Communication No. 2018-08- KCDP Amendments Subcommittee Report

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Communication No. 2018-08 Objective HSG-1: Create Local Funding Source. To establish a non-profit entity and funding source to address Kona’s affordable housing needs, which are particularly acute relative to the other areas of the County. Policy HSG-1.1: Kona Housing Non-Profit. The Kona CDP ImplementationAction Committee (see Section 5.2.1 Organizational Structure and Membership) shall should advocate for the creation ofdesignate an existing non-profit corporation, or create a new non-profit corporation, to carry out the Housing policies. The board of directors for this Kona Housing Non-Profit shall should be Kona-based. Besides administering the Kona Housing Trust Fund, this non-profit shall should carry out other responsibilities specified in this plan. Policy HSG-1.2: Kona Housing Trust Fund. The Kona Housing Non-Profit shall should establish a Kona Housing Trust Fund. The potential funding sources to be coordinated with the County include linkage fees, which are funds contributed by companies requiring large numbers of employees, in-lieu fees, shared appreciation proceeds, charitable contributions, and others. The fund would be used as authorized by the Kona Housing Non-Profit, including without limitation, down payment assistance to first-time homebuyers, supplemental Section 8 subsidy, supplemental homebuyer education and counseling, homeless shelters, emergency rent, and data gathering. Objective HSG-2: Monitoring Housing Conditions. To gather Kona-specific data in order to adjust to changing needs and market conditions. Policy HSG-2.1: Data Gathering. The Kona Housing Trust Fund may be used to finance annual gathering of relevant data, as determined by the Kona Housing Non-Profit, including, without limitation, the following: 1. To evaluate whether adjustments of target groups are necessary: a. Median income for North and South Kona residents; b. Median home sales price for North and South Kona; c. Median rental for North and South Kona; d. % own vs. % rent. 2. To evaluate current need for affordable units: a. Number of affordable rental units and vacancy rates (Section 8 rent units or receiving property tax break); b. Number of returned Section 8 vouchers; c. Number of perpetually affordable (controlled appreciation or leased) units and vacancy rates; d. Number of affordable units sold at market price (due to lack of demand for restricted affordable unit);