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Form #: B-52 <br /> 7/18/91 <br /> DEPARTMENT OF FINANCE <br /> REQUEST FOR COUNCIL ACTION <br /> DEPARTMENT: Office of Housing and Community Dev. DATE: 3/21/14 <br /> STAFF CONTACT: Stephen Arnett PHONE: 961-8379 <br /> A. REQUEST: <br /> Please prepare a bill to amend Ordinance No. 13-65, as amended, the Operating Budget for the County of <br /> Hawaii for the Fiscal Year ending June 30, 2014 to add revenue and appropriate the same for the County <br /> Housing.Program Revolving Fund: <br /> 154.3609.61 Fund Balance from Prior Year - Designated $2,000,000.00 <br /> New Acct# Needed Transfer to Capital Projects Fund $2,000,000.00 <br /> B. BACKGROUND AND JUSTIFICATION (USE ADDITIONAL SHEETS AS NEEDED): <br /> Kamakoa Nui provides workforce housing in the Waikoloa area. These affordable fee simple homes are for <br /> those earning between 80% and 140% of the average median income with preference given to first-time <br /> homeowners working within the specified radius. <br /> The first phase of Kamakoa Nui includes a total of 91 lots. As of March 18, 2014, 4 models have been <br /> constructed and 20 homes and 6 lots have been sold. Sales at Kamakoa Nui have been very active and <br /> buyers are now being wait listed for the next lots to be released. <br /> The Office of Housing and Community Development (OHCD) is concurrently requesting an additional capital <br /> appropriation to contract the construction of the remaining 45 homes in FY 2013-2014. This transfer will <br /> partially fund the appropriation, and will be paid back at a later date to the Revolving Fund with the proceeds <br /> of the home sales. Since time is of the essence, the OHCD asks for a Finance Committee waiver. The <br /> OHCD believes it is in the County's best interest to keep the momentum of the project going and lock-in <br /> construction costs from future inflation. <br /> SIGNED: —e , DATE: ..17-111,-( <br /> ■ Department Head <br />