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HHFDC was in Hawaii housing in—something like, HHFDC is the only agency that you have
<br /> to go through. Only except an application once a year, February 15th, okay?
<br /> On February 15th, last year, 2019, my last chance of even getting in, my application in was gone,
<br /> and I explained that, okay? If I need to apply again, it will be the following year. Now, from the
<br /> letter I sent to you back on February 4th, as soon as, as soon as I received the rezoning to [RM-]
<br /> 1.5, I started working. I have met with many potential developers that can work with me, °
<br /> particularly the most important one that I sent to you is I worked with a company called JSM.
<br /> We spent a few months, prepared all the documents to submit to HHFDC for the LIHTC nine
<br /> percent. The application arrived at HHFDC on February 16th because they tried to send it by
<br /> UPS from San Jose, and the UPS plane developed a mechanical function, and the package did
<br /> not arrive the next day. Well my drawings were delivered there on the 14th, so they were
<br /> disqualified, okay? In fact, from 2014 on, I don't want to repeat,if you have that letter, I've
<br /> gone through many, many processes trying to get that. The last process, that's why I mentioned
<br /> why I put it on the market, on—
<br /> RAFFIPIY: Mr. Tai?
<br /> TAI: Yes?
<br /> RAFFIPIY: Excuse me, do you still intend to develop thatproperty?
<br /> TAI: Yes, that's why I put it on the market. Now, let me explain. No, it's very important,
<br /> because you can see all my previous—I have exhausted all my contacts in terms of finding
<br /> someone to do with me. In fact, for;the HHFDC for the LIHTC, I only found out in early 19—
<br /> no, 2018, if it's a for-profit company, they cannot accept a non-profit entity to be their partner.
<br /> They cannot. Now, so I've exhausted all my contacts. Up to this February 15, 2019, I went to
<br /> try to get EB-5. EB-5 is the immigration loophole you can call, people invest $500,000, they can
<br /> develop. Now, that one,I don't have to go through HHFDC, because, you know, it goes through
<br /> to the LIHTC, they require me to have previous experience, which I don't. That's why I also
<br /> need a partner, okay? But, once I use the EB-5, I don't need that because I'm not going through
<br /> HHFDC. Strictly from people who want to immigrate to US, but that also fell through. That's
<br /> why that was my,last ditch, or not on February 15th, I was not able to get my application,because
<br /> I just don't have the money.
<br /> There's no funding, there's no project. I'm talking about to build workforce housing now. You
<br /> cannot build market rate [sic]housing here. You can only build market rate, you know,because
<br /> of the pricing. Now, the only way that I can attract developer that I don't know is to market it.
<br /> If I market it, anybody comes in, either he will accept me as a partner or they can develop it. If
<br /> someone is willing to develop affordable housing, which I imagine, all the politicians will ask
<br /> for, then what's wrong with it, all right? But, I cannot sell it now, and also because the
<br /> February 15th, I have to advertise in April because they need always a year to get the application
<br /> in for the next April 15th deadline.
<br /> RAFFIPIY: Mr. Tai, can you wrap up in a minute?
<br /> DRAFT
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