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'(bA A credit may satisfy the . requirement for any time of unit constructed for any income group in accordance with the requirements of Article 2. (c) The number of credits issued shall be set forth in a workforce.. housing agreement. :(d)•_-- Credits may be transferred to other developers to satisfy up to fifty percent,(50%) of the workforce housing requirements imposed on-them,, provided that the developer receiving the credits may only utilize the credits, subject to the geogr ?hic requirements set out in Section 7A-2.5. (e) - The--original recipient or holder of housing, credits shall be required to report the transfer of credits to any other developer or project. ( If the project applying for the excess credits was developed with a direct subsidy from the federal, state. or county governments; the Director shall either:''CI)'discount the excess credits earned by the value of the subsidy; or (2) require that the Agency or other public entity: subsidizing the,project share equitably in the proceeds from the transfer of the excess credits.. (g') Any credits issued under this section shall expire twenty (20) -,Years from the date of issuance." SECTION 3. If any provision of this Ordinance or application thereof to any person, persons, or circumstances is held invalid, the invalidity does not affect the other provisions or applications of this Ordinance which can be given effect without the invalid provision or application, and to this end, the provisions of this Ordinance are severable. SECTION 4. Ordinance material to be repealed is bracketed. New Ordinance material is underscored. When revising, compiling, or printing this Ordinance for inclusion in the Kaua`i County Code 1987, as amended, the brackets, bracketed material, and underscoring shall not be included. SECTION 5. This Ordinance shall take effect upon its approval. Introduced by: /s/ KIPUKAI KUALI`I (By Request) DATE OF INTRODUCTION: February 28, 2024 Lihu`e, Kauai, Hawaii V:\BIDS\2022-2024 TERM\Bill No.2914 Draft 3(Workforce Housing Credits)AAO_dmc.doc 2