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Aaron S.Y. Chung, Council Chair and Members of the County Council County of Hawaii Page 2 The Ordinance conditions attached to this letter reflect the Windward Planning Commission changes discussed above. The following is the original Planning Director's Recommendation to the Planning Commission which may or may not be consistent with the ordinance conditions attached. The current landowner and original applicant, Giampaolo "Paul" Boschetti, sought and was granted a change of zone for the subject properties to facilitate the development of a proposed 100 -unit, market rate, multiple -family rental housing project and related improvements. Despite the landowner's efforts over time to complete the development, he has abandoned the project due to uncertainty in financial markets and fluctuations in demand for market -rate, multiple -family rental units in Hilo. Instead, Mr. Boschetti (seller) has entered into a purchase agreement with the intent to sell the property to A0705 Hilo, L.P. (buyer), which is a single purpose limited partnership and an affiliate of Ikaika Ohana (applicant). Ikaika Ohana is a nonprofit 501(c)3 organization with a mission of developing and operating affordable housing, including projects on the mainland, Oahu, Maui and three existing affordable rental projects in Hilo and one under development in Waikoloa. Upon transfer of property ownership, Ikaika Ohana is proposing to develop Kaiaulu O Kapiolani, a 64 -unit, 100% affordable rental housing development (63 units with income restrictions between 30% and 60% of area median income and one (1) unrestricted manager's unit). The applicant's 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 116 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. According to the applicant, 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.