COM 0058.000 2000-2002 - Laserfiche WebLink

Home

IV.A.1. Approval of an Amendment to Chapter 11 Sections 11-9(c)(1) and 11-5(c)(2), to Update the In-Lieu Fees. This item was deferred by the Hawaii County Housing Agency at its September 7, 2000, meeting. On January 7, 1998, the Hawaii County Council adopted Ordinance 98-1 which amended Chapter 11 to establish the "affordable policy" for the County of Hawaii, Chapter 11 Sections 11-9(c)(1) and 11-5(c)(2) state "The in-lieu fee amount may be updated by the County housing agency on an annual basis." At its July 6, 2000, meeting the Hawaii County Housing Agency (HCHA) requested that the Office of Housing and Community Development (OHCD) recalculate the in-lieu fee amount based on Chapter 11, Sections 11-9(c)(1) and 11-5(c)(2) and make a recommendation to the HCHA for an updated in-lieu fee amount. Chapter 11, Sections 11-4(c)(1) and 11-5(c)(2) set the ~ in-lieu amount at $4,720 per affordable unit required ~ in 1997 dollars. The in-lieu fee amount was based on an interest rate of 6~, the Hula Mae Interest rate of o ~ 5.98 rounded up. The OHCD contacted the Bank of Hawaii, First Hawaiian Bank, American Savings Bank ~ ~ and Countrywide Home Loans. As requested the OHCD is recommending that the in-lieu fee amount be updated from $4,720 per affordable unit required in 1997 dollars to $11,990 per affordable unit required in 2000 dollars. (See worksheet attached.) This recommendation is based an interest rate of 8.08, which, pursuant to Chapter 11 Sections 11-4(c)(1) and 11-5(c)(2), is the lowest, generally available interest rate for a thirty-year fixed rate mortgage J( available on September 1, 2000." Comm. No.u FSIe No.- ffJ~_ RECOMMENDATION: Ret. 1bt ~ ~1~ 1_' (ke: Bill 353) That the Hawaii County get, ~ n~Oj Housing Agency approve the attached ordinance and recommend its adoption by the Hawaii County Council. 0983h~st IV.A.1. - 1