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lowest, generally available interest rate for a <br /> thirty-year fixed mortgage on September 1 of each <br /> year. <br /> Section 3. Chapter 11, Section 11-5 (c)(2)(A), of the Hawaii County <br /> Code 1983 (1995 Edition) is amended to read as follows: <br /> Section 11-5. Requiramsats for razoniag iavolviaq reeort• aad <br /> iaduatrial uses. <br /> (c) Satisfaction of these requirements will be accomplished <br /> through the use of the following alternatives: <br /> (2) In-lieu of the provision of affordable housing unite, <br /> the affordable housing requirement may be satisfied <br /> in the following ways, the value of which shall be <br /> based upon a calculation of in-lieu fees for a <br /> particular rezoning: <br /> (A) Payment of in-lieu fees. These fees are <br /> calculated by determining the amount of subsidy <br /> required to provide housing unite affordable to <br /> the targeted income groups. The in-lieu fee <br /> amount averaged for the various groups to be <br /> served, amounts to [$4,720] 11 940 per <br /> affordable unit required in [1997] 2000 dollars. <br /> The in-lieu fee amount may be updated by the <br /> Hawaii County Housing Agency on an annual <br /> basis. The in-lieu fee amount shall be <br /> calculated based on the lowest, generally <br /> available interest rate for a thirty-year fixed <br /> mortgage on September 1 of each year. <br /> <br /> o9s~~ <br /> IV.A.1. - 5 <br /> <br />