►
From YouTube: Committee on Ways and Means on June 8, 2021
Description
Docket #0686 - A hearing regarding a Declaration of Trust entitled "East Boston Housing Stabilization Trust Fund".
C
C
I'm
trying
I
I
know,
I
owe
you
a
call
I'll
I'll,
maybe
we'll
talk
this
afternoon
or
tomorrow,
sometime.
A
All
right
sounds
good.
Thank
you
all
right.
A
True
we're
not
expecting
anybody
else.
Besides
you
and
margaret
right.
A
Great
and
central
staff
are
we
ready
to
go.
A
Carrie
candice
hi,
madam
chair.
We
are
live
and
recording
ready
to
go
fantastic,
great.
All
right,
then,
without
further
ado,
I'm
calling
this
hearing
of
the
boston
city
council's
ways
and
means
committee
to
order
for
the
record.
My
name
is
kenzie
bach
district
8
city
councillor,
I'm
the
chair
of
the
city
council's
ways
and
means
committee
and
we're
having
this
hearing
today
on
docket
0686
message
and
order
approving
a
declaration
of
trust
entitled,
east
boston,
housing,
stabilization
trust
fund,
which
was
filed
by
the
administration.
A
This
hearing
is
being
recorded,
it's
being
live
streamed
at
boston.gov
city
dash,
council
dash
tv
and
broadcast
on
xfinity
channel,
8,
rcn,
channel
82
and
fios
channel
964.,
and
we're
joined
here
today
by
councillor
lydia
edwards
of
district,
one,
which
includes
east
boston,
councillor
ed
flynn
of
district,
two
and
councillor
frank
baker
of
district.
Three.
I'm
also
grateful
for
the
attendance
from
the
administration
of
drew
smith,
the
head
of
treasury
and
also
a
deputy
cfo
for
the
city
and
margaret
dyson,
the
trust
manager
at
treasury.
A
A
I'll
go
to
you
very
briefly,
just
to
say
hello
to
everybody,
and
then
I'm
going
to
go
to
counselor
edwards,
because
I'm
going
to
ask
counselor
edwards
to
kind
of
give
us
a
bit
of
context
about
where
this
trust
came
from,
as
is
her
district
and
then
and
then
I
will
turn
to
drew
smith
and
margaret
dyson
to
walk
us
through
the
documents
before
us.
So
counselor
flynn
did
you
want
to
say
a
brief
word.
D
Thank
you.
Thank
you.
Council
block
council
block.
I
just
wanted
to
say
thank
you
for
your
work
on
this
on
this
important
initiative
and
obviously
thank
counselor
edwards
as
well
thanking
margaret
and
drew
I'm
here
to
learn
more
about
it
and
to
support
my
colleague,
counselor
edwards.
C
Good
morning,
madam
chair
and
thank
you
councillor
edwards,
for
putting
putting
this
forward
very
interested
similar
to
council
flynn.
Listen,
learn
if
this
is
about
keeping
development
dollars
in
the
neighborhoods
that
they're
generated
in
I'm
all
in
it'd
be
interesting
to
see
the
take
on.
C
If
anybody
remembers
jimmy
kelly
trying
to
do
something
like
this
similar
years
ago,
if
it's
the
same
sort
of
thing,
if
there's
any
historical
knowledge
of
any
of
of
of
those
discussions
around
at
some
point
when
we
you
know
talk
this
through,
but
but
glad
to
be
here
and
and
glad
to
participate.
Thank
you
and
thank
you
for
having
the
chair
the
the
meeting.
Madam
chair.
A
Great,
thank
you
so
much
counselor
baker
and
now,
as
I
said,
I'd
like
to
have
counselor
lydia
edwards,
give
her
opening
statement
and
also
just
sort
of
start
us
off
by
providing
some
context
about
this
trust
fund.
That's
before
us
today,
because
it-
although
this
is
the
first
hearing
on
the
docket
in
the
city
council,
and
it
only
came
to
the
city
council
a
week
and
a
half
ago.
It's
there's
a
long
prior
conversation
and
and
set
of
discussions
that
preceded
this.
A
E
E
Excellent,
thank
you
chairman
bach,
I'm
happy
to
give
some
context
and
to
give
a
little
bit
explanation
of
the
of
how
this
has
come
about.
This
is
technically
not
unprecedented.
E
Today,
we
can
feel
it
right
now
if
we're
going
to
be
building
and
moving
and
growing,
we
needed
also
to
make
sure
there
were
certain
safeholds
or
safeguards
put
into
the
neighborhood
to
prevent
displacement,
and
so
we
wanted
the
city
and
the
developer
to
be
at
the
table
to
help
guide
that
conversation
and
so
as
part
of
the
mitigation.
The
developer
had
offered
to
help
bring
up
the
total
amount
of
affordable
units
from
13
to
20
percent.
E
All
right,
so
13
of
those
units
will
be
built
on
site
in
the
future,
and
it's
going
to
take
20
years
to
build
that
the
other
seven
percent
is
supposed
to
be
brought
to
us
today
in
dollars
or
in
units
in
east
boston,
as
it
is
right
now
to
help
us.
So
that's
a
little
over
500
units,
and
some
of
that
will
be
accounted
for
in
this
these
dollars.
With
this
trust.
E
I'm
good
yeah
you're
good,
sorry
about
that.
Some
of
it
will
be
the
the
money
that
we're
discussing
right
now.
Some
of
it
will
be
land
that
will
be
coming
up
and
some
of
it
will
be
from
future
linkage
dollars.
E
In
any
event,
in
order
for
us
to
receive
as
a
city
and
as
a
body
as
a
neighborhood
funds,
we
needed
to
create
this
body
this
entity,
this
trust
and
that's
what
we're
doing
today,
the
first
2.5
million
dollars
from
the
developer
of
the
total
five
of
the
of
the
five
million
dollar
line
item
of
mitigation
has
been
received
by
the
city
and
it
needs
to
go
someplace.
E
So
that's
what
this
is
going
to
create
that
place
for
it
to
go.
Not
only
that,
but
this
is
a
trust,
and
what
we
wanted
to
make
sure
was
that
we
had
a
complete
accountability
and
transparency
and
having
sat
on
the
neighborhood
housing
trust
and
worked
with,
drew
and
worked
with
dnd
already.
I
know
that
it
was.
E
It
was
a
wonderful
marriage
and
partnership
to
have
all
of
us
at
the
table,
an
accountant
from
the
city
as
well
as
the
legal
legal
acumen,
and
also
honestly,
the
treasury
department
there
to
help
us
understand
how
the
money
moves
and
what
we
have.
E
I
want
to
thank
them
for
that.
We
also
didn't
want
to
to
for
any
controversy
for
this
money.
2.5
million
dollars
total
of
five
and
subsequent
dollars
that
could
come
through
to
go
to
any
one
individual
nonprofit
in
the
neighborhood
or
cdc.
We
knew
the
controversy
that
can
come
from
that.
We
wanted
it
to
be
a
little
bit
above
the
neighborhood
but
guided
by
the
neighborhood.
E
So,
while
the
first
2.5
million
dollars
is
going
to
be
poured
into
it,
we
are
also
constantly
negotiating
and
talking
with
developers
about
how
that
they
can
how
they
can
help
contribute
directly
to
this
fund,
to
help
with
to
help
fight
against
displacement
and
to
help
people
stay
in
east
boston
and
I'm
happy
to
say
that
that's
actually
part
of
some
of
the
mitigation
that
we
included
in
the
affirmatively
furthering
for
housing
amendment
that
council
bach
and
I
worked
on
so
greatly
as
a
suggestion
that
there
be
a
neighborhood
fund
and
people
work
together
to
help
fund
and
the
neighborhood
distributed
now
to
deal
with
councillor
baker's
question
about
jimmy
kelly.
E
We
understand
that
he
was
leading
and
working
on
a
neighborhood,
I
guess
fund,
but
I
don't
know
that
it
was
going
to
be
a
direct
partnership
with
the
city,
as
in
the
city
will
have
this
money.
This
is
not
going
into
any
individual
nonprofit
right.
E
The
city
also
has
an
accountant
and
the
lawyer
there
to
make
sure
that
we
are
fully
fully
transparent
and
the
in
this
case
I
will
the
district
one
city
council
will
have
nominating,
but
the
mayor
will
have
appointing
authority
for
a
majority
of
the
trustees,
and
then
we
myself
and
the
senator
and
the
rep
will
sit
ex-officio
or
our
representatives.
E
E
I
just
wanted
to
make
sure
that
you
understood
what
we
have
on
the
table.
So
I
think
that
that's
it.
This
is
a
promise
that
we
are
we're
trying
to
fulfill
and
I
think
we're
all
excited
about
doing
this.
So
thank
you,
council,
black,
for
the
floor.
A
Great,
thank
you
so
much
counselor
edwards
for
those
remarks,
and
indeed
I
do
just
want
to
underscore
that
in
one
of
the
kind
of
it
is
in
the
firmly
furthering
fair
housing
policy,
one
of
the
sort
of
additional
things
that
people
can
do
when
they're
doing
big
pdas
big
projects
etc,
is
to
look
at
a
at
a
kind
of
neighborhood
housing
stabilization
fund,
and
this
obviously,
I
think,
would
end
up
being
the
model
for
that.
I'm
so
excited
to
be
here
today.
A
I
want
to
go
now
to
drew
smith,
as
I
said,
he's
our
head
of
treasury
and
also
our
deputy
cfo
for
the
city
and
margaret
dyson,
and
let
them
talk
a
little
bit
from
the
city's
perspective
about
this
trust
in
the
context
of
trust
generally
and
then
maybe
walk
us
through
a
bit.
Some
of
the
details
of
how
this
one
is
constituted,
drew.
B
Great
thanks
very
much
counselor
our
chair,
madam
chair,
for
having
us
and
also
counselors
for
having
us,
as
the
chair
had
indicated,
my
name's
drew
smith,
I'm
deputy
cfo
and
head
of
treasury
for
the
city
and
I'm
joined
by
margaret
dyson
who's,
the
trust
manager
for
the
city
of
boston.
So
if
I
can't
answer
one
of
your
questions
today,
I
guarantee
you
margaret
can
or-
or
the
two
of
us
can
cobble
together
an
answer-
hopefully
or
certainly
get
back
to
you.
B
So
aside
from
cash
and
debt
management,
revenue,
collection,
investment
management
and
myriad
other
functions,
treasury
is
responsible
for
the
management
of
over
300
testamentary
and
non-testamentary
municipal
trusts.
These
trusts
some
of
them
hundreds
of
years
old.
As
a
matter
of
fact,
up
until
a
few
years
ago,
we
had
ben
franklin
money
still
but
they're
in
place
to
support
specific
functions
from
providing
heating
assistance
to
boston
residents
most
in
need
to
the
support
of
public
art.
B
The
trust
proposed
today
is
initially
funded
with
approximately
two
and
a
half
million
dollars,
as
the
counselor
had
indicated
in
support
of
housing,
displacement,
pressure
and
mitigation
purposes
in
east
boston,
in
accordance
with
a
master
plan
related
to
the
suffolk
downs
redevelopment
project
located
at
525
mcclellan
highway
in
east
boston.
Such
activities
shall
include
but
not
be
limited
to,
and
this
is
all
written
into
the
trust.
B
The
purchase
and
imposition
of
income
restrictions
on
existing
market
rate
housing
and
additional
funds
will
be
deposited
in
accordance
with
provisions
of
the
master
plan
in
support
of
short-term
rental
assistance
to
east
boston
residents.
Struggling
to
avoid
eviction,
if
accepted
this
trust
would
be
support
would
be
supported,
programmatically
by
a
staff
of
the
department
of
neighborhood
development
and
from
an
accounting
and
investment
management
perspective
by
the
team
here
at
treasury,
as
proposed,
the
governing
authority
of
the
trust
would
be
composed
of
nine
trustees.
A
Great
excellent
thank
you
drew
and-
and
I
I
think
it's
fair
to
say
my
understanding
right-
is
that
or
tell
me
if
this
is
right,
because
I
it's
again
a
sort
of
a
stab
at
at
the
question
of
frank's
question.
So
I
think
I
think
counselor
baker
that
in
the
past,
including
possibly
under
under
the
when
jimmy
kelly,
was
the
district
2
counselor.
There
were
various
proposals
to
kind
of
segment
linkage,
which
is
obviously
like
a
formal.
A
It's
a
formal
like
city
exaction
right
that
comes
into
the
central
trust.
You
know
the
second
central
linkage,
trust
and
my
understanding
is.
There
was
an
effort
to
segment
that.
I
think
that
in
this
case
this
is
not
the
linkage
money
for
the
project.
This
is
a
separate
amount
of
money
that
the
developer
has
committed,
and
so,
as
such,
it's
not
like.
The
trust
is
a
way
for
the
city
of
council,
the
city
of
boston,
to
hold
that
money
and
make
sure
it's
spent
on
appropriate
purposes
and
with
appropriate
governance.
B
That's
correct:
the
linkage
dollars
have
two
existing
trusts
that
they
flow
into
the
neighborhood
job
stress
and
the
neighborhood
housing
trust
that
doesn't
change.
This
is
simply
a
separate
housing
stabilization
fund
set
up
or
a
trust
set
up
to
accept
this
particular
money
and
any
additional
money
that
would
be
added
to
it.
But
no
it's
not
it's
not
linkage
dollars.
That's
totally
separate.
A
E
Counselor,
I
do
want
to
be
totally
transparent,
that
there
has
been
discussion
and
there
is
on
our
cooperation
agreement
that
a
certain
percentage
of
some
linkage
dollars
will
be
going
to
again
helping
with
the
20
obligation
of
the
developer.
E
I
don't
know
that
that
necessarily
means
they're
coming
into
this
trust,
but
I
do
know
that
there's
a
commitment
of
prepayment
of
liquid
linkage
dollars
to
help
with
that.
So
I
just
very
well
could
just
go
to
the
housing
trust
which
is
fine,
but
I
didn't
want
people
to
think
that
we
were
not.
A
Great,
thank
you.
Thank
you,
councillor,
edwards
and
and
and
drew
could
you
talk
a
little
bit
about?
Obviously,
in
this
the
district
one
counselor,
the
state
rep
in
the
state
senator
would
sit
x
officio.
I
know
you
have
other
trusts
where,
where
elected
officials
sit
x
officio,
because
I
am
one
of
the
trustees
of
the
boston,
comm
and
maintenance
trust
which
really
needs
to
have
its
next
meeting,
but
I
just
wanted.
B
B
In
some
cases
a
trustee
may
be
appointed
by
the
city
council
or
the
president
of
the
city
council.
In
some
cases
there
is
in
the
case
of
the
brown
fund,
the
senior
or
the
longest-serving
city.
Councilor
sits
ex-officio
in
that
position,
so
there's
a
number
of
different
ways
to
do
this,
but
generally,
when
you're
talking
about
appointments,
it's
the
mayor
that
makes
appointments
in
this
case.
B
That
is
still
how
appointments
are
made,
but
it
is
select.
Those
appointments
are
selected
from
a
slate
of
nominees
provided
by
the
district
1
city
councilor,
so,
depending
on
the
trust
you're
looking
at
it's
going
to
have
a
slightly
different
governance
structure,
but
they
generally
conform
to
the
same
broad
principles,
and
this
one
does
as
well
it's
it's
most
appointment.
Most
appointments
are
done
directly
by
the
mayor.
A
Great,
thank
you.
Okay.
I
think
I
think
we
should
go
to
colleagues
for
their
questions.
I
want
to
note
that
we're
also
joined
by
councillor
julia
mejia
at
large
councilor
edwards.
Do
you
have
any
questions?
I
assume,
because
you
and
treasury
have
talked
extensively
about
this-
that
you
might
not,
but
just
go
to
you.
First.
E
I
think
the
only
concern
if
there
is
a
concern
I'd
like
to
put
on
the
table
is,
I
do
realize
that
there's
a
there's
a
certain
amount
of
if,
if
the
mayor
doesn't
make
an
appointment
right,
there's
about
a
three-month
window
for
the
mayor
to
make
that
appointment
since
we're
talking
about
the
initial
selection
of
them,
and
we
need
this
money
out
as
soon
as
possible.
Is
there
any
willingness
to
possibly
make
that
three
months
one
month
for
the
for
the
initial
board.
E
Asking
both
of
you,
counselor,
bach
and
and
and
the
treasurer.
A
I'll
just
say
on
that
my
preference-
and
I
mean
I'll-
put
it
to
drew.
My
preference
would
be
that
we
get
a
commitment
from
but
from
the
administration
to
make
those
appointments
in
a
month
only
because
I
think
that
it's
always
ideal
to
write
trust
in
ways
that
stand
for
perpetuity
instead
of
having
like
a
kind
of
like,
oh
and
the
first
time,
it'll.
Be
that
it's
just
awkward,
but
I
don't
know,
drew
how
you
how
you
feel
I
think
counselor
edwards
is
saying
that
she
would
hate
to
see
the
trust
wait.
A
B
I
certainly
understand
the
urgency
behind
it
and
I
share
a
sense
of
urgency
around
it.
I
will
say
I
think
the
chair
is
correct
in
that
we
really
do
try
to
keep
these
trusts
operating
under
the
same
principles,
no
matter
when
the
appointments
are
made
and
it
once
the
trust
is
written,
a
certain
way,
it's
difficult
to
add
an
additional
layer
of
kind
of
complexity
behind
it.
B
So
I
would
strongly
strongly
prefer
that
even
the
initial
appointments
stick
to
the
three-month
window
and
we
would
just
work
we're
certainly
happy
to
work
with
the
mayor's
office
to
see
what
we
can
do
to
get
those
appointments
made
quickly
and
if
you're
able
to
if
this
is
accepted
and
you're
able
to
provide
those
nominations,
I'm
happy
to
get
those
up.
E
B
Understanding
that
most
of
our
trust
meet
on
generally
generally
no
more
than
a
quarterly
basis.
Three
months
still
feels
like
the
right
number.
From
my
perspective,
and
if
we
were
to,
I
would
have
to
go
back
to
the
administration
to
members
of
the
administration
if
we
were
to
try
to
shorten
that
period
of
time
at
all,
because
that's
not
something
I've
spoken
with
them
specifically
about
about,
but
they
have
seen
in
three
months.
B
Would
be
correct
well,
and
one
of
the
things
you
have
to
consider
just
so
you
know
is-
is
that
before
you're
able
to
start
distributing
funds-
and
this
could
be
done
relatively
quickly-
and
I
assume
the
counselor
would
be
counselor
edwards,
you
would
be
involved
in
helping
to
draft
the
rules
and
the
regs,
but
before
funds
can
be
distributed
it
you
really
would
want
to
have
a
set
of
rules
and
regulations
set
up
on
how
those
distributions
are
to
be
made.
B
A
Thank
you
thanks.
Councilor
edwards
counselor.
D
Flynn
yeah.
Thank
you,
council
block,
I
I
don't
have
any
questions
just
listening
to
the
conversation
and
here
again
here
to
I'm
here
to
support
my
colleague,
council
edwards.
Thank
you,
council
block
and
again
thank
you
to
margaret
and
thank
you
to
drew.
C
Thank
you,
and,
and
so
madam
chair,
so
your
understanding
and
I
think
the
way
you
explained
it
sounds
about
right
to
me.
I
think
the
other
discussion
that
that
jimmy
kelly
was
having
years
ago
was
around
linkage,
and
this
is
a
specific.
This
is
a
direct
payment
from
from
the
the
suffolk
downs
pacific
towns,
people
part
of
that
mitigation
package
that
was
negotiated.
Would
I
have
is
that
correct.
E
Just
to
let
you
know
this
is
this
is
going
to
be
for
all
developers,
I'm
pushing
forward,
at
least
in
east
boston,
to
be
able
to
contribute,
hopefully.
C
So
so
this
is
also
a
model
like
I
have
the
the
south
bay
going
on,
which
is
going
to
be.
You
know,
20
years,
a
lot
of
money
in
in
mitigation
going
towards
housing.
So
this
is
a
model
that
basically
district
city
councils
will
be
able
to
use
to
protect
their
to
to
to
add
protections
for
their
neighborhoods.
I
think
that's
what
it
seems
like
to
me.
C
Out
yeah,
I'm
in
and
out,
I
apologize,
but
I
have
a
good
handle
of
this
and
thank
you,
madam
chair,
for
the
for
the
for
the
hearing
and
thank
you,
council
edwards,
for
putting
this
forward.
Thank
you.
F
Hi,
yes
good
morning,
super
excited
to
be
here
and
to
support
my
colleague
on
this.
I
think
this
is
revolutionary
in
terms
of
how
we're
literally
bringing
people
into
the
conversation
and
also
creating
space
for
community
organizations
and
activists
and
advocates
to
help
decide
how
and
who
and
when
these
dollars
get
allocated
and
for
as
someone
who
bounced
from
place
to
place
growing
up
as
a
kid.
I
don't
want
people
to
continue
to
live
with
that
fear,
and
so
this
intentionality
really
sets
the
stage
for
that.
F
So
I
just
have
a
few
questions.
How
will
the
trust
decide
what
market
rate
housing
to
impose
income
restrictions
upon,
and
then
I'm
also
curious
to
drew's
point
about
the
rules
and
regulations
about
how
the
money
is
being
distributed?
How
will
we
ensure
that
non-profits
are
helping
to
offer
rental
assistance
are
accessing
community
members
who
don't
speak
english,
do
not
have
internet
access
and
cannot
read
or
write
even
in
their
own
native
language.
F
So
I'm
just
curious
about
kind
of
like
what
the
infrastructure
is
going
to
look
like
to
ensure
that
we're
tapping
into
our
non-profit
partners
in
ways
that
we
know
that
those
who
need
it
most
will
get
it
first.
B
Thanks
very
much
for
the
question,
so
the
good
news
is
is
that
the
trust
division
already
has
a
fairly
good
amount
of
infrastructure
built
up
to
support
these
trusts.
I'm
going
to
defer,
in
some
respects,
programmatically
to
the
folks
over
at
the
department
of
neighborhood
development.
I
know
they
do
a
good
job,
staffing,
the
neighborhood
housing
trust
and
making
sure
that
there's
a
lot
of
accessibility
built
into
that.
B
E
Yes,
and
just
speaking
from
my
experience
on
the
neighborhood
housing
trust
we
we
all
of
our
meetings,
are
public
and,
as
with
this
trust,
meetings,
be
public
as
well
and
as
drew
just
mentioned
so
anytime,
we're
thinking
about
changing
the
rules
of
the
housing.
Trust
people
are
there
and
they
can
get
comment
and
they
can
say
we
agree.
We
don't
agree
so
on
and
so
forth.
We,
we
are
talking
about
all
sorts
of
things
about
what
we
deem
to
be
affordable,
what
we
deem
to
be
displacement,
money
and
the
housing
trust
right
now.
E
Those
conversations
would
happen
with
the
trustees
as
well.
Just
also
noting
you
know
who
we're
demanding
that
the
trustees
have
certain
levels
of
expertise
and
perspective,
that's
written
in
the
trust
right.
They
have
to
come
some
with
planning
some
with
some
development
experience,
some
with
the
community
organized
organizing,
like
those
are
put
in,
so
that
specific
viewpoints
are
at
the
table,
no
matter
what,
and,
as
you
know,
the
balance
is
yes,
the
mayor
can
nominate
everyone,
counselor
mejia,
but
the
district
city
councilor
will
be
putting
forth
the
names.
E
Excuse
me
I'll
be
nominating,
but
the
mayor
will
ultimately
appoint
from
those
names
put
forward,
and
you
can
rest
assured
that
the
people
I
put
forward
will
absolutely
represent
all
of
east
boston
and,
finally,
when
they
go
to
start
to
meet,
because
I
will
be
on
the
on
the
trust,
so
will
senator
bunkori
and
so
will
representative
modero
as
we
go
to
meet
and
build
up
these
rules,
it
will
be
centered
in
the
people
who
are
dealing
with
the
crisis,
the
most
centered
in
their
needs
and
the
ability
to
get
dollars
to
them
as
soon
as
possible.
F
And-
and
I
and
I
appreciate
the
community
organizers
and
the
community
organizations
having
a
role,
are
we
also
looking
at
just
an
everyday
resident
like
someone
who
is
not
involved
with
any
group,
but
definitely
has
that
perspective
of
just
someone
who
has
experienced
housing
and
security,
someone
who
has
had
to
navigate
on
the
system
just
is
there
a
prerequisite
to
be?
You
know
fully
well
versed
in
all
things
that
deal
with
trust
and
all
that,
so
that
we
we
have
common
folks.
There,
too,
just
curious.
E
So
I'll
just
read
to
you
what
the
what
the
folks
or
their
perspectives
would
be
nominees
from
organizations
focused
on
homelessness
nominees
focused
on
low-income
housing,
nominees
from
immigrant
housing
rights
nominees
from
environmental
justice
nominees
from
higher
institution
of
higher
education,
with
expertise
in
affordable
housing.
E
So
that's
where
we
try
to
build
in
some
expertise
and
then
nominees
with
experience
in
city
planning
and
we
go
out
of
our
way
to
say
experience
and
expertise,
not
not
requiring
degrees,
though
right,
because
you
can
have
a
lot
of
knowledge
right
and
expertise
and
not
have
a
degree
right.
That's.
F
F
A
Great,
thank
you.
Thank
you.
Councillor,
mejia
drew.
I
have
a
couple
more
questions,
which
is
just
one
is
just
for
the
council's
knowledge
like
with
these
trusts.
A
Obviously
there's
the
question
of
how
trust
funds
are
administered,
while
the
principal
sort
of
sits
with
the
city
and
there's
reference
in
the
trust
documents
to
for
the
ability
for
the
trust
manager,
which
is
formerly
formerly
our
collector
treasurer
justin
starrett
like
for
them
to
you,
know,
invest
the
principal
like
do
various
things,
and
so
I
just
wondered:
if,
with
a
trust
like
this,
do
we
sort
of?
Would
we
typically
put
it
in
like
its
corpus
in
with
the
larger
holdings
of
the
city
of
boston?
A
B
So,
with
our
trusts
that
are
expected
to
be
held
in
perpetuity,
we
would
invest
the
funds
in
the
market
and
then
distribute
five
percent
of
the
corpus
or
five
percent
of
the
principal
amount
annually
to
the
purpose.
That's
not
what
we'd
be
doing
here
so
here.
Every
dog
that
flows
in
is
expected
to
flow
back
out
and
as
such,
we
wouldn't
want
to
take
any
significant
market
risk,
so
this
would
be
held
in
a
cash
equivalent
similar
to
how
the
neighborhood
housing
trust.
A
Great
thank
you
for
that
clarification
and
thank
you,
counselor
edwards,
for
reading
those.
I
think
that
was
helpful
just
for
folks
watching
at
home.
A
So
councillor,
edwards
read
those
six
categories:
homelessness,
low
income,
housing,
immigrant
housing
rights,
environmental
justice,
higher
ed
with
affordable
housing,
expertise
and
city
planning,
and,
as
she
said,
there
would
be
one
person
with
each
of
those
kind
of
areas
of
interest
from
east
boston
from
yes
and
and
then
the
those
six
are
then
with
the
three
ex
officio
trustees,
and
so
that
makes
a
a
total
board
of
nine
trustees
drew.
Is
there
actually
a
place
in
the
trust
that
references,
the
promulgation
of
the
rules
and
regulations?
G
I
don't
think
we
call
it
out
separately,
it's
an
expectation
that
rules
and
regulations
will
need
to
be
developed
by
with
the
trustees
once
they're
appointed.
A
B
A
Got
it
and
and
to
the
earlier
discussion
with
counselor
edwards,
I
mean
that's
something
where,
in
principle,
some
you
know
interested
parties
could
develop
some
draft
ideas
about
rules
or
regulations
to
be.
You
know
presented
to
the
trustees
for
consideration
right
at
their
so
that
so
that
they
kind
of
hit
the
ground
running
at
their
first
meeting.
B
Absolutely
the
only
rule
is
that
when
so,
anybody
can
up
and
decide
that
they
want
to
offer
suggestions
on
the
rules
and
racks.
What
you
can't
do
outside
of
a
formal
public
meeting
is
for
multiple
trustees
to
deliberate.
So
as
long
as
you
don't
deliberate
and
discuss
it
back
and
forth
outside
of
a
public
meeting,
you're
fine
and
you
can
develop
ideas,
and
then
you
can
all
come
together
at
the
same
time
and
speak
about
those
you
just
wouldn't
be
able
to
do
a
deliberation
without
notice.
E
Just
want
to
make
sure
and
and
this
is
partly
going
to
be
drew
and
margaret
explaining
the
history
or
how
things
have
functioned
for
for
some
of
this
language,
because
I
know
a
lot
of
it
is
trying
to
just
be
consistent,
so
section
3.4
says
written
permission
with
express
written
permission
by
trust
manager
for
disbursements.
E
B
Well,
it's
really
important
to
remember.
The
trust
manager
in
this
case
serves
an
administrative
function.
Our
doctors
carry
out
the
request
of
the
trustees
so
long
as
the
request
that's
being
made
is
in
accordance
with
the
terms
of
the
trust.
It's
not
to
have
an
opinion.
B
E
Right,
okay
and
then
4.1
trust
amendments
require
sign
off
by
the
trustees.
E
E
B
It
wouldn't
necessarily
have
to
be
I've,
never
known
margaret.
Have
you
ever
known
a
trust
to
require
unanimous
agreement
by
trustees
to
amend.
G
No,
but
that
is
the
counselor
is
absolutely
right.
That's
something
that's
addressed
in
the
rules
and
regulations,
so
majorities
quorums.
All
of
that
is
done
through
that.
If
there
are
certain
sorts
of
things
that
you
want
a
super
majority
on,
you
can
decide
that
as
a
board
of
trustees.
E
Okay,
so
again,
I
just
want
to
make
sure
that
the
you
know
a
lot.
I
know
a
lot
of
this
can
be
filled
in
the
gaps,
but
let's
see.
E
B
So
this
these
sections,
especially
article
10,
I
mean
this-
is
all
pretty.
E
B
Well,
it
shall
terminate
in
accordance
with
section
3.2
and
3.2
says
that
so
what
happens
is
if
it's
ever
terminated.
It
has
to
come
back
to
the
city,
and
then
it
has
to
be
once
it
comes
back
to
the
city.
It
has
to
be
expended
in
accordance
generally
in
accordance
with
the
terms
of
the
trust
so
for
the
same
purposes,
so
housing
displacement
mitigation
purposes
in
east
boston.
That
would
be
the
requirement.
B
But
you're
correct,
I
mean
it
doesn't
and
a
way
to
fix
that,
essentially,
if
it
were
to
go
back
to
the
city
and
it
has
to
be
spent
in
accordance
with
the
terms
of
the
original
trust
in
theory,
what
could
happen
is
that
the
city
would
develop
a
new
trust
that
meets
whatever
requirements.
You
know
cuts
out
whatever
was
held
invalid
and
it's
a
new
trust.
That's
workable.
I've
never
known
a
trust
to
be
held
invalid,
but
I
hear
your
point
and
as
far
as
several
ability
to
be
honest
with
you,
I'm
not
an
attorney.
E
That
would
be
the
only
thing,
counselor
bach,
if
there's
other
some
sort
of
provision
because
invalid
we
don't
really
have
a
standard
for
a
ballot.
If
it's
by
a
court,
I
probably
feel
more
comfortable
counselor.
E
I
would
feel
a
little
bit
more
comfortable,
I
do
know,
but
but
invalid
by
who
not
sure
and
then
it
just
it's
the
lawyer
in
me.
I
know
it's
annoying,
but
it
really
is
no.
A
It's
impossible,
yeah.
I
think
I
think
what
I
would
like
drew
if
you
could
maybe
inquire
with
the
law
department
and
get
some
kind
of
opinion.
My
my
gut
is
that,
although
this
is,
I
think
it
is
an
important
point.
A
I
also
think
that
trust
in
a
state's
law
is
a
very
specialized
area,
and
I
suspect
that
this
is
here
for
good
reason,
and
so
I
don't
really
want
the
city
council
wordsmithing
some
of
that
boilerplate,
because
although
I
respect
your
skills
as
a
lawyer
tremendously
counselor
edwards,
I
come
from
a
family
of
lawyers
and
I
know
about
legal
specialization.
A
So
I
so
my
my
instinct
like,
for
instance,
I
would
not
be
at
all
surprised,
here's
my
non-lawyer
judgment
of
this.
I
would
not
be
at
all
surprised
if
the
reason
that
is
there
is
because
a
trust
that
were
to
be
found
somehow
in
legal
defect
could
be
like
hanging
in
no
man's
land,
and
so
the
goal
of
that
provision
is
to
make
sure
that
all
the
money
just
goes
back
to
the
city
of
boston,
so
you
can
fix
it
without
it
being
in
some
weird
nether
world
like
it.
A
Wouldn't
surprise
me
if
that's
the
reason
that
that's
there,
so
I
think
it's
a
totally
reasonable
question
and
we
could
ask
drew
to
ask
law
to
kind
of
figure
out
why
that's
the
boiler
plate,
but
I
I
might
my
instinct-
is
not
for
this
committee
to
wordsmith
that
boilerplate
I'm
not
willing
to
die
on
a.
E
Hill
for
it
that
I
just
had
questions
about
it,
and
and
and
if
we
can't
wardsmith
the
trust
part
then
as
as
drew
noted,
it
goes
back
to
the
city.
Then,
if
there
could
be
some
sort
of
clause
that
to
consider
creating
a
new
trust
or
something
or
to
consider
correcting
defects
of
the
trust
or
something.
A
E
A
Oh,
that's
right,
so
I
was
just
gonna
ask
my
other
ask
of
the
of
the
treasury
folks
as
if
maybe
they
could
send.
You
know
care
of
this
committee
and
we'll
pass
them
on
to
counselor
edwards
as
well
just
a
few
examples
of
some
rules
and
regs
of
existing
trusts.
B
G
We
can
train
people
on
what
their
rights
and
responsibilities
are
as
trustees,
we
do
that
we
do
an
ethics
training
so
that
they
understand
their
responsibilities
there
as
well.
G
That's
a
way
that
we
can
assist
because
we
often
have
trustees
who
are
subject
matter
experts
in
the
purposes
of
the
trust,
but
are
not
necessarily
people
who've
had
a
lot
of
experience
being
trustees
in
this
way.
So
we,
the
law
department,
has
assisted
us
with
this
we're
happy
to
do
it.
We
really
do
see
this
as
part
of
our
role
and
something
that
we
can
contribute
so
that
we
can
get
subject
matter
experts,
not
not
trust
experts
necessarily.
B
A
A
Great,
thank
you
councilman
here.
Thank
you,
counselor
flynn,
all
right.
Well,
I
think
I
think
those
are
all
of
my
questions.
I
I
think
just
getting
a
follow-up
on
that
that
last
10.5
legal
provision
and
and
yeah
some
examples
of
of
rules
and
regs
that
we
can
pass
through
the
chair
would
be
great
from
my
perspective,
councillor
edwards
any
any
last
words.
E
I
would
say
thank
you
to
drew
margaret
the
treasury
folks
who
were.
I
think,
that
fast
and
and
really
pushed
on
this.
So
thank
you.
A
Great
thanks
so
much
and
and
drew
margaret
anything.
You
want
to
say.
B
Not
for
me,
margaret
other
than
to
say
thanks
very
much
for
having
us.
One
of
the
things
that
we
like
to
talk
about
most
in
treasury
is
what
we
do
with
trust
so
fun
to
be
a
part
of
it.
Thank
you.
A
Great
well-
and
we
really
appreciate
you
all-
holding
our
holding
our
funds
and
trust-
that's
very
important
for
the
it's.
You
know,
for
the
purposes
of
all
the
good
things
that
we
want
to
do
with
money,
we
have
to
make
sure
the
money
is,
is
safely
and
securely
held
on
behalf
of
the
people
of
boston.
A
So
we
really
appreciate
your
guys's
work
and-
and
I'm
certainly
excited
about
this
trust
and
I'm
you
know-
excited
to
recommend
it
for
passage
and
grateful
to
councillor
edwards
and
to
the
mayor's
whole
team
for
all
this
work.
So
thank
you
so
much
with
that.
This
hearing
of
the
city
council's
ways
and
means
committee
is
adjourned.