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Bob Buenteat 2:15

…were able to do one project uh at Pico and New Hampshire, called um Casa Shalom. Casa Shalom. It has never been vacant. Well, the one thing about affordable housing is you don't have market risk. And, that has always been an attraction

Bob Buenteat 3:26

…a lot of market risk. You don't have to spend a lot of money on swimming pools, tennis courts, spas, concierge service. That just doesn't happen in affordable housing. At least it hasn't in the past. Um So, back to 1010. So, over time 1010 did a number of projects in downtown LA. Um there was a kind of a stall in the early teens. We couldn't get anything done. There was just no financing and we'd always relied on a certain type of financing, bonds, tax exempt bonds issued by

Bob Buenteat 5:33

It's a combination of private equity and public money. So, to give you an example, it's not unusual at all for an affordable housing project to have five levels of financing. And it's an upside down wedding cake because the biggest piece are the tax credits. But nobody wants to be the first. So, you've got to build up from that. You've got to start with the smallest. And it used to be CRA, but when CRA went out of existence in what, 2012, 14? Was it something CRA, Community Redevelopment Association. And it was…

Bob Buenteat 6:48

…that was the first source of funding you went to because you're in their district, they want to get the money out, it's supposed to go for you know, affordable housing or economic development. It's going for affordable housing. [snorts] Everything was fine and then it went away. But then that little piece of money was replaced by um a consortium of nonprofit lenders and the city, which would give you, you know, maybe a couple of million dollars. You say a couple of million dollars, that's not bad. Well, a couple…