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Achieve and base on how big the center was. What we are assuming happens in order to get subsidy spots what i understand is when a family is received subsidy they qualify based on their income and they pay a very either sliding scale or pretty minimal am so im not sure what that minimum amount is, but i understand its very limited, very small amount, or a sliding scale based on what they can afford based on their means daks. And the subsidies are deferred by the First Five Program in San Francisco. Theyre the ones that control the amount of subsidy and what subsidy goes to which center. And, y...

Commissioner mondejar. Id like to hear from mercy housing housing, do you have any comments . Good afternoon commissioners, im Barbara Walker with mercy housing. Id like to tell you were thrilled to be here before you on transbay. Our transbay block Six Development as elizabeth mentioned is well under construction, scheduled for completion next fall and as soon as that ones finished we hope to start on block seven so i would be happy to answer any questions you might have of mercy that might help you in your decision making. Thank you. Thank you. Thank you. I just had a small question, just on...

Well over a decade ago. We have before you a proposed amendment to our debt policy to really reflect the state of where things are today, so with that, id like to ask looks like john, our senior financial analyst, to walk you through the substance of the proposed amendment post issuance debt is expandsed to include cfd bonds, follow fcc guidance and to impend the citys disclosure policy appendixes as best practices model to be applied as appropriate. Current ocii practice is to have secondary market tables prepared by a fiscal consultant and weve adopted that formally in this policy. The swap ...

Seems pretty straightforward. I just want to know what is the difference between previous policy and now . Do you know . Im sorry, could you repeat that . Yeah, i said what is the difference between the previous policy and this policy . What are the changes . Well, basically that was the list i recited, those are all changes. Some are minor, but fund emptily weve changed it to accommodate dissolution law, first of all. Previous policy did not mention cfd issuance so weve included that because cfd issuance is governed by our local goals an policies and thats what governed it in the past but wev...

Post issuance debt is expandsed to include cfd bonds, follow fcc guidance and to impend the citys disclosure policy appendixes as best practices model to be applied as appropriate. Current ocii practice is to have secondary market tables prepared by a fiscal consultant and weve adopted that formally in this policy. The swap derivative policy, which was amended to the 2004 policy was deleted. This revised policy has been reviewed and commented on by the San Francisco Controllers Office of Public Finance, by jones hall, our current bod counsel, and pfm, our current financial advisor. This conclu...