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a. Update on Estabrook Senior Housing Project: Eden Housing is requesting a reduction in <br />the Agency loan interest rate from 3% to 0.75% because the current financial crisis has led to <br />a decline in tax credit equity investment for the project. In order to ensure that the investors <br />can receive their tax credits, their equity investment must be greater than their tax losses, <br />which include interest payments. Therefore, to ensure that investor equity remains positive, <br />the requested interest rate reduction will offset recent equity investment loss by project <br />investors. The rate reduction will be taken to the Council for review and approval at the <br />February 17, 2009 meeting. <br />5. Public Comments <br />None <br />6. Committee Member Comments <br />None <br />7. Adjourn <br />The meeting adjourned at 6:00 p.m. <br />