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Hi everyone IN×39’m Annika brink as Monyettamentioned the National Housing Trust is dedicated to preserving and improving existing affordable housing so thatlow-income families can live in quality neighborhoods with access to opportunity we are unique in that we engage in advocacy real estate development and lending any she started as a policy shop little more than 25 years ago and found that we#39’re providing more and more technical assistance to folks looking to preserve affordable housing and restarted diversifying into these other areas of real estate development and lending and Josh will talk a little more about real estate development and lending further on and IN#39’m going to start off talking about advocacy, but we really come to our energy efficiency work from the perspective of ensuring that affordable housing is sustainable and affordable and looking at energy efficiency as a tool for preservation of existing housing stock so to that end the Trust has been engaging with utilities and other stakeholders over the past few years to look at how utility funding can be leveraged to serve these schools and just really working with a broad range of stakeholders in this area so advocacy Like to set the stage for what we see as coming opportunities in the utility space utility cost presents the best opportunity to reduce operating expense sand sustain affordable housing as toucan see these blue bars here represent utility expenses which are in Master meter proper properties number-oneexpense that owners are facing and in individually a metered property the number two expense and of these fence sup here which are utilities salaries and personnel contract services and taxes utilities are really the one that owner shave the most control over IN#39’m sure you guys are all aware, so we're seeing that housing funding snot growing at a time when utility funding is projected to grow in faction×39’s projected to triple from seven billion she×39’s I'm sorry it's projected to grow from seven billion in 2011 to sixteen billion in 2025, and thanks to AC triple e for this lovely slide and my next one which also recognized so and another thing there are a lot of things driving this growth and utility funding one of them being state requirements for energy efficiency spending or savings meeting saving schools another with EPA carbon pollution standards and energy efficiency being an option for utilities to meet those goals utilities are arguing to look for new places to invest their money as existing opportunities are drying up, so we really see think that they'll be moving into multifamily are encouraging them to move into multifamily and to some extent this is already happening, and we really don'tsee it as an either/or for single-familyand multi-family we really think it×39’s ayes and utilities need to find these savings somewhere, so this is another version of this slide that Lauren presented earlier and this is just showing that utilities have not been...
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