 Hi, I'm Ben Bradlow, a member of the Housing Plan Implementation Committee. I'll provide an overview of Article 25, which requests approval of a home rule petition to establish a real estate transfer fee. The Housing Plan Implementation Committee has worked on this article since late 2019 when members learned that a number of other communities had identified real estate transfer fees as a sustainable source of funding to preserve and develop affordable housing. This article was intended to be considered at the 2020 annual town meeting, but then was deferred when the coronavirus pandemic broke out. This article is paired with an article to adopt an affordable housing trust fund, which was adopted by the November 2020 special town meeting. A real estate transfer fee is a fee assessed on the transfer of title of real property. This one-time fee is assessed at the time of transfer and is deposited into the Arlington Affordable Housing Trust Fund, and the purpose is to be used for acquiring, creating, preserving, rehabilitating, restoring, and supporting affordable housing. Article 25 simply authorizes the town of Arlington to submit what's called a home rule petition to the Massachusetts State Legislature in coordination with our local delegation. A home rule petition is required, as there is no local option for municipalities in Massachusetts to assess this type of fee. The home rule petition has two steps. First, it's submitted to the legislature for consideration. And then second, if it's approved by the legislature, it's returned to Arlington to develop a bylaw, which will require a subsequent approval by town meeting and a vote via ballot question. The Housing Plan Implementation Committee believes that a real estate transfer fee is the best option to fund the Arlington Affordable Housing Trust Fund for the following reasons. First, it's a continuous and sustainable source of revenue. Second, there's a precedent across the country and locally for transfer fees. The local example is the Nantucket Land Bank where the fee assessed goes toward preserving open space. Third, there's a groundswell in Massachusetts, as many communities see the benefit of a real estate transfer fee, and have submitted similar home rule petitions or they are planning to do so. And then finally, fourth, in addition to the local efforts, there's a statewide advocacy effort directed at approving a local option at the statewide level that will enable municipalities to make their own choices around establishing real estate transfer fees. So this home rule petition seeks flexibility in three categories. Those categories include setting the fee amount, identifying which party is responsible for the fee, and identifying exemptions to the fee. So should the legislature approve the home rule petition, the petitions written to provide the town flexibility when subsequently developing the local bylaw, and this would of course be done through a public process. So the revenue that will be generated by the fee depends on the fee percentage and the total value of sales each year. So as I mentioned previously, all revenue realized would be deposited in the Arlington Affordable Housing Trust Fund, which town meeting authorized in November. The Trust Fund's Board of Trustees is required to develop an action plan that would identify the priorities that are relevant to the Trust Fund's mission and goals. And this plan would identify the general funding amounts that are needed to realize those priorities. The Trust Fund is required to submit an annual report on its activities each fiscal year. The fee is collected at the time of transfer and requires some additional paperwork of the buyer and seller to document that the fee has been paid. If the town doesn't receive the payment, the town may utilize existing methods for collecting and leaving, which it currently utilizes. Other requirements, waivers, exemptions and regulations can be adopted by the town. And the town is required to prepare an annual report regarding revenue collected from this fee, its uses and its impact. In summary, this companion article to the previous adoption of the Arlington Affordable Housing Trust Fund would create a sustainable continuous and dedicated revenue source for affordable housing in Arlington. The real estate transfer fees have been found to be effective, efficient and equitable as a tool for raising revenue. Should town meeting authorize the submittal of this home rule petition, it is but a first step in a lengthy process to adopt the fee, which would include significant subsequent public process. Thank you.