COM 0018.000 2020-2022 - Laserfiche WebLink

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(63 units with income restrictions between 30% and 60% of area median income and one (1) unrestricted manager's unit). The applicants original site plan proposed twenty-eight (28), two (2) -bedroom units, twenty-nine (29), three (3) -bedroom units and seven (7), four (4) -bedroom units within eight (8), two (2) -story buildings. Also shown are a community center building, play area, two (2) laundry facilities, community gardens, and 117 parking stalls including five (5) handicapped stalls. However, the applicant submitted an updated site plan (see P.D. Exhibit 2) that removed the proposed building height, unit summary, proposed building and floor area, open space area, overall parking area and number of parking stalls to maximize flexibility in site design. 3. Financing: The proposed affordable housing development will be'financed through Low - Income Housing Tax Credits (LIHTC), bonds, Section 8 project -based vouchers, a State Hawaii Housing Finance & Development Corporation (HHFDC) Rental Housing Revolving Fund loan (RHRF), and other private sources. In January 2019, the buyer received an award of vouchers from the County of Hawaii Office of Housing and Community Development. In December 2019, the buyer received awards of LIHTC, bonds, and RHRF financing from HHFDC. The sale of the property and transfer of ownership will take place when all of the financial resources are finalized and made available to the development, which will be approximately the same time as the start of construction. Construction of the proposed affordable housing project is anticipated to begin in the first quarter of 2021 and is estimated to cost approximately $40 million and take two (2) years to complete. Finally, components of the proposed project's funding requires that the units remain affordable for a minimum of thirty (30) years, however, the applicant is proposing to maintain the affordability restrictions for sixty-five (65) years. 4. Request: In order to reduce costs and to facilitate the sale of the property and subsequent development of the proposed 100% affordable housing project within tight budget constraints and stringent funding requirements, the applicant is requesting the following amendments to Change of Zone Ordinance No. 10 32: ■ A five (5) -year time extension to Condition E (Time to Complete Construction). ■ A one (1) -year time extension to Condition G (Time to Dedicate Road Widening Strip); -2-