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Home My WebLink AboutCOM 0072.007 2004-2006 Jan 26 OS 12:29p Richard Toledo 18089693977 p.l BQIIIT! PI>rAHCIAL GROIIP ' 688 EIUgOLH ST. STS 107 HILO, HA1~II 96720 Phone 808-935-6431 Pax 808-969-3977 FACSIMILE To: ~2wart e~n~Y ~o~nc.: f ~t~-.-_oi_~zG~H,'. County Counc(1~_~~'.-- Attn : 4~ G~f r~`2 ~tia t~ Fax No. /~P~" U c/~ Z From: Rick Toledo, Jr. No Pages 3 Subject: lc~Olt~~l f l~ ZS NOTES _Thl~ message h Intended for the nae of the Individeal or entijy to which it le addr d and may contain information that 1• privileged confidential and ezempt from dLcloc~re rndcr anptlcabie Iaw. if the reader of thin message U nat intended recipieaq or the employee or agent responsible for delivering the message to the Intended recipient, you are hereby notified that any dissemination, dbtribntlon or eapying otthB communiatlor b atrlctly prohibited. !f you have received this comnunicatbn In error, plesae notify us immediately by telephone and return the original message to w at the above addrw via the U.S. Postal Service. Thank You. ~ Z ' - ~ Comm. No. Ref. To: ~rtuerNl ~yf. 'v'ate Jan 26 OS 12:29p Richard Toledo 18089693977 p.2 Rick Toledo, Jr 688 Kinoole St., 07 Hilo, Hawaii 96720 ,,,,L 12: 2~m.,. ~.:r, O I l ~h l~`~ January 26, 2005 , _;;~Y Ms. Kathy Hirayama Hawaii County Counci] Hawaii County Building 25 Aupuni Street Hilo, Hawaii 96720 Aloha Kathy; Per our conversation this morning, I would like to express my concern about Council Bill 25, Affordable Housing. First of all, as a matter of general principle, I don't think government has any business in affordable housing other than to reduce the many rules and regulations that increase the cost of housing. Government's track record in "affordable housing" for some, actually was exempt of many of the rules and regulations imposed on its citizens. More specifically and addressing the matter of Council Bill 25, I find the council's attempt to interrupt the housing mazket and the free mazketplace very disturbing. My concern is based on my 15 yeazs in the mortgage business and being the father of three college educated employed daughters who find purchasing their first home to be cost prohibitive. As a mortgage broker, each week I interview or speak with young prospective home buyers trying to find a way to purchase their first home. Generally, these young buyers, marred or single, lack cash reserves, adequate credit ratings or income to qualify for the basic home. The Hawaii Tribune Herald noted that "According to 2004 federal guidelines, a four person family earning $61,200 (120% of median income) can buy a $250,700 home at 6.25% interest" inferring that also applies to Hawaii. I have not found that to be tme in Hawaii. For example, married schoolteachers making about $70,000 per year ($35,000 X 2) with student loans and at least one caz payment generally will have marginal credit scores, high debt ratios and less than required cash reserves to qualify for most conventional home loans. If we can manage to squeak them through a qualification, they become slaves to their mortgage and encounter undue stress in their young mazried life. The aforementioned example is the best case scenario for most young couples I have encountered. Most of the time, employed young buyers I encounter have other credit and fluid cash problems prohibiting the purchase of a home. Jan 26 OS 12:29p Richard Toledo 181189693977 p.3 As a lifetime resident of Hawaii, I am also trying to provide for my children without unwarranted cost to them where they will not be working just to pay their mortgage and pay taxes. I have a piece of property with four water meters, electricity, roads, etc. Current county rules and regulations prohibit me from building where houses were once situated -two were destroyed by fire. The property is zoned Ag.20 but is only 2.3 acres and has never been in agriculture. I have written two letters to Chris Yuen at the Planning Department in the past few months and have not heard boo from anyone. This property does not need any county provided infrastructure, has water and electricity, formerly had 6 structures on it and I can't get anywhere to provide for my children. I believe some developers do not mind the proposed 20% assessment because they know their prospective buyers will pay the price. My experience tells me that these are out-of- state buyers and not our kids. This does not address affordable housing for local buyers who do not have appreciated assets to capitalize upon for cash. The point I would like [o emphasize is that the current Bill 25 does not get to the toot of the problem. My contention is that it fits into a hidden agenda of the prevailing political philosophy in this County administration from the mayor to the majority council - prohibit building, restrict construction, throttle expansion and immigration of more people to Hawaii County and collect as much tax to fund unjustified government programs and employees. Nothing, as yet, allows or provides for readily available affordable housing - as in my case -because of self imposed rules and regulations. The obstructionist policies of this County administration also applies to commercial properties, more specifically in downtown Hilo where 1 have been asked to provide financing. Investors want to revitalize downtown Hilo, provide for demands for office/store places and employment but cannot get through the maze of rules and regulations. Please excuse my venting, Kathy, and I don't mean to imply that you contribute to my frustrations. You know my politics and that I don't like to chew something to death but immediate solutions to our housing dilemma aze readily available without much gray matter. Thank you for your time, Kathy. /~~~brigado, c~ Rick