@Html.DropDownListFor(model => Model.Items[i].ITEM_PAYS, Model.YesNoSelectList, new { @class = "allow-edit" })

public BoqReviewViewModel()
{
    YesNoSelectList = new SelectList(new[]
        {
            new {Text = "Yes", Value = true},
            new {Text = "No", Value = false},
        },
        "Value",  "Text");
}
public SelectList YesNoSelectList { get; set; }

<select class="allow-edit" id="Items_0__ITEM_PAYS" name="Items[0].ITEM_PAYS">
    <option value="True">Yes</option>
    <option value="False">No</option>
</select>