Resolution 16-6 was adopted by the Council’s Zoning and Planning Committee and is pending consideration by the full Council. This resolution amends Resolution 15-277, CD1, approving the Kapiolani Residence, a residential housing project developed by SamKoo Pacific, by changing the distribution of units for sale within different income levels.
Resolution 16-6 proposes 20 units for renters with income levels at the 80% AMI bracket, 98 units for those in the 100% AMI bracket, and 174 units to renters earning 120% AMI. This means that the percentage of units for sale to families in the 80-100% AMI income levels will be roughly 30% of the total inventory, while the number of units offered to families earning up to 120% AMI income levels comprises 60% of the Kapiolani Residence’s total inventory of 485 residential units. The developer proposed the modified distribution in December 2015, based upon the Hawaii Housing Finance and Development Corporation’s revised calculations of income eligibility levels for the residential units.