2020-11-05 Exh A Ikaika Ohana (Amend REZ 09-103)

Home

might not be able to address just changes that we have to face and different factors to consider as we develop the site. So, in general the concept kind of flexibility, making practical decisions, and including reasonable discussion on where we `d like to go. With that if you don't mind, I think there was a question directed about the status of A0705 Hilo as a non-profit. May I address that question? RAFFIPIY: Go ahead please. ROCK: Thank you. A0705 Hilo, L.P. it is a single purpose limited partnership. Basically, it is an entity formed for the sole purpose of building these 64 affordable housing units. The entity itself is not a non-profit and that's by design basically, the low-income housing tax credits that are a substantial source of the financing for the project. They are driven by incomes and expenses and the participation through just a tax return is how we are able to bring a lot of the equity dollars into the project. So, if this was just a non-profit you wouldn't have much of the value for a tax write off. But, from in the investor world with the profit this program been around since the 80's. It's a highly successful program and the use of a for profit limited partnership such as ours is a common feature across the board for affordable housing. If there is any additional questions, I'd be happy to answer those. RAFFIPIY: Thank you very much. Any questions from the Commission? AU: Chair Raffipiy, I have a question. RAFFIPIY: Go ahead Mr. Au. AU: Mr. Rock, I appreciate, thank you for coming and making a presentation. I appreciate affordable housing developers coming in and addressing our Hawaii County affordable housing issues. Your kind of focused on affordable housing and I just want to hear from you as far as what is Ikaika Ohana vision as far as hiring local contractors and local people. Because, once that word affordability is employing our local work force and we see a lot of developers come in, we see a lot of Mainland contractors come in. But I just want to hear your vision and see and to share about that idea of local contractors and the local workforce. ROCK: Sure, good question. Part of our goal and I have to think if we have an image that we use pretty frequently in our presentations. It's basically our thought process behind how we can participate within a community. Starting at the level of the individual home. That's just where the household lives, that's where tenants reside and it's the household that's kind of the center. As you grow a bit larger you get clusters of houses that becomes your neighbors, all the neighbors interact from there your neighbors interact they grow get more into a community. So, you have this growing web where once you start at the center you have all these other interactions and the interplay between them that are just a component of housing. So, in general housing by itself it's a starting point in our view but it branches out everywhere. Where, if you can solve problems for housing, you are also going to solve similar problems for education cause now you are getting a stable place to live. You are getting a healthy, and safe EXHIBIT A 9