HomeMy WebLinkAboutRES 389 Draft 01 1994-1996COUNTY OF HAWAII STATE OF HAWAII
RESOLUTION N0. 389 96
WHEREAS, the Office of Housing and Community Development
(OHCD), as part of its efforts to provide affordable housing
unite; has the first right of refusal to buy back affordable
housing unite for the first ten (10) years of various affordable
housing projects; and
WHEREAS, Section 5-3.3 (c) of the Hawaii County Charter
states that the Finance Director may negotiate loans, issue and
sell bonds and notes with authorization from the Hawaii County
Council; and
WHEREAS, it is essential for the OHCD to maintain funds to
buy back affordable housing unite to preserve the unite as
affordable housing unite.
WHEREAS, it is the intent of the Hawaii County Council to be
fiscally responsible and to preserve the affordability of housing
units in Paniolo Eatatea.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE COUNTY
OF HAWAII that the Director of Finance is hereby authorized to
procure, negotiate and enter into a short-term loan to purchase
one (1) affordable housing unit located in the Paniolo Estates
Subdivision.
BE IT FURTHER RESOLVED that the Mayor is hereby authorized
to enter into and execute loan agreements and other documents
necessary to provide short-term loans to purchase the affordable
housing unit.
BE IT FURTHER RESOLVED that the Office of Housing and
Community Development is hereby authorized to re-sell the
affordable housing unit to buyers of any income category that
meet all other qualification requirements.
BE IT FURTHER RESOLVED that copies of this resolution be
transmitted to the Office of the Mayor, the Department of Finance
and the Office of Housing and Community Development.
Dated at Hilo, Hawaii, this 2nd day of
October 1996.
INTRODUCED BY:
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COUNCIL MEMBER, COUNTY OF HAWAII
COU
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I hereby certify that the fa
vote indicated to the right
the County of Hawaii on
ATTEST:
COUNTY CLERK
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hereof adopted
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1996 Domingo X
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October X
Osorio
Van De Car X
Ray X
Smith X
5 4 0 0
CHAIRIv1A & PRESIDING OFFICER
Reference C-1400
RESOLUTION NO.