Scott Calvert

One common approach is to borrow the money.

And so you'll find these districts doing bond issues.

So in the case of Monterey, it was part of this broader $340 million facilities bond issue.

The $35 million they needed to buy the apartment complex was one piece of that.

And the interest has been high.

In many places, they have waiting lists and lotteries to determine who gets to live there.

So it's not as if these units are going wanting.

Thanks, Alex.