" I'm really excited about seeing your finished apartment here today."

" Well, we're at the---- here we've got the construction completed."

" Yeah, and did your budget suffer or how did things come out?"

" We did very well. We are---- our budget was 68,000 per unit----"

" and we came in at 68,000 dollar per unit."

" Times 11 so, that's close to three quarters of a million."

" Right."

" It should probably good---- good numbers for 11 apartments in New York City."

" Sure is."

" Yeah. Now, as I understand we're about to meet the first family who are moving in."

" We're expecting to show them momentarily."

" They are showing up momentarily and who are they?"

" This is Mrs. Spencer."

" Good morning."

" Good morning, Mrs. Spencer."

" Good morning."

" How are you?"

" Hi, I'm Bob Villa."

" Hi, how are you?"

" How are ya? And who is this?"

" This is Raymond. This is Cedric."

" And Cedric, hi."

" Hi."

" Well, you must be pretty excited?"

" Very."

" Yeah."

" This is a big day for you because you're moving into a brand new apartment."

" Yes, [unk]."

" How did they get so lucky?"

" There is a lottery system for the selection of the tenants in this building and these 11 units have about 2000 applications, so."

" So, you are lucky indeed and you must be dying to see what the apartment's like?"

" Yes, I am."

" Can we go up?"

" Let's go."

" Okay."

" Lead the way, Aaron."

" Thank you."

" After you."

" Okay. Thank you."

" Come on in, Mrs. Spencer."

" Oh, no."

" Okay. Here you see the kitchen."

" Come on over here. This is the kitchen."

" Oh, this is nice."

" It's pretty."

" And you see the cabinets here, all new solid wood cabinets, nice [unk] top, some easy chair, floor, and new appliances."

" How do you like it?"

" Yes, this is beautiful."

" Let me tell ya. If you could have seen this building I think 6 months ago when they started construction here, there was nothing but rubble. This building had been abandoned for 20 years. The roof had caved in. The floors had caved in. There were still weeds growing in between the bricks and in just about 8 months, all these workers and the organization everything else has managed to create this."

" Oh, this is nice."

" Okay, come on. Let me show you the bathroom on the other side."

" Okay."

" You're entry hall."

" Oh, yes. This is nice. This is nice."

" It's fully tiled, again, new appliances. Come over here. Let me show you the bedroom and you have 2 bedrooms. We'll stop here, we have the linen closet and we have the clothes closet here and this is the first of the 2 bedrooms; the smaller of the 2. Come on in."

" Oh, this is nice."

" So this is kiddie land."

" Yes."

" Brand new hardwood floors. Take a look in there."

" Oh, nice."

" Nice, double closet. "

" Nice."

" Yeah. And again, what's typical of all this New York City buildings, you've got a light and air shaft and in the summer, when you open up these windows, you don't have to worry about Cedric, because you've got this child guard in place."

" Right."

" Yeah. But this is a smaller bedroom, right?"

" That's correct. We're gonna go to the larger bedroom now."

" This is nice."

" That's what we've got in the other end and I don't know---- I imagine this might be your bedroom. "

" Yes, this is nice."

" It's another closet here."

" [unk]"

" Yes, it's very generous closet space."

" Right."

" Here we have closets and you have a nice yard view and open ally, so you'll have 2 windows, which is a nice feature."

" Real nice feature to have in a Manhattan apartment, yeah."

" Yes."

" Too cold to open them today."

" This is nice."

" So this is about 10 X 10, which is a nice generous size."

" Yeah."

" So, let's take a look at the living room."

" Alright."

" Yeah, this is about 10 X 20 dining and living."

" Yeah, this is nice."

" And---- now what's the story with this Aaron? The---- this white gate here?"

" Okay. These are induced-types of fire escape gate. Of course, security is a big issue in New York."

" Yeah."

" And we don't want anybody on the fire escape to have access to the apartment."

" And break in to the apartment, yeah."

" And----"

" So you have this great---- that's locked on it."

" Right."

" Oh, yes."

" So what about on the other side?"

" On the other side, you'll have [unk] you also have a set of rigid bars on the outside."

" On the outside."

" Which will protect this one though?"

" -Yeah."

" And then of course also the other one does that have what we saw in the other room [unk]."

" Yeah, but between the light shaft window and these windows, in the summer time you can create cross current through here?"

" Yes."

" Yeah. Well, what do you think?"

" Oh, it's nice, lovely. I love it."

" Well,----"

" It's beautiful."

" I think it's a wonderful apartment----"

" Yes, it is."

" and I wish you a lot of happiness here."

" Thank you."

" I think you're gonna enjoy it."

" Thank you. I've been praying for this."

" I got 1 question."

" Yeah, well, that's wonderful. I've got 1 question for you. If this were a typical apartment in Manhattan just in the open market, what would it rent for?"

" Well, in this labor it on the lower side could be about 12 to 1500 dollars a month for these 2 bedrooms."

" Amazing. And because of the way this has been structured with the Enterprise Foundation and stuff 'cause I understand it, it'll only cost a percentage of Mrs. Spencer's monthly income?"

" That's correct. It'll be about 30% of the tenant's income."

" Yeah."

" Also, it will be paid for rent."

" And this is possible because the building was given in kind by the City of New York and it was suddenly subsidized by New York City----"

" and the assistance from the Enterprise Foundation."

" Yeah, wonderful. Congratulations."

" Thank you, Bob."

" And congratulations to you."

" Thank you."

" Okay."

" Thank you."