[Captioner] 09:26:08 test test test test test test test test test test test test test [Captioner] 09:26:11 test test test test test test test test test test test test test test test it. [Captioner] 09:26:20 [Captioner] 09:30:39 >> STEVEN HOLT: We'll give it a minute or two since we don't have [Captioner] 09:30:42 all of our members [Captioner] 09:30:45 present, I don't see [Captioner] 09:30:49 Annalise or Alan or Susan. >> She [Captioner] 09:30:51 won't be here today, she sends her apologies. >> STEVEN HOLT: Thank you for letting [Captioner] 09:31:00 me know. So we'll give a moment for [Captioner] 09:31:04 Alan [Captioner] 09:31:09 and/or -- >> Here is Alan. [Captioner] 09:31:25 >> STEVEN HOLT: Steven Green, [Captioner] 09:31:29 good morning, how are you? >> How [Captioner] 09:31:32 are you, Mr. Holt? Happy to be back in [Captioner] 09:31:35 action. >> STEVEN HOLT: I'm glad you're here. We need to catch [Captioner] 09:31:38 up. So many things to do. So many things to talk about. [Captioner] 09:31:47 Well, good morning, everyone. Welcome [Captioner] 09:31:50 to Portland housing bond [Captioner] 09:31:55 d Oversight Committee. Welcome to spring in the Northwest. A wonderful, [Captioner] 09:31:59 cloudy, overcast, [Captioner] 09:32:02 rainy, 45-degree morning. A [Captioner] 09:32:05 great day to be alive [laughter]. It's [Captioner] 09:32:08 good for us to be together. Let me go through roll call real [Captioner] 09:32:11 quickly. And we will get [Captioner] 09:32:14 into our work for [Captioner] 09:32:18 today. I'm going to start with -- >> Recording in progress. [Captioner] 09:32:31 >> I'm sorry, it went silent on me when it said recording in [Captioner] 09:32:35 progress. Did you say my [Captioner] 09:32:39 name, Steven? [Captioner] 09:32:42 >> STEVEN HOLT: We hear you now, [Captioner] 09:32:46 sir. >> Allan [Captioner] 09:32:49 Lazo, here by video. Happy [Captioner] 09:32:53 fair housing month. >> [Captioner] 09:32:57 Good morning, Todd [Captioner] 09:33:00 Struble on the oversight committee. [Captioner] 09:33:04 >> STEVEN HOLT: Wonderful. I don't see anyone else. [Captioner] 09:33:16 Annalise isn't here yet. We will move [Captioner] 09:33:20 to the minutes from our last meeting. Any comment, or are we ready to approve? [Captioner] 09:33:28 >> Dr. Holt, I move we approve the [Captioner] 09:33:33 minutes as submitted from our last [Captioner] 09:33:36 quarterly meeting in February. >> STEVEN HOLT: Thank you, sir. It's [Captioner] 09:33:39 been moved that we approve the [Captioner] 09:33:43 minutes. Any second? >> [Captioner] 09:33:47 Stephen seconds. >> STEVEN HOLT: Stephen Green will second. [Captioner] 09:33:50 If everyone is in agreement, I will call your name and you affirm [Captioner] 09:33:54 that you're in agreement. [Captioner] 09:33:58 Allan? >> Aye. [Captioner] 09:34:01 >> Todd. >> [Captioner] 09:34:04 Aye. >> Stephen. >> Aye. [Captioner] 09:34:07 >> STEVEN HOLT: Minutes have been approved and now we open it up for an opportunity for the [Captioner] 09:34:11 public to have public testimony. Our [Captioner] 09:34:14 request is that the testimony be [Captioner] 09:34:19 in relationship to the items being discussed. We know there are always concerns [Captioner] 09:34:22 beyond just this moment. So I'm going to ask every person who [Captioner] 09:34:25 works with -- thank you, if we could go to the full screen gallery just for a moment. [Captioner] 09:34:30 If we can go back to the gallery view. [Captioner] 09:34:38 Excellent. I'm going to ask everyone who is a [Captioner] 09:34:42 part of the Portland Housing Bureau to turn their camera on, if you can. [Captioner] 09:34:48 I'll give you a moment to do so. So that all of the [Captioner] 09:34:51 public members who are watching can [Captioner] 09:34:54 reach out to a [Captioner] 09:34:58 Portland Housing Bureau staff person if you've got [Captioner] 09:35:01 a concern or have an issue or topic [Captioner] 09:35:05 that you want to address that's beyond what's in [Captioner] 09:35:08 our meeting today. So housing bureau [Captioner] 09:35:11 folks, why don't you give a nice happy wave, big smile. You look lovely. [Captioner] 09:35:19 Thank you very much. Wonderful. [Captioner] 09:35:22 I see you're clapping hands. If you have a concern that's beyond [Captioner] 09:35:25 the scope of today, you are more [Captioner] 09:35:28 than welcome to reach out and interact with [Captioner] 09:35:31 them. Now, in relationship to public testimony, you're [Captioner] 09:35:34 going to have two minutes to share your testimony and your [Captioner] 09:35:38 thought. I'm going to time it. At the end of those [Captioner] 09:35:41 two minutes, you will hear a chime go off, and [Captioner] 09:35:44 that's your indication that your time is up. [Captioner] 09:35:47 Do we have any persons who signed up for public testimony? [Captioner] 09:36:00 >> MEGAN GRILLO: I'll stop sharing. It [Captioner] 09:36:03 went backwards. >> We have one person who [Captioner] 09:36:06 had signed up for public [Captioner] 09:36:10 testimony on the registration, Cynthia [Captioner] 09:36:14 Rowe. However I do not see Cynthia in the list [Captioner] 09:36:17 of attendees. >> STEVEN HOLT: I do not [Captioner] 09:36:21 see a Cynthia either. While we're here, let me just open it [Captioner] 09:36:24 up to members who are here. If [Captioner] 09:36:29 there is a desire to [Captioner] 09:36:32 do public testimony, let me afford you that capacity as well. [Captioner] 09:36:35 You can merely unmute, identify yourself, and I will start the timer. [Captioner] 09:36:51 Seeing none, we will move forward. Annalise [Captioner] 09:36:54 is now with us, Annalise, [Captioner] 09:36:57 I'll give you an opportunity to identify yourself. [Captioner] 09:37:00 >> Thank you very much, good morning. So sorry I'm [Captioner] 09:37:03 running late. [Captioner] 09:37:07 Anneliese [Captioner] 09:37:11 Koehler. Apparently I'm in a place [Captioner] 09:37:15 with unstable [Captioner] 09:37:18 Internet so I'll keep the camera [Captioner] 09:37:21 off. >> STEVEN HOLT: We'll move forward [Captioner] 09:37:24 with our first item. [Captioner] 09:37:28 Updates. >> I'm getting there. [Captioner] 09:37:30 Okay. Oh, my goodness. All right. [Captioner] 09:37:37 Here we go. Thank you for your patience. >> JILL CHEN: Thank you, Megan, and [Captioner] 09:37:40 thank you, Dr. Holt. For the record, my name [Captioner] 09:37:43 is Jill Chen, housing investments and portfolio [Captioner] 09:37:47 preservation manager at the Portland Housing Bureau [Captioner] 09:37:50 and I use she/her pronouns. Next slide, [Captioner] 09:37:53 please. I will go through [Captioner] 09:37:56 the project dashboard and that dashboard is, [Captioner] 09:38:00 again, that big, huge Excel spreadsheet that looks like a whole [Captioner] 09:38:03 bunch of columns and a [Captioner] 09:38:06 whole bunch of numbers. And -- but I did want to [Captioner] 09:38:10 just highlight a few items on the project [Captioner] 09:38:13 dashboard. You'll note that in this particular slide, [Captioner] 09:38:16 you'll see that the completed units [Captioner] 09:38:20 versus sort of those units that are [Captioner] 09:38:23 in construction, we're seeing that [Captioner] 09:38:26 flip, where we're seeing more unit that are actually complete [Captioner] 09:38:30 or being leased up versus that which is in [Captioner] 09:38:36 predevelopment or construction, which is great news, because that means more and [Captioner] 09:38:39 more Portlanders can be housed in the [Captioner] 09:38:42 Portland bond projects. Since the last [Captioner] 09:38:45 meeting, a few key events, and you'll see this more [Captioner] 09:38:48 on the big spreadsheet, it's not [Captioner] 09:38:51 here, because it's rather [Captioner] 09:38:55 detailed, I highlighted the items that's changed [Captioner] 09:38:58 on that big spreadsheet in the red. And what [Captioner] 09:39:01 you'll note is that there is a different [Captioner] 09:39:05 project which is Hollywood HUB instead of [Captioner] 09:39:08 Barbur Apartments. And we'll go through that in a [Captioner] 09:39:12 mew fins. And the rationale, we'll discuss the swap. [Captioner] 09:39:15 Along with other red items, those [Captioner] 09:39:19 are the changed items. You'll [Captioner] 09:39:22 note that under Francis+Clare, we've noted [Captioner] 09:39:26 that it is targeted to close end of June this [Captioner] 09:39:30 year, this calendar year. The [Captioner] 09:39:34 parish has asked for some additional [Captioner] 09:39:37 requests related to the land transfer as well as [Captioner] 09:39:42 amenities, which is seeking -- which will require additional [Captioner] 09:39:45 PHB funding as well as potential resolution [Captioner] 09:39:48 with bureau of Bureau of Development Services [Captioner] 09:39:51 related to the parking. So that is an item that the team and I [Captioner] 09:39:55 are still working through with the developer [Captioner] 09:39:58 and with the different entities. My guess is [Captioner] 09:40:02 that the overall cost to the bureau [Captioner] 09:40:05 is probably going to be another $1 million, [Captioner] 09:40:08 plus/minus. And we're trying to limit [Captioner] 09:40:11 that. Hollywood HUB, [Captioner] 09:40:14 I mentioned we will discuss that a little bit. [Captioner] 09:40:18 You'll see that there are a number of items that are red, and [Captioner] 09:40:22 this is all to do with the [Captioner] 09:40:29 lease-up, meeting of completion. There has been [Captioner] 09:40:32 delays across all of our outstanding projects. [Captioner] 09:40:35 And we'll go into that [Captioner] 09:40:38 in a few minutes. The good thing [Captioner] 09:40:41 since last [Captioner] 09:40:44 Bond Oversight Committee meeting is that [Captioner] 09:40:48 Hacienda's [Captioner] 09:40:52 Las Adelitas project had a grand opening on march 9th, [Captioner] 09:40:55 there was a lot of positive press, much [Captioner] 09:40:59 credit to you all who approved this. Next slide, please. [Captioner] 09:41:02 Well, as always, I never bring in just only [Captioner] 09:41:05 the good news. So we have risks [Captioner] 09:41:08 and issues. And some of the risks and issues have not changed since [Captioner] 09:41:11 our last oversight committee [Captioner] 09:41:14 meeting. There has been continued construction risk with [Captioner] 09:41:18 delays in anything from supply chains, [Captioner] 09:41:21 with PPLPPG issues, [Captioner] 09:41:24 inspection issues. Result of all these [Captioner] 09:41:28 construction risks or construction delays, what we've [Captioner] 09:41:32 seen is an increase in [Captioner] 09:41:36 interest during construction. Because of that, a number of [Captioner] 09:41:39 our projects have come back, not necessarily to [Captioner] 09:41:43 PHB because we can't increase our funding, but we [Captioner] 09:41:47 are releasing our funds earlier [Captioner] 09:41:50 so that -- because our funds [Captioner] 09:41:54 are low cost or no cost, so that [Captioner] 09:41:57 they, the developers, are able to reduce that interest during [Captioner] 09:42:00 construction. We have seen [Captioner] 09:42:04 outside increase -- additional [Captioner] 09:42:07 ask, meaning asks for additional grant [Captioner] 09:42:10 funding, asks for additional tax credit [Captioner] 09:42:14 equity and private activity bonds, requests for [Captioner] 09:42:18 additional senior debt. So, many of our projects that [Captioner] 09:42:21 are in construction are still also [Captioner] 09:42:24 in processes of revising their [Captioner] 09:42:27 financing because of the delays and [Captioner] 09:42:30 interest. This is also an impact on our predevelopment [Captioner] 09:42:33 projects. These are the two that [Captioner] 09:42:37 I mentioned, Francis+Clare and [Captioner] 09:42:40 Hollywood HUB, especially as we [Captioner] 09:42:43 are still in this environment of high [Captioner] 09:42:47 uncertainty on construction costs as well as interest [Captioner] 09:42:50 rates. We also are seeing [Captioner] 09:42:53 increasing or continuation of [Captioner] 09:42:56 risk on operations. As mentioned [Captioner] 09:43:01 previously, there is risk related to permanent supportive [Captioner] 09:43:04 housing as well as just straight up [Captioner] 09:43:08 operations. There is additional needs [Captioner] 09:43:11 of the residents coming from coordinated access. [Captioner] 09:43:15 And what we've seen is our [Captioner] 09:43:19 owners, developers, asking joint [Captioner] 09:43:22 office to review their standard [Captioner] 09:43:25 of 10,000 per unit per annum for [Captioner] 09:43:28 service support, because it [Captioner] 09:43:34 trickles down. If there isn't a service delivery, [Captioner] 09:43:37 our residents can't be as stabilized and as [Captioner] 09:43:40 sort of -- we can't provide as much of the wraparound services as needed. [Captioner] 09:43:45 So that is also some things we are [Captioner] 09:43:48 seeing in the operations of the [Captioner] 09:43:51 projects. One of the other things that I did want to highlight [Captioner] 09:43:54 is the need for [Captioner] 09:43:57 alignment of State, regional and local [Captioner] 09:44:02 resources. Part of this is as we're seeing in our construction, with the construction [Captioner] 09:44:05 risk, with the predevelopment risk, [Captioner] 09:44:09 the State, the region, and [Captioner] 09:44:12 PHB as a local, all need to work together to make sure [Captioner] 09:44:16 that these projects, once a project [Captioner] 09:44:19 has been awarded, they can be brought to [Captioner] 09:44:22 financial close, as well as construction [Captioner] 09:44:26 completion. So that all of [Captioner] 09:44:30 the projects, especially those at the local priorities for [Captioner] 09:44:34 homelessness, for example, for reaching out to communities of color, [Captioner] 09:44:37 those are addressed and are [Captioner] 09:44:40 met in a way that has required all of our [Captioner] 09:44:43 resources. And I did want to say, we'll [Captioner] 09:44:46 talk a little bit in a minute about Barbur Apartments [Captioner] 09:44:49 and the Hollywood HUB swap, because that [Captioner] 09:44:52 is a classic case in which the [Captioner] 09:44:57 alignment of resources didn't quite align, which [Captioner] 09:45:01 required some reshuffling from [Captioner] 09:45:06 PHB in the funding source. And then last but not least is the [Captioner] 09:45:09 closing of the Portland housing [Captioner] 09:45:12 bonds. With the swap with Hollywood HUB, we [Captioner] 09:45:15 anticipate all of the Portland housing [Captioner] 09:45:19 bonds would be 100% committed, not just [Captioner] 09:45:23 awarded or reserved, because Hollywood HUB will [Captioner] 09:45:26 close before June 30th [Captioner] 09:45:29 , 2024. And [Captioner] 09:45:32 Francis+Clare will be closing in the next three months. [Captioner] 09:45:35 So all of our projects except Francis+Clare and [Captioner] 09:45:39 Hollywood HUB would also have been completed [Captioner] 09:45:43 construction. So there is a number of -- I didn't want to just raise [Captioner] 09:45:46 that so that you all as Bond Oversight Committee [Captioner] 09:45:49 members are apprised [Captioner] 09:45:52 that at least on the development [Captioner] 09:45:55 side, our work, I [Captioner] 09:45:58 guess, would be complete. Next slide, please. [Captioner] 09:46:05 Oh, I'm sorry. I see Todd's hand. [Captioner] 09:46:08 Yes, Todd. >> Yeah, just -- I [Captioner] 09:46:11 mean, I think just functionally, what does that [Captioner] 09:46:14 mean for the oversight [Captioner] 09:46:17 committee once the Portland housing [Captioner] 09:46:20 bonds funds are 100% [Captioner] 09:46:24 committed? Is that a sunsetting of these meetings [Captioner] 09:46:27 or is there a role to continue oversight [Captioner] 09:46:30 in some form or fashion? >> JILL CHEN: There may be some continued [Captioner] 09:46:33 oversight. I think this is maybe something for you all, and we can discuss [Captioner] 09:46:37 this in the executive session, but something for you [Captioner] 09:46:40 all to consider, especially as [Captioner] 09:46:44 you are going to see these projects complete their [Captioner] 09:46:48 lease-up. There will be report-outs [Captioner] 09:46:51 on demographics and incomes. And [Captioner] 09:46:54 that kind of information. But [Captioner] 09:46:57 in terms of continuing, once these residents are [Captioner] 09:47:01 stabilized in their homes, [Captioner] 09:47:05 ideally, you know, they're not going to be continuing [Captioner] 09:47:08 changing. So that may be something [Captioner] 09:47:12 for you all to discuss, as to the [Captioner] 09:47:15 frequency, the type of meetings, that kind that is needed going forward. [Captioner] 09:47:24 I didn't want to -- any other, especially [Captioner] 09:47:27 from other members of the Bond Oversight Committee? [Captioner] 09:47:31 >> Jill, it's Stephen, a question for you. [Captioner] 09:47:34 As cost of money goes up, [Captioner] 09:47:40 do you anticipate that the allocation of [Captioner] 09:47:43 affordable units will move a little bit as developers look at [Captioner] 09:47:46 their financial stack and what cash flow looks like in a world where, you know, [Captioner] 09:47:50 the cost of funds is a little bit [Captioner] 09:47:53 higher, do you see them saying, [Captioner] 09:47:56 oh, we'll go for 40%, come up with 50 [Captioner] 09:47:59 or 60 to kind of move things around? >> JILL CHEN: Great question, [Captioner] 09:48:02 Stephen. And we are seeing that. When we first [Captioner] 09:48:05 started with the Bond Oversight Committee and [Captioner] 09:48:09 with you all, we originally said, hey, our cap [Captioner] 09:48:12 is $150,000 per [Captioner] 09:48:15 unit. As mentioned, we've seen [Captioner] 09:48:19 these projects require more money. And not so much [Captioner] 09:48:22 with the Portland housing bonds, because we only have two [Captioner] 09:48:26 left that are still not fully [Captioner] 09:48:29 funded or not closed. We've seen this especially true [Captioner] 09:48:32 with the metro housing bond that we are [Captioner] 09:48:36 implementing, just as a basis. Last year [Captioner] 09:48:39 this [Captioner] 09:48:43 time, we had over $750 [Captioner] 09:48:46 million in predevelopment total project [Captioner] 09:48:49 cost. At that time we also had $1.5 [Captioner] 09:48:52 billion in total project costs, in [Captioner] 09:48:55 construction, you know, in construction, in predev as well as [Captioner] 09:48:59 in lease-up, 40 projects, [Captioner] 09:49:03 plus/minus. Out of the the $750 million in [Captioner] 09:49:07 at that time the estimated cost, we had a [Captioner] 09:49:10 funding gap of over $70 million, which made sense because costs [Captioner] 09:49:13 were increasing at 1% per month. And we just [Captioner] 09:49:16 had a ton of projects that [Captioner] 09:49:20 had not closed. But those were [Captioner] 09:49:23 mostly, this goodness, metro bond funds, [Captioner] 09:49:26 not Portland housing bond funds. [Captioner] 09:49:29 So we are expecting that the capital [Captioner] 09:49:32 stack, for example, in Hollywood HUB is probably going to be the most [Captioner] 09:49:36 complex anyone has ever seen. [Captioner] 09:49:39 I think right now it's almost [Captioner] 09:49:42 ten different funding sources. [Captioner] 09:49:46 And the needs are pretty [Captioner] 09:49:49 extensive from [Captioner] 09:49:52 PHB. Right now we also [Captioner] 09:49:56 have, separate from Portland housing bond and the metro housing [Captioner] 09:49:59 bond, PHB is working with other bureaus [Captioner] 09:50:02 on an initiative about the total cost [Captioner] 09:50:06 of producing housing in City of Portland, [Captioner] 09:50:09 and preliminarily, we're having a consultant called [Captioner] 09:50:14 BAE work on that effort. And in order [Captioner] 09:50:17 to address not just why [Captioner] 09:50:21 is it so difficult to build affordable [Captioner] 09:50:24 housing in Portland but why is it so difficult to build, [Captioner] 09:50:27 period, in Portland. And one of the things we're [Captioner] 09:50:30 finding on a preliminary basis is that [Captioner] 09:50:34 cost across the board [Captioner] 09:50:37 has been increasing [Captioner] 09:50:40 insanely, I think on a preliminary [Captioner] 09:50:44 basis, the consultants are seeing [Captioner] 09:50:47 per unit cost almost at a [Captioner] 09:50:51 half million dollars. I hope that [Captioner] 09:50:54 helps, Stephen, put some of that in context. >> [Captioner] 09:50:58 Gotcha. No, it definitely does, I guess, for us [Captioner] 09:51:01 as a committee, something to think about as things move forward. I know [Captioner] 09:51:04 we always talk about the top number of how many units we're getting [Captioner] 09:51:07 out there. But I wonder at what point [Captioner] 09:51:14 we start having the conversation of making sure there's a good [Captioner] 09:51:17 amount of affordability so that there's a wide [Captioner] 09:51:21 range of representation there, not all soaked up as costs are [Captioner] 09:51:24 going forward, but also [Captioner] 09:51:27 hopefully gives us some data points to go [Captioner] 09:51:30 and leverage others to continue to build [Captioner] 09:51:33 affordable housing. Again, I leave in Northeast [Captioner] 09:51:36 Portland, not too far from interstate and Lombard, where I [Captioner] 09:51:40 continue to see this vacant lot that's right on the max [Captioner] 09:51:43 line, that could be hundreds [Captioner] 09:51:46 of units of affordable [Captioner] 09:51:51 housing that PPS owns. I think we have [Captioner] 09:51:54 to continue to stress the needs that are out there. [Captioner] 09:51:57 Thanks for the clarification. >> JILL CHEN: Thank you, Stephen. [Captioner] 09:52:00 And I agree with you, having more units at that middle between [Captioner] 09:52:03 30% AMI and 60% AMI is critical. [Captioner] 09:52:08 We don't have it in the Portland housing bond. [Captioner] 09:52:12 But many of our other -- and even [Captioner] 09:52:16 in some of the units, the developers, owners, are [Captioner] 09:52:19 trying to keep it so that it's affordable at, say, a 50% [Captioner] 09:52:22 AMI. But it is hard to make [Captioner] 09:52:25 those numbers pencil. Allan? [Captioner] 09:52:32 >> Thank you, Jill. I just wanted [Captioner] 09:52:35 to see if we could get more clarification around the statement you made about the need for [Captioner] 09:52:39 alignment between the State, regional, and local funding resources. And I don't know [Captioner] 09:52:42 if that would be better saved for after the [Captioner] 09:52:45 conversation on Barbur and Hollywood HUB, [Captioner] 09:52:49 because maybe you'll be able to explain some of kind of the [Captioner] 09:52:52 specifics. I'm curious about, particularly for us, from a risk [Captioner] 09:52:55 perspective, what kind of risk is [Captioner] 09:52:58 that lack of coordination creating. And so [Captioner] 09:53:02 maybe we'll highlight it during -- is it the timeline, is it [Captioner] 09:53:06 the requirements for the different funding sources? So that's what [Captioner] 09:53:10 I'm curious about. >> JILL CHEN: [Captioner] 09:53:14 Allan, that's a great segue into the next [Captioner] 09:53:17 slide. Next slide, [Captioner] 09:53:20 please. This is the rationale for the swap. We had [Captioner] 09:53:24 not necessarily intended it. Both [Captioner] 09:53:27 projects were awarded through 2021 competitive [Captioner] 09:53:31 solicitations. One was a Portland Housing Bond [Captioner] 09:53:35 solicitation, the other was a Metro Bond [Captioner] 09:53:38 solicitation. Barbur, when it came in for [Captioner] 09:53:42 the Portland housing bond solicitation, it specifically [Captioner] 09:53:45 said we'll be seeking [Captioner] 09:53:48 LIFT funding is and we had a [Captioner] 09:53:53 $4.6 million funding gap. They knew they would have [Captioner] 09:53:56 to go to LIFT. They applied for [Captioner] 09:53:59 LIFT and heard in fall of [Captioner] 09:54:02 2022 they were not awarded any LIFT [Captioner] 09:54:05 funds. Both ourselves and the [Captioner] 09:54:09 developer, Innovative Housing Inc., was like, [Captioner] 09:54:12 OACS, what happened, I thought you were [Captioner] 09:54:15 supposed to help us, I thought there were supposed to be alignment of resources. [Captioner] 09:54:18 This is a critical project, it's in the southwest, we all wanted a [Captioner] 09:54:23 southwest project for the PortlandPortland [Captioner] 09:54:28 Housing Bond. They were [Captioner] 09:54:31 like, well, we, OHCS, actually [Captioner] 09:54:35 apportioned LIFT and housing trust funds [Captioner] 09:54:41 in April 2022, totaling almost $40 [Captioner] 09:54:44 million. But it was only [Captioner] 09:54:47 for metro funded projects. And they [Captioner] 09:54:50 decided to give that $40 million to only [Captioner] 09:54:53 Metro funded projects. And we asked, why didn't [Captioner] 09:54:56 you include Metro and Portland bonds? [Captioner] 09:55:00 Maybe it was an oversight. [Captioner] 09:55:03 It's -- whatever it is, it was agreed [Captioner] 09:55:06 they would fund only for the Metro Housing Bond [Captioner] 09:55:11 projects. Metro worked with local jurisdictions, including PHB, to [Captioner] 09:55:15 determine the need and ability [Captioner] 09:55:18 of each local jurisdiction to use these funds. [Captioner] 09:55:21 Portland was very lucky. We had a huge need, [Captioner] 09:55:25 as I mentioned, we had $70 million in [Captioner] 09:55:28 gap. So they granted us almost $10 [Captioner] 09:55:31 million in housing Trust Fund [Captioner] 09:55:37 and $11 million in LIFT in 2022. [Captioner] 09:55:41 Then they had some more LIFT in early [Captioner] 09:55:44 2023 and we got another almost $2.2 [Captioner] 09:55:47 million. So because of our [Captioner] 09:55:51 needs, and we explained to Metro [Captioner] 09:55:54 that Barbur did not get any LIFT [Captioner] 09:55:58 because it was all being allocated to [Captioner] 09:56:01 Metro ETRO HOUSING BONDetro housing bond [Captioner] 09:56:13 s, Metro also understood we needed other projects [Captioner] 09:56:16 funded. We asked them for the swap. [Captioner] 09:56:19 Hollywood HUB is a transit [Captioner] 09:56:23 oriented development right at the Hollywood [Captioner] 09:56:26 Trimet site, I [Captioner] 09:56:29 guess the max line. It's right next to [Captioner] 09:56:32 Target, it's that little site. [Captioner] 09:56:35 It's a 222-unit [Captioner] 09:56:38 building. It is larger than Barbur, [Captioner] 09:56:41 but all the Barbur units, meaning 30% [Captioner] 09:56:45 units, family sized [Captioner] 09:56:48 units, there is no PSH in either [Captioner] 09:56:51 of them. Essentially, it [Captioner] 09:56:54 could have been a direct swap with [Captioner] 09:56:58 the extra 73 units that [Captioner] 09:57:01 sort of didn't meet a one for [Captioner] 09:57:05 one, would be kept on the Metro side, [Captioner] 09:57:08 without changing any of the allocation in [Captioner] 09:57:11 units at Barbur. Now, if we [Captioner] 09:57:15 did not do the swap, Barbur [Captioner] 09:57:18 would probably have to wait until [Captioner] 09:57:21 2024 to apply for LIFT, [Captioner] 09:57:24 and therefore it wouldn't close [Captioner] 09:57:27 until sometime 2025, [Captioner] 09:57:31 end of 2025. Also [Captioner] 09:57:34 we realized Hollywood HUB was not an efficient [Captioner] 09:57:37 user of LIFT, mainly because of the way [Captioner] 09:57:41 they needed to maximize their developer [Captioner] 09:57:44 fees and reinvest that. LIFT had requirements that didn't [Captioner] 09:57:47 make it work so easily. So [Captioner] 09:57:50 if we swapped it and [Captioner] 09:57:53 allowed Barbur in, [Captioner] 09:57:56 we could actually expedite the process by over a year. [Captioner] 09:57:59 And it could be fully [Captioner] 09:58:02 funded. So what does that mean [Captioner] 09:58:05 in terms of alignment? In [Captioner] 09:58:10 my estimation, I thought Barbur was the example of what [Captioner] 09:58:13 could go wrong if we didn't align the [Captioner] 09:58:16 resources, because our developers would have to go [Captioner] 09:58:20 one by one to each funding source, [Captioner] 09:58:23 each competitive cycle. And if they didn't make it, [Captioner] 09:58:27 they had to wait another year. And each year [Captioner] 09:58:30 it would mean a 10% increase [Captioner] 09:58:33 in costs, which [Captioner] 09:58:36 it does not serve anyone, like Stephen mentioned, just doesn't serve anyone. [Captioner] 09:58:43 So now we have Barbur [Captioner] 09:58:46 closing, hopefully end 2024, early [Captioner] 09:58:51 2025. Hollywood HUB, which is still -- which would be [Captioner] 09:58:54 a Portland bond project and a small portion of it, a [Captioner] 09:58:57 Metro Bond project, would close before [Captioner] 09:59:01 June 2024. And [Captioner] 09:59:04 we would be able to tell everyone, all the public, that [Captioner] 09:59:08 PHB and the Portland housing ORTLAND HOUSING BOND [Captioner] 09:59:13 ortland housing bond met every single metric. Next slide, please. [Captioner] 09:59:26 >> Jill, thank you so much, that's a fantastic explanation. [Captioner] 09:59:29 Frankly, despite the machinations you had to all [Captioner] 09:59:32 go through, it's a good outcome, right? [Captioner] 09:59:36 And I think it does highlight how those things [Captioner] 09:59:39 trickled down to what you all are experiencing, if we cannot [Captioner] 09:59:42 figure out how to coordinate better or how to align these resources. [Captioner] 09:59:45 Yeah, it would be really interesting to go back and understand how [Captioner] 09:59:49 that decision was made and, you know, where [Captioner] 09:59:52 it was made and why, just so we can learn from [Captioner] 09:59:55 it a little bit. It's pretty specific, right? But it does highlight [Captioner] 09:59:58 this need for us to say, is there a better way [Captioner] 10:00:01 for us to, like you say, align these resources. And [Captioner] 10:00:04 we're all pushing in the same direction [Captioner] 10:00:07 generally speaking, right? [Captioner] 10:00:12 But there are little journeys we take with each of [Captioner] 10:00:15 them. It would be nice if we could push in [Captioner] 10:00:18 the same direction. It's great that Stephen [Captioner] 10:00:21 is here, maybe he's the person who can bring it all together if he [Captioner] 10:00:24 needs another project on his plate. I still can't get my [Captioner] 10:00:28 hands around how complicated it is [Captioner] 10:00:32 to fund affordable [Captioner] 10:00:37 housing, frankly [Captioner] 10:00:40 [laughter]. Anyway, appreciate the explanation, again. [Captioner] 10:00:44 It seems very specific but it does highlight how many different places [Captioner] 10:00:47 this can go not right, right? So thank you. [Captioner] 10:00:51 >> JILL CHEN: Thank you. Just as a [Captioner] 10:00:54 separate note, one of our [Captioner] 10:00:57 developers I think mentioned that for each [Captioner] 10:01:00 solicitation, it can cost up to [Captioner] 10:01:04 $50,000 of their own staff time and [Captioner] 10:01:07 a consultant time, any updates to their [Captioner] 10:01:10 CNAs, their environmentals, their [Captioner] 10:01:15 surveys, anything that they need to update, it just takes a huge amount of [Captioner] 10:01:18 effort on our development teams to do [Captioner] 10:01:21 this. I'm not saying also the delay [Captioner] 10:01:25 in getting these units [Captioner] 10:01:28 built. >> Jill, one thing I've always been curious [Captioner] 10:01:31 about, is it done for risk management to some [Captioner] 10:01:34 degree? I mean, why [Captioner] 10:01:37 not just -- why couldn't we take all our money [Captioner] 10:01:40 and fund one project? That's a risk management issue, right? [Captioner] 10:01:44 Is that maybe why the stack is done that way? [Captioner] 10:01:47 >> JILL CHEN: We actually did that. So [Captioner] 10:01:51 in all the early projects that [Captioner] 10:01:54 you all approved and [Captioner] 10:01:57 saw, and this is the -- I'm just [Captioner] 10:02:01 going to quickly look at these -- in all the early stage [Captioner] 10:02:04 projects, Cathedral Village, [Captioner] 10:02:08 Emmons Place, Starlight, [Captioner] 10:02:11 3000 Powell, we [Captioner] 10:02:15 fully funded every project because we did not want our projects [Captioner] 10:02:19 to be delayed because of sequential funding sources. We [Captioner] 10:02:22 knew if we fully funded them, they could essentially go out the gate and [Captioner] 10:02:25 immediately start getting [Captioner] 10:02:30 predevelopment, lining up their [Captioner] 10:02:34 architects. That's why we see, like Cathedral Village [Captioner] 10:02:37 and Crescent Court, they're already fully leased [Captioner] 10:02:41 up and they're ready to convert, [Captioner] 10:02:44 meaning at this point they are doing really [Captioner] 10:02:47 well. So in some [Captioner] 10:02:50 ways, we did exactly [Captioner] 10:02:53 what you said. But these last [Captioner] 10:02:57 bits, and with the high cost and [Captioner] 10:03:01 uncertainty with interest rates, we have [Captioner] 10:03:04 really had a hard time [Captioner] 10:03:07 making things work. Not so much [Captioner] 10:03:10 for the Portland bonds but definitely [Captioner] 10:03:14 for the Metro bonds. >> Again, [Captioner] 10:03:17 I understand, we're also trying to meet multiple [Captioner] 10:03:20 goals, the more projects we're involved in, the more goals we can [Captioner] 10:03:23 meet. But building the stack that way doesn't change the total [Captioner] 10:03:26 amount of money that's available at all the different funding levels, from the [Captioner] 10:03:29 local all the way to the Federal, [Captioner] 10:03:32 right? And so if you actually aligned all the goals and everybody said, okay, we'll [Captioner] 10:03:35 fund this project and we'll fund that project, you would lessen [Captioner] 10:03:38 the burden of having to build a stack [Captioner] 10:03:42 that's, you know, six levels high rather than just one [Captioner] 10:03:45 funder. Again, we would have to align all of our [Captioner] 10:03:49 goals together to be able to do that. >> [Captioner] 10:03:52 Which I think that's the trick of all this. You're trying to [Captioner] 10:03:55 align planets that all have different sizes [Captioner] 10:04:00 and orbits and [Captioner] 10:04:03 stuff. That's [Captioner] 10:04:07 how housing, especially affordable [Captioner] 10:04:10 housing is done. With rising [Captioner] 10:04:13 interest rates, it doesn't impact our funding [Captioner] 10:04:16 that much, but with these other resources out there, it has a big [Captioner] 10:04:19 impact. Jill, I notice you didn't say anything about [Captioner] 10:04:22 permitting. Are you noticing that that's getting better with [Captioner] 10:04:26 the work that's been happening [Captioner] 10:04:30 [inaudible] commissioners took on before -- I know [Captioner] 10:04:33 PBS got moved over to commissioner [Captioner] 10:04:37 Rubio, are you hearing positive momentum on that? As I talk to [Captioner] 10:04:40 developers, the opportunity cost of building in Portland has always the been, [Captioner] 10:04:43 I'm looking at a building here, in Vancouver or [Captioner] 10:04:47 somewhere else, we're [Captioner] 10:04:50 permitting, you know, oftentimes saves time and money. What are you hearing [Captioner] 10:04:54 anecdotally on the projects that are happening? [Captioner] 10:04:58 >> JILL CHEN: Yeah, I think with the move for [Captioner] 10:05:02 BDS, and the -- we, PHB, is [Captioner] 10:05:05 now clustered with BDS, [Captioner] 10:05:09 Bureau of Development Services, prosper Portland, and PHB, [Captioner] 10:05:13 you can call it that economic and community development [Captioner] 10:05:16 is all clustered [Captioner] 10:05:19 together. One of the things, as mentioned [Captioner] 10:05:22 in this housing production, you know, call it that [Captioner] 10:05:26 Commissioner Rubio and Mayor wheeler wanted to push [Captioner] 10:05:29 forward, is to see how can we get more [Captioner] 10:05:33 production of any sort done [Captioner] 10:05:36 faster. And [Captioner] 10:05:46 There was a survey [Captioner] 10:05:49 that went to many of our housing [Captioner] 10:05:53 developers, affordable and non, stakeholders, [Captioner] 10:05:56 other government officials, to look at what were some of the [Captioner] 10:06:00 key impediments to get a survey of what was [Captioner] 10:06:03 the key impediments of housing [Captioner] 10:06:06 production. We are -- [Captioner] 10:06:09 my understanding is that the Director is working with the team [Captioner] 10:06:14 to streamline that process, [Captioner] 10:06:17 in particular for affordable housing, I know [Captioner] 10:06:20 we have seen a lot of [Captioner] 10:06:23 collaboration with BDS in [Captioner] 10:06:26 trying to move our projects forward. I mentioned [Captioner] 10:06:29 the Francis+Clare project with the [Captioner] 10:06:33 parking. I mean, this is a project [Captioner] 10:06:36 that is almost permit ready, changes [Captioner] 10:06:39 requested by the parish [Captioner] 10:06:42 for parking. I was amazed. We [Captioner] 10:06:46 had a meeting where almost -- you had [Captioner] 10:06:49 land use, parking people, everyone [Captioner] 10:06:52 at BDS was involved in the meeting trying to solve that [Captioner] 10:06:55 yesterday. So Stephen, I am [Captioner] 10:06:59 hopeful it is working. I think [Captioner] 10:07:02 the Director is really trying. If you're able to push on your [Captioner] 10:07:05 side, it would be greatly appreciated. Dr. Holt? [Captioner] 10:07:09 >> STEVEN HOLT: Thanks, great conversation, and appreciate everybody [Captioner] 10:07:12 weighing in. We have ten minutes left [Captioner] 10:07:16 in this particular session. And a few other [Captioner] 10:07:20 things to cover. So Jill, I don't know [Captioner] 10:07:23 if there are any specific heavy items that you wanted to hit [Captioner] 10:07:26 and hit quickly. [Captioner] 10:07:29 We want to [Captioner] 10:07:33 give the Interim Director her opportunity. Great questions, everyone. [Captioner] 10:07:37 Some of those can be addressed I think in our next session, in the executive [Captioner] 10:07:40 session, as well. >> JILL CHEN: Great. And I will go [Captioner] 10:07:43 very quickly. So this is our infographic [Captioner] 10:07:46 about the Portland Housing Bond. You'll see that Barbur [Captioner] 10:07:50 is switched now with Hollywood HUB. However, the numbers have not changed, [Captioner] 10:07:53 because as mentioned, we went almost a [Captioner] 10:07:56 swap of one for one for the exact type of unit. [Captioner] 10:07:58 So we didn't lose any family size units. [Captioner] 10:08:02 We didn't lose any 30% [Captioner] 10:08:05 units. We did not lose any of the total [Captioner] 10:08:08 units. Yes, [Captioner] 10:08:11 Gabriel. >> Thanks, Jill, sorry, I just wanted to address [Captioner] 10:08:14 -- I'm Gabriel [Captioner] 10:08:22 Matthews, HPB Communications. [Captioner] 10:08:26 I wanted to share a discrepancy in the graphic, as the [Captioner] 10:08:29 creator of this graphic, the 900 now open figure [Captioner] 10:08:32 that you see in the sidebar there [Captioner] 10:08:35 reflects Emmons Place south building having reached TCO and [Captioner] 10:08:39 being open now and that's 48 affordable units. [Captioner] 10:08:41 I just wanted that on the record real quick. [Captioner] 10:08:45 Sorry. >> JILL CHEN: Thank you, Gabriel. [Captioner] 10:08:48 And just as a quick highlight, [Captioner] 10:08:51 the Portland Housing Bond would exceed total unit production by [Captioner] 10:08:55 43%. We are [Captioner] 10:08:58 looking at [Captioner] 10:09:01 1,559 units, if we just got one more unit [Captioner] 10:09:06 we would be at 1,560 units. We have [Captioner] 10:09:09 met the targets for family size units which was supposed to be 650, [Captioner] 10:09:12 we are now at 835. [Captioner] 10:09:17 30% AMI units, area median income [Captioner] 10:09:20 units, supposed to be at 600, we're now at 774. [Captioner] 10:09:23 Permanent supportive housing units at 300 units, we're now [Captioner] 10:09:27 at 399. So every one of the [Captioner] 10:09:31 metrics has been exceeded. Quickly going through the [Captioner] 10:09:34 next three slides, Megan, this is just a [Captioner] 10:09:38 quick infographic about the bond [Captioner] 10:09:41 openings for this year, which [Captioner] 10:09:44 units are already opened. You'll see [Captioner] 10:09:47 that, and it's great to have seen -- [Captioner] 10:09:50 not sure which one of you have been to some of these [Captioner] 10:09:54 openings, it's always a great celebration. [Captioner] 10:09:57 Next slide, please. Looking forward, [Captioner] 10:10:00 we also have a number of units opening up in [Captioner] 10:10:04 2023. And [Captioner] 10:10:07 that's Emmons is already opened, [Captioner] 10:10:10 Aurora, Anna Mann, and The Joyce. The [Captioner] 10:10:13 next slide, please. 2024 [Captioner] 10:10:17 to 2026, south 3000 [Captioner] 10:10:20 Powell is -- European it's already [Captioner] 10:10:24 up, almost getting there. Alder 9, central east [Captioner] 10:10:27 side, approved in January, it's under [Captioner] 10:10:31 construction. Francis+Clare and Hollywood HUB. So that's it [Captioner] 10:10:34 for me. And I'll [Captioner] 10:10:37 send it -- the next [Captioner] 10:10:41 slide. Thank you all. >> ANGEL LANDRON: Thank [Captioner] 10:10:45 you, Jill. Good morning, everyone. [Captioner] 10:10:48 My name is Angel [Captioner] 10:10:52 [Captioner] 10:10:56 Landron. The highlights as of [Captioner] 10:10:59 March 31st of this year are the following. [Captioner] 10:11:02 Expanded versus committed amounts have continued increasing on [Captioner] 10:11:05 ongoing construction, compared with the previous [Captioner] 10:11:10 report, expenditures as of march are [Captioner] 10:11:15 187.6 million, where the project spending [Captioner] 10:11:18 has increased by 27.7 [Captioner] 10:11:21 million or 17.7%. [Captioner] 10:11:26 The committed funding for this period is [Captioner] 10:11:29 76.1 million, decreasing [Captioner] 10:11:32 by the same amount that was [Captioner] 10:11:35 spent, 27.7 million, or [Captioner] 10:11:38 minus 26.7% [Captioner] 10:11:41 compared to last quarter. [Captioner] 10:11:46 The remaining of [Captioner] 10:11:49 [Captioner] 10:11:53 606,622 will be allocated to [Captioner] 10:11:56 awarded projects. This amount increased by [Captioner] 10:12:00 149,000 or [Captioner] 10:12:04 32.6% versus last quarter. Any questions? [Captioner] 10:12:13 >> STEVEN HOLT: I don't see any on hand, thank you very much. [Captioner] 10:12:24 Appreciate that. Our Interim Director's report or [Captioner] 10:12:27 update. Molly. >> MOLLY ROGERS: Good morning, [Captioner] 10:12:31 oversight committee, it's so wonderful to see you. For the record, I'm [Captioner] 10:12:34 Molly Rogers, Interim Director of [Captioner] 10:12:37 the Housing Bureau, I go [Captioner] 10:12:42 by she/her pronouns. Obviously, as you all heard, we have so many exciting [Captioner] 10:12:45 projects opening, still under construction. We only have two remaining [Captioner] 10:12:48 to be closed. Those all [Captioner] 10:12:52 have -- those actually have plans [Captioner] 10:12:55 for how they're going to achieve financial close. And I just [Captioner] 10:12:58 wanted to really spend a moment to acknowledge [Captioner] 10:13:02 Jill Chen and her team [Captioner] 10:13:05 of trying to really find every dollar out there to make sure [Captioner] 10:13:08 that all of our projects can [Captioner] 10:13:12 move forward. We've had numerous conversations with [Captioner] 10:13:15 our Metro partners, [Captioner] 10:13:18 State partners, [Captioner] 10:13:21 HUD, and we started out the pandemic [Captioner] 10:13:24 with a $70 million additional gap in all of our projects in our [Captioner] 10:13:27 pipeline, dozens and dozens of [Captioner] 10:13:30 projects, thousands of homes for low income [Captioner] 10:13:37 Portlanders. And now we have whittled that down [Captioner] 10:13:40 so we can meet the commitments we made to the voters and the [Captioner] 10:13:44 Portland Housing Bond and we have a path forward [Captioner] 10:13:47 to the [Captioner] 10:13:51 Metro Housing Bond projects too. I hope we [Captioner] 10:13:54 can have applause for Jill. Along the same lines, as [Captioner] 10:13:57 we are closing, I don't even know, five or six projects in the [Captioner] 10:14:01 next two months, Jill, unprecedented [Captioner] 10:14:04 level of activity for the Housing Bureau. [Captioner] 10:14:07 We're also in the midst of significant [Captioner] 10:14:11 transition as part of charter reform. As [Captioner] 10:14:14 I've already indicated last time, we [Captioner] 10:14:17 are now at part of a portfolio of service bureaus along with [Captioner] 10:14:22 BDS, our development services, Prosper Portland and planning [Captioner] 10:14:25 and sustainability. We've [Captioner] 10:14:28 already seen the great [Captioner] 10:14:31 alignment work happening, really in a short amount of time. [Captioner] 10:14:34 I believe Jill alluded to a number of those efforts, where we're [Captioner] 10:14:38 looking more broadly at the costs of building housing. We're looking more [Captioner] 10:14:41 broadly at housing production. [Captioner] 10:14:44 We're looking beyond just bonds but we [Captioner] 10:14:47 also are looking at how does the need for more [Captioner] 10:14:50 resources like bonds to keep up and keep [Captioner] 10:14:53 the momentum happening that we've already [Captioner] 10:14:57 generated as part of the development community, that everyone has been [Captioner] 10:15:00 gearing up, but also at [Captioner] 10:15:03 PHB. So there's a lot of chatter, a [Captioner] 10:15:08 lot of conversations happening around [Captioner] 10:15:11 Portland bond 2.0 or Metro Bond 2.0. [Captioner] 10:15:15 I believe those are conversations [Captioner] 10:15:18 that will be happening at [Captioner] 10:15:21 various levels. The coalitions out [Captioner] 10:15:24 there between the -- at the elected level. We're [Captioner] 10:15:28 hearing there may be some polling happening, we'll update [Captioner] 10:15:32 you all once we get information of the results back of any future polls. [Captioner] 10:15:38 I believe personally that it's a polling [Captioner] 10:15:42 that will help shape what the next strategy will be for [Captioner] 10:15:45 going out for another bond. But we do [Captioner] 10:15:48 see -- we've been clearly communicating [Captioner] 10:15:51 with our commissioner and [Captioner] 10:15:55 other leaders that we see -- [Captioner] 10:15:58 we would love to see some kind of bond in 2024 so [Captioner] 10:16:01 we can -- because that's when we know all the Portland [Captioner] 10:16:04 bond projects will be financially closed. Let's [Captioner] 10:16:09 see. We are going to -- we're continuing to align [Captioner] 10:16:12 as best we can, having [Captioner] 10:16:15 conversations with various partners, funding [Captioner] 10:16:18 sources, State sources, Metro [Captioner] 10:16:21 sources. It's greater recognition of, [Captioner] 10:16:24 we're underproducing housing, what are the obstacles, [Captioner] 10:16:28 and part of that for us in affordable housing is our [Captioner] 10:16:32 developers go through multiple competitive rounds in order to get one [Captioner] 10:16:35 project funded, what can we be doing differently, [Captioner] 10:16:38 what can they be doing differently, totally open to [Captioner] 10:16:41 all things, that we can be in service to our development partners, [Captioner] 10:16:44 because we need to get the units on the ground here. We see [Captioner] 10:16:47 the need every single day. So we would love to hear from [Captioner] 10:16:50 all of you as well, if you have different ideas, [Captioner] 10:16:53 different thoughts, input, and [Captioner] 10:16:56 how do we keep all the [Captioner] 10:16:59 public funders working [Captioner] 10:17:02 together. So we are part of the solution and [Captioner] 10:17:06 not creating additional barriers that don't need to [Captioner] 10:17:09 exist. With that, I would be happy to take any questions. [Captioner] 10:17:17 >> STEVEN HOLT: Questions or comment? As we're getting to the [Captioner] 10:17:20 end, what I'm going to do with the Bond Oversight Committee is I'm going to call [Captioner] 10:17:23 each one by name and you can respond [Captioner] 10:17:27 to the Interim Director's report or any comments you might [Captioner] 10:17:30 have. [Captioner] 10:17:32 Allan? >> Thank you, Dr. Holt. [Captioner] 10:17:35 I don't have any specific comments. I think we had the conversation, at least started the conversation about [Captioner] 10:17:39 how we align resources, so I think it's an ongoing and much [Captioner] 10:17:42 bigger conversation than we have a few minutes for. But I appreciate [Captioner] 10:17:46 you all's attention to it and [Captioner] 10:17:50 the work you're doing. [Captioner] 10:17:56 >> MOLLY ROGERS: Happy fair housing [Captioner] 10:17:59 month, by the way, [Captioner] 10:18:03 Allan. >> STEVEN HOLT: Todd? >> Similar, [Captioner] 10:18:06 just appreciations, no [Captioner] 10:18:09 questions. Thanks. >> STEVEN HOLT: [Captioner] 10:18:12 Stephen? >> No questions, I'll [Captioner] 10:18:15 piggyback on what other folks said, and I appreciate all the moving pieces [Captioner] 10:18:18 that are involved in this. I'm more so [Captioner] 10:18:21 than a lot of other people maybe know the complexities of all the plates [Captioner] 10:18:24 that are in the air and all the changing things that are [Captioner] 10:18:28 happening that are impacting the projects and the intentions [Captioner] 10:18:31 that folks have. And I look forward to continue [Captioner] 10:18:34 to work on this and I love [Captioner] 10:18:37 the idea that Jill was talking about where this is a [Captioner] 10:18:40 regional approach because it's going to take more to do the work [Captioner] 10:18:44 we're doing in Portland. Keep [Captioner] 10:18:47 it up, y'all. [Captioner] 10:18:50 >> STEVEN HOLT: Thanks, Stephen. [Captioner] 10:18:54 Anneliese. >> Appreciation for all the great work [Captioner] 10:18:57 and the conversation today. Thank you. >> STEVEN HOLT: Thank you. [Captioner] 10:19:00 Thanks, everyone, and all of [Captioner] 10:19:03 the presenters of the information as well as the questions. I appreciate [Captioner] 10:19:06 the interaction. We've come to the end of this meeting. [Captioner] 10:19:09 We will be gathering in three months. Again, welcome to [Captioner] 10:19:12 the spring, everyone, [Captioner] 10:19:15 enjoy the rest of this incredible day, hopefully it will [Captioner] 10:19:18 dry out some. Our next meeting is July [Captioner] 10:19:22 13th. It will be in this [Captioner] 10:19:25 format, hybrid. And we will start at [Captioner] 10:19:28 9:30. So you can either come in person or via Zoom. [Captioner] 10:19:33 If there are any other issues and/or questions, do reach out to [Captioner] 10:19:36 the Portland Housing Bureau. You've [Captioner] 10:19:40 got a great staff that will be more than happy to help you work [Captioner] 10:19:43 through whatever it is that you need to work through. So take care, [Captioner] 10:19:43 everybody. Have a great day. We'll see you. [Captioner] 10:20:11 Bye-bye. Are we going to need to exit and reenter for the executive [Captioner] 10:20:14 session, is that a different link? Anybody know?