►
From YouTube: Boise City Council - Work Session
Description
Tuesday, May 3, 2022
A
Well,
welcome
everybody!
Well
clerk:
will
you
go
ahead
and
call
the
roll
agent.
B
C
Thank
you.
We've
got
two
items
that
we're
gonna
start
off
with
we're.
Gonna
we've
got
to
keep
each
to
20
minutes
if
at
all
possible.
The
first
is
hannah
you're.
Already
there,
hello
on
the
city,
council,
districting
policy,.
D
D
If
you
remember
in
our
conversation
about
the
ordinance,
we
talked
about
some
of
the
details
being
filled
in
in
the
policies
and
that's
what
we'll
discuss
today,
we
incorporated
much
of
the
feedback
that
you
all
gave
during
those
hearings,
as
well
as
public
feedback
into
these
policies
and
they're
meant
to
supplement
the
ordinance,
but
also
provide
flexibility
for
future
councils.
If
we
need
to
adjust
the
process
moving
forward,
you'll
have
a
chance
to
vote
on
the
ordinance
later
this
evening,
but
today,
for
purposes
of
this
policy,
I'm
just
asking
for
any
feedback.
D
So
I'm
just
going
to
go
over
sort
of
the
main
sections
and
the
policies.
The
first
is
the
appointee.
Qualifications
you'll
remember
some
of
that
is
covered
in
the
ordinance.
The
additions
here
in
the
policy
are
that
the
appointees
are
reflective
of
the
community
they
serve
and
that
they
have
demonstrated
commitment
to
community
engagement.
That's
in
addition
to
those
five-year,
pre
and
post
service
prohibitions
on
running
for
council
they've
got
to
be
boise
voter
et
cetera.
Those
are
included
in
the
ordinance.
D
And
then
the
policies
also
cover
additional
requirements
of
the
plan
itself.
The
commission
will
be
developing,
including
that
each
of
the
districts
need
to
have
substantially
equal
populations
that
communities
of
interest
such
as
neighborhood
association
should
be
kept
whole
to
the
extent
possible,
and
the
same
goes
for
election
precincts
and
census
tracts
to
the
extent
possible
and
then
finally,
it
covers
public
input
in
addition
to
the
required
public
hearing
and
the
ordinance
itself.
D
These
policies
also
provide
for
written
comments
throughout
the
entire
commission
process
up
to
a
week
after
their
final
hearing
and
then
the
fact
that
residents
can
submit
their
own
maps
throughout
the
process
for
consideration
and
those
maps
would
have
to
follow
those
same
requirements
that
are
up
here
under
the
proposed
plans
for
the
commission
and
with
that
just
a
reminder
of
where
we
are,
and
our
next
steps
and
timeline
tonight,
you'll
be
addressing
the
ordinance
itself,
we'll
take
the
next
month
and
a
half
to
two
months
to
work
on
going
through
applications
for
commissioners,
appointments
and
approval
by
you
all,
and
then
the
commission
will
really
do
the
meat
of
their
work
after
they
organize
themselves.
E
Madam
mayor
thanks
hannah
talk
to
me
a
little
bit
about
the
demonstrated
community
engagement
and
what
qualifies
this
community
engagement.
D
Sure,
thank
you,
madam
mayor
and
council
member
willets.
The
idea
behind
this
language
was
to
keep
it
broad,
but
also
to
explain
to
the
public
that
we're
looking
for
folks
who
are
engaged
in
their
community
there's,
no
specific
definition
of
what
that
looks
like
it
could
be.
Someone
who
volunteers,
the
pta
volunteers
at
the
library
is
involved
in
their
neighborhood.
They
could
be
involved
with
another
organization,
a
community
organization,
so
it's
really
sort
of
across
the
board,
but
just
folks
that
are
engaged
in
their
community.
E
Madam
mayor,
thank
you.
That's
really
helpful.
One
thing
that
I
hope
that
we'll
take
into
consideration
is
that
definition
loosely
because
I
think
there's
a
lot
of
great
people
out
there
who
have
a
lot
of
wisdom,
but
are
busy
with
family
and
job,
and
they
may
not
have
the
capacity
to
be
more
of
an
activist
but
have
a
lot
to
give.
And
obviously,
madam
mayor,
that's
that'll,
be
your
call,
but
I
hope
that
we
do.
E
F
Madame
yeah
just
referencing
what
council
member
willets
is
bringing
up
hannah
when
we
worked
on
the
local,
complete
count
for
the
city
of
boise.
That's
exactly
what
we
focused
on
was
making
sure
that
we
had
those.
I
guess
what
we
would
call
informal
community
leaders,
folks
who
don't
necessarily
have
titles
like
like
us,
but
who
the
community
has
identified
as
trusted
individuals
and
who
are
boots
on
the
ground.
They
know
what's
going
on
with
their
communities.
F
G
Yeah,
madam
mayor,
can
I
just
follow
up
on
that
real
quick.
You
know,
there's
so
many
ways
that
folks
can
be
involved,
and
it's
not
just
serving
on
a
commission
and
it's
not
just
through
their
kid's
school,
and
one
of
the
things
that
we're
really
seeking
in
this
commission
is
diversity
and
diversity
applies
to
a
lot
of
different
things
and
diversity
in
the
way
that
you
interact
with
your
community,
I
think,
is
one
of
those
important
things,
because
we
don't
want
only
people
who
have
served
on
commissions
of
the
city.
G
We
don't
want
only
people
who
you
know
serve
on
pta.
We
want
a
variety
of
folks
and
a
variety
of
voices
there.
So
that
was
why
we
kind
of
we
didn't
delineate
what
exactly
that
meant,
so
that
we're
able
to
really
get
that
diversity
and
glean
that
from
the
folks
who
ultimately
end
up
applying,
which
I
think
councilmember
sanchez,
your
point
is
well
taken.
G
There
will
be
a
press
release
going
out.
I
believe
very
shortly
with
the
process
that
folks
can
apply,
and
I'm
guessing
that,
that's
and
hoping
that
that's
going
to
be
distributed
through
those
channels
that
community
engagement
has
been
building
throughout
the
years
with
with
initiatives
like
the
census
complete
count,
because
they've
kind
of
been
building
that
database
of
folks
throughout
throughout
the
years
as
they
make
additional
contact,
so
that
will
go
out
by
those
channels
as
well.
Thank.
D
Madam
mayor
and
council
member
will
it's
it's
not.
It
hasn't
been
released,
but
our
deadline
will
be
in
early
june
so
that
we
have
time
to
review
applications
and
then
for
the
mayor
to
appoint
and
get
those
in
front
of
you
for
approval.
H
Just
a
reminder
to
all
the
council
members
that
these
are
the
kinds
of
issues
that
people
do
find
very
interesting
and
those
of
our
constituents
who
follow
us
on
social
media
would
be
sure
to
see
a
post
if
we
were
to
share
it.
So
if
we
are
concerned
about
not
reaching
enough
people,
I
would
encourage
all
my
fellow
council
members
to
post
about
this.
One.
C
D
Yeah,
just
if
you
had
any
feedback,
otherwise
we'll
just
move
forward
with
the
plan,
you'll
consider
the
ordinance
tonight
and
then
once
that
goes
through
we'll
issue
an
announcement
to
get
applications
for
commissioners.
Okay,
great.
Thank
you.
Thank
you.
C
C
Given
past
work
in
the
investment
space
and
nikki
has
done
more
and
more
due
diligence,
and
so
is
here
to
present
the
concept
to
determine
and
talk
about
just
moving
forward,
further
investigation
on
what
could
be
a
tool
that
pairs
local
investment
with
our
need
to
meet
and
create
or
encourage
others
to
create.
I
should
say
additional:
affordable
housing.
I
Great
thanks
very
much
good
afternoon,
madam
mayor
members
of
council
for
the
record
nikki
olivier
helen
camp
with
the
mayor's
office,
and
as
the
mayor
mentioned,
I'm
bringing
you
a
presentation.
Today.
That's
focused
on
the
idea
of
a
loan
fund
for
affordable
housing,
which
is
a
topic
we
haven't
discussed.
You
all
haven't
discussed
with
me
at
least
before
and
which
we're
still
in
an
exploratory
phase
of
broadening
our
understanding
around.
I
These
are
sometimes
referred
to
as
social
impact
funds
because
they
have
the
dual
purpose
of
acting
as
an
investment
vehicle
and,
at
the
same
time,
having
a
positive
social
impact
using
this
type
of
fund
to
support,
affordable
housing
isn't
a
new
idea.
In
fact,
as
an
example,
the
greater
minnesota
housing
fund
was
launched
way
back
in
1996,
but
it's
one
that
we
haven't
deeply
explored
before
in
terms
of
whether
it's
something
that
would
make
sense
in
our
market.
So
that's
the
learning
journey,
we're
on
and
excited
to
to
have
you
all
on
it
with
us.
I
Got
it
okay,
so
to
guide
our
conversation
today,
I
wanted
to
provide
this
overview,
so
we're
going
to
cover
some
basics
about
how
affordable
housing
is
funded.
We're
going
to
go
over
some
of
the
mechanics
for
how
this
type
of
fund
might
operate.
Look
at
just
a
couple
of
examples
from
other
areas
talk
through
one
potential
use
for
this
type
of
fund,
which
is
the
preservation
of
affordable
homes
and
then
talk
about
next
steps.
This
may
feel
like
a
little
bit
of
a
dense
overview,
so
I'm
more
than
happy
to
continue
the
conversation
after
this.
I
So,
let's
start
with
a
level
set
on
how
affordable
housing
is
funded,
so
to
make
an
affordable
housing
project
work,
a
developer
needs
two
things:
they
need
equity
and
they
need
debt,
so
equity
in
this
contest
essentially
means
cash.
These
are
funds
that
never
have
to
be
paid
back
and
are
given
to
the
project
in
order
to
make
it
possible.
A
limitation
here
is
that
we
have
relatively
few
sources
of
equity
for
affordable
housing
in
our
local
context.
I
We
see
them
primarily
in
the
source
of
federal
funds,
although
we
have
seen
some
city
local
funds
and
for
the
first
time
this
year,
some
state
funds
in
in
the
50
to
the
50
million
dollar
workforce
equity
fund
that
the
legislature
allocated
so
limitation.
Really
here
is
around.
There
are
few
sources
for
this
type
of
funding
in
our
market.
I
They
are
limited
in
the
amount
of
debt
that
they
can
take
on
right.
A
building
that's
charging
very
low
rents,
can't
take
on
huge
amounts
of
debt
because
they
would
never
likely
have
the
income
to
pay
it
back
in
the
same
way,
that
no
bank
should
loan
me
10
million
dollars,
because
I'm
probably
never
going
to
be
able
to
pay
it
back
to
them.
I
I
So
how
could
a
loan
fund
for
affordable
housing
work?
One
example
of
the
way
these
types
of
funds
work
is
a
structured
fund
in
which
the
first
layer
of
the
fund
comes
from
government
or
philanthropy,
and
this
layer
really
anchors
the
fund.
The
contribution
from
the
local
government
can
be
in
the
form
of
a
forgivable
or
very
long
term,
no
interest
loan
or
in
the
form
of
a
grant.
We've
seen
it
done
all
of
those
ways.
The
second
layer
comes
from
philanthropy
from
local
community
development,
financial
institutions
and
the
third
layer
comes
from
banks.
I
This
is
really
the
bulk
of
the
fund,
and
something
we've
heard
from
other
cities
is
that
the
local
government's
contribution
is
really
what
makes
it
more
likely
that
banks
will
lend
to
the
fund
with
lower
rates
or
longer
terms
than
they
typically
would.
In
most
cases,
the
public
money
isn't
actually
there
to
be
spent.
It's
used
entirely
as
loan
loss
reserve,
not
as
loan
principle.
So
essentially,
it's
a
way
for
the
local
jurisdiction
to
almost
co-sign
on
the
loans
making
them
less
risky.
I
E
I
It
would
depend
on
the
way
it
was
structured,
but
this
type
of
fund,
yes,
would
likely
be
filling
a
gap,
particularly
if
it
was
being
used
for
construction.
It
would
certainly
be
gap,
financing
and,
depending
on
how
how
it
decided
to
structure
its
loans,
it
could
be
gap,
financing
on
the
preservation
side
as
well,
and
is
this
what.
I
What
the
state
did
great
question
with
their
50
million,
they
did
look
at
the
question
of
whether
they
could
do
something
like
this
essentially
create
a
revolving
loan
fund
and
what
they
determined
was
that
that
wasn't
something
that
they
wanted
to
do
with
that
50
million
dollars.
So
my
understanding,
at
least,
is
that
that
50
million
dollars
is
going
out
on
the
equity
side.
So
that's
cash,
that's
being
granted,
as
you
said,
as
gap
financing,
but
as
equity,
not
something
that
will
be
paid
back
to
the
state.
I
I
So,
to
summarize
here,
this
would
operate
as
an
investment
vehicle
that
creates
a
financial
return
for
investors,
while
also
advancing
a
social
goal.
It
provides
a
debt
product
that
may
have
lower
interest
rates.
It
might
give
borrowers
more
time
to
pay
back
a
loan
or
otherwise
provide
a
greater
degree
of
flexibility.
I
And
this
type
of
fund
may
also
provide
a
combination
of
equity
and
debt,
which
can
be
very
powerful
again
looking
back
to
the
limited
sources
of
equity
in
our
area.
So
one
example,
we've
seen
is
funds.
That
would
say:
okay,
there's
a
building
that
comes
up
for
sale,
an
affordable
housing
developer
wants
to
buy
it
to
preserve
the
affordability
and
the
fund
is
able
to
provide
20
of
the
cost
of
the
property
and
equity
and
the
other
80
in
debt.
I
That's
one
thing
that
we've
seen
them
sometimes
be
able
to
do,
and
while
local
governments
contribute
to
these
types
of
funds,
they're
not
operated
by
government,
instead,
they
may
be
located
within
an
existing
community
development,
financial
institution
or
cdfi
or
a
foundation
or
in
a
new
501c3.
E
H
Vetement
so
quick
question
on
the
other
examples,
it's
interesting
to
see
how
how
utah
is
doing
it.
Are
you
gonna
talk
about
any
other
examples
in
other
places,
okay,
great.
I
I'm
glad
you
asked
so
here
on
the
next
slide.
We've
got
a
handful
of
examples.
I
just
pulled
these
from
a
few
different
parts
of
the
country
to
illustrate
sort
of
the
diversity
of
these
funds,
so
we've
got
the
philadelphia
housing,
accelerator
fund,
the
red
housing
fund
in
sonoma
county
and
the
utah
housing
preservation
fund.
I
What
all
of
these
funds
have
in
common
is
that
they
are
anchored
by
that
contribution
from
in
the
first
two
examples:
city
and
county
government
in
the
last
example
state,
but
they
are
also
they're
quite
diverse
in
the
sense
that
they've
been
designed
to
really
focus
in
on
a
gap
in
their
particular
market.
So
philadelphia's
fund
really
focused
on
small
developers
almost
treating
them.
You
know
as
small
business,
to
be
kind
of
incubated.
I
You
see
in
the
red
housing
fund,
they're
really
focused
on
driving
housing
development
to
their
downtown,
so
that's
one
of
their
big
priorities
and
on
the
utah
housing
preservation
fund,
a
real
focus
on
preservation
of
naturally
occurring,
affordable,
housing
so
again,
really
really
trying
to
meet
local
needs
in
a
very
precise
way
versus
a
one-size-all
type
of
solution,
and
given
the
initial
research
that
we've
been
doing,
the
area
of
preservation
of
naturally
occurring,
affordable
housing
seems
likely
to
be
one
that
this
type
of
fund
could
operate
in
here
in
boise.
I
So
before
we
jump
in,
I
want
to
quickly
just
go
over
what
we
actually
mean
when
we
say
preservation
so
naturally
occurring
affordable
housing.
Sometimes
it's
abbreviated
to
noaa
is
essentially
any
kind
of
rental
housing,
that's
privately
owned,
unsubsidized
and
affordable
to
households
at
or
below
80
percent
of
the
area
median
income,
affordable,
meaning
it
doesn't
cost
more
than
30
percent
of
their
income
in
rent
and
so
for
these
properties.
I
The
housing
costs
of
the
tenants
are
below
market,
not
because
of
any
kind
of
agreement
that
requires
them
to
be,
but
often
because
the
home
may
be
less
desirable
in
terms
of
its
location,
its
age,
its
amenities,
its
condition
in
our
community.
We
do
also
see
landlords
who
are
choosing
to
hold
rents
at
historical
levels,
rather
than
increasing
them
to
match
the
market
and,
as
a
result,
those
units
would
also
be
considered
naturally
occurring,
affordable
housing.
I
That's
coming
from
a
significant
rent
increase
and
just
as
a
note
here
once
noah
is
lost,
it's
likely
gone
forever.
It's
very
uncommon,
for
if
you
think
about
one
of
these
buildings
that
is,
has
been
affordable
and
then
there
are
these
significant
rent
increases
very
uncommon
for
that
to
then
someday
return
to
being
affordable
housing.
It's
pretty
much
not
going
to
happen
red
mayor.
G
I
totally
love
this
whole
concept.
I've
been
talking
with
actually
several
philanthropists
throughout
the
community
on
this,
so
I
would
love
to
keep
engaging
with
you
on
this.
I
think
I
probably
have
some
good
connections
to
make
there,
but
the
other
thing
with
those
small
landlords
who
have
been
holding
rents
at
historic
levels.
G
Is
they
don't
a
lot
of
times?
They
don't
feel
like
they
have
an
exit
from
those
properties,
because
if
they
sell
them
to
a
private
equity
fund,
they're
going
to
flip
the
properties
raise
the
rents,
and
so
that
kind
of
historic
commitment
that
they've
made
to
their
tenants
is
now
broken.
And
so
I
think
that
this
also
creates
opportunity
for
folks
who
might
have
some
of
these
properties
to
have
an
alternative
exit
to
their
tenants
getting
kicked
out
because
I
think
a
lot
of
folks.
G
I
mean
I
know
that
landlords
sometimes
get
a
bad
rep,
but
there's
a
lot
of
us
who
really
feel
like
we
have
a
social
contract
with
our
tenants,
and
it's
really
important
to
maintain
that.
So
I
just
wanted
to
add
that.
I
H
Thank
you.
I
also
like
the
idea
of
preserving
the
naturally
occurring
affordable
housing,
but
I
think
we
need
to
go
into
that
eyes
wide
open.
I
think
a
great
example,
for
instance,
is
our
own,
our
own
apartments
on
capitol
boulevard,
so
at
some
point,
investing
more
money
into
buildings
like
that,
just
doesn't
become
feasible,
and
so
it
would
be
really
good.
As
as
we
go
into
this
to
understand
what
the
policy
is
about,
how
we
will.
H
Investigate
how
we'll
do
our
due
diligence
about
what
point
that
particular
building's
at
and
whether
it's
actually
worth
investing
more
money
in
or
not?
And
you
know,
what's
the
expected
life
if
we
do
invest
more
money,
those
kinds
of
things,
because
I
think
there's
there's
also
the
possibility
that
trying
to
preserve
that
housing
ends
up
costing
more
in
the
long
run
and
doesn't
preserve
as
much
housing.
Does
that
make
sense.
I
Madam
air
council
member-
it
absolutely
does,
I
think,
in
the
housing
realm
and
maybe
in
all
realms,
it
can
be
really
tempting
to
look
for
that
silver
bullet.
That's
just
going
to
fix
everything-
and
I
think
one
of
the
important
things
to
remember
is
that
when
it
comes
to
housing,
we
need
a
broad
array
of
options
so
that,
depending
on
the
situation,
we
can
choose
the
one
that's
appropriate.
F
Mayor
just
to
follow
up
on
that
nikki,
something
that
happens
with
renters,
especially
if
they're
in
units
that
are
not
they're,
not
keeping
pace
with
the
the
market,
and
so
what
ends
up
happening
sometimes
is
folks
are
living
in
substandard
situations.
F
The
one
that
I
think
of
most
would
be
mold
where
the
law
is
gray
as
to
whose
responsibility
that
is
to
remediate
that,
and
so
I
think
this
is
an
opportunity
for
us
to
help
folks
who
are
yes
living
in
situations
that
they
can
afford.
But,
unfortunately,
because
of
fear
of
losing
that
low
rent
may
not
share
that
that
the
living
situation
is
is
not
a
healthy
one,
and
so
that
that
is
something
that
we
need
to
be
aware
of
as
well.
I
I
So
how
would
a
loan
fund
assist
with
the
preservation
of
affordable
homes?
Essentially,
we
have
a
situation
here
in
our
market,
where
many
buyers
can
pay
in
cash
for
these
types
of
properties
right
and
are
often
looking
to
maximize
their
return
on
investment.
That's
the
business
model,
which
essentially
frequently
looks
like
significant
raises
in
rent.
I
As
a
result,
a
non-profit,
affordable
housing
developer,
for
example,
who
is
interested
in
purchasing
a
property
to
preserve
its
affordability,
may
be
less
able
to
compete.
So
one
thing
that
a
social
impact
fund
could
do
is
to
provide
a
pool
of
patient
capital,
essentially
funding,
that's
waiting
and
ready
to
be
spent
and
that
potential
buyers
could
access
for
fast
and
flexible
financing.
I
Buyers
would
agree
to
hold
rents
at
an
affordable
level,
and
it's
worth
noting
here
that
the
existence
of
this
type
of
fund
isn't
going
to
motivate
or
force
anyone
whose
business
model
is
to
do
market
rate.
You
know
housing
and
to
use
that
type
of
model
to
do
anything
differently.
Essentially,
it's
there
as
a
tool
to
a
non-profit
developer,
a
social
impact
developer,
someone
who
is
already
looking
to
preserve
the
affordability
of
of
that
housing.
I
So
one
example
of
how
this
worked
with
the
utah
housing
preservation
fund
is
the
canyon
echo
complex.
That's
the
one
in
the
photo
there
in
salt
lake
city
and
so
similar
to
what
council
member
woodings
was
saying.
The
owner
of
this
complex
wanted
to
sell
the
property.
They
were
ready
to
be
done
being
a
landlord,
but
they
didn't
want
their
current
tenants
to
be
displaced
by
rent
increases
so
which
they
knew
was
likely
given
the
property's
location.
I
So
the
fund
provided
the
funding
for
an
affordable
housing
developer
to
purchase
the
units,
and
because
this
is
a
loan
fund,
the
loan
is
being
paid
back
using
the
rents
earned
by
the
property
so
that
the
funds
can
be
loaned
out
again
for
the
next
project.
So
just
one
example
of
how
that
how
that
can
play.
I
This
is
where
it
comes
from,
so
that
first
layer
being
seated
by
government
and
philanthropy
that
next
layer
also
philanthropy
community
development,
financial
institutions
and
then
the
really
the
bulk
of
the
fund
coming
from
banks,
and
so,
as
I
mentioned
before,
you've
got
banks
that
are
when
there
is
that,
essentially
that
first
layer
there
of
government
saying
we
will
cover
the
cut
the
risk
here
we
will.
We
will
put
this
money
here
to
sit
here
and
just
cover
risk.
It
does
provide
an
additional
layer
of
security,
essentially
for
those
banks.
I
In
addition,
the
financial
and
financial
institutions
under
the
community
reinvestment
act
have
responsibility
to
you,
know
be
active
in
their
community
and
many
banks
that
participate
in
these
kinds
of
funds
are
in
part
motivated
to
do
so
by
wanting
to
fulfill
their
responsibilities
under
the
community
reinvestment
act.
I
I
can
go
into
more
detail
about
that
another
time
if
anyone
has
questions,
but
that's
where
the
so
the
bulk
of
the
money
for
this
is
coming
from
financial
institutions
that
are
trying
to
meet
their
cra
requirements,
and
also
I
mean
we've
seen
in
many
of
these
other
examples.
I
You're
seeing
local
philanthropy
local
business
saying
we
want
to
be
part
of
the
solution,
and
this
is
a
way
for
folks
to
do
that.
That
is
not
in
line
with
a
traditional
philanthropic
model
of
here's,
our
donation
and
that's
that
it
actually
is
an
investment
vehicle,
so
certainly
earning
lower
rates
of
return
than
most
banks
would
normally
see
with
their
other
investments,
but
still
operating
as
an
investment
vehicle.
C
And
just
to
follow
up
on
that
in
this
middle
layer,
so
the
cdfis
of
course
have
to
do
make
these
investments
by
law
and
the
returns
lower.
The
philanthropy
piece
is
also
sometimes
called
program-related
investing
mission
mission
related
investing.
It
actually
counts
against
the
five
percent
payout
that
foundations
have
to
have
every
year,
but
it's
it's
there's
a
return,
that's
less
than
market
on
that
fund.
So
it's
not
a
like
the
state.
50
million
is
a
giveaway.
C
This
is
an
investment,
that's
expected
to
be
repaid.
So
when
I
work
for
an
investment
firm,
it
was
a
socially
responsible
investment
firm
for
my
clients.
We
would
seek
opportunities
like
this,
with
both
their
foundation
dollars
and
also
their
other
dollars,
where
they
were
willing
to
take
a
slightly
lower
return
to
align
their
investments
with
their
values
and
look
for
local
banks
that
were
doing
stuff
like
this
and.
C
E
So
one
more
question:
that's
very
helpful.
Thank
you,
madam
mayor.
Then
the
rents,
the
the
money
that
the
that
this
fund
is
getting
from
rents,
then
does
it
go
back
in
there
or
does
it
go
to
pay
off
the
loans
I'm
trying
to
figure
out?
You
said
something
about
the
rent
income
and
I
want
to
just
better
understand
you.
I
Sure,
madam
mayor
council
member,
so
the
the
loan
is
being
repaid.
You
know.
Presumably
the
the
owner
is
now
using
their
rental
income
to
repay
that
loan
and
then
that
payment
is
going
back
into
the
fund
to
to
revolve.
So
it
does
go
back
into
the
fund.
But
with
you
know
the
interest
that
they're
paying
on
that
loan,
then
now
you're
able
to
pay
the
the
returns
to
to
your
investors.
C
And
the
rent
piece
might
have
been,
I
could
see
where
that
would
be
confusing.
I
just
want
to
be
clear
that
this
fund
isn't
owning
housing.
C
I
I
I'm
there
okay,
so
my
last
slide
here
is
just
oh,
it's
gone,
sorry
is
around
next
steps,
so
our
next
step
is
essentially
to
keep
learning.
So
our
plan
is
to
seek
consultants
to
conduct
a
needs
analysis
that
would
be
very
focused
on
our
boise
market,
so
they
would
look
at
our
local
contacts.
I
They
would
talk
to
our
affordable
housing
development
community,
look
closely
at
what
the
financing
gap
and
market
need
might
be
in
order
to
for
this
type
of
fund
to
make
sense,
it
needs
to
be
additive
rather
than
displacing
existing
players,
and
it
needs
to
address
an
actual
need
rather
than
providing
a
product
that
doesn't
make
sense
in
our
context,
from
some
of
the
conversations
that
we've
been
having
with
other
cities
and
with
cdfis
that
have
engaged
in
this
kind
of
work,
their
biggest
piece
of
advice
has
been
that
these,
when
these
funds
are
unsuccessful,
a
lot
of
the
reason
is
because
someone
tried
to
do
it
very
quickly
and
tried
to
essentially
copy
what
was
done
somewhere
else
when
that
didn't
actually
make
sense
in
their
local
context.
I
So
really
taking
the
time
to
understand,
is
there
a
need
for
this
type
of
product
here?
If
so,
exactly
what
would
it
do
and
how
would
it
do?
It
is
a
big
piece
of
what
that
initial
feasibility
analysis
would
look
at,
and
that's
once
we
have
that
analysis.
We'll
know
more
about
whether
this
is
something
that
makes
sense
for
us
to
continue
to
explore
and
would
certainly
be
back
with
you
for
an
update
around
that.
I
So
again,
I
know
this
is
a
lot
and
we're
on
a
timeline.
So
more
than
happy
to
continue
the
discussion,
if
you're
interested,
please
do
feel
free
to
reach
out,
because
this
is
something
we're
doing,
we're
all
doing
a
lot
of
learning
around.
B
Madame
thanks
nikki
since
we're
at
the
I
wanted
to
wait
to
the
end,
because
I
could
see
you're
trying
to
get
everything
out
a
couple
of
thoughts.
First,
this
is
really
similar
to
something
that
I've
always
thought
would
work
in
boise
there's
some
differences,
but
you
know
the
big
question
you're
asking
is:
is
this
something
that
we
should
think
about
and
look
at,
and
my
answer
is
certainly
an
emphatic
yes.
B
Second,
when
we
think
about
the
anchor
funding
and
I'm
sure
that
we're
all
over
this
or
we
will
be,
there-
are
constitutional
restrictions
on
our
ability
to
take
on
a
debt
obligation,
and
so
like
the
structure
of
how
that
guarantee
is
made,
might
matter
a
lot
really
just
flagging
that
and
then
related
to
that.
On
the
flip
side
of
that
coin,
there
are
incentives
for
large
investors
flowing
through
our
bonding
authority
and
particularly
tax-free
municipal
bonds.
That
can
help
close
some
of
the
the
gap
on
what
a
return
looks
like
and.
F
F
B
In
participating,
that's
that's
just
something
that
can
get
added
to
make
it
better.
Those
are
the
I
guess,
the
big
picture
thoughts
I
had,
and
then
I
guess
the
final
big
picture
thought
is.
B
You
know,
look
that
the
real
estate
situation
in
boise,
particularly
on
the
affordable
side,
is
that
it's
scarce
and
that
its
value
at
market
is
high
and
that
it's
therefore
very
difficult,
as
the
mayor
said,
and
as
you
said,
to
justify
either
just
on
a
balance
sheet,
how
collecting
rents
would
pay
for
purchasing
new
things
or
to
justify
continuing
to
renting
to
people
when
you
can
make
so
much
more
by
selling
it,
as
councilmember
wooding
said
to
private
equity
type
person,
and
so
this
kind
of
fund,
where
there's
a
return
for
investors,
albeit
lower,
but
socially
oriented
investors
that
comes
with
a
hook
to
maintain
affordable
housing
or
preserve
it,
and
that
comes
with
some
sort
of
governmental
backing
that
makes
it
less
risky
for
banks.
B
C
Madame
I'll
take
one
more
quick
comment
and
then
we've
got
somebody
who's
time
restricted
for
our
executive
session.
That's
why
I'm
rushing
this.