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Of hud. And it was declared trouble for a variety of reasons. And at that point mayor lee called for a reenvisioning process to say, what are the problems with the Housing Authority . What are the problems with the Housing Stock . And what can the city do to ensure that we have Affordable Housing for extremely lowincome people. So the mayor convened the big10 process, and we sought out ideas on how we can solve some of the problems of the Housing Authority. So over a period of four months, and there are Many Organizations involved. Many city departments involved and many public meetings. And o...

And in San Francisco after the 20year cycle, the lenders and the investors are very familiar with this tool. They can underwrite with this and buy credits based on it, they couldnt do that with that section 9 financing. This is part of reason this is part of the solution. In terms why we are looking at rental assistance demonstration program. And the other part, the rental Assistance Program comes with an obligation. We will talk a little about the rehab obligations and the tenant obligations. And one of the reasons, to take part of this program, you need to be obligated for 20 years. And we h...

Any new Public Housing forever. And it has not funded any new modernization for forever. So really what the secretary was doing was saying, here guys, i will give you this tool, and this tool unlocks the access to loan Income Housing tax credits and debt financing. And why does it do that . We are creating these sort of rental assistance vouchers. The lenders a s ans and investo used to projectbased rental vouchers. In the 80s there was lots of projects with projectbased rental assistance vouchers. And in San Francisco after the 20year cycle, the lenders and the investors are very familiar wit...

Program includes suburban jurisdictions and developers, and tenant advocates and a variety of other people that have more sway at the federal government level. So those resources are more likely to be there in the long term than the resources based upon the section 9. And that is another huge, huge difference. In terms of taking advantage of the situation and the realities of the situation. Its not necessarily fair. Its not necessarily just. But for us to be able to move forward we need to take advantage of that situation. The other thing that section 9 doesnt do is it has not funded any new P...

Rental assistance vouchers. The lenders a s ans and investo used to projectbased rental vouchers. In the 80s there was lots of projects with projectbased rental assistance vouchers. And in San Francisco after the 20year cycle, the lenders and the investors are very familiar with this tool. They can underwrite with this and buy credits based on it, they couldnt do that with that section 9 financing. This is part of reason this is part of the solution. In terms why we are looking at rental assistance demonstration program. And the other part, the rental Assistance Program comes with an obligatio...