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characterizing them as ":juperflwus"; "attempt [ s] to<br />
interj cct the Board iritu thc review and compliance<br />
process" and "impropcrly iriLerfere linyi w i t h rnatLcr,3<br />
within the proviricc of the suhsidizirig aycricy. " RA<br />
Vol. 1, 466. The IlAC stated,. apparcnlly wiLhout. irony,<br />
thaL "[tlhere is no area of policy Ltiialyois or project<br />
review thaL is more squarely wit.lij.11 the expertise ui<br />
<strong>Mass</strong>lluusing than the financi.al analysis of each<br />
pro'ject for which i L provides furidiriy." RA Vol.3, 465.<br />
As discussed above (and miply documented by the<br />
Inspector Gener;il), as a resull of past. failures wiLh<br />
regard tu oversight obligaLions for New Enylarid Fund<br />
and Housing :;tarts projects, "rcpurled deve oper<br />
pr0fit.s were routinely and subslantiall y understated, "<br />
\I '<br />
rcsultj.nq 111 many cases . . . [in] profit windfalls<br />
to t.he developers which dcprived the respective<br />
muni cipalitics of the excess pr0fj.t.s that should have<br />
been paid t.o the 1riuriicipal.i ty uridcr Lhe regul.at.nry<br />
agreements. " R4 Vol .I, 233.<br />
Equally importantly, Lhc HAC'S assertions uf<br />
<strong>Mass</strong>Housiny' B supremacy arid preemptj-ve authority art-<br />
unLounded. Not.hinq iri C.L. c. 4UB or iippli.cab1.P<br />
regu1at.j ons prohibits the Hoard from imposinq<br />
cond
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