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<br /> <br /> <br /> <br /> <br /> i. That the employee's household income shall not exceed the <br /> prevailing income criterion for an affordable home, up to a <br /> maximum of 140% of median income, as determined by HCDC <br /> and the County of Hawaii. <br /> <br /> ii. That the employee shall receive the lot and pay its portion of the <br /> costs of improvements. <br /> <br /> iii. That the purchase price for the lot shall be the fair market value of <br /> the land which shall be partially forgiven at the rate of 5% of the <br /> fair market value of the land, set at the time of closing on the <br /> purchase, for each year the employee works full time for Parker <br /> Ranch in excess of the initial five (5) year period of service, or as <br /> may be adjusted by Parker Ranch. <br /> <br /> iv. That the lot may be within the Parker Ranch 2020 project area or <br /> on other lands Parker Ranch owns or develops for the purpose of <br /> providing lots for its eligible employees. <br /> <br /> V. That Parker Ranch provide verification that the employee's <br /> household income is within the prevailing income criterion for an <br /> affordable home which shall not exceed 140% of median <br /> household income as determined by HCDC and the County of <br /> Hawaii. The income verification shall be in a form as required by <br /> the Office of Housing and Community Development. <br /> <br /> B. Donation of Land and/or In-Lieu Cash Contribution. <br /> <br /> Parker Ranch may provide land, an in-lieu cash contribution, or any <br /> combination thereof, as approved by the County of Hawaii Office of <br /> Housing and Community Development in full or partial satisfaction of the <br /> affordable housing conditions. <br /> <br /> Parker Ranch shall receive credit against its affordable housing <br /> requirement in the amount of $4,720 per affordable unit or as may be <br /> adjusted by the County Housing Agency pursuant to Ordinance No. 98-1. <br /> <br /> Should land be contributed, it shall be valued at its fair market value as <br /> determined by an independent appraiser as may be mutually agreed to by <br /> Parker Ranch and the County. The amount of affordable housing credit <br /> shall be the total valuation divided by the in-lieu amount of $4,720 per <br /> affordable unit or as may be adjusted by the County Housing Agency <br /> pursuant to Ordinance No.98-1. <br /> <br /> <br /> Parker Ranch 2020 Project Housing Plan June 18, 2000 <br /> Page No. 6 <br />