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ORDINANCE NO. BILL NO. 2914; Draft 3 <br /> A BILL FOR AN ORDINANCE AMENDING CHAPTER 7A,ARTICLE 9, <br /> KAUA`I COUNTY CODE 1987,AS AMENDED, <br /> RELATING TO GOVERNMENT ASSISTANCE FOR WORKFORCE HOUSING <br /> BE IT ORDAINED BY THE COUNCIL OF THE COUNTY OF KAUAI, STATE <br /> OF HAWAII: <br /> SECTION 1. Findings and Purpose. The purpose of this Ordinance is to <br /> provide a new non-governmental source of financing for affordable housing projects <br /> while simultaneously providing an additional pathway to generate market rate <br /> housing more quickly. <br /> SECTION 2. Chapter 7A, Article 9 (Government Assistance for <br /> Workforce Housing), Kauai County Code 1987, as amended, is hereby amended by <br /> adding a new Subsection 7A-9.4.1, as follows: <br /> "Sec. 7A-9.4.1 Residential Workforce Housing'Credits. <br /> (a)' The Housing', Agency may issue credits. upon Teeniest by a <br /> developer. provided.that:. <br /> '(1) The developer is obliged, by charter. bylaws, or <br /> .contractual agreement:,--to use all 'proceeds generated from the sale of <br /> .credits to construct or rehabilitate affordable or workforce housing. <br /> (2)--- .Each . workforce unit constructed in the subject. <br /> develotmient shall be encumbered bY.a recorded deed restriction that <br /> meets the requirements of this Chapter. <br /> (3) Each residential workforce unit shall be sold or rented to <br /> an income qualified individual.. <br /> `(4) . Credits maY only:be issued-for each residential workforce <br /> housingunit sold or rented to an income eligible individual in the <br /> appropriate income-RTOUP: that is in excess o£the residential workforce <br /> .housing otherwise required in this Chapter., <br /> �5) For units sold or rented to i cn ome Pli ible individuals <br /> earning--one hundred-tweet\ percent (1-20%)=or less of Kauai Median <br /> Area Income.-only fifty percent`(50%).of the excess workforce units sold <br /> or rented shall be eligible for credits: <br /> (6) For projects sold or rented.to income eligible individuals. <br /> .earning eighty;peircent'(80%)` or less of Kaua`i Median Area Income, all <br /> -of the excess workforce units sold or rented shall be.eligible for credits. <br /> 1 <br />