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<br /> <br /> <br /> <br /> <br /> affordable to residents of Hawaii of low and moderate income as determined by <br /> State's Housing and Community Development Corporation and/or the County of <br /> Hawaii. <br /> <br /> 2. The total affordable housing requirement will be based on a maximum density for <br /> the residential areas, as determined by Parker Ranch with the concurrence of the <br /> Planning Director. Based on the existing Parker Ranch 2020 Plan, a total of <br /> approximately 730 residential units are proposed within the residential zoned <br /> lands, including approximately 475 units in the RS zoned area and 255 units in <br /> the RM zoned area. Accordingly, a total of 73 affordable units, houses affordable <br /> to residents of Hawaii of low and moderate income as determined by State's <br /> Housing and Community Development Corporation (HCDC) and/or the County <br /> of Hawaii will be required to address the housing requirements of the Parker <br /> Ranch 2020 Project. <br /> <br /> 3. The affordable housing units will be provided prior to Final Subdivision Approval <br /> for those units/lots in the RS zoned district or the issuance of a Certificate of <br /> Occupancy for those units within the RM zoned district, for each proposed <br /> residential development area, as determined by Parker Ranch, with the <br /> concurrence of the Planning Director. <br /> <br /> 4. Parker Ranch shall provide the affordable housing units in one or any <br /> combination of the following alternatives pursuant to and in full satisfaction of <br /> Condition No. 1 of LUC Docket No. A86-601 and Condition (E) of Ordinance <br /> No. 96-117: <br /> <br /> A. Parker Ranch Employee Land Benefit Program <br /> <br /> Parker Ranch has established an Employee Land Benefit Program which <br /> provides employees with an opportunity to own a parcel of land at no cost, <br /> except for the pro rata share of the cost of improvements. Approximately . <br /> 50 employees are currently eligible for this program. <br /> <br /> After five (5) years of employment, an employee is eligible to obtain a lot, <br /> provided one is available. The market value of the lot is then amortized <br /> and forgiven over the next twenty (20) years, allowing the employee to <br /> own it free and clear after that period. Should the employee leave Parker <br /> Ranch employment prior to the twenty year amortization period, that <br /> employee must pay off the unforgiven balance in order to keep the lot. <br /> <br /> Parker Ranch shall receive one affordable housing credit for each lot <br /> provided to its employees pursuant to its Employee Land Benefit <br /> Program, under the following criteria: <br /> <br /> <br /> Parker Ranch 2020 Project Housing Plan June 18, 2000 <br /> Page No. 5 <br />