to
convert,
or
is
it
always
around
some
sort
of
new
development.
K
S
K
Yeah-
and
there
are
there
are-
there
are
co-ops
that
were
created
very
much
by
the
tenants
organizing.
So
I
think
that
that
is
very
much.
I
think
if
tenant
organizers
are
working
with
buildings,
where
there
is
the
possibility
of
a
conversion
from
a
private
owner
to
their
ownership,
then
um
I
think
that
that
is
something
we
should
be
supporting.
S
Oh
wonderful
and
then
just
the
question
around
uh
public
housing
and
public
housing
being
for
the
public
good
and-
and
what
I
tend
to
believe
is
that
it
takes
all
of
these
um
to
make
up
this
beautiful
mosaic
that
we
need
public
housing.
We
need
the
co-ops,
we
need
single
families,
we
need
multi-families,
we
need
con.
You
know
we
need
all
of
these
a
mix
um
to
to
move
forward
in
terms
of
really
dealing
with
um
our
housing
crisis.
K
Right,
um
we
don't
have
the
bha
here
on
the
call,
so
I
can't
speak
exactly
for
them,
but
I
know
that
that
has
not
been
their
practice
when
they
have
done.
I
do
not
know
if
there
are
specific
regulations
that
prohibit
it,
and
maybe
teresa
does
I
actually
my
burst.
Housing
project
I
was
ever
involved
in
was
not
a
public
housing,
but
it
was
bha
owned
property,
meaning
they
had
acquired
it
from
from
hud.
K
That
was
converted
to
a
limited
equity
co-op,
and
so
that
was
where
the
tenants
did
actually
organize
and
ask
the
bha
to
sell
them
the
property,
but
that
was
not
pure
public
housing.
That
was
just
a
property
that
the
bha
had
managed
to
put
in
their
portfolio
that
was
25
years
ago.
So
um
that
has
happened.
S
V
I
thank
you,
everybody,
it's
very
uh
great,
to
hear
everyone
talk
so
many
and
say
so.
Many
great
things
about
co-ops,
I'm
the
president
national
cooperative
bank,
that
national
cooperative
bank
uh
is
a
unique
bank
that
has
been
chartered
by
an
act
of
the
united
states
congress
to
really
serve
a
dual
mandate
and
one
is
to
promote
uh
and
provide
financial
services
and
products
to
cooperatives
across
the
country,
and
the
second
is
to
support
low
to
moderate
income
communities
across
the
country.
V
Today,
ncb
is
the
largest
lender
to
housing
cooperatives
in
the
country,
um
I'm
glad
to
say
we
do
provide
the
financing
uh
that
everyone
today
has
been
talking
about.
uh
Ncb
provides
uh
construction
financing
on
new
housing,
cooperative
developments.
We
do
provide
refinances
on
maturing
loans
to
existing
cooperatives.
V
uh
We've
been
working
with
several
groups
uh
with
conversions
and
we
also
provide
share
loans
across
the
country.
um
I
think
john
and
matt
did
an
outstanding
job,
uh
just
defining
what
a
cooperative
is.
So
I
won't
go
into
into
what
a
cooperative
is.
I
will
just
highlight
a
couple
uh
elements
that
I
think
are
important
to
just
drive
home.
uh
You
know
in
the
importance
of
cooperative
housing.
V
uh
First,
it's
you
know
clear,
but
it's
it's
home
ownership
um
that
creates
stability
in
a
community
uh
more
so
than
anything
and
and
that
stability
uh
provided
by
a
cooperative
is,
I
think,
a
little
different.
It's
more
nuanced
than
single
family
uh
homeownership.
I
think
you've
got
the
strength
of
the
cooperative
to
support
each
other
um
in,
in
that
really
it
presents
itself
in
a
pride
of
ownership
and
um
there's
been
comments
made
about.
V
You
know
how
co-ops
outperform
other
forms
of
housing
in
times
of
economic
stress
and
uh
ncb
in
our
loan
portfolio
has
been
an
example
of
that
our
co-op
portfolio
outperformed,
that
of
our
competitors,
non-cooperative
portfolios
in
the
housing
crisis.
You
know
more
than
a
decade
ago,
and
I'm
happy
to
say
right
now
during
the
pandemic,
ncb's
portfolio
is
outperformed.
The
national
average
of
deferrals
and
forbearances
uh
we're
at
half
the
national
average.
V
So
um
you
know
not
only
as
matt
mentioned,
you
know,
co-ops
one
number
one
vote,
but
to
a
degree
there
you
know
one
for
all
out
for
one
and
I
think
that
um
really
supports
uh
a
cooperative
in
times
of
economic.
It
supports
the
members
in
times
of
coop
in
times
of
economic
distress.
uh
They're
there
to
help
each
other
um
limited
equity,
housing
cooperatives
uh
do
all
of
that
that
I
just
said,
but
they're
also
there
for
the
little
guy.
V
um
You
know
some
of
the
the
market
rate
co-ops,
which
we
do
you
know
a
large
amount,
are
wonderful
on
their
own
right.
The
limited
equity
costs
are
uh
they
do
a
little
bit
more
and
I
think
the
success
uh
is
proven
out
by
the
waiting
list
that
uh
exists
for
limit
uh
limited
equity,
housing
co-ops
across
the
country
uh
in
boston,
new
york,
washington,
chicago
we've
seen
you
know,
uh
hundreds
of
people
on
waiting
lists
to
uh
to
gain
access
to
limited
equity
housing
costs.
So
the
demand
is
there
why
it's
a
um
it's?
V
A
safe,
affordable
uh
home
ownership
form
uh
where
the
the
purchase
price
to
enter
into
these
co-ops
is
affordable.
um
I
will
echo
that
there
are
some
challenges.
In
my
opinion,
the
the
biggest
challenge
uh
in
uh
financing
is
the
small
balance
share
loan
for
limited
equity
uh
owners.
um
Ncb's
tried
to
work
with
uh
and
we
provide
share
loans
across
the
country,
but
that
small
balance
loan
is
a
challenging
uh
loan.
um
We've
worked
with
uh
groups
across
the
country,
including
you
have,
which
was
mentioned
earlier.
V
Where
um
and
other
cdfis
that
uh
will
provide
that
uh
small
balance
share
loan
with
national
cooperative
bank
providing
loans
to
the
cdfi.
So
uh
essentially
we
would
be
the
the
capital
to
fuel
those
uh
unique
lending
programs.
um
Other
things
uh
to
to
focus
on,
I
think
um
technical
assistance,
particularly
that
of
governance,
uh
is
critical.
I
think
um
you
know
creating
a
rich
environment
and
vibrant
community
of
cdfis
to
help
uh
you
know,
early
formation
of
cooperatives
is
critical.
I
think,
um
as
as
has
been
said
uh
in
patient
capital.
V
V
um
We've
seen
the
most
successor
where
cities
are
uh
providing
subordinated
debt
support
and
to
fill
that
gap
in
new
co-op
creation,
and
that's
capital
that
uh
you
know
earns
an
interest
rate
uh
the
benefit
of
the
public
uh
and
is,
in
my
opinion,
a
very
safe
loan.
If
everything
else
is
done
correctly,
particularly,
uh
you
know
the
technical
assistance
on
the
governance
side.
V
um
I'd
also
like
to
mention
that
you
know
ncb's
been
very
active
in
in
massachusetts,
uh
boston,
uh
less
so
on
the
new
co-op
creation,
but
in
massachusetts
there
is
a
pretty
rich
cooperative,
a
new
co-op
creation
um
in
particularly
in
the
manufactured
housing
communities.
I
think
what
can
we
learn
from
that?
V
I
don't
think
it's
stretching
to
the
city
of
boston,
but
certainly
in
the
suburbs
around
it
um
there's
been
a
it's
been
a
growing
number
of
housing
co-ops
and
once
again
um
uh
you
know
long
list
of
people
trying
to
get
in
that
it's
a
stabilizing
force
in
the
community
and
um
it's
had
high
success.
um
So
uh
that's
that's
all
I
have
um
it's
been
great.
It's
been
great
to
participate
and
listen
to
all
the
wonderful
voices
and
smart
people
on
this
zoom
uh
and
I'm
happy
to
take
any
questions.
Thank
you.
U
Yeah,
I
I
can
add
you
know
my
role
is
really
more
on
the
ground
uh
and
I
represent
the
team
of
lenders
that
can
help
uh
co-ops.
uh
You
know
in
your
uh
in
your
metro
area
and
they're
looking
for
capital
improvement
loans
that
are
looking
for
refinancing,
I
can
also
be
a
clearinghouse
if
you
have
individuals
looking
for
information
about
share
loans,
I
can
put
them
in
touch
with
the
the
right
individual
and
you
know
to
casey's
point.
U
I
mean
we're
the
largest
lender
in
the
country
and
and
so
we're
very
active
and
always
looking
for
um
you
know
for
new
business,
but
it
is,
you
know,
a
pretty
unique
uh
product,
a
co-op.
You
know,
there's
a
lot
more
condominiums
and
homeowners
associations
than
there
are
so
it's
you
know.
Sometimes
it's
you
know
it's
better
for
us
to
get
the
word
out
to
try
and
let
people
find
us
it's
really
hard
for
us
to
find
them
a
lot
of
times.
A
U
Educational
materials-
you
know
casey,
said
we're
a
mission-based
organization
a
lot
of
times
we're
able
to
use
resources
differently
than
your
traditional
bank
could.
So
we
spend
a
considerable
amount
of
resources
on
creating
educational
materials
and
getting
the
word
out
about
co-ops
and
what's
possible.
U
So
what
I
can
do
is
follow
up
with
the
council
members
box
office
and
give
them
some
of
those
educational
materials
that
we
have
about.
You
know
how
to
how
to
be
a
co-op
member,
and
you
know
what
to
do
if
you're
looking
to
buy
a
co-op
uh
into
a
co-op
I'll
I'll.
Pour
that
information
out
there
and
you
know
again
just
for
general
public
use.
A
W
W
My
name
is
grant
young.
I
live
in
the
east
fenway
and
I'm
a
trustee
of
the
symphony
area,
renaissance
trust
or,
as
we
sometimes
say,
sart
for
the
past
34
years,
I've
lived
in
belmont
chambers
cooperative
and
was
a
founding
member
I'd
like
to
talk
a
little
bit
about
the
sherlong
financing
for
cooperatives.
W
W
um
Cooperatives
need
to
be
a
party
to
the
loan,
as
they
are
nominally
landlords
for
their
members
and,
if
needs
to
be,
if
they
need
to
be
foreclosed,
the
cooperative
needs
to
get
involved.
For
this
reason,
share
loans
are
more
complex
legally
than
mortgages
and
are
a
niche
product
for
banks
to
offer.
As
we've
heard
in
rare
cases,
market
rate
co-ops
have
forged
unique
relationships
with
particular
bank
offer
officers
to
offer
share
loans,
but
this
has
not
resulted
in
a
wider
availability
of
share
loans
for
limited
equity
cooperatives.
W
Sar
wants
to
use
our
unique
experience
of
over
30
years
managing
share
loans
to
fund
to
fund
share
loans
for
cooperatives
in
the
fenway
area.
We
are
working
with
the
city
to
invest
the
proceeds
of
the
belmont
chambers
loans
into
what
would
be
the
first
permanent
share
loan
fund
for
cooperatives
in
the
city.
W
W
W
The
affordability
and
community
community
engagement
features
of
cooperatives
help
build
the
kind
of
neighborhoods
where
families
can
thrive.
We
appreciate
the
department
of
neighborhood
development's
ongoing
supportive
cooperatives
and
hope
to
continue
to
expand
cooperatives
as
a
housing
option
for
the
city
citizens
of
boston.
Thank
you.
A
It
may
not
be
directed
to
you
if
you
could
just
mark
your
blue
hand,
so
I
can
call
on
you
so,
for
example,
if
you
know
I
asked
about
financing
and
d
and
d
responds,
but
let's
say
um
get
grant
or
jared,
or
you
know
if
someone
or
maggie
feels
that
they
can
add
to
that
as
an
opportunity.
Please
just
raise
your
below
hand,
so
I
know
to
pull
on
plea
or
call
on
you.
Okay,
um
so
I'm
going
to
go
ahead
and
start
from
the
top
with
our
the
lead
sponsor
counselor
bach.
B
Great,
thank
you
so
much
council
edwards
and
thank
you
to
everyone
on
the
finance
panel.
I
think
it's
a
it's.
It's
very
encouraging
to
think
that
a
lot
of
the
expertise
on
this
does
exist
and
that,
as
we
think
about
how
to
you
know
how
to
build
up
on
the
city
side,
support
for
this,
that
there
are
real
resources
um
that
you
all
represent
and
grant.
I
love
the
idea
of
a
revolving
share
loan
fund.
So
that's
exciting
and
I'd
love
to
follow
up
on
that.
B
um
I
think
casey
touched
on
the
the
dc
website
and
we'll
definitely
go
check
that
out,
but
if
there
are
things
that
um
that
are
just
more
common
other
places
besides
boston,
I
mean,
I
know
that
in
new
york,
co-ops
are
just
an
enormous
um
world
and
just
if
there's
things
that,
like
that
haven't
come
up
today
or
that
have
come
up
today,
but
you
really
want
to
pinpoint
because
they're
really
crucial.
I
just
want
to
make
sure
that
we
don't
reinvent
the
wheel
here
when
there's
successful
experiences
in
other
places.
V
This
is
casey.
One
thing
is,
you
know
a
centralized,
um
you
know
hub
in
the
city
for
everything
co-op.
You
know.
I
think
that
there
are
a
lot
of
pieces
uh
to
this
puzzle
and
I
think
um
you
know
a
phone
tree
of
you
know.
You
know.
Ten
phone
numbers
is
confusing
to
a
consumer
uh
and
a
developer.
So
I
think
it's
centralized.
V
um
You
know,
location
where
everything
co-op
can
be
uh
covered
by
the
city,
um
and
then
you
know
loan
programs,
be
it
on
the
underlying.
You
know
gap
mortgage
side
or
you
know,
there's
been
discussion
about
share
loans.
Those
are
some
things
that
um
and
then
you
know,
topa
is
certainly
a
driving
force
in
uh
conversions.
T
I
I
have
not
found
anyone
in
new
york,
and
I
have
not
actively
pursued
this-
that
I
can
really
talk
to
to
find
out
what
the
big
difference
is.
But
I
I
think
it
would
certainly
be
worth
following
up
with
people
in
the
city
to
get
more
information
about
the
the
lending
that
happens
in
new
york
for
people
to
buy
into
cooperatives.
E
C
C
I'm
wondering
to
be
more
pro.
How
can
we
be
proactive
in
terms
of
identifying
um
potential
co-op
possibilities
and
setting
it
up
or
exploring
ways
that
we
can
incentivize
uh
and
and
make
it
happen?
You
know,
rather
than
just
hang
around
and
wait
for
somebody
to
come
forward
with.
Oh
I'm
thinking
I
might
do
a
co-op.
Is
there
a
way
that
we
can
really
push
this
concept
a
bit
more
vigorously.
I
I
I
C
H
H
That
concludes
with
the
purchase
of
the
property.
There
are
many
opportunities
for
failure
in
that
process,
and
one
way
to
get
ahead
of
that
would
be
to
do
some
early,
proactive,
organizing
of
tenants
so
that
people
are
already
constituted
and
thinking
about
purchasing
the
property
and
what's
involved
in
it
before
the
properties
come
on
the
market.
A
M
M
M
um
I'm
curious
about
um
the
diversity.
I
know
that
there's
some
co-ops
um
that
I
only
went
to
one
co-op
and
it
was
not
as
diverse
as
I
would
hope
it
would
be.
So
can
we
just
talk
a
little
bit
about
how
we're
going
to
ensure
um
that,
in
during
this
process,
we
can,
you
know,
have
more
racial
and
economic
diversity,
I'm
just
curious
about
what,
if
any
possibilities
exist
about
making
it
more
accessible
to
low-income.
I
I
P
Thank
you
for
first
reaffirming
that
matt
though
that
is
true,
and
I
think
the
other
piece
of
this
is
that
most
of
the
home
buyers
that
are
in
our
home,
buyer
101
classes
are
buyers
of
color
um
and
most
of
the
I
think,
70
or
80
percent
of
the
buyers
that
we
help
through
our
down
payment
assistance
and
closing
cost
assistance.
Program
are
also
buyers
of
color,
so
the
um
the
the
classes,
because
we
will
be
teaching
about
co-ops
in
the
classes
that
will
naturally
be
spread
through
our
lower
income
communities.
P
M
K
B
Yeah
thanks.
I
just
wanted
to
jump
in
on
this,
because
I
think
what
counselor
has
raised
is
a
really
key
point,
and
it's
one
of
the
reasons
why
I'm
passionate
about
this,
and
also
about
specifically
what
grant
brought
up
so,
basically,
precisely
because
banks,
a
lot
of
banks,
are
not
lending
to
folks
for
these
share
loans.
B
How
do
you
lower
the
barrier
for
those
specific
individuals,
people
of
color?
You
know
people
of
limited
means
to
get
in
on
the
ground
floor
of
these
co-ops,
because
that's
that's
the
real.
You
know
meaning
of
equity.
In
this
context,
so
I
just
I
just
wanted
to
thank
you
for
the
question
and
say
I
think,
all
of
the
technical
financial
stuff
that
we're
talking
about
here
has
to
be
aiming
towards
exactly
that
end.
Thank.
E
H
Yes,
so
uh
I
want
to
agree
with
matt
that
all
co-ops
have
to
abide
by
all
fair
housing
laws
and
anti-discrimination
regulations,
and
also
we
have
seen
the
problem
that
rep
that
councilor
mejia
refers
to
in
our
highly
affordable
and
limited
equity.
Co-Ops,
where
people
who
are
approved
to
join
are
unable
to
gather
the
financial
resources
to
join
and
even
though
the
co-op
wants
to
be
diverse
and
wants
to
represent
the
wider
community
around
it.
H
The
alexander
magnolia
co-op
in
dorchester
now
on
the
indigo
line
was
originally
funded.
With
a
no
longer
existing
hud
program
and
they
were
able
to
offer
shares
in
their
houses
at
one
dollar
equity-
and
that
was
wonderful
at
the
time.
But
it's
led
to
tremendous
problems
now
decades
later,
when
they
need
substantial
capital
improvements
and
do
not
have
uh
the
banking
history,
capital
reserves
uh
or
deep
pockets
among
their
residents.
um
So
this
has
to
be
balanced.
A
T
A
A
B
A
Quite
all
right,
thank
you,
um
so
just
some
streams
of
ideas
also
for
the
city
and
thoughts
around
how
to
expand
cooperatives
through
our
already
existing
systems,
one
um
we're
dealing
with
one,
a
very
important
vote.
This
thursday
on
suffolk
downs,
31
of
the
units
will
be
owner
own
ownership,
and
so
here
we're
talking
about
another
opportunity
to
expand
a
massive
amount
of
ownership
or
the
middle
class
in
boston,
and
so
I'm
sure
many
of
those
units
will
be
subject
to
our
first
time,
homeowner
programs
and
so
on
and
so
forth.
A
So
how
are
we
making
sure
that
co-ops
are
ready
to
be
part
of
owning
some
of
this
future
right
and
how?
How
are
we
now?
We
have
time
because
they
haven't
built
these
units
yet,
but
when
those
mutants
start
to
go
up
for
sale,
are
we
making
sure
that
we're
building
a
capacity
or
culture
or
an
understanding
of
lending
so
that
people
could
purchase
you
know
an
llc
could
come
in
and
buy
three
or
four
or
triple
decker,
several
townhouses
as
a
co-op?
How
are
we
doing
that
because
they're
going
to
be
built?
A
That's
one
thing.
um
The
other
thing
in
general
for
pdas
as
we're
doing
our
zoning.
How
are
we
making
sure
that,
when
we
do
large
zoning
plans,
pdas
apply
to
one
acre
or
more
that
we're
not
also
again
making
sure
there's
ownership
that
co-ops
are
part
of
that
conversation
from
our
zoning
perspective
or
from
just
just
in
general,
just
getting
people
ready
for
as
these
things
are
coming
up?
I
just
think
these
are
opportunities
that
we
want
as
the
city
to
you
know.
A
We
see
them
for
one
way
but
another
another
opportunity,
that's
all
and
then
finally,
I
don't
know
two
more
things.
Three
more
things
um
rem,
I
think
real
estate
management
um
off
there
are
times
where
people
lose
their
homes
due
to
non-payment
of
taxes,
and
the
city
then
becomes
the
kind
of
I
don't
know
caretaker.
A
The
city
has
no
intention
of
keeping
these
properties,
but
how
do
we
make
sure?
Is
it
possible
to
make
sure
that
if
the
triple
decker
comes
into
the
city's
hands
that
there's
a
right
of
first
refusal
for
cooperatives
right
if
they're
tenants,
especially
in
that
building
so
right?
How
do
we?
How
do
we
that
happens?
It's
not
often,
but
there
could
be
a
house
or
a
triple
decker
or
a
double.
You
know.
A
You
know
that
we
want
to
make
sure
that
if
the
city
gets
something
like
this
due
to
tax
foreclosure
right-
and
I
know
that-
hopefully
we
don't
get
many
of
them,
because
maureen's
shop
does
such
a
good
job
of
preventing
it.
This
is
not
okay,
but
there
are
sometimes
I
mean-
that's
honest
to
god.
That's
very
true,
and
I've
also
passed
legislation
to
also
further
help
expand
payment
plans,
but
there
are
times
where
there
may
not
be.
After
all,
those
efforts
there
might
be
a
house
city
owns
it.
A
How
do
we
make
sure
co-ops
get
access
to
that
in
line,
at
least
for
that
bpda
land?
I
mentioned
that
before.
I
just
want
to
bring
it
up
again
to
bring
those
partners
in
there
in
as
much
as
it's
owned
or
they're
about
to
build.
I
know
for
the
parking
lots
uh
near
bunker
hill,
housing
or
bunker
hill
t
station,
those
huge
parking,
lots,
they're,
looking
at
building
that
and
building
housing
there.
A
That's
a
good
thing:
it's
not
a
bad
thing,
but
again
they're
about
to
build
if
they're
going
to
make
any
kind
of
ownership
transfer
and
put
other
restrictions
on
indeed
restrictions.
How
do
we
put
on
right
of
first
refusal
for
the
tenants,
okay
and
then
finally,
just
to
answer
also
counselor
mejia's
question
about
diversity
and
also
making
sure
that
we're
planning
in
a
way
that
assures
that
people
of
lower
means
um
people
of
color
people
who
are
often
segregated
have
access
to
that?
A
We
are
in
the
middle
of
drafting
and
finalizing
historic
uh
zoning
amendment
to
affirmatively
further
fair
housing.
I'm
very
happy
about
that.
So
with
all
of
those
things
coming
into
mind
and
planning
and
thinking
about
ways
in
which
we
can
bring
people
together
um
and
also
change
the
laws
in
order
to
make
sure
that
we're
doing
more
than
just
not
discriminating
but
actually
promoting
affirmatively
integrated
communities
or
neighborhoods.
A
That's
the
language
we're
working
on
right
now
and
that
zoning
amendment,
and
it
will
be
historic
and
be
the
first
city
and
the
country
to
have
it.
So
those
are
just
some
ideas
I
had
based
off
of
this
conversation
and
already
existing
systems
that
we
have.
um
I
see,
casey
bannon
has
raised
his
hand.
V
So,
on
your
point
on
city-owned
property,
new
york
city
has
converted
hundreds
of
cooperatives.
um
You
know
that
they
took
ownership
of
uh
it's
an
effective
way
to
get
it
back
on
the
tax
rolls
um
it's
been
done
predominantly
through
um
the
department
of
housing
and
uh
preservation
in
new
york
city
they've
had
financing
programs
that
provided
the
guarantee
uh
and
put
out
as
an
rfp
um
for
uh
developers
traditionally
non-profit,
but
not
all
to
facilitate
the
conversion
of
those
properties
to
cooperative
ownership.
A
That's
good
good
models
to
look
at
then.
um
So
I
am
time
limited
personally
myself
um
until
about
4
15,
but
kenzie
bach
is
our
is
the
vice
chair
of
the
committee.
So
I'm
happy
to
go
back
to
start
the.
I
think,
a
second
round
of
questions
for
colleagues,
if,
if
council
bach,
you
wanted
to
leave
that
off
and
at
4
15,
if,
if
I
have
to
go,
then
you
would
continue
the
conversation.
B
Happy
to
I'm
happy
to
stay
here
and
and
chair
and
uh
run
discussion
as
long
as
folks
are
available,
but
I'll
just
say.
For
my
part,
um
I
don't
have
um
a
whole
bunch
more
questions.
I
think
I'm
really
kind
of
oriented
towards
action
on
this.
I
think
I
really
appreciate
appreciated
maureen
talking
about
some
of
the
immediate
things
we
could
do
to
branch
off
of
a
first-time
homebuyer
front
and
I'd
really
like
us,
also
to
sort
of
turn
that
question
about
how
to
provide
those
first-time
share
loans
into
reality.
B
How
do
we
support
as
grant
referenced
a
kind
of
revolving
fund
right?
It
seems
like
we
could
both
do
something
on
the
city
side
support
something
on
the
non-profit
side,
um
I'd
love
to
follow
up
on
the
conversations
kind
of
with
treasury,
about
the
public
finance
piece,
and
I
think
the
right
of
first
refusal
aspect
that
councilor
edwards
brought
up,
and
then
this
broader
question
about
city
land,
and
how
are
we?
B
um
So
I'm
I'm
just
I'm
excited
to
keep
going,
and
maybe
you
know
maybe
we're
circling
back
with
a
working
session
in
a
few
months
just
to
catch
up
on
on
concrete
things
that
the
the
dnd
um
and
others
have
done.
uh
So
that's
kind
of
where
my
head
space
is
counselor
edwards
but,
uh
as
you
say,
I'm
very
happy
to
share
any
questions
from
colleagues
or
public
testimony
that
we've
got
in
the
next
hour.
C
M
O
M
A
You
councillor
mejia,
um
I'm
just
gonna
um
say
thank
you
and
I
I
will
absolutely
um
follow
up
with
a
working
session
where
we
can
discuss
either
some
pilots
or
some,
how
we're
streamlining
some
of
these
conversations
into
immediate
action
in
the
city.
um
I
think
what
we've
learned
today
is:
there's
a
lot
more
partners
than
we
knew
that
are
out
there,
reading
really
unable
to
to
to
kind
of
merge
with
already
good
programming
at
the
city.