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REPORT OF THE <br />COMMITTEE ON FINANCE <br />DATE: November 19, 2025 Re: Comm. No. 601/Res. No. 384-25 <br />PLACE: Council Chambers <br />Kailua-Kona, Hawaii <br />TIME: 10:00 a.m. <br />Council Chair and Members <br />Hawaii County Council <br />Hilo, Hawaii 96720 <br />Your Committee on Finance, to which was referred Resolution No. 384-25, reports as follows: <br />Resolution No. 384-25, transmitted by Housing Administrator Kehaulani M. Costa via <br />Communication No. 601, dated October 30, 2025, authorizes the Office of Housing and <br />Community Development to award four grants for programs addressing affordable housing. <br />This resolution allows for grant awards to Ho`omalu at Waikoloa LP ($3,000,000) for the development <br />of affordable multi -family housing, Housing and Land Enterprise of Hawaii County ($300,000) for the <br />development of affordable single-family housing, Hawaiian Community Assets Inc. ($4,100,000) for the <br />acquisition of property, and Hawaii Community Lending Inc. ($790,100) financial assistance for <br />homeownership through deferred -payment loans. <br />Housing and Community Development Specialists Royce Shiroma and Linda Bui, Assistant <br />Administrator Keiko Mercado, Finance Director Diane Nakagawa, and Hawaiian Communities Assets <br />Finance Director Zara Nicholson were present. Mr. Shiroma provided a brief background on this matter. <br />Committee Member Dennis "Fresh" Onishi questioned the allocation of funds and the procurement <br />process, past utilization of funds and the number of houses completed to date, and the Laula Road <br />project. Mr. Shiroma and Ms. Bui provided explanations to funds utilization and the Laula Road project. <br />Mr. Onishi also expressed concern that awardees may use the award as leverage to secure additional <br />funding sources. <br />Committee Member Jenn Kagiwada questioned how many families would be helped by the awards to <br />Hawaiian Community Assets and Hawaii Community Lending. Ms. Kagiwada also requested <br />confirmation that these units would include deed restrictions for affordability. <br />Committee Member Rebecca Villegas asked if there is public record of how the funds will be spent by <br />awardees and if there is a priority for current residents. Ms. Nicholson replied and explained about their <br />Ua Hale A`ela Hawaii project that is targeting current tenants of an existing 28-unit apartment building <br />through a rent -to -own model. <br />Committee Member Michelle Galimba expressed her appreciation for the blend of different methods <br />utilized to address the affordable housing situation. <br />FC Report No. 108 <br />