NOTICE OF PUBLIC HEARING
REGARDING ISSUANCE OF
MULTIFAMILY HOUSING REVENUE BONDS

NOTICE IS HEREBY GIVEN that the Hawaii Housing Finance and Development Corporation (the “Corporation”) will conduct a public hearing as required by Section 147(f) of the Internal Revenue Code of 1986, at which it will hear and consider comments concerning the proposed issuance by the Corporation of multifamily housing revenue bonds, on the following date:

October 30, 2008 at 10:30 a.m., or as soon thereafter as the matter can be heard, at the County of Hawaii, Office of Housing and Community Development, located at 1990 Kino’ole Street, Suite 104, at which it will hear and consider comments concerning the issuance of multifamily revenue bonds in an aggregate principal amount not to exceed $33,500,000 to finance the acquisition and rehabilitation of the 306 unit multi-family rental housing project located at Kakahiaka Street, Kona, Island of Hawaii, County of Hawaii TMK No.: (3) 7-3- 010:003, generally known as the Lokahi Ka’u Project. The Project will be owned by Ho’olehua Housing, LP.

Those wishing to comment on the proposed financing and the nature and location of the Project may either appear in person at the public hearing or submit written comments, which must be received by the Corporation prior to the hearing. Written comments should be sent to the Hawaii Housing Finance and Development Corporation, Attn: Finance Branch, 677 Queen Street, Suite 300, Honolulu, Hawaii 96813.

Further information may be obtained at the Corporation’s office at 677 Queen Street, Suite 300, Honolulu, Hawaii, 96813 or by calling 587-0567 during normal business hours. If any person requires special needs (i.e., large print, taped materials, sign language interpreter, etc.) call Ms. Sherrie Kagawa at 587-0567 by October 23, 2008.